<SUBMISSION>
<ACCESSION-NUMBER>0001144204-12-027382
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>11
<PERIOD>20120331
<FILING-DATE>20120510
<DATE-OF-FILING-DATE-CHANGE>20120510
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Amtrust Financial Services, Inc.
<CIK>0001365555
<ASSIGNED-SIC>6331
<IRS-NUMBER>043106389
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q
<ACT>34
<FILE-NUMBER>001-33143
<FILM-NUMBER>12828006
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>59 MAIDEN LANE
<STREET2>6TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10038
<PHONE>(212) 220-7120
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>59 MAIDEN LANE
<STREET2>6TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10038
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>v311372_10q.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 10-Q</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Mark One)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="width: 93%; font-size: 10pt">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt">For the quarterly period ended March 31, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 93%; font-size: 10pt">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the transition period from ___________________
to ___________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission file no. 001-33143</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AmTrust Financial Services, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center">Delaware</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: center">04-3106389</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">59 Maiden Lane, 6th &nbsp;Floor, New York, New York</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10038</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 220-7120</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
No </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).&nbsp; Yes </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> No </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.&nbsp; See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&quot; in Rule 12b-2 of the Exchange
Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large accelerated filer&nbsp; </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accelerated filer&nbsp; </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-accelerated filer&nbsp; </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Smaller reporting company&nbsp; </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Do not check if a smaller reporting company)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act). Yes </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
No </FONT><FONT STYLE="font-family: Wingdings">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of May 2, 2012, the Registrant had one class of Common Stock
($.01 par value), of which 60,535,070 shares were issued and outstanding.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Page</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>PART I</TD>
    <TD>FINANCIAL INFORMATION</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 1.</TD>
    <TD>Unaudited Financial Statements:</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">Condensed Consolidated Balance Sheets as of March 31, 2012 and December 31, 2011 (audited)</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">Condensed Consolidated Statements of Income &mdash; Three months ended March 31, 2012 and 2011</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">Condensed Consolidated Statements of Comprehensive Income &ndash; Three months ended March 31, 2012 and 2011</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">Condensed Consolidated Statements of Cash Flows &mdash; Three months ended March 31, 2012 and 2011</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">Notes to Condensed Consolidated Financial Statements</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 2.</TD>
    <TD>Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 3.</TD>
    <TD>Quantitative and Qualitative Disclosures About Market Risk</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 4.</TD>
    <TD>Controls and Procedures</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">48</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>PART II</TD>
    <TD>OTHER INFORMATION</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 1.</TD>
    <TD>Legal Proceedings</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>Risk Factors</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 2.</TD>
    <TD>Unregistered Sales of Equity Securities and Use of Proceeds</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 3.</TD>
    <TD>Defaults Upon Senior Securities</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 4.</TD>
    <TD>Mine Safety Disclosures</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 5.</TD>
    <TD>Other Information</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 6.</TD>
    <TD>Exhibits</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>Signatures</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">52</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART 1 - FINANCIAL INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in">Item 1. Financial Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>AMTRUST FINANCIAL
SERVICES, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Condensed Consolidated Balance Sheets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(In Thousands, Except Par Value)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31, <BR>2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, <BR>2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Audited)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: center">ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.25in">Investments:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -9pt; padding-left: 9pt">Fixed maturities, available-for-sale, at market value (amortized cost $1,637,870; $1,382,863)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,685,022</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,394,243</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Equity securities, available-for-sale, at market value (cost $29,749; $34,041)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,752</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.25in">Short-term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,571</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,565</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Equity investment in unconsolidated subsidiaries &ndash; related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,691</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">Other investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,865</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,588</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Total investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,902,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,656,687</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">277,183</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406,847</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Restricted cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,236</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,104</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Accrued interest and dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,437</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,644</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Premiums receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,004,951</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">932,992</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Reinsurance recoverable (related party $646,659; $597,525)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,142,147</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,098,569</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Prepaid reinsurance premium (related party $453,752; $429,124)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">620,989</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">584,871</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Prepaid expenses and other assets (recorded at fair value $142,575; $131,387)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">338,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">292,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Federal income tax receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,264</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,024</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Deferred policy acquisition costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">295,397</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,991</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,553</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.25in">Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,654</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">Intangible assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">195,489</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">166,962</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,095,388</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,678,747</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center">LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-indent: -0.25in; padding-left: 0.25in">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Loss and loss expense reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,968,319</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,879,175</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Unearned premiums</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,453,008</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,366,170</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Ceded reinsurance premiums payable (related party $264,934; $222,408)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">337,508</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Reinsurance payable on paid losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,775</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,731</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Funds held under reinsurance treaties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,249</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Note payable on collateral loan&nbsp;&ndash;&nbsp;related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,975</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Securities sold but not yet purchased, at market</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,507</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,942</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Securities sold under agreements to repurchase, at contract value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">191,718</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Accrued expenses and other current liabilities (recorded at fair value $12,050; $12,022)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">337,723</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">267,643</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Deferred income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,775</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Debt</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">302,550</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">279,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">Total liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,058,586</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,718,486</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Commitments and contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Redeemable non-controlling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Stockholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Common stock, $.01 par value; 100,000 shares authorized, 85,013 and 84,906 issued in 2012 and 2011, respectively; 60,463 and 60,106 outstanding in 2012 and 2011, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">Preferred stock, $.01 par value; 10,000 shares authorized</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,623</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">582,321</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Treasury stock at cost; 24,550 and 24,800 shares in 2012 and 2011, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(298,260</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(300,365</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Accumulated other comprehensive income (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,999</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">Retained earnings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">651,373</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">617,757</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Total AmTrust Financial Services, Inc. equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">962,042</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">890,563</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">Non-controlling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">74,160</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">69,098</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">Total stockholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,036,202</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">959,661</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,095,388</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,678,747</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>See accompanying notes to unaudited condensed
consolidated statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AmTrust Financial Services, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Condensed Consolidated Statements of
Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(In Thousands, Except Per Share Data)</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended&nbsp;March&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Revenues:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Premium income:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; padding-left: 0.25in">Net written premium</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">359,777</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">234,019</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Change in unearned premium</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(45,753</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(33,681</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Net earned premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">314,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,338</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ceding commission &ndash; primarily from related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,684</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Service and fee income (related parties $6,092; $3,439)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,192</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net realized gain (loss) on investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,148</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">415</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">414,206</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">275,818</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-indent: -0.25in; padding-left: 0.25in">Expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 27pt">Loss and loss adjustment expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">199,929</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,696</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 27pt">Acquisition costs and other underwriting expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.25in; padding-left: 27pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,639</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,196</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Total expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">359,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">230,126</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Income before other income (expense), income taxes and equity in earnings of unconsolidated subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,613</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,692</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Other income (expenses):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,091</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,754</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Foreign currency gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(284</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Gain on investment in life settlement contracts net of profit commission</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">90</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,886</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total other income (expenses)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,580</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,848</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Income before income taxes and equity in earnings of unconsolidated subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,033</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,540</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,177</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,037</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Income before equity in earnings of unconsolidated subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,503</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Equity in earnings of unconsolidated subsidiaries &ndash; related party</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,364</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,819</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,220</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,322</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Net income attributable to non-controlling interest of subsidiaries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(134</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,139</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income attributable to AmTrust Financial Services, Inc.</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">39,086</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">45,183</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Earnings per common share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Basic earnings per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.76</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Diluted earnings per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.74</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Dividends declared per common share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.08</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Net realized gain (loss) on investments:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Total other-than-temporary impairment losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Portion of loss recognized in other comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Net impairment losses recognized in earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other net realized gain (loss) on investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,148</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">415</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net realized investment gain (loss)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,148</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">415</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>See accompanying notes to unaudited condensed
consolidated financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 4; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AmTrust Financial Services, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Condensed Consolidated Statement of Comprehensive
Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(In Thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March, 31</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Other comprehensive income, net of tax:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; padding-left: 9.35pt">Net income</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">39,220</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">51,321</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9.35pt">Foreign currency translation adjustments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,197</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,840</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9.35pt">Change in fair value of interest rate swap</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(57</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9.35pt">Unrealized gains on securities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in">Unrealized holding gains arising during period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,759</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,272</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Less: Reclassification adjustment for gains included in net income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,444</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,253</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Other comprehensive income, net of tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">32,455</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8,365</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Comprehensive income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">71,675</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59,686</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9.35pt">Less: Comprehensive income attributable to non-controlling interest</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">134</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,139</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Comprehensive income attributable to AmTrust Financial Services, Inc.</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">71,541</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">51,547</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>See accompanying notes to unaudited condensed
consolidated financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>AmTrust Financial
Services, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Statements of Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(In Thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended&nbsp;March&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 9pt">Net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">39,220</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">51,321</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,746</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,071</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Equity earnings and gain on investment in unconsolidated subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,364</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,123</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Gain on investment in life settlement contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(90</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,886</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Realized (gain) loss on marketable securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,148</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(415</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Discount on notes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">968</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Stock based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,180</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,459</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Bad debt expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,994</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,147</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Foreign currency (gain) loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(421</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">284</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Changes in assets - (increase) decrease:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Premiums and note&nbsp;receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(73,953</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,425</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Reinsurance recoverable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,578</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,114</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Deferred policy acquisition costs, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,406</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,343</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Prepaid reinsurance premiums</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,118</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,677</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34,589</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,018</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Changes in liabilities - increase (decrease):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Reinsurance premium payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,681</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,523</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Loss and loss expense reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,085</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Unearned premiums</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,838</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,458</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Funds held under reinsurance treaties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,625</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(179</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Accrued expenses and other current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,084</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(86</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">Deferred tax liability</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,575</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,086</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.5in">Net cash provided by operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from investing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Net (purchases) sales of securities with fixed maturities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(212,243</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,157</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Net (purchases) sales of equity securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,509</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,447</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Net (purchases) sales of other investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(309</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Acquisition of and capitalized premiums for life settlement contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,961</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,453</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Acquisition of intangible assets and subsidiaries, net of cash obtained</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,222</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Increase in restricted cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,132</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,402</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Purchase of property and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,014</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,402</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.5in">Net cash used in&nbsp;investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(256,372</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,492</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Repurchase agreements, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(95,251</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Revolving credit facility borrowing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Convertible senior notes proceeds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Secured loan agreement borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Secured loan agreements payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(240</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Promissory note</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Term loan payment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,667</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Debt financing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(750</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,394</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Capital contribution to subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,928</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,965</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Stock option exercise and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">922</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">857</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Dividends distributed on common stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,533</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,761</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.5in">Net cash provided by financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,749</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Effect of exchange rate changes on cash</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,250</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,119</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Net decrease in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(129,664</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,707</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash and cash equivalents, beginning of the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">406,847</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">184,819</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents, end of the period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">277,183</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">205,526</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental Cash Flow Information</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Income tax payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Interest payments on debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,151</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>See accompanying notes to unaudited condensed
consolidated financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Notes to Unaudited
Condensed Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(In Thousands, Except Per Share Data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; font-weight: bold"><B>1.</B></TD>
    <TD STYLE="width: 91%; font-size: 10pt; font-weight: bold"><B>Basis of Reporting</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The accompanying
unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles
(&ldquo;GAAP&rdquo;) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X and,
therefore, do not include all of the information and footnotes required by GAAP for complete financial statements. These interim
statements should be read in conjunction with the financial statements and notes thereto included in the AmTrust Financial Services,
Inc. (&ldquo;AmTrust&rdquo; or the &ldquo;Company&rdquo;) Annual Report on Form 10-K for the year ended December 31, 2011, previously
filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) on March 15, 2012. The balance sheet at December 31, 2011
has been derived from the audited consolidated financial statements at that date but does not include all of the information and
footnotes required by GAAP for complete financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;These
interim consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair
presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations
for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. &nbsp; The preparation
of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported
in the financial statements and accompanying notes. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;A
detailed description of the Company&rsquo;s significant accounting policies and management judgments is located in the audited
consolidated financial statements for the year ended December 31, 2011, included in the Company&rsquo;s Form 10-K filed with the
SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;All
significant inter-company transactions and accounts have been eliminated in the consolidated financial statements. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">To facilitate
period-to-period comparisons, certain reclassifications have been made to prior period consolidated financial statement amounts
to conform to current period presentation. The Company and American Capital Acquisition Corporation (&ldquo;ACAC&rdquo;) currently
each have a 50% ownership interest in Tiger Capital LLC (&ldquo;Tiger&rdquo;) and AMT Capital Alpha, LLC (&ldquo;AMT Alpha&rdquo;).
The Company also has a 21.25% ownership share of ACAC. As a result, the Company ultimately receives 60.625% of the income and losses
related to Tiger and AMT Alpha and therefore consolidates Tiger and AMT Alpha. Prior to January 1, 2012, the Company reported Tiger&rsquo;s
and AMT Alpha&rsquo;s income and losses attributable to its 10.625% indirect ownership as a component of Equity in Earnings of
Unconsolidated Subsidiaries. This amount was offset by reporting an equal amount as a component of Non-controlling interest. Effective
January 1, 2012, the Company presents the impact of the 10.625% indirect ownership of Tiger and AMT Alpha on a net basis and excludes
this amount from both Equity in Earnings of Unconsolidated Subsidiaries and Non-controlling Interest. All prior periods presented
have been reclassed to conform to the current presentation. There was no impact on prior period Net Income Attributable to AmTrust
Financial Services, Inc. The Company&rsquo;s equity investment in ACAC and non-controlling interest were reduced by $3,807 as of
December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="width: 91%; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Recent Accounting Pronouncements</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;With
the exception of those discussed below, there have been no recent accounting pronouncements or changes in accounting pronouncements
during the three months ended March 31, 2012, as compared to those described in our Annual Report on Form&nbsp;10-K for the fiscal
year ended December 31, 2011, that are of significance, or potential significance, to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In December
2011, the Financial Accounting Standards Board (&ldquo;FASB&rdquo;) issued a new standard which indefinitely defers certain provisions
of a previously issued standard, Accounting Standards Update (&ldquo;ASU&rdquo;) No. 2011-05 <I>Comprehensive Income (Topic 220)
</I>that revised the manner in which companies present comprehensive income in financial statements. One of the ASU provisions
required companies to present reclassification adjustments out of accumulated other comprehensive income by component in both the
statement in which net income is presented and the statement in which other comprehensive income is presented. Accordingly, this
requirement is indefinitely deferred and will be further deliberated by the FASB at a future date. The amendment is effective for
fiscal years and interim periods within those years that begin after December 15, 2011. The Company adopted this standard on January
1, 2012. The adoption of the new standard did not have a material impact on the Company&rsquo;s results of operations, financial
position or liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In June
2011, the FASB issued ASU No. 2011-05 <I>Comprehensive Income (Topic 220)</I>. This update required that all non-owner charges
in stockholders&rsquo; equity be presented either in a single continuous statement of comprehensive income or in two separate but
consecutive statements. In the two-step approach, the first statement should present total net income and its components followed
consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive
income, and the total of comprehensive income. The updated guidance was effective for fiscal years and interim periods beginning
on or after December 15, 2011 and was to be applied on a retrospective basis to the beginning of the annual period of adoption.
The new standard does not change the items that must be reported in other comprehensive income and was effective for fiscal years
and interim periods within those years that begin after December 15, 2011. The Company adopted this standard on January 1, 2012.
The adoption of the new standard did not have a material impact on the Company&rsquo;s results of operations, financial position
or liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In September
2011, the FASB issued ASU No. 2011-08 <I>Intangibles-Goodwill and Other (Topic 350)</I>. The updated guidance is intended to reduce
complexity and costs by allowing an entity the option to make a qualitative evaluation about the likelihood of goodwill impairment,
using factors such as changes in management, key personnel, business strategy, technology or customers, to determine whether it
should calculate the fair value of a reporting unit. Previous accounting literature required an entity to test goodwill for impairment
by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting
unit is less than its carrying amount, then the second step of the test must be performed to measure the amount of the impairment
loss, if any. In the second step, the implied fair value of the reporting unit&rsquo;s goodwill is determined in the same manner
as goodwill is measured in a business combination (by measuring the fair value of the reporting unit&rsquo;s assets, liabilities
and unrecognized intangible assets and determining the remaining amount ascribed to goodwill) and comparing the amount of the implied
goodwill to the carrying amount of the goodwill. Under the updated guidance, an entity is not required to calculate the fair value
of a reporting unit unless the entity determines that is more likely than not that its fair value is less than its carrying amount.
This update is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 31,
2011. The Company adopted this standard January 1, 2012 and it did not have any material impact on its results of operations, financial
position or liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In May
2011, the FASB issued ASU No. 2011-04, <I>Fair Value Measurement (Topic 820)</I>. The ASU generally aligns the principles for fair
value measurements and the related disclosure requirements under GAAP and International Financial Reporting Standards (&ldquo;IFRS&rdquo;).
ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements, particularly for Level
3 fair value measurements. The amendment is effective on a prospective basis for interim and annual reporting periods beginning
after December 15, 2011 and early adoption is not permitted. The Company adopted this standard on January 1, 2012 and adoption
of the standard did not have a material impact on the Company&rsquo;s consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In April
2011, the FASB amended its guidance on accounting for repurchase agreements. The amendments eliminate the criteria to assess whether
a transferor must have the ability to repurchase or redeem the financial assets in order to demonstrate effective control over
the transferred asset. Under the amended guidance, a transferor maintains effective control over transferred financial assets (and
thus accounts for the transfer as a secured borrowing) if there is an agreement that both entitles and obligates the transferor
to repurchase the financial assets before maturity and if all of the following conditions previously required are met: (i) financial
assets to be repurchased or redeemed are the same or substantially the same as those transferred; (ii) repurchase or redemption
date before maturity at a fixed or determinable price; and (iii) the agreement is entered into contemporaneously with, or in contemplation
of, the transfer. As a result, more arrangements could be accounted for as secured borrowings rather than sales. The updated guidance
is effective on a prospective basis for interim and annual reporting periods beginning on or after December 15, 2011. The Company
adopted this standard January 1, 2012 and it did not have a material impact on the Company&rsquo;s results of operations, financial
position or liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In October
2010, the FASB issued ASU No. 2010-26, <I>Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts </I>(&ldquo;ASU
2010-26&rdquo;). ASU 2010-26 modifies the types of costs that may be deferred, allowing insurance companies to only defer costs
directly related to a successful contract acquisition or renewal. These costs include incremental direct costs of successful contracts,
the portion of employees&rsquo; salaries and benefits related to time spent on acquisition activities for successful contracts
and other costs incurred in the acquisition of a contract. Additional disclosure of the type of acquisition costs capitalized
is also required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company adopted ASU 2010-26 prospectively. During 2012, the Company estimates that pre-tax expenses will
increase by approximately $8,000 to $10,000 as a lower amount of acquisition costs will be capitalized and existing costs that
no longer meet the criteria for deferral under ASU 2010-26 will be recognized in expense over the original amortization periods.
For the three months ended March 31, 2012, the Company recognized approximately $3,258 of expense related to such previously deferrable
costs. If the Company had adopted ASU 2010-26 retrospectively, approximately $4,647 of acquisition costs that were deferred would
have been recognized in expense for the three month period ended March 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="width: 91%; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Investments</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><I>(a) Available-for-Sale Securities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
amortized cost, estimated market value and gross unrealized appreciation and depreciation of available-for-sale securities as of
March 31, 2012, are presented in the table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">(Amounts&nbsp;in&nbsp;Thousands)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Original&nbsp;or</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>amortized</B> &nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>cost</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross <BR>unrealized <BR>gains</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross <BR>unrealized <BR>losses</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market <BR>value</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Preferred stock</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,091</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">97</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(408</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,780</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,469</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,972</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">U.S. treasury securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,729</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,791</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">U.S. government agencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,126</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(37</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,604</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Municipal bonds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">260,344</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(354</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Corporate bonds:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Finance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">631,638</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,319</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,674</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">641,283</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Industrial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,903</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,192</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188,378</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Utilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,331</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,422</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,199</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,554</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Commercial mortgage backed securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,951</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(283</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,873</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Residential mortgage backed securities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Agency backed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">377,604</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">395,974</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt">Non-agency backed</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,887</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(372</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,515</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,667,619</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">69,222</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(21,067</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,715,774</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Proceeds
from the sale of investments in available-for-sale securities during the three months ended March 31, 2012 and 2011 were approximately
$203,183 and $286,240, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;A
summary of the Company&rsquo;s available-for-sale fixed securities as of March 31, 2012, by contractual maturity, is shown below.
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with
or without call or prepayment penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">(Amounts&nbsp;in&nbsp;Thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized <BR>Cost</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair&nbsp;Value</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left">Due in one year or less</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">11,470</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">11,556</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Due after one through five years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">311,083</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">309,337</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Due after five through ten years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">634,872</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">658,937</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Due after ten years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">264,988</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">271,830</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Mortgage backed securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">415,457</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">433,362</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total fixed maturities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,637,870</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,685,022</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><I>(b) Investment Income</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Net
investment income for the three months ended March 31, 2012 and 2011 was derived from the following sources:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">(Amounts in Thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left">Fixed maturity securities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">13,529</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">13,674</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Equity securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and short term investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">591</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">606</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,446</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;Less:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 27pt">Investment expenses and interest expense on securities sold under agreement to repurchase</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">254</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,518</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,192</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;<I>(c) Other-Than-Temporary Impairment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
table below summarizes the gross unrealized losses of our fixed maturity and equity securities by length of time the security has
continuously been in an unrealized position as of March 31, 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Less&nbsp;Than&nbsp;12&nbsp;Months</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">12&nbsp;Months&nbsp;or&nbsp;More</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(Amounts&nbsp;in&nbsp;Thousands)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fair
    <BR>Market <BR>Value</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Unrealized
    <BR>Losses</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">No.&nbsp;of
    <BR>Positions <BR>Held</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fair
    <BR>Market <BR>Value</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Unrealized
    <BR>Losses</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">No.&nbsp;of
    <BR>Positions <BR>Held</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fair
    <BR>Market <BR>Value</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Unrealized
    <BR>Losses</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 27%; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Common and preferred
    stock</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">5,174</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">(1,572</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">18</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">2,079</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">(1,305</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">7,253</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">(2,877</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">U.S. treasury securities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,920</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,920</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">U.S. government agencies</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,275</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(37</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,275</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(37</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Municipal bonds</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,003</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(354</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,003</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(354</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Corporate bonds:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Finance</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">183,460</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,490</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">54</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">92,554</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(10,184</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">276,014</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(14,674</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Industrial</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,631</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,192</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,632</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,192</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Utilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,918</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(599</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,593</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,511</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,199</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Commercial Mortgage backed
    securities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19,464</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(283</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19,464</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(283</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Residential mortgage backed
    securities:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Agency backed</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,231</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(55</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,231</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(55</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Non-agency backed</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">7,491</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(368</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(4</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">7,515</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(372</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Total
    temporarily impaired securities</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">367,567</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">(8,974</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">112</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">100,251</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">(12,093</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">21</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">467,818</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">(21,067</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">There
are 133 securities at March 31, 2012 that account for the gross unrealized loss, none of which is deemed by the Company to be OTTI.
Significant factors influencing the Company&rsquo;s determination that unrealized losses were temporary included the magnitude
of the unrealized losses in relation to each security&rsquo;s cost, the nature of the investment and management&rsquo;s intent
not to sell these securities and it being not more likely than not that the Company will be required to sell these investments
before anticipated recovery of fair value to the Company&rsquo;s cost basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>(d) Derivatives</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company
from time to time invests in a limited amount of derivatives and other financial instruments as part of its investment portfolio
to manage interest rate changes or other exposures to a particular financial market. The Company records changes in valuation on
its derivative positions not designated as a hedge as a component of net realized gains and losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company
records changes in valuation on its hedge positions as a component of other comprehensive income. As of March 31, 2012, the Company
had two interest rate swaps designated as a hedge and were recorded as a liability amount of $3,595 and were included as a component
of accrued expenses and other liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt">The following<I>
</I>table presents the notional amounts by remaining maturity of the Company&rsquo;s interest rate swaps as of March 31, 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Remaining Life of Notional Amount <SUP>(1)</SUP></B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">(Amounts&nbsp;in Thousands)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">One<BR>
 Year</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Two Through<BR>
 Five Years</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Through<BR>
 Ten Years</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">After Ten<BR>
 years</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 35%; text-align: left; padding-left: 0.12in">Interest rate swaps</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">30,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">40,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right"> &mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">70,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Notional amount is not representative of either market
risk or credit risk and is not recorded in the consolidated balance sheet.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>(e) Restricted Cash
and Investments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company,
in order to conduct business in certain states, is required to maintain letters of credit or assets on deposit to support state
mandated regulatory requirements and certain third party agreements. The Company also utilizes trust accounts to collateralize
business with its reinsurance counterparties. These assets held are primarily in the form of cash or certain high grade securities.
The fair values of our restricted assets as of March 31, 2012 and December 31, 2011 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.35in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">(Amounts in Thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: justify; text-indent: -0.25in; padding-left: 0.25in">Restricted cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">59,236</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">23,104</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">Restricted investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">182,446</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">187,227</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">Total restricted cash and investments</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">241,682</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">210,331</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>(f) Other</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Securities
sold but not yet purchased represent obligations of the Company to deliver the specified security at the contracted price and,
thereby, create a liability to purchase the security in the market at prevailing prices. The Company&rsquo;s liability for securities
to be delivered is measured at their fair value and as of March 31, 2012 was $54,420 for corporate bonds and $87 for equity securities.
These transactions result in off-balance sheet risk, as the Company&rsquo;s ultimate cost to satisfy the delivery of securities
sold but not yet purchased may exceed the amount reflected at March 31, 2012. Subject to certain limitations, all securities owned,
to the extent required to cover the Company&rsquo;s obligations to sell or repledge the securities to others, are pledged to the
clearing broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;The
Company enters into repurchase agreements, which are accounted for as collateralized borrowing transactions and are
recorded at contract amounts. The Company receives cash or securities that it invests or holds in short term or fixed
income securities. As of March 31, 2012, there were $200,915 principal amount outstanding at interest rates between 0.4% and
0.45%. Interest expense associated with these repurchase agreements for the three months ended March 31, 2012 and 2011 was $0
and $254, respectively, of which $0 was accrued as of March 31, 2012. The Company has approximately $214,219 of
collateral pledged in support of these agreements. Additionally, during the three months ended March 31, 2012, the Company
entered into a reverse repurchase agreement in the amount of $56,187 that is included in short term investments as of March
31, 2012. The Company retains collateral of $54,420 related to this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="width: 91%; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Fair Value of Financial Instruments</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The following
table presents the level within the fair value hierarchy at which the Company&rsquo;s financial assets and financial liabilities
are measured on a recurring basis as of March 31, 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">(Amounts in Thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left; padding-left: 9pt">U.S. treasury securities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">52,791</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">52,791</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">U.S. government agencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,604</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,604</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Municipal bonds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Corporate bonds and other bonds:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Finance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">641,283</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">641,283</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.25in">Industrial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188,378</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188,378</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Utilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Commercial mortgage backed securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Residential mortgage backed securities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Agency backed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">395,974</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">395,974</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Non-agency backed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Equity securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,752</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,752</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Short term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,571</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,571</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Other investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,865</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,865</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Life settlement contracts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">142,575</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">142,575</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,957,785</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">168,114</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,632,231</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">157,440</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Equity securities sold but not yet purchased, market</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in">Fixed maturity securities sold but not yet purchased, market</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in">Securities sold under agreements to repurchase, at contract value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in">Life settlement contract profit commission</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.25in">Derivatives</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,595</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,595</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">271,067</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">87</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">255,335</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,645</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;
The Company classifies its financial assets and liabilities in the fair value hierarchy based on the lowest level input that is
significant to the fair value measurement.&nbsp; This classification requires judgment in assessing the market and pricing methodologies
for a particular security.&nbsp; The fair value hierarchy includes the following three levels:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Level
1 &ndash; Valuations are based on unadjusted quoted market prices in active markets for identical financial assets or liabilities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Level
2 &ndash; Valuations of financial assets and liabilities are based on prices obtained from third party pricing services, dealer
quotations of the bid price using observable inputs, or through consensus pricing of a pricing service; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Level
3 &ndash; Valuations are based on unobservable inputs for assets and liabilities where there is little or no market activity.&nbsp;
Management&rsquo;s assumptions are used in internal valuation pricing models to determine the fair value of financial assets or
liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;For
additional discussion regarding techniques used to value the Company&rsquo;s investment portfolio, refer to Note 2. &ldquo;Significant
Accounting Policies&rdquo; in Item 8. &ldquo;Financial Statements and Supplementary Data&rdquo; in its 2011 Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0.25in">The following table
provides a summary of changes in fair value of the Company&rsquo;s Level 3 financial assets and liabilities for the three
months ended March 31, 2012 and 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(Amounts in Thousands)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Balance
    as of<BR>December&nbsp;31, <BR>2011</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Net
    income</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Other
    <BR>comprehensive <BR>income</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Purchases
    <BR>and <BR>issuances</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sales
    and <BR>settlements</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Net
    <BR>transfers <BR>into (out of) <BR>Level 3</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Balance
    as of <BR>March 31, <BR>2012</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 27%; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Other investments</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">14,588</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">(3,949</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">4,535</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">70</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">(379</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">14,865</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Life settlement contracts</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">131,387</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,961</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,227</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">142,575</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Life settlement contract
    profit commission</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(12,022</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(28</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(12,050</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Derivatives</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(3,508</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(87</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(3,595</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">130.445</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">3,984</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt"></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">4,448</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">3,297</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">(379</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">141,795</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(Amounts in Thousands)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Balance
    as of<BR>December&nbsp;31,<BR>2010</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Net
    income</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Other
    <BR>comprehensive <BR>income</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Purchases
    <BR>and <BR>issuances</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Sales
    and <BR>settlements</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Net
    <BR>transfers <BR>into (out of) <BR>Level 3</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Balance
    as of <BR>March 31, <BR>2011</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 27%; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Other investments</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">21,514</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">661</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">498</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">80</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">(241</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">22,512</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Life settlement contracts</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,155</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,120</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,411</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">63,686</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Life
    settlement contract profit commission</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(4,711</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(878</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(5,589</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">38,958</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">23,903</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">498</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">17,491</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">(241</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">80,609</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company
had no transfers between levels during the three months ended March 31, 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
Company uses the following methods and assumptions in estimating its fair value disclosures for financial instruments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 82%"><I>Equity and Fixed Income Investments:</I> &nbsp;&nbsp;Fair value disclosures for these investments are disclosed above in this note. The carrying values of cash, short term investments and investment income accrued approximate their fair values;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 82%"><I>Premiums Receivable:</I> &nbsp;&nbsp;The carrying values reported in the accompanying balance sheets for these financial instruments approximate their fair values due to the short term nature of the asset;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 82%"><I>Subordinated Debentures and Debt:</I> &nbsp;&nbsp;The carrying values reported in the accompanying balance sheets for these financial instruments approximate fair value. Fair value was estimated using projected cash flows, discounted at rates currently being offered for similar notes.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 82%"><I>Other
                                                                                                                          investments.
                                                                                                                          </I>The
                                                                                                                          Company
                                                                                                                          has
                                                                                                                          less
                                                                                                                          than
                                                                                                                          one
                                                                                                                          percent
                                                                                                                          of its
                                                                                                                          investment
                                                                                                                          portfolio
                                                                                                                          in limited
                                                                                                                          partnerships
                                                                                                                          or hedge
                                                                                                                          funds
                                                                                                                          where
                                                                                                                          the
                                                                                                                          fair
                                                                                                                          value
                                                                                                                          estimate
                                                                                                                          is determined
                                                                                                                          by a
                                                                                                                          fund
                                                                                                                          manager
                                                                                                                          based
                                                                                                                          on recent
                                                                                                                          filings,
                                                                                                                          operating
                                                                                                                          results,
                                                                                                                          balance
                                                                                                                          sheet
                                                                                                                          stability,
                                                                                                                          growth
                                                                                                                          and
                                                                                                                          other
                                                                                                                          business
                                                                                                                          and
                                                                                                                          market
                                                                                                                          sector
                                                                                                                          fundamentals.
                                                                                                                          Due
                                                                                                                          to the
                                                                                                                          significant
                                                                                                                          unobservable
                                                                                                                          inputs
                                                                                                                          in these
                                                                                                                          valuations,
                                                                                                                          the
                                                                                                                          Company
                                                                                                                          includes
                                                                                                                          the
                                                                                                                          estimate
                                                                                                                          in the
                                                                                                                          amount
                                                                                                                          disclosed
                                                                                                                          in Level
                                                                                                                          3 hierarchy.
                                                                                                                          The
                                                                                                                          Company
                                                                                                                          has
                                                                                                                          determined
                                                                                                                          that
                                                                                                                          its
                                                                                                                          investments
                                                                                                                          in these
                                                                                                                          securities
                                                                                                                          are
                                                                                                                          not
                                                                                                                          material
                                                                                                                          to its
                                                                                                                          financial
                                                                                                                          position
                                                                                                                          or results
                                                                                                                          of operations.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 82%"><I>Derivatives.
                                                                                                                          </I>The
                                                                                                                          Company
                                                                                                                          estimates
                                                                                                                          fair
                                                                                                                          value
                                                                                                                          using
                                                                                                                          information
                                                                                                                          provided
                                                                                                                          by the
                                                                                                                          portfolio
                                                                                                                          manager
                                                                                                                          for
                                                                                                                          interest
                                                                                                                          rate
                                                                                                                          swaps
                                                                                                                          and
                                                                                                                          credit
                                                                                                                          default
                                                                                                                          swaps
                                                                                                                          and
                                                                                                                           the counterparty
                                                                                                                          for
                                                                                                                          contracts
                                                                                                                          for
                                                                                                                           differences and
                                                                                                                          classifies
                                                                                                                          each
                                                                                                                           as Level
                                                                                                                          3 hierarchy.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The
fair value of life settlement contracts is based on information available to the Company at the end of the reporting period. The
Company considers the following factors in its fair value estimates: cost at date of purchase, recent purchases and sales of similar
investments, financial standing of the issuer, and changes in economic conditions affecting the issuer, maintenance cost, premiums,
benefits, standard actuarially developed mortality tables and industry life expectancy reports. The fair value of a life insurance
policy is estimated using present value calculations based on the data specific to each individual life insurance policy. The following
summarizes data utilized in estimating the fair value of the portfolio of life insurance policies for the three months ended March
31, 2012 and December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 70%; text-indent: -10pt; padding-left: 10pt">Average age of insured </TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">77</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">77</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average life expectancy, months <SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Average face amount per policy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,635,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,703,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fair value discount rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.5</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 38.9pt"><SUP>(1)</SUP></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mortality rates: standard life expectancy as adjusted for insured&rsquo;s
specific circumstances</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">These
assumptions are, by their nature, inherently uncertain and the effect of changes in estimates may be significant. The fair value
measurements used in estimating the present value calculation are derived from valuation techniques generally used in the industry
that include inputs for the asset that are not based on observable market data. The extent to which the fair value could reasonable
vary in the near term has been quantified by evaluating the effect of changes in significant underlying assumptions used to estimate
the fair value amount. If the life expectancies were increased or decreased by 4 months and the discount factors were increased
or decreased by 1% while all other variables are held constant, the carrying value of the investment in life insurance policies
would increase or (decrease) by the unaudited amounts summarized below for the three months ended March 31, 2012 and December 31,
2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">C<B>hange in life expectancy</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plus 4 Months</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Minus 4 Months</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Investment in life policies:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; padding-bottom: 2.5pt; text-indent: 15.1pt">March 31, 2012</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right">(21,335</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right">23, 702</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 15.1pt">December 31, 2011</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(18,778</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,785</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change in discount rate</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plus 1%</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Minus 1%</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Investment in life policies:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; padding-bottom: 2.5pt; text-indent: 15.1pt">March 31, 2012</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right">(15,266</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right">17,495</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 15.1pt">December 31, 2011</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(13,802</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,804</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font-size: 10pt"><B>Investment
                                                                                 in Life Settlements</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;A
life settlement contract is a contract between the policy owner of a life insurance policy and a third-party investor who
obtains the ownership and beneficiary rights of the underlying life insurance policy. During 2010, the Company formed Tiger
Capital LLC (&ldquo;Tiger&rdquo;) with a subsidiary of ACAC for the purposes of acquiring certain life settlement contracts.
In 2011, the Company formed AMT Capital Alpha, LLC (&ldquo;AMT Alpha&rdquo;) with a subsidiary of ACAC and AMT Capital
Holdings, S.A. (&ldquo;AMTCH&rdquo;) with ACP Re, Ltd., an entity controlled by Michael Karfunkel, for the purposes of
acquiring additional life settlement contracts. The Company has a fifty percent ownership interest in each of Tiger, AMT
Alpha and AMTCH (collectively, the &ldquo;LSC entities&rdquo;). The LSC entities may also acquire premium finance loans made
in connection with the borrowers&rsquo; purchase of life insurance policies that are secured by the policies, which are
in default at the time of purchase. The LSC entities acquire the underlying policies through the borrowers&rsquo;
voluntary surrender of the policy in satisfaction of the loan or foreclosure. A third party serves as the administrator of
the Tiger life settlement contract portfolio, for which it receives an annual fee. Under the terms of an agreement for Tiger,
the third party administrator is eligible to receive a percentage of profits after certain time and performance thresholds
have been met. The Company provides for certain actuarial and finance functions related to the LSC entities. Additionally,
in conjunction with the Company&rsquo;s 21.25% ownership percentage of ACAC, the Company ultimately receives 60.625% of
the profits and losses of Tiger and AMT Alpha. As such, in accordance with ASC 810-10, <I>Consolidation, </I>we have been
deemed the primary beneficiary and, therefore, consolidate the LSC entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company
accounts for investments in life settlements in accordance with ASC 325-30, <I>Investments in Insurance Contracts,</I> which states
that an investor shall elect to account for its investments in life settlement contracts by using either the investment method
or the fair value method. The election is made on an instrument-by-instrument basis and is irrevocable. The Company has elected
to account for these policies using the fair value method. The Company determines fair value on a discounted cash flow basis of
anticipated death benefits, incorporating current life expectancy assumptions, premium payments, the credit exposure to the insurance
company that issued the life settlement contracts and the rate of return that a buyer would require on the contracts as no comparable
market pricing is available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Total
capital contributions of approximately $9,855 and $17,000 were made to the LSC entities during the three months ended March 31,
2012 and 2011, respectively, for which the Company contributed its fifty percent ownership share of approximately $4,927 and $8,600
in those same periods. The Company&rsquo;s investments in life settlements and cash value loans were approximately $145,700 and
$136,800 as of March 31, 2012 and December 31, 2011, respectively and are included in Prepaid expenses and other assets on the
Consolidated Balance Sheet. The Company recorded other income for the three months ended March 31, 2012 and 2011 of approximately
$90 and $18,886, respectively, related to the life settlement contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In addition
to the 241 policies disclosed in the table below as of March 31, 2012, Tiger owned 22 premium finance loans as of the three months
ended March 31, 2012, which were secured by life insurance policies and were carried at a value of $3,096. As of March 31, 2012,
the face value amount of the related 241 life insurance policies and 22 premium finance loans were approximately $1,543,000 and $131,000
respectively. All of the premium finance loans are in default and Tiger is enforcing its rights in the collateral. Upon the voluntary
surrender of the underlying life insurance policy in satisfaction of the loan or foreclosure, Tiger will become the owner of and
beneficiary under the underlying life insurance policy and will have the option to continue to make premium payments on the policies
or allow the policies to lapse. If a policyholder wishes to cure his or her default and repay the loan, Tiger will be repaid the
total amount due under the premium finance loans, including all premium payments made by Tiger to maintain the policy in force
since its acquisition of the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">The following
table describes the Company&rsquo;s investment in life settlements as of March 31, 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 26.65pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">(Amounts&nbsp;in&nbsp;Thousands,&nbsp;except&nbsp;Life&nbsp;Settlement&nbsp;Contracts)&nbsp; <BR>Expected Maturity Term in Years</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Life <BR>Settlement <BR>Contracts</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair&nbsp;Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Face&nbsp;Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>0-1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>1-2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%">2-3</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">6,684</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">10,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>3-4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,789</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>4-5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,723</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Thereafter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">237</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">123,379</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,508,013</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">241</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">142,575</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,543,013</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Premiums
to be paid for each of the five succeeding fiscal years to keep the life insurance policies in force as of March 31, 2012, are
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 26.65pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">(Amounts&nbsp;in&nbsp;Thousands)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Premiums<BR>
Due&nbsp;on<BR>
Life&nbsp;<BR>
Settlement <BR>Contracts</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Premiums<BR>
Due on<BR>
Premium<BR>Finance&nbsp;<BR>
Loans</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left">2012</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">23,322</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,296</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">24,618</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,043</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,193</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,203</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,440</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,643</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,782</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,653</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,435</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,833</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Thereafter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">506,151</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,334</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">554,485</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">656,921</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">56,329</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">713,250</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 4%; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="width: 91%; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Debt</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company&rsquo;s
borrowings consisted of the following at March 31, 2012 and December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 26.65pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">(Amounts in Thousands)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.25in; padding-left: 18.75pt">Revolving credit facility</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 68%; font-size: 10pt; text-align: left; padding-left: 0.75pt">Subordinated debentures</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">123,714</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">123,714</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.25in; padding-left: 18.75pt">Convertible senior notes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">159,113</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">138,506</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.25in; padding-left: 18.75pt">Secured loan agreements</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,778</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,018</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 18.75pt">Promissory notes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9,945</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,362</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">302,550</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">279,600</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>&nbsp;</I>&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Aggregate
scheduled maturities of the Company&rsquo;s borrowings at March 31, 2012 are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.65in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">(Amounts in Thousands)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 87%; text-align: left; text-indent: -0.25in; padding-left: 18.75pt">2012</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10,682</TD><TD STYLE="width: 1%; text-align: left"><SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,021</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 18.75pt">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,068</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 18.75pt">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,116</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 18.75pt">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Thereafter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">287,496</TD><TD STYLE="text-align: left"><SUP>(2)</SUP></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><SUP>(1)</SUP></TD><TD>Amount reflected in balance sheet for promissory notes is net of unamortized original issue discount of $55 for one of the
notes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><SUP>(2)</SUP></TD><TD>Amount reflected in balance sheet for convertible senior notes is net of unamortized original issue discount of $40,887.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>Revolving Credit
Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;On
January 28, 2011, the Company entered into a three-year, $150,000 credit agreement (the &ldquo;Credit Agreement&rdquo;),
among JPMorgan Chase Bank, N.A., as Administrative Agent, The Bank of Nova Scotia, as Syndication Agent, SunTrust Bank, as
Documentation Agent, and the various lending institutions party thereto. The credit facility is a revolving credit facility
with a letter of credit sublimit of $50,000 and an expansion feature not to exceed $50,000. &nbsp;The Credit Agreement
contains certain restrictive covenants customary for facilities of this type (subject to negotiated exceptions and baskets),
including restrictions on indebtedness, liens, acquisitions and investments, restricted payments and dispositions. There are
also financial covenants that require the Company to maintain a minimum consolidated net worth, a maximum consolidated
leverage ratio, a minimum fixed charge coverage ratio, a minimum risk-based capital and a minimum statutory surplus. The
Company was in compliance with all covenants as of March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">As of
March 31, 2012, the Company had no outstanding borrowings under this Credit Agreement. The Company had outstanding letters of credit
in place under this Credit Agreement at March 31, 2012 for $49,371, which reduced the availability for letters of credit to $629
as of March 31, 2012 and the availability under the facility to $100,629 as of March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Borrowings
under the Credit Agreement bear interest at (x) the greatest of (a) the Administrative Agent&rsquo;s prime rate, (b) the federal
funds effective rate plus 0.5 percent or (c) the adjusted LIBO rate for a one month interest period on such day plus 1 percent,
plus (y) a margin that is adjusted on the basis of the Company&rsquo;s consolidated leverage ratio. Eurodollar borrowings under
the Credit Agreement will bear interest at the adjusted LIBO rate for the interest period in effect plus a margin that is adjusted
on the basis of the Company&rsquo;s consolidated leverage ratio. The interest rate on the credit facility as of March 31, 2012
and 2011 was 2.50%. The Company recorded interest expense of approximately $510 and $395 for the three months ended March 31, 2012
and 2011, respectively, under the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Fees payable
by the Company under the Credit Agreement include a letter of credit participation fee (which is the margin applicable to Eurodollar
borrowings and was 2.25% at March 31, 2012), a letter of credit fronting fee with respect to each letter of credit (.125%) and
a commitment fee on the available commitments of the lenders (a range of .35% to .45% based on the Company&rsquo;s consolidated
leverage ratio and was .40% at March 31, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><I>Junior Subordinated
Debt</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
Company has established four special purpose trusts for the purpose of issuing trust preferred securities. The proceeds from such
issuances, together with the proceeds of the related issuances of common securities of the trusts, were invested by the trusts
in junior subordinated debentures issued by the Company. In accordance with FASB ASC 810-10-25, the Company does not consolidate
such special purpose trusts, as the Company is not considered to be the primary beneficiary. The equity investment, totaling $3,714
as of March 31, 2012 on the Company&rsquo;s consolidated balance sheet, represents the Company&rsquo;s ownership of common securities
issued by the trusts. The debentures require interest-only payments to be made on a quarterly basis, with principal due at maturity.
The debentures contain covenants that restrict declaration of dividends on the Company&rsquo;s common stock under certain circumstances,
including default of payment. The Company incurred $2,605 of placement fees in connection with these issuances which is being amortized
over thirty years. The Company recorded $2,191 and $2,552 of interest expense for the three months ended March 31, 2012 and 2011,
respectively, related to these trust preferred securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
table below summarizes the Company&rsquo;s trust preferred securities as of March 31, 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Aggregate</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Liquidation</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Aggregate</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Per</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Amount&nbsp;of</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Liquidation</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Aggregate</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Annum</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>(Amounts&nbsp;in&nbsp;Thousands)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Trust</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Amount&nbsp;of</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Principal</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">Stated</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Interest</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Preferred</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Common</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Amount</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">Maturity</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Rate&nbsp;of</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name&nbsp;of&nbsp;Trust</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">of&nbsp;Notes</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">of&nbsp;Notes</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Notes</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; width: 45%">AmTrust Capital Financing Trust I</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">774</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">25,774</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">3/17/2035</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">8.275</TD><TD NOWRAP STYLE="width: 1%; text-align: left">%<SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">AmTrust Capital Financing Trust II</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">774</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,774</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6/15/2035</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.710</TD><TD STYLE="text-align: left"><SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">AmTrust Capital Financing Trust III</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">928</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,928</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">9/15/2036</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.774</TD><TD STYLE="text-align: left"><SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">AmTrust Capital Financing Trust IV</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,238</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,238</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">3/15/2037</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">3.474</TD><TD STYLE="padding-bottom: 1pt; text-align: left"><SUP>(3)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total trust preferred securities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">120,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,714</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">123,714</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: super; padding-left: 0.24in"><SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; padding-left: 0in">The interest rate will change to three-month LIBOR plus 3.40% after the tenth anniversary in 2015.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: super; padding-left: 0.24in"><SUP>(2)</SUP></TD>
    <TD STYLE="vertical-align: top">The interest rate is LIBOR plus 3.30%.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.24in">&nbsp;</TD>
    <TD STYLE="vertical-align: super; padding-left: 0.24in"><SUP>(3)</SUP></TD>
    <TD STYLE="vertical-align: top">The interest rate changed from 7.93% to LIBOR plus 3.00% on March 15, 2012.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company
entered into two interest rate swap agreements related to these junior subordinated debentures, which effectively convert the interest
rate on the trust preferred securities from a variable rate to a fixed rate. Each agreement is for a period of five years and commenced
on September 15, 2011 for tranche III and March 15, 2012 for tranche IV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt"><I>Convertible Senior Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In December
2011, the Company issued $175,000 aggregate principal amount of its 5.5% convertible senior notes due 2021 (the &ldquo;Notes&rdquo;)
to certain initial purchasers in a private placement. In January 2012, the Company issued an additional $25,000 of the Notes to
cover the initial purchasers&rsquo; overallotment option. The Notes will bear interest at a rate equal to 5.5% per year, payable
semiannually in arrears on June 15<SUP>th</SUP> and December 15<SUP>th</SUP> of each year, beginning on June 15, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Notes
will mature on December 15, 2021 (the &ldquo;Maturity Date&rdquo;), unless earlier purchased by the Company or converted into shares
of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;). Prior to September 15, 2021, the
Notes will be convertible only upon satisfaction of certain conditions, and thereafter, at any time prior to the close of business
on the second scheduled trading day immediately preceding the Maturity Date. The conversion rate will initially equal 31.4218 shares
of Common Stock per $1,000 principal amount of Notes, which corresponds to an initial conversion price of approximately $31.83
per share of Common Stock, representing a conversion premium of 25.0% over $25.46 per share, which was the last reported sale price
of the Common Stock on the NASDAQ on December 15, 2011. The conversion rate will be subject to adjustment upon the occurrence of
certain events as set forth in the indenture governing the notes. Upon conversion of the Notes, the Company will, at its election,
pay or deliver, as the case may be, cash, shares of Common Stock, or a combination of cash and shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Upon the
occurrence of a fundamental change (as defined in the indenture governing the notes) involving the Company, holders of the Notes
will have the right to require the Company to repurchase their Notes for cash, in whole or in part, at 100% of the principal amount
of the Notes to be repurchased, plus any accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company
separately allocated the proceeds for the issuance of the Notes to a liability component and an equity component, which is the
embedded conversion option. The equity component was reported as an adjustment to paid-in-capital, net of tax, and is reflected
as an original issue discount (&ldquo;OID&rdquo;). The OID of $41,679 and deferred origination costs relating to the liability
component of $4,750 will be amortized into interest expense over the term of the loan of the Notes. After considering the contractual
interest payments and amortization of the original discount, the Notes effective interest rate was 8.57%. Transaction costs of
$1,250 associated with the equity component were netted in paid-in-capital. Interest expense, including amortization of deferred
origination costs, recognized on the Notes was $3,544 for the three months ended March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The following
table shows the amounts recorded for the Notes as of March 31, 2012 and December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">(Amounts in Thousands)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 18.75pt">Liability component</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 9pt">Outstanding principal</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">200,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">175,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Unamortized OID</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40,887</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(36,494</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Liability component</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">159,113</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">138,506</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 18.75pt">Equity component, net of tax</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">27,092</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">23,785</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>Secured Loan Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;During
February 2011, the Company, through a wholly-owned subsidiary, entered into a seven-year secured loan agreement with Bank of America
Leasing &amp; Capital, LLC in the aggregate amount of $10,800 to finance the purchase of an aircraft. The loan bears interest at
a fixed rate of 4.45%, requires monthly installment payments of approximately $117 commencing on March 25, 2011 and ending on February
25, 2018, and a balloon payment of $3,240 at the maturity date. The Company recorded interest expense of approximately $112 and
$51 for the three months ended March 31, 2012 and 2011, respectively, related to this agreement. The loan is secured by an aircraft
that the subsidiary acquired in February 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
agreement contains certain covenants that are similar to the Company&rsquo;s revolving credit facility. Additionally, subsequent
to February 25, 2012, but prior to payment in full, if the outstanding balance of this loan exceeds 90% of the fair value of the
aircraft, the Company is required to pay the lender the entire amount necessary to reduce the outstanding principal balance to
be equal to or less than 90% of the fair value of the aircraft.&nbsp; The agreement allows the Company, under certain conditions,
to repay the entire outstanding principal balance of this loan without penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>Promissory Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;In
connection with the stock and asset purchase agreement with a subsidiary of Unitrin, Inc. (now called Kemper Corporation), the
Company, on June 1, 2008, issued a promissory note to Unitrin, Inc. in the amount of $30,000. The note is non-interest bearing
and requires four annual principal payments of $7,500. The first three annual principal payments were paid between 2009 and 2011,
and the remaining principal payment is due on June 1, 2012. Upon entering into the promissory note, the Company calculated imputed
interest of $3,155 based on interest rates available to the Company, which was 4.5%. Accordingly, the note&rsquo;s carrying balance
was adjusted to $26,845 at the acquisition. The note is required to be paid in full, immediately, under certain circumstances including
a default of payment or change of control of the Company. The Company included $83 and $163 of amortized discount on the note in
its results of operations for the three months ended March 31, 2012 and 2011, respectively. The note&rsquo;s carrying value was
$7,445 and $7,362 as of March 31, 2012 and December 31, 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In March 2012, 800 Superior LLC entered into a promissory note
with ACP Re, Ltd in the amount of $2,500. 800 Superior LLC is an entity the Company and ACAC have a 50% ownership interest in.
The note matures in July 2012 and bears interest at a rate of 2.00% per annum, which resulted in $3 of interest expense for the
three months ended March 31, 2012. For more information regarding this promissory note, see Note 11. &ldquo;Related Party Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><I>Comerica Letter
of Credit Facility</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In
connection with the Majestic acquisition discussed in Note 12 &ldquo;Acquisitions,&rdquo; the Company, through one of its
subsidiaries, entered into a secured letter of credit facility with Comerica Bank during the three months ended September 30,
2011. The Company utilizes this letter of credit facility to comply with the deposit requirements of the State of California
and the U.S. Department of Labor as security for the Company&rsquo;s obligations to workers&rsquo; compensation and federal
Longshore and Harbor Workers&rsquo; Compensation Act policyholders. The credit limit is for $75,000 and was utilized for $49,801 as of
March 31, 2012. The Company is required to pay a letter of credit participation fee for each letter of credit in the amount
of 0.40%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>Other Letter of Credit</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
Company, through certain subsidiaries, has an additional existing stand-by letter of credit as of March 31, 2012 in the amount
of $1,311.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-weight: bold"><B>7.</B></TD>
    <TD STYLE="width: 90%; font-weight: bold"><B>Acquisition Costs and Other Underwriting Expenses</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
following table summarizes the components of acquisition costs and other underwriting expenses for the three months ended March
31, 2012 and 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">(Amounts in Thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left">Policy acquisition expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">85,192</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">46,817</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Salaries and benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,922</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other insurance general and administrative expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,048</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,495</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">124,025</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">81,234</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-weight: bold"><B>8.</B></TD>
    <TD STYLE="width: 91%; font-weight: bold"><B>Earnings Per Share</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Effective
January 1, 2009, the Company adopted ASC subtopic 260-10, <I>Determining Whether Instruments Granted in Share-Based Payments Transactions
Are Participating Securities</I>. ASC 260-10 provides that unvested share-based payment awards that contain nonforfeitable rights
to dividends or dividend equivalents, whether paid or unpaid, are participating securities and are to be included in the computation
of earnings per share under the two-class method. The Company&rsquo;s unvested restricted shares contain rights to receive nonforfeitable
dividends and are participating securities, requiring the two-class method of computing earnings per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
following table&nbsp;is a summary of the elements used in calculating basic and diluted earnings per share for the three months
ended March 31, 2012 and 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">(Amounts in Thousands except per share)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.4pt">Basic earnings per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 0.4pt">Net income attributable to AmTrust Financial Services, Inc. shareholders</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">39,086</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">45,183</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 18.4pt">Less: Net income allocated to participating securities and redeemable non-controlling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt">Net income allocated to AmTrust Financial Services, Inc. common shareholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">39,028</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">45,158</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center; padding-left: 0.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.4pt">Weighted average common shares outstanding &ndash; basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,603</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.4pt">Less: Weighted average participating shares outstanding</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">89</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">38</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.4pt">Weighted average common shares outstanding &ndash; basic</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">60,286</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">59,565</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt">Net income per AmTrust Financial Services, Inc. common shares - basic</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0.65</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0.76</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 0.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.4pt">Diluted earnings per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.4pt">Net income attributable to AmTrust Financial Services, Inc. shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">39,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">45,183</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 18.4pt">Less: Net income allocated to participating securities and redeemable non-controlling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt">Net income allocated to AmTrust Financial Services, Inc. common shareholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">39,028</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">45,158</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center; padding-left: 0.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.4pt">Weighted average common shares outstanding &ndash; basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,565</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.4pt">Plus: Dilutive effect of stock options, other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,033</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,167</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.4pt">Weighted average common shares outstanding &ndash; dilutive</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">62,319</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">60,732</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt">Net income per AmTrust Financial Services, Inc. common shares - diluted</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0.63</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0.74</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">As of
March 31, 2012, there were less than 100,000 anti-dilutive securities excluded from diluted earnings per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-weight: bold"><B>9.</B></TD>
    <TD STYLE="width: 90%; font-weight: bold"><B>Share Based Compensation</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt">The Company&rsquo;s
2010 Omnibus Incentive Plan (the &ldquo;Plan&rdquo;) permits the Company to grant to its officers, employees and non-employee directors
incentive compensation directly linked to the price of the Company&rsquo;s stock. The Plan authorizes up to an aggregate of 6,045,511
shares of Company stock for awards of options to purchase shares of the Company&rsquo;s common stock, restricted stock, restricted
stock units (&ldquo;RSU&rdquo;), performance shares or appreciation rights. Shares used may be either newly issued shares or treasury
shares or both. The aggregate number of shares of common stock for which awards may be issued may not exceed 6,045,511 shares,
subject to the authority of the Company&rsquo;s board of directors to adjust this amount in the event of a consolidation, reorganization,
stock dividend, stock split, recapitalization or similar transaction affecting the Company&rsquo;s common stock. As of March 31,
2012, approximately 5,225,000 shares of Company common stock remained available for grants under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
Company recognizes compensation expense under FASB ASC 718-10-25 for its share-based payments based on the fair value of the awards.
The Company grants stock options at prices equal to the closing stock price of the Company&rsquo;s stock on the dates the options
are granted. The options have a term of ten years from the date of grant and vest primarily in equal annual installments over the
four-year period following the date of grant for employee options. Employees have three months after the employment relationship
ends to exercise all vested options. The fair value of each option grant is separately estimated for each vesting date. The fair
value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each
vesting date. The Company has estimated the fair value of all stock option awards as of the date of the grant by applying the Black-Scholes-Merton
multiple-option pricing valuation model. The application of this valuation model involves assumptions that are judgmental and highly
sensitive in the determination of compensation expense. The Company grants restricted shares and RSUs with a grant date value equal
to the closing stock price of the Company&rsquo;s stock on the dates the shares or units are granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
following schedule shows all options granted, exercised, and expired under the Plan for the three months ended March 31, 2012 and
2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <BR>Average <BR>Exercise&nbsp;Price</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <BR>Average <BR>Exercise&nbsp;Price</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%">Outstanding at beginning of period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,771,788</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10.96</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,126,926</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10.46</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.98</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(93,083</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.71</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75,736</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.93</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cancelled or terminated</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(55,622</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13.19</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(24,065</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12.41</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Outstanding end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,623,083</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10.98</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,202,125</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10.63</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 13.5pt">&nbsp;During
the period ended March 31, 2012, no options were granted. During the period ended March 31, 2011, the weighted average grant date
fair value of options granted was approximately $7.24.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">A summary
of the Company&rsquo;s restricted stock and RSU activity for the three months ended March 31, 2012 and 2011 is shown below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares or<BR>
 Units</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <BR>Average <BR>Grant Date<BR>
 Fair Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares<BR>
 or Units</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <BR>Average <BR>Grant Date<BR>
 Fair Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Non-vested at beginning of year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">291,230</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">18.32</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">139,388</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">14.04</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">342,428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,884</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Vested</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,097</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.25</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Forfeited</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Non-vested at end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">611,561</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">23.31</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">202,772</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15.93</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Compensation
expense for all share-based payments under ASC 718-10-30 was approximately $1,181 and $1,459 for the three months ended March 31,
2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;As
of March 31, 2012, there was approximately $13,757 of total unrecognized compensation cost related to non-vested share-based compensation
arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<!-- Field: Page; Sequence: 20; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-weight: bold"><B>10.</B></TD>
    <TD STYLE="width: 90%; font-weight: bold"><B>Income Taxes</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">Income tax
expense for the three months ended March 31, 2012 and 2011 was $11,177 and $9,037, respectively. The following table is a reconciliation
of the Company&rsquo;s statutory income tax expense to its effective tax rate for the three months ended March 31, 2012 and 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">(Amounts in Thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Income before equity in earnings (loss) of unconsolidated subsidiaries</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">48,033</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">60,540</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax at federal statutory rate of 35%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16,812</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tax effects resulting from:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.24in">Net income of non-includible foreign subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,568</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,643</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0; padding-left: 0.24in">Other, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,067</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,509</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,177</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,037</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Effective tax rate</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">23.3</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14.9</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">The Company&rsquo;s
management believes that it will realize the benefits of its deferred tax assets, which is included as&nbsp;a component of the
Company&rsquo;s net deferred tax&nbsp;liability, and, accordingly, no valuation allowance has been recorded for the periods presented.
The Company does not provide for income taxes on the unremitted earnings of foreign subsidiaries where, in management&rsquo;s opinion,
such earnings have been indefinitely reinvested. It is not practical to determine the amount of unrecognized deferred tax liabilities
for temporary differences related to these investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;The
Company&rsquo;s major taxing jurisdictions include the U.S. (federal and state), the United Kingdom and Ireland. The years
subject to potential audit vary depending on the tax jurisdiction. Generally, the Company&rsquo;s statute of limitation is
open for tax years ended December 31, 2007 and forward. As permitted by FASB ASC 740-10, the Company adopted an accounting
policy to prospectively classify accrued interest and penalties related to any unrecognized tax benefits in its income tax
provision. Previously, the Company&rsquo;s policy was to classify interest and penalties as an operating expense in arriving
at pre-tax income. At March 31, 2012, the Company does not have any accrued interest and penalties related to unrecognized
tax benefits in accordance with FASB ASC 740-10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The
earnings of certain of the Company&rsquo;s foreign subsidiaries have been indefinitely reinvested in foreign operations.
Therefore, no provision has been made for any U.S. taxes or foreign withholding taxes that may be applicable upon any
repatriation or sale. The determination of any unrecognized deferred tax liability for temporary differences related
to investments in certain of the Company&rsquo;s foreign subsidiaries is not practicable. As of March 31, 2012 and December
31, 2011, the financial reporting basis in excess of the tax basis for which no deferred taxes have been recognized was
approximately $235,900 and $223,300, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-weight: bold"><B>11.</B></TD>
    <TD STYLE="width: 90%; font-weight: bold"><B>Related Party Transactions</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>Maiden</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
Company has various reinsurance and service agreements with Maiden Holdings, Ltd. (&ldquo;Maiden&rdquo;). Maiden is a publicly-held
Bermuda insurance holding company (Nasdaq: MHLD) formed by Michael Karfunkel, George Karfunkel and Barry Zyskind, the principal
shareholders, and, respectively, the chairman of the board of directors, a director, and the chief executive officer and director
of the Company. As of March 31, 2012, Michael Karfunkel owns or controls approximately 13.8% of the issued and outstanding capital
stock of Maiden, George Karfunkel owns or controls approximately 9.4% of the issued and outstanding capital stock of Maiden and
Mr. Zyskind owns or controls approximately 5.1% of the issued and outstanding stock of Maiden. Mr. Zyskind serves as the non-executive
chairman of the board of Maiden&rsquo;s board of directors. Maiden Insurance Company, Ltd (&ldquo;Maiden Insurance&rdquo;), a wholly-owned
subsidiary of Maiden, is a Bermuda reinsurer. The following section describes the agreements in place between the Company and its
subsidiaries and Maiden and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>Reinsurance
Agreements with Maiden Holdings, Ltd.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In 2007,
the Company and Maiden entered into a master agreement, as amended, by which the parties caused the Company&rsquo;s Bermuda subsidiary,
AmTrust International Insurance, Ltd. (&ldquo;AII&rdquo;) and Maiden Insurance to enter into a quota share reinsurance agreement
(the &ldquo;Maiden Quota Share&rdquo;), as amended, by which AII retrocedes to Maiden Insurance an amount equal to 40% of the premium
written by the Company&rsquo;s U.S., Irish and U.K. insurance companies (the &ldquo;AmTrust Ceding Insurers&rdquo;), net of the
cost of unaffiliated inuring reinsurance (and in the case of the Company&rsquo;s U.K. insurance subsidiary, AmTrust Europe Ltd.,
net of commissions) and 40% of losses excluding certain specialty risk programs that the Company commenced writing after the effective
date, including the Company&rsquo;s European medical liability business discussed below, and risks, other than workers&rsquo; compensation
risks and certain business written by the Company&rsquo;s Irish subsidiary, AmTrust International Underwriters Limited (&ldquo;AIU&rdquo;),
for which the AmTrust Ceding Insurers&rsquo; net retention exceeds $5,000 (&ldquo;Covered Business&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Maiden
Quota Share, which had an initial term of three years, was renewed through June 30, 2014 and will automatically renew for successive
three-year terms unless either AII or Maiden Insurance notifies the other of its election not to renew not less than nine months
prior to the end of any such three-year term. In addition, either party is entitled to terminate on thirty days&rsquo; notice or
less upon the occurrence of certain early termination events, which include a default in payment, insolvency, change in control
of AII or Maiden Insurance, run-off, or a reduction of 50% or more of the shareholders&rsquo; equity of Maiden Insurance or the
combined shareholders&rsquo; equity of AII and the AmTrust Ceding Insurers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Maiden
Quota Share, as amended, further provides that AII receives a ceding commission based on a percentage of ceded written premiums
with respect to all Covered Business. Commencing January 1, 2012, the ceding commission with respect to all Covered Business other
than the retail commercial package business is adjusted on a quarterly basis to (a) 30% of ceded premium, if the Specialty Risk
and Extended Warranty subject premium, excluding ceded premium related to our medical liability business discussed below, is greater
than or equal to 42% of the total subject premium, (b) 30.5% of ceded premium, if the Specialty Risk and Extended Warranty subject
premium is less than 42% but greater than or equal to 38%, or (c) 31% of ceded premium, if the Specialty Risk and Extended Warranty
subject premium is less than 38% of the total subject premium. The ceding commission for the retail commercial package business
is 34.375% of ceded premium. From April 1, 2011 until December 31, 2011, AII received a ceding commission of 30% of ceded written
premium with respect to all Covered Business other than the retail commercial package business, for which the ceding commission
was 34.375%. Prior to April 1, 2011, AII received a ceding commission of 31% of ceded premiums with respect to all Covered Business
other than the retail commercial package business, for which the ceding commission was 34.375%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Effective
April 1, 2011, the Company, through its subsidiaries AEL and AIU, entered into a reinsurance agreement with Maiden Insurance by
which the Company cedes to Maiden Insurance 40% of its European medical liability business, including business in force at April
1, 2011. The quota share has an initial term of one year, automatically renews for one-year terms and can be terminated by either
party on four months&rsquo; prior written notice. Maiden Insurance pays the Company a 5% ceding commission, and the Company will
earn a profit commission of 50% of the amount by which the ceded loss ratio is lower than 65%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Effective
September 1, 2010, the Company, through its subsidiary, Security National Insurance Company (&ldquo;SNIC&rdquo;), entered
into a reinsurance agreement with Maiden Reinsurance Company and an unrelated third party. Under the agreement, which had an
initial  term of one year and has been extended to August 31, 2012, SNIC cedes 80% of the gross liabilities produced under
the Southern General Agency program to Maiden Reinsurance Company and 20% of the gross liabilities produced to&nbsp;the
unrelated third party. SNIC receives a five percent commission on ceded written premiums.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The following
is the effect on the Company&rsquo;s results of operations for the three months ended March 31, 2012 and 2011 related to Maiden
Reinsurance agreements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp; &nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">(Amounts in Thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Results of operations:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: 9pt">Premium written &ndash; ceded</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(190,901</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(126,722</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 9pt">Change in unearned premium&nbsp;&ndash;&nbsp;ceded</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,583</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,786</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 9pt">Earned premium&nbsp;&ndash;&nbsp;ceded</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(166,318</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(113,936</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt">Ceding commission on premium written</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">54,411</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">39,725</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 9pt">Ceding commission&nbsp;&ndash;&nbsp;deferred</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,137</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,916</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 9pt">Ceding commission&nbsp;&ndash;&nbsp;earned</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">46,274</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">35,809</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt">Incurred loss and loss adjustment expense&nbsp;&ndash;&nbsp;ceded</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">122,810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">82,107</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: 9pt">Interest expense on collateral loan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">486</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>Fronting
Arrangement with Maiden Specialty Insurance Company </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Effective
September 1, 2010, the Company, through its subsidiary Technology Insurance Company, Inc.&nbsp;&nbsp;(&ldquo;TIC&rdquo;), entered
into a quota share reinsurance agreement with Maiden Specialty Insurance Company (&ldquo;Maiden Specialty&rdquo;) by which TIC
assumes a portion (generally 90%) of premiums and losses with respect to certain surplus lines programs written by Maiden Specialty
on behalf of the Company (the &ldquo;Surplus Lines Facility&rdquo;). The Surplus Lines Facility enables the Company to write business
on a surplus lines basis throughout the United States in states in which the Company is unauthorized to write such business through
its own insurance subsidiaries. Currently, the Company is utilizing the Surplus Lines Facility for two programs for which Maiden
Specialty receives a five percent ceding commission on all premiums ceded by Maiden Specialty to TIC. The Surplus Lines Facility
shall remain continuously in force until terminated. The Company has surplus lines authority for two of its insurance company subsidiaries,
which has significantly decreased the need for the Surplus Lines Facility. As a result of this agreement, we assumed approximately
$404 of written premium for which we earned approximately $3,400 and incurred losses of approximately $2,100 for the three months
ended March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>Note
Payable to Maiden &ndash; Collateral for Proportionate Share of Reinsurance Obligations </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In conjunction
with the Maiden Quota Share, as described above, AII entered into a loan agreement with Maiden Insurance during the fourth quarter
of 2007, whereby Maiden Insurance loaned to AII&nbsp;the amount equal to its quota share of the obligations of the AmTrust Ceding
Insurers that AII was then obligated to secure. The loan agreement provides for interest at a rate of LIBOR plus 90 basis points
and is payable on a quarterly basis. Advances under the loan are secured by a promissory note and totaled $167,975 as of March
31, 2012. The Company recorded $628 and $486 of interest expense during the three months ended March 31, 2012 and 2011, respectively.&nbsp;&nbsp;Effective
December 1, 2008, AII and Maiden Insurance entered into a Reinsurer Trust Assets Collateral agreement whereby Maiden Insurance
is required to provide AII the assets required to secure Maiden&rsquo;s proportional share of the Company&rsquo;s obligations to
its U.S. subsidiaries. The amount of this collateral as of March 31, 2012 was approximately $639,242. Maiden retains ownership
of the collateral in the trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>Reinsurance
Brokerage Agreement </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Effective
July 1, 2007, the Company, through a subsidiary, entered into a reinsurance brokerage agreement with Maiden. Pursuant to the brokerage
agreement, the Company provides brokerage services relating to the Maiden Quota Share for a fee equal to 1.25% of reinsured premium.
The Company recorded $2,194 and $1,584 of brokerage commission (recorded as a component of service and fee income) during the three
months ended March 31, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>Asset
Management Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Effective
July 1, 2007, the Company, through a subsidiary, entered into an asset management agreement with Maiden, pursuant to which the
Company provides investment management services to Maiden and its affiliates. As of March 31, 2012, the Company managed approximately
$2,200,000 of assets related to this agreement. The investment management services fee is 0.20% per annum for periods in which
average invested assets are $1,000,000 or less and 0.15% per annum for periods in which the average invested assets exceeds $1,000,000.
As a result of this agreement, the Company earned approximately $830 and $725 of investment management fees (recorded as a component
of service and fee income) for the three months ended March 31, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>Senior
Notes </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In June
2011, the Company, through a subsidiary, participated as a purchaser in a registered public offering by Maiden Holdings North America,
Ltd., a subsidiary of Maiden, for $12,500 of an aggregate $107,500 principal amount of 8.25% Senior Notes due 2041 (the &ldquo;Notes&rdquo;)
that are fully and unconditionally guaranteed by Maiden. The Notes are redeemable for cash, in whole or in part, on or after June
15, 2016, at 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but not including, the
redemption date. The fair value of the notes as of March 31, 2012 was 12,775.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><I>American Capital
Acquisition Corporation </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;During
the three months ended March 31, 2010, the Company completed its strategic investment in American Capital Acquisition Corporation
(&ldquo;ACAC&rdquo;). ACAC was formed by The Michael Karfunkel 2005 Grantor Retained Annuity Trust (the &ldquo;Trust&rdquo;) and
the Company for the purpose of acquiring from GMAC Insurance Holdings, Inc. and Motor Insurance Corporation (&ldquo;MIC&rdquo;,
together with GMAC Insurance Holdings, Inc., &ldquo;GMACI&rdquo;), GMACI&rsquo;s U.S. consumer property and casualty insurance
business (the &ldquo;GMACI Business&rdquo;), a writer of automobile coverages through independent agents in the United States.
Its coverages include standard/preferred auto, RVs, non-standard auto and commercial auto. The acquisition included ten statutory
insurance companies (the &ldquo;GMACI Insurers&rdquo;). Michael Karfunkel, individually, and the Trust, which is controlled by
Michael Karfunkel, own 100% of ACAC&rsquo;s common stock (subject to the Company&rsquo;s conversion rights described below). Michael
Karfunkel is the chairman of the board of directors of the Company and the father-in-law of Barry D. Zyskind, the chief executive
officer of the Company. The ultimate beneficiaries of the Trust include Michael Karfunkel&rsquo;s children, one of whom is married
to Mr. Zyskind. In addition, Michael Karfunkel is the Chairman of the Board of Directors of ACAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Pursuant
to the Amended Stock Purchase Agreement, ACAC issued and sold to the Company for an initial purchase price of approximately $53,000,
which was equal to 25% of the capital initially required by ACAC, 53,054 shares of Series A Preferred Stock, which provides an
8% cumulative dividend, is non-redeemable and is convertible, at the Company&rsquo;s option, into 21.25% of the issued and outstanding
common stock of ACAC (the &ldquo;Preferred Stock&rdquo;). The Company has pre-emptive rights with respect to any future issuances
of securities by ACAC and the Company&rsquo;s conversion rights are subject to customary anti-dilution protections. The Company
has the right to appoint two members of ACAC&rsquo;s board of directors, which consists of six members. Subject to certain limitations,
the board of directors of ACAC may not take any action in the absence of the Company&rsquo;s appointees and ACAC may not take certain
corporate actions without the unanimous prior approval of its board of directors (including the Company&rsquo;s appointees).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company,
the Trust and Michael Karfunkel, individually, each shall be required to make its or his proportionate share of deferred payments
payable by ACAC to GMACI pursuant to the GMACI Securities Purchase Agreement, which are payable, annually on March 1 through March
1, 2013, to the extent that ACAC is unable to otherwise provide for such payments. The Company&rsquo;s proportionate share of such
deferred payments as of March 31, 2012 will not exceed $7,500. In addition, in connection with the Company&rsquo;s investment,
ACAC will grant the Company a right of first refusal to purchase or to reinsure commercial auto insurance business acquired from
GMACI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In accordance
with ASC 323-10-15, <I>Investments-Equity Method and Joint Ventures</I>, the Company accounts for its investment in ACAC under
the equity method. The Company recorded $2,364 and $1,819 of income during the three months ended March 31, 2012 and 2011, respectively,
related to its equity investment in ACAC.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><I>Personal Lines
Quota Share </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company,
effective March 1, 2010, reinsures 10% of the net premiums of the GMACI Business, pursuant to a 50% quota share reinsurance agreement
(&ldquo;Personal Lines Quota Share&rdquo;) among Integon National Insurance Company, lead insurance company on behalf of the GMACI
Insurers, as cedents, and the Company, ACP Re, Ltd., a Bermuda reinsurer that is a wholly-owned indirect subsidiary of the Trust,
and Maiden Insurance Company, Ltd., as reinsurers. The Personal Lines Quota Share provides that the reinsurers, severally, in accordance
with their participation percentages, receive 50% of the net premium of the GMACI Insurers and assume 50% of the related net losses.
The Company has a 20% participation in the Personal Lines Quota Share, by which it receives 10% of the net premiums of the personal
lines business and assumes 10% of the related net losses. The Personal Lines Quota Share has an initial term of three years and
will renew automatically for successive three-year terms unless terminated by written notice not less than nine months prior to
the expiration of the current term. In addition, either party is entitled to terminate on 60 days&rsquo; written notice or less
upon the occurrence of certain early termination events, which include a default in payment, insolvency, change in control of the
Company or the GMACI Insurers, run-off, or a reduction of 50% or more of the shareholders&rsquo; equity. The GMACI Insurers also
may terminate on nine months&rsquo; written notice following the effective date of an initial public offering or private placement
of stock by ACAC or a subsidiary. The Personal Lines Quota Share provides that the reinsurers pay a provisional ceding commission
equal to 32.5% of ceded earned premium, net of premiums ceded by the personal lines companies for inuring reinsurance, subject
to adjustment to a maximum of 34.5% if the loss ratio for the reinsured business is 60.5% or less and a minimum of 30.5% if the
loss ratio is 64.5% or higher. The Personal Lines Quota Share is subject to a premium cap that limits the premium that could be
ceded by the GMACI Insurers to TIC to $133,100 during calendar year 2012 to the extent TIC was to determine, in good faith, that
it could not assume additional premium. The premium cap increases by 10% per annum thereafter. As a result of this agreement, the
Company assumed $30,609 and $25,587 of business from the GMACI Insurers during the three months ended March 31, 2012 and 2011,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>Information
Technology Service Agreement </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company provides ACAC and its affiliates information technology
development services in connection with the development and licensing of a policy management system which is currently 1.25% of
gross written premium of ACAC and its affiliates plus the Company&rsquo;s costs for development and support services. The Company
recorded approximately $2,462 and $731 of fee income for the three months ended March 31, 2012 and 2011, respectively, related
to this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"><I>Asset
Management Agreement </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company manages the assets
of ACAC and its subsidiaries for an annual fee equal to 0.20% of the average aggregate value of the assets under management for
the preceding quarter if the average aggregate value for the preceding quarter is $1,000,000 or less and 0.15% of the average aggregate
value of the assets under management for the preceding quarter if the average aggregate value for that quarter is more than $1,000,000.
The Company currently manages approximately $700,000 of assets as of March 31, 2012 related to this agreement. As a result of
this agreement, the Company earned approximately $373 and $399 of investment management fees for the three months ended March 31,
2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">As a result of the above service
agreements with ACAC, the Company recorded fees totaling approximately $2,835 and $1,130 for the three months ended March 31, 2012
and 2011, respectively. As of March 31, 2012, the outstanding balance payable by ACAC related to these service fees and reimbursable
costs was approximately $3,108.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><I>800 Superior </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In August
2011, the Company formed 800 Superior, LLC with a subsidiary of ACAC for the purposes of acquiring an office building in Cleveland,
Ohio. The Company and ACAC each have a fifty percent ownership interest in 800 Superior, LLC. The cost of the building was approximately
$7,500. The Company has been appointed managing member of the LLC. Additionally, in conjunction with the Company&rsquo;s 21.25%
ownership percentage of ACAC, the Company ultimately receives 60.6% of the profits and losses of the LLC. As such, in accordance
with ASC 810-10,<I> Consolidation,</I> the Company has been deemed the primary beneficiary and, therefore, consolidates this entity.
In March 2012, 800 Superior LLC entered into a promissory note with ACP Re, Ltd in the amount of $2,500. The proceeds from the
note will be used for leasehold improvements on the office building. The note matures in July 2012 and bears interest at a rate
of 2.00% per annum, which resulted in $3 of interest expense for the three months ended March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 0.35pt"><I>Lease
Agreements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;In
January 2008, the Company entered into an amended agreement for 14,807 square feet of office space at 59 Maiden Lane in New York,
New York from 59 Maiden Lane Associates, LLC, an entity that is wholly-owned by Michael Karfunkel and George Karfunkel.&nbsp;The
Company paid approximately $182 and $179 for the lease for the three months ended March 31, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;In
January 2011, the Company entered into an amended agreement to lease 9,030 square feet of office space in Chicago, Illinois from
33 West Monroe Associates, LLC, an entity that is wholly-owned by entities controlled by Michael Karfunkel and George Karfunkel.&nbsp;The
Company paid approximately $67 and $47 for the three months ended March 31, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.9pt"><I>Management Agreement with ACP Re, Ltd.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The
Company provides investment management services and accounting and administrative services to ACP Re, Ltd. for a monthly
fee of $10 and (i) a quarterly rate of 0.05% of the average value of ACP Re, Ltd.&rsquo;s invested assets for a monthly fee
of 10,000 and (i) a quarterly rate of 0.05% of the average value of ACP Re, Ltd.&rsquo;s invested assets for the
preceding calendar quarter if the average value of such assets for the quarter was $1,000,000 or less, or (ii) a quarterly
rate of 0.0375% of the average value of ACP Re, Ltd.&rsquo;s invested assets for the preceding calendar quarter if the
average value of such assets for the quarter was greater than $1,000,000. The Company currently manages approximately
$100,000 of assets as of March 31, 2012. The Company entered into this management agreement in March 2012, and it covers all
services rendered prior to the execution of the agreement. The Company recorded approximately $233 for these services for the
three months ended March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><I>Use of the Company Aircraft
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company&rsquo;s
wholly-owned subsidiary, AmTrust Underwriters, Inc. (&ldquo;AUI&rdquo;), is a party to an aircraft time share agreement with each
of Maiden and ACAC. The agreements provide for payment to AUI for usage of its company-owned aircraft and covers actual expenses
incurred and permissible under federal aviation regulations, including travel and lodging expenses of the crew, in-flight catering,
flight planning and weather contract services, ground transportation, fuel, landing and hanger fees, airport taxes, among others.
AUI does not charge Maiden or ACAC for the fixed costs that would be incurred in any event to operate the aircraft (for example,
aircraft purchase costs, insurance and flight crew salaries). During the three months ended March 31, 2012, Maiden and ACAC paid
AUI $20 and $43, respectively, for the use of AUI&rsquo;s aircraft under these agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In addition,
for personal travel, Mr. Zyskind, the Company&rsquo;s President and Chief Executive Officer and Michael Karfunkel, the Chairman
of the Board, each entered into an aircraft reimbursement agreement with AUI and, since entering into such agreement, has fully
reimbursed AUI for the incremental cost billed by AUI for their personal use of AUI&rsquo;s aircraft. During the three months ended
March 31, 2012 Mr. Zyskind reimbursed the Company $36. Michael Karfunkel did not use the aircraft for personal use during the three
months ended March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 4%; text-align: left"><B>12.</B></TD><TD STYLE="text-align: justify; width: 90%"><B>Acquisitions</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<FONT STYLE="font-weight: normal"><I>BTIS
</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In
December 2011, the Company acquired the California-based Builders &amp; Tradesmen&rsquo;s Insurance Services, Inc.
(&ldquo;BTIS&rdquo;), an insurance wholesaler and general agent specializing in insurance policies and bonds for small
artisan contractors. The purchase agreement required the Company to make an initial payment of $5,000 on the acquisition date
and pay future incentives measured primarily on the overall profitability of the business for a period of approximately four
years. In accordance with FASB ASC 805, <I>Business Combinations</I>, the Company recorded a preliminary purchase price of
approximately $47,000, which included goodwill and intangibles of approximately $46,000. The intangible assets
included renewal rights, distribution networks and trademarks. The trademarks were determined to have an indefinite life
while the renewal rights and distribution networks were determined to have lives of 11 and 17 years, respectively. The
Company expects to complete its purchase price accounting during the three months ended June 30, 2012. BTIS&rsquo;s revenues
are included within the Company&rsquo;s Small Business segment as a component of service and fee income. The Company recorded
approximately $7,000 of fee revenue as a result of this acquisition during the three months ended March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><FONT STYLE="font-weight: normal"><I>Majestic
</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company,
through certain of its subsidiaries and the Insurance Commissioner of the State of California acting solely in the capacity as
the statutory conservator (the &ldquo;Conservator&rdquo;) of Majestic Insurance Company (&ldquo;Majestic&rdquo;), entered into
a Rehabilitation Agreement that set forth a plan for the rehabilitation of Majestic (the &ldquo;Rehabilitation Plan&rdquo;) by
which the Company acquired the business of Majestic through a Renewal Rights and Asset Purchase Agreement (the &ldquo;Purchase
Agreement&rdquo;), and a Loss Portfolio Transfer and Quota Share Reinsurance Agreement (the &ldquo;Reinsurance Agreement&rdquo;).
On July 1, 2011, the Company, through one of its subsidiaries, entered into the Reinsurance Agreement, which was effective June
1, 2011, and assumed all of Majestic&rsquo;s liability for losses and loss adjustment expenses under workers&rsquo; compensation
insurance policies of approximately $331,660, without any aggregate limit, and certain contracts related to Majestic&rsquo;s workers&rdquo;
compensation business, including leases for Majestic&rsquo;s California office space. In addition, the Company assumed 100% of
the unearned premium reserve of approximately $25,997 on all in-force Majestic policies. In connection with this transaction, the
Company received approximately $224,532 of cash and investments, which included $26,000 for a reserve deficiency and also included
the assignment of Majestic&rsquo;s reinsurance recoverables of approximately $51,715. The Reinsurance Agreement also contains a
profit sharing provision whereby the Company pays Majestic up to 3% of net earned premium related to current Majestic policies
that are renewed by the Company in the three year period commencing on the closing date should the loss ratio on such policies
for the three year period be 65% or less. The insurance premiums, which are included in the Company&rsquo;s Small Commercial Business
segment, have been recorded since the acquisition date and were approximately $19,000 for the year three months ended March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">As a
result of entering into the Purchase Agreement, the Company, in accordance with FASB ASC 805, <I>Business Combinations, </I>recorded
$3,870 of intangible assets related to distribution networks and trademarks. The distribution networks have a life of 13
years and the trademarks have a life of two years. Additionally, the Company recorded a liability for approximately $390
related to an unfavorable lease assumed in the transaction and a liability for approximately $815 related to the
above-mentioned profit sharing provision. In accordance with FASB ASC 944-805, <I>Business Combinations</I>, the Company
adjusted to fair value Majestic&rsquo;s loss and LAE reserves by taking the acquired loss reserves recorded and discounting
them based on expected reserve payout patterns using a current risk-free rate of interest. This risk-free interest rate was
then adjusted based on different cash flow scenarios that use different payout and ultimate reserve assumptions deemed to be
reasonably possible based upon the inherent uncertainties present in determining the amount and timing of payment of such
reserves. The difference between the acquired loss and LAE reserves and the Company&rsquo;s best estimate of the fair value
of such reserves at acquisition date is amortized ratably over the payout period of the acquired loss and LAE reserves. The
Company determined the fair value of the loss reserves to be $328,905. Accordingly, the amortization will be recorded as an
expense on the Company&rsquo;s income statement until fully amortized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 4%; text-align: left"><B>13.</B></TD><TD STYLE="text-align: justify; width: 90%"><B>Shareholder Equity</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The following table
summarizes the ownership components of total equity for the three months ended March 31, 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">(Amounts&nbsp;in&nbsp;Thousands)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">AmTrust</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-Controlling <BR>Interests</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%">Beginning Balance, January 1, 2012</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">890,563</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">69,098</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">959,661</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,220</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Unrealized holding gains&nbsp;&nbsp;and reclassification</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,315</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Foreign currency translation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,197</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Unrealized loss on interest rate swap</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(57</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(57</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -15.1pt; padding-left: 15.1pt">Equity component of convertible senior notes, net of income tax and issue costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,306</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Capital contribution</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,928</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,928</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,470</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,470</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Share exercises and compensation, other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,102</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,102</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Ending Balance, March 31, 2012</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">962,042</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">74,160</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,036,202</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">There
were no distributions to non-controlling interests or changes in ownership percentages during the three months ended March 31,
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 4%; text-align: left"><B>14.</B></TD><TD STYLE="text-align: justify; width: 90%"><B>Contingent Liabilities</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt"><B><I>Litigation </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Company&rsquo;s
insurance subsidiaries are named as defendants in various legal actions arising principally from claims made under insurance policies
and contracts. Those actions are considered by the Company in estimating the loss and LAE reserves. The Company&rsquo;s management
believes the resolution of those actions will not have a material adverse effect on the Company&rsquo;s financial position or results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><B><I>Vehicle
service contract industry inquiry and related proceedings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">As previously
described in the Company&rsquo;s Annual Report on Form 10-K, the Company&rsquo;s subsidiary Warrantech Corporation (&ldquo;Warrantech&rdquo;)
is involved in a number of disputes that relate to U.S. Fidelis, a direct marketer of vehicle service contracts that filed a petition
for Chapter 11 bankruptcy protection in February 2010 in the United States Bankruptcy Court for the Eastern District of Missouri
(the &ldquo;Bankruptcy Proceeding&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">On April
27, 2012, the parties to the various disputes reached agreement on a comprehensive settlement, the terms of which are incorporated
into the plan of liquidation for U.S. Fidelis, which was filed in the Bankruptcy Proceeding on May 1, 2012 (the &ldquo;Plan&rdquo;).
In connection with the Plan, Warrantech, the Unsecured Creditors Committee of U.S. Fidelis, Mepco Finance Corporation (&ldquo;Mepco&rdquo;),
and the States of Missouri, Texas, Washington and Ohio, by and through the offices of their respective Attorneys General entered
into a plan support agreement (the &ldquo;PSA&rdquo;). Pursuant to the PSA, provided that the Plan has not been modified in such
a manner that would materially adversely affect the rights, recoveries, or obligations of the parties and subject to an opt-out
right in favor of Warrantech and Mepco, each of the parties agreed to support the Plan throughout the Bankruptcy Proceeding and
to cooperate to the fullest extent in obtaining confirmation of the Plan by no later than July 30, 2012. On the effective date
of the Plan, Warrantech will become obligated to pay $4.8 million to Mepco, $1.4 million to the liquidating trustee and $1.1 million
to the U.S. Fidelis Consumer Restitution Plan (as described in the Plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">As part of the overall settlement, Warrantech also entered
into assurances of voluntary compliance with the states of Ohio, Missouri, Texas and Washington (the &ldquo;AVCs&rdquo;) that
do not become binding until the effective date of the Plan. The AVCs require Warrantech to adhere to certain compliance terms
in connection with the marketing and sale of vehicle service contracts through authorized telemarketers, pay certain funds to
consumers in connection with vehicle service contracts that were marketed and sold by U.S. Fidelis and administered by Warrantech
and contribute the funds referenced above to the U.S. Fidelis Consumer Restitution Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B><I>Investment
in ACAC</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;As
a result of its equity investment in ACAC, the Company made an initial investment in ACAC in the amount of approximately $53,000.&nbsp;&nbsp;In
addition, the Company, the Trust and Michael Karfunkel, individually, each shall be required to make its or his proportional share
of the deferred payments payable by ACAC to GMAC pursuant to the GMAC Securities Purchase Agreement (See Note 11. Related Party
Transactions), which are payable over a period of three years from the date of the closing of the Acquisition, to the extent that
ACAC is unable to otherwise provide for such payments. The Company&rsquo;s proportionate share of such deferred payments shall
not exceed $7,500.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 4%; text-align: left"><B>15.</B></TD><TD STYLE="text-align: justify; width: 90%"><B>Segments</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
Company currently operates four business segments, Small Commercial Business; Specialty Risk and Extended Warranty; Specialty Program
and Personal Lines Reinsurance. The &ldquo;Corporate &amp; Other&rdquo; segment represents the activities of the holding company
as well as a portion of service and fee revenue. In determining total assets (excluding cash and invested assets) by segment, the
Company identifies those assets that are attributable to a particular segment such as deferred acquisition cost, reinsurance recoverable,
goodwill, intangible assets and prepaid reinsurance while the remaining assets are allocated based on net written premium by segment.
In determining cash and invested assets by segment, the Company matches certain identifiable liabilities such as unearned premium
and loss and loss adjustment expense reserves by segment. The remaining cash and invested assets are then allocated based on net
written premium by segment. Investment income and realized gains (losses) are determined by calculating an overall annual return
on cash and invested assets and applying that overall return to the cash and invested assets by segment. Ceding commission revenue
is allocated to each segment based on that segment&rsquo;s proportionate share of the Company&rsquo;s overall acquisition costs.
Interest expense is allocated based on net written premium by segment. Income taxes are allocated on a pro-rata basis based on
the Company&rsquo;s effective tax rate. Additionally, management reviews the performance of underwriting income in assessing the
performance of and making decisions regarding the allocation of resources to the segments. Underwriting income excludes, primarily,
service and fee revenue, investment income and other revenues, other expenses, interest expense and income taxes. Management believes
that providing this information in this manner is essential to providing Company&rsquo;s shareholders with an understanding of
the Company&rsquo;s business and operating performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">During the three months
ended March 31, 2012, the Company derived over ten percent of gross premium in its Specialty Risk and Extended
Warranty segment from one broker of approximately $35,000. During the three months ended March 31, 2012, the Company derived
ten percent of gross premium in its Specialty Program segment from two individual programs for an aggregate of approximately
$20,400.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
following tables summarize the results of operations of the business segments for the three months ended March 31, 2012 and 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(Amounts&nbsp;in&nbsp;Thousands)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Small
    <BR>Commercial <BR>Business</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty&nbsp;Risk
    <BR>and&nbsp;Extended <BR>Warranty</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty
    <BR>Program</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Personal
    <BR>Lines <BR>Reinsurance</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate
    <BR>and&nbsp;Other</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><U>Three months ended March 31, 2012:</U></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 34%; text-align: left"><FONT STYLE="font-size: 8pt">Gross written premium</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">232,351</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">234,089</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">104,638</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">30,609</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">601,687</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Net written premium</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">118,890</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">141,161</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">69,117</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,609</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">359,777</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Change in unearned premium</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(26,562</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(5,588</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(9,456</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(4,147</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(45,753</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net earned premium</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">92,328</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">135,573</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">59,661</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">26,462</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">314,024</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.95pt; padding-left: 8.95pt"><FONT STYLE="font-size: 8pt">Ceding commission&nbsp;-
    primarily related party</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,132</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,194</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,948</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">46,274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Loss and loss adjustment expense</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(59,224</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(83,443</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(40,194</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(17,068</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(199,929</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.95pt; padding-left: 8.95pt"><FONT STYLE="font-size: 8pt">Acquisition
    costs and other underwriting expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(42,930</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(43,085</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(29,939</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(8,071</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(124,025</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(102,154</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(126,528</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(70,133</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(25,139</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(323,954</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Underwriting income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,306</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,476</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,323</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">36,344</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Service and&nbsp;fee income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,435</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,218</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,876</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,538</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.95pt; padding-left: 8.95pt"><FONT STYLE="font-size: 8pt">Investment income and
    realized gain (loss)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,493</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,041</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,333</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">503</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,370</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Other expenses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(14,123</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(14,035</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(6,105</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,376</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(35,639</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Interest expense</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,810</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,792</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,215</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(7,091</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Foreign currency gain</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">421</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">421</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Gain on life settlement contracts</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">37</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">90</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Provision for income taxes</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,514</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(7,347</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">773</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,565</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(524</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(11,177</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.95pt; padding-left: 8.95pt"><FONT STYLE="font-size: 8pt">Equity in earnings of
    unconsolidated subsidiaries&nbsp;&nbsp;&ndash; related party</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,364</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,364</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Non-controlling interest</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(53</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(53</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(23</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(5</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(134</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -8.95pt; padding-left: 8.95pt"><FONT STYLE="font-size: 8pt">Net
    income attributable to AmTrust Financial Services, Inc.</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">8,771</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">25,727</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">(2,737</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">5,485</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">1,840</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">39,086</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(Amounts&nbsp;in&nbsp;Thousands)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Small
    <BR>Commercial <BR>Business</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty&nbsp;Risk
    <BR>and&nbsp;Extended <BR>Warranty</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty
    <BR>Program</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Personal
    <BR>Lines <BR>Reinsurance</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate
    <BR>and&nbsp;Other</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><U>Three months ended March 31, 2011:</U></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 34%; text-align: left"><FONT STYLE="font-size: 8pt">Gross written premium</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">140,716</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">227,748</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">49,976</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">25,587</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">444,027</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Net written premium</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">77,651</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">104,547</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,234</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,587</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">234,019</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Change in unearned premium</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(15,790</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(19,970</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">4,536</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(2,457</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(33,681</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net earned premium</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">61,861</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">84,577</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">30,770</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">23,130</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">200,338</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Ceding commission&nbsp;- primarily
    related party</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,325</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,899</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,460</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35,684</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Loss and loss adjustment expense</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(36,763</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(57,424</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(19,705</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(14,804</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(128,696</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Acquisition
    costs and other underwriting expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(34,756</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(26,648</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(12,312</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(7,518</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(81,234</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(71,519</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(84,072</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(32,017</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(22,322</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(209,930</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Underwriting income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,667</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,404</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,213</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">808</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,092</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Service and fee income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,241</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,506</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,438</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,189</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Investment income and realized
    gain (loss)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,515</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,603</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">739</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,607</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Other expenses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(7,312</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(9,021</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,431</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,432</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(20,196</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Interest expense</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,359</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,677</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(452</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(266</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,754</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Foreign currency loss</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(284</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(284</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Gain on life settlement contracts</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,837</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,273</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,340</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,886</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Provision for income taxes</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,661</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(778</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(177</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(513</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(9,037</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Equity in earnings of unconsolidated
    investment &ndash; related parties</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,819</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,819</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Non-controlling interest</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(2,947</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(3,635</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(980</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(577</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(8,139</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -15.1pt; padding-left: 15.1pt"><FONT STYLE="font-size: 8pt">Net
    income attributable to AmTrust Financial Services, Inc.</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">12,216</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">24,336</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">3,452</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">435</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">4,744</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">45,183</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">&nbsp;The following tables
summarize long lived assets and total assets of the business segments as of March 31, 2012 and December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(Amounts&nbsp;in&nbsp;Thousands)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Small
    <BR>Commercial <BR>Business</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty&nbsp;Risk
    <BR>and&nbsp;Extended <BR>Warranty</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty
    <BR>Program</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Personal
    <BR>Lines <BR>Reinsurance</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate
    <BR>and other</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><U>As of March 31, 2012:</U></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 34%; text-align: left"><FONT STYLE="font-size: 8pt">Property and equipment, net</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">25,283</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">25,125</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">10,929</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">2,464</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">63,801</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Goodwill and intangible assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">180,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">165,010</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,702</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">368,512</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Total assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,523,163</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,462,815</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">957,172</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">152,238</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,095,388</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><U>As of December 31, 2011:</U></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Property and equipment, net</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,811</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,762</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,213</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">61,553</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Goodwill and intangible assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">123,976</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">167,782</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,858</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">314,616</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Total assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,150,824</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,482,018</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">912,476</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">133,429</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,678,747</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>Item 2. Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The following
discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated
financial statements and related notes included elsewhere in this Form 10-Q.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>Note on Forward-Looking
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>This
Form 10-Q contains certain forward-looking statements that are intended to be covered by the safe harbors created by The Private
Securities Litigation Reform Act of 1995. When we use words such as &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo;
&ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; or similar expressions, we do so to identify forward-looking
statements. Examples of forward-looking statements include the plans and objectives of management for future operations, including
those relating to future growth of our business activities and availability of funds, and are based on current expectations that
involve assumptions that are difficult or impossible to predict accurately and many of which are beyond our control. There can
be no assurance that actual developments will be those anticipated by us. Actual results may differ materially from those expressed
or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, non-receipt of
expected payments from insureds or reinsurers, changes in interest rates, a downgrade in the financial strength ratings of our
insurance subsidiaries, the effect of the performance of financial markets on our investment portfolio, our estimates of the fair
value of our life settlement contracts, development of claims and the effect on loss reserves, accuracy in projecting loss reserves,
the cost and availability of reinsurance coverage, the effects of emerging claim and coverage issues, changes in the demand for
our products, successful integration of acquired businesses, the effect of general economic conditions, state and federal legislation,
regulations and regulatory investigations into industry practices, risks associated with conducting business outside the United
States, developments relating to existing agreements, disruptions to our business relationships with Maiden Holdings, Ltd., American
Capital Acquisition Corporation, or third party agencies and warranty administrators, difficulties with technology or data security,
heightened competition, changes in pricing environments, and changes in asset valuations. Additional information about these risks
and uncertainties, as well as others that may cause actual results to differ materially from those projected, is contained in our
filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2011, and our quarterly reports
on Form 10-Q. The projections and statements in this report speak only as of the date of this report and we undertake no obligation
to update or revise an forward-looking statement, whether as a result of new information, future developments or otherwise, except
as may be required by law.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">We are
a multinational specialty property and casualty insurer focused on generating consistent underwriting profits. We provide insurance
coverage for small businesses and products with high volumes of insureds and loss profiles that we believe are predictable. We
target lines of insurance that we believe generally are underserved by the market. We have grown by hiring teams of underwriters
with expertise in our specialty lines and acquiring companies and assets that, in each case, provide&nbsp;access to distribution
networks and renewal rights to established books of specialty insurance business. We have operations in four business segments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; text-align: justify">Small Commercial Business.&nbsp;&nbsp;We provide workers&rsquo; compensation, commercial package and other commercial insurance lines produced by wholesale agents, retail agents and brokers in the United States.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; text-align: justify">Specialty Risk and Extended Warranty. We provide coverage for consumer and commercial goods and custom designed coverages, such as accidental damage plans and payment protection plans offered in connection with the sale of consumer and commercial goods, in the United States and Europe, and certain niche property,&nbsp;casualty and specialty liability risks in the United States and&nbsp;Europe, including general liability, employers&rsquo; liability and professional and medical liability.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; text-align: justify">Specialty Program. We write commercial insurance for narrowly defined classes of insureds, requiring an in-depth knowledge of the insured&rsquo;s industry segment, through general and other wholesale agents.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; text-align: justify">Personal Lines Reinsurance. We reinsure 10% of the net premiums of the GMACI personal lines business, pursuant to a quota share reinsurance agreement (&ldquo;Personal Lines Quota Share&rdquo;) with the GMACI personal lines insurance companies.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;We
transact business primarily through eleven insurance company subsidiaries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 22%; vertical-align: bottom; border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>Company</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; vertical-align: top; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>A.M.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Best&nbsp;Rated</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 2%; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 30%; vertical-align: bottom; padding-bottom: 1pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Coverage&nbsp;Type&nbsp;Offered</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 16%; vertical-align: top; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Coverage</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Market</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 2%; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; vertical-align: bottom; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Domiciled</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">Technology Insurance Company, Inc. (&ldquo;TIC&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">A (Excellent)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Small Commercial Business, Specialty Program and Specialty Risk &amp; Extended Warranty</font></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">United States</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">New Hampshire</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">Rochdale
        Insurance</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -9pt"><FONT STYLE="font-size: 8pt">Company
        (&ldquo;RIC&rdquo;)</FONT></P></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">A (Excellent)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Small Commercial Business, Specialty Program and Specialty Risk &amp; Extended Warranty</font></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">United States</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">New York</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">Wesco Insurance Company (&ldquo;WIC&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">A (Excellent)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Small Commercial  Business, Specialty Program and Specialty Risk &amp; Extended Warranty</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">United States</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">Associated Industries Insurance Company, Inc.
    (&ldquo;AIIC&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">A (Excellent)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Workers&rsquo; Compensation</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">United States</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">Milwaukee Casualty Insurance Co. (&ldquo;MCIC&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">A (Excellent)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Small Commercial Business</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">United States</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">Security National Insurance Company (&ldquo;SNIC&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">A (Excellent)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Small Commercial Business</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">United States</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">AmTrust Insurance Company of Kansas, Inc. (&ldquo;AICK&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">A (Excellent)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Small Commercial Business</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">United States</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">AmTrust&nbsp;Lloyd&rsquo;s Insurance Company
    (&ldquo;ALIC&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">A (Excellent)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Small Commercial Business</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">United States</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">AmTrust International Underwriters Limited (&ldquo;AIU&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">A (Excellent)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Specialty Risk and Extended Warranty; Specialty Program</font></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">European</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">Union
        and United States</FONT></P></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Ireland</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">AmTrust Europe, Ltd. (&ldquo;AEL&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">A (Excellent)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Specialty Risk and Extended Warranty</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">European</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">Union</FONT></P></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">England</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">AmTrust International Insurance Ltd. (&ldquo;AII&rdquo;)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">A (Excellent)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Reinsurance</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">United
        States</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">and
        European</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">Union</FONT></P></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bermuda</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Insurance,
particularly workers&rsquo; compensation, is generally affected by seasonality. The first quarter generally produces greater premiums
than subsequent quarters. Nevertheless, the impact of seasonality on our Small Commercial Business and Specialty Program segments
has not been significant. We believe that this is because we serve many small businesses in different geographic locations. In
addition, we believe seasonality is muted by our acquisition activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;We
evaluate our operations by monitoring key measures of growth and profitability. We measure our growth by examining our net income,
return on average equity, and our loss, expense and combined ratios. The following summary provides further explanation of the
key measures that we use to evaluate our results:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Gross
Written Premium.</I> Gross written premium represents estimated premiums from each insurance policy that we write, including as
part of an assigned risk plan, during a reporting period based on the effective date of the individual policy. Certain policies
that&nbsp;we underwrite are subject to premium audit at that policy&rsquo;s cancellation or expiration. The final actual gross
premiums written may vary from the original estimate based on changes to the final rating parameters or classifications of the
policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Net
Written Premium.</I> Net written premium&nbsp;is gross written premium less that portion of premium that is ceded to third party
reinsurers under reinsurance agreements. The amount ceded under these reinsurance agreements is based on a contractual formula
contained in the individual reinsurance agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;<I>Net
Earned Premium.</I> Net earned premium is the earned portion of our net written premiums. We earn insurance premiums on a pro-rata
basis over the term of the policy. At the end of each reporting period, premiums written that are not earned are classified as
unearned premiums and are earned in subsequent periods over the remaining term of the policy. Our workers&rsquo; compensation insurance
and commercial package policies typically have a term of one year. Thus, for a one-year policy written on July 1, 2011 for an employer
with a constant payroll during the term of the policy, we would earn half of the premiums in 2011 and the other half in 2012. We
earn our specialty risk and extended warranty coverages over the estimated exposure time period. The terms vary depending on the
risk and have an average duration of approximately 23 months, but range in duration from one month to 120 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>Ceding
Commission Revenues.</I> Ceding commission is a commission we receive from ceding gross written premium to third party reinsurers.
We earn commissions on reinsurance premiums ceded in a manner consistent with the recognition of the direct acquisition costs
of the underlying insurance policies, generally on a pro-rata basis over the terms of the policies reinsured. In connection with
the Maiden Quota Share, which is our primary source of ceding commission, the amount we receive is a blended rate based on a contractual
formula contained in the individual reinsurance agreements, and the rate may not correlate specifically to the cost structure
of our individual segments. As such, we allocate earned ceding commissions to our segments based on each segment&rsquo;s proportionate
share of total acquisition costs and other underwriting expenses recognized during the period.</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Service
and Fee Income.</I> &nbsp;&nbsp;We currently generate service and fee income from the following sources:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: justify; text-indent: 0.36in; padding-left: 0.36in"></TD>
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; text-align: justify">Product warranty registration and service&nbsp;&mdash;&nbsp;Our Specialty Risk and Extended Warranty business generates fee revenue for product warranty registration and claims handling services provided to unaffiliated third parties.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Servicing carrier&nbsp;&mdash;&nbsp;We act as a servicing carrier for workers&rsquo; compensation assigned risk plans in eight states. In addition, we also offer claims adjusting and loss control services for fees to unaffiliated third parties.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Management services&nbsp;&mdash;&nbsp;We provide services to insurance consumers, traditional insurers and insurance producers by offering flexible and cost effective alternatives to traditional insurance tools in the form of various risk retention groups and captive management companies, as well as management of workers&rsquo; compensation and commercial property programs.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Installment and reinstatement fees&nbsp;&mdash;&nbsp;We recognize fee income associated with the issuance of workers&rsquo; compensation policies for installment fees, in jurisdictions where it is permitted and approved, and reinstatement fees, which are fees charged to reinstate a policy after it has been cancelled for non-payment, in jurisdictions where it is permitted and approved.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Broker services&nbsp;&mdash;&nbsp;We provide brokerage services to Maiden in connection with our reinsurance agreement for which we receive a fee.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Asset management services&nbsp;&mdash;&nbsp;We currently manage the investment portfolios of Maiden, ACAC and ACP Re, Ltd. for which we receive a management fee.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Information technology services&nbsp;&mdash;&nbsp;We provide information technology services to ACAC and its affiliates for a fee.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>Net
Investment Income and Realized Gains and (Losses).</I> &nbsp;&nbsp;We invest our statutory surplus funds and the funds supporting
our insurance liabilities primarily in cash and cash equivalents, fixed maturity and equity securities. Our net investment income
includes interest and dividends earned on our invested assets. We report net realized gains and losses on our investments separately
from our net investment income. Net realized gains occur when we sell our investment securities for more than their costs or amortized
costs, as applicable. Net realized losses occur when we sell our investment securities for less than their costs or amortized costs,
as applicable, or we write down the investment securities as a result of other-than-temporary impairment. We classify equity securities
and our fixed maturity securities as available-for-sale. We report net unrealized gains (losses) on those securities classified
as available-for-sale separately within accumulated other comprehensive income on our balance sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Loss
and Loss Adjustment Expenses Incurred.</I> &nbsp;&nbsp;Loss and loss adjustment expenses (&ldquo;LAE&rdquo;) incurred represent
our largest expense item and, for any given reporting period, include estimates of future claim payments, changes in those estimates
from prior reporting periods and costs associated with investigating, defending and servicing claims. These expenses fluctuate
based on the amount and types of risks we insure. We record loss and loss adjustment expenses related to estimates of future claim
payments based on case-by-case valuations and statistical analyses. We seek to establish all reserves at the most likely ultimate
exposure based on our historical claims experience. It is typical for our more serious bodily injury claims to take several years
to settle and we revise our estimates as we receive additional information about the condition of injured employees and claimants
and the costs of their medical treatment. Our ability to estimate loss and loss adjustment expenses accurately at the time of pricing
our insurance policies is a critical factor in our profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>Acquisition
Costs and Other Underwriting Expenses.</I> &nbsp;&nbsp;Acquisition costs and other underwriting expenses consist of policy acquisition
expenses, salaries and benefits and general and administrative expenses. These items are described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 90%; text-align: justify">Policy acquisition expenses comprise commissions directly attributable to those agents, wholesalers or brokers that produce premiums written on our behalf. In most instances, we pay commissions based on collected premium, which reduces our credit risk exposure associated with producers in case a policyholder does not pay a premium. We pay state and local taxes, licenses and fees, assessments and contributions to various state guaranty funds based on our premiums or losses in each state. Surcharges that we may be required to charge and collect from insureds in certain jurisdictions are recorded as accrued liabilities, rather than expense.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Salaries and benefits expenses are those salaries and benefits expenses for employees that are directly involved in the origination, issuance and maintenance of policies, claims adjustment and accounting for insurance transactions. We classify salaries and benefits associated with employees that are involved in fee generating activities as other expenses.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">General and administrative expenses are comprised of other costs associated with our insurance activities, such as federal excise tax, postage, telephones and internet access charges, as well as legal and auditing fees and board and bureau charges.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 13.5pt"><I>Gain on
Investment in Life Settlement Contracts</I>.&nbsp;&nbsp;The gain on investment in life settlement contracts includes the gain on
acquisition of life settlement contracts, the gain realized upon a mortality event and the change in fair value of the investments
in life settlements as evaluated at the end of each reporting period. We determine fair value based upon the discounted cash flow
of the anticipated death benefits, incorporating a number of factors, such as current life expectancy assumptions, expected premium
payment obligations and  cost assumptions, credit exposure to the insurance companies that issued the life insurance policies
and the rate of return that a buyer would require on the policies. The gain realized upon mortality event is the difference between
the death benefit received and the recorded fair value of that particular policy. We allocate gain on investment in life settlement
contracts to our segments based on net written premium by segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>Net
Loss Ratio.</I> The net loss ratio is a measure of the underwriting profitability of an insurance company's business. Expressed
as a percentage, this is the ratio of net losses and loss adjustment expense incurred to net premiums earned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Net
Expense Ratio.</I> The net expense ratio is a measure of an insurance company&rsquo;s operational efficiency in administering its
business. Expressed as a percentage, this is the ratio of the sum of acquisition costs and other underwriting expenses less ceding
commission revenue to net premiums earned. As we allocate certain acquisition costs and other underwriting expenses based on premium
volume to our segments, net loss ratio on a segment basis may be impacted period over period by a shift in the mix of net written
premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Net
Combined Ratio.</I> The net combined ratio is a measure of an insurance company's overall underwriting profit. This is the sum
of the net loss and net expense ratios. If the net combined ratio is at or above 100%, an insurance company cannot be profitable
without investment income, and may not be profitable if investment income is insufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Net
Premiums Earned less Expenses Included in Combined Ratio (Underwriting Income).</I> &nbsp;&nbsp;Underwriting income is a measure
of an insurance company&rsquo;s overall operating profitability before items such as investment income, interest expense and income
taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Return
on Equity.</I> We calculate return on equity by dividing net income by the average of shareholders&rsquo; equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;One
of the key financial measures that we use to evaluate our operating performance is return on average equity. Our return on annualized
average equity was 16.9% and 24.4% for the three months ended March 31, 2012 and 2011, respectively. In addition, we target a net
combined ratio of 95% or lower over the long term, while seeking to maintain optimal operating leverage in our insurance subsidiaries
commensurate with our A.M. Best rating objectives. Our net combined ratio was 88.5% and 86.9% for the three months ended March
31, 2012 and 2011, respectively.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>Critical Accounting
Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Our
discussion and analysis of our results of operations, financial condition and liquidity are based upon our consolidated financial
statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these
financial statements requires us to make estimates and judgments that affect the amounts of assets and liabilities, revenues and
expenses and disclosure of contingent assets and liabilities as of the date of the financial statements. As more information becomes
known, these estimates and assumptions could change, which would have an impact on actual results that may differ materially from
these estimates and judgments under different assumptions. We have not made any changes in estimates or judgments that have had
a significant effect on the reported amounts as previously disclosed in our Annual Report on Form 10-K for the fiscal period ended
December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B><I>Consolidated Results
of Operations for the Three Months Ended March 31, 2012 and 2011 (Unaudited)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended March&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">(Amounts in Thousands)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; padding-bottom: 2.5pt">Gross written premium</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">601,687</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">444,027</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net written premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">359,777</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">234,019</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Change in unearned premium</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(45,753</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(33,681</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net earned premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">314,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,338</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ceding commission &ndash; primarily related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,684</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Service and fee income (related parties $6,092; $3,439)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,192</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net realized gain on investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,148</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">415</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">414,206</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275,818</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss and loss adjustment expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">199,929</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,696</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Acquisition costs and other underwriting expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,639</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,196</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">359,593</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">230,126</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Income before other income (expense), income taxes and equity earnings (loss) of unconsolidated subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,613</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,692</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income (expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: 9.35pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,091</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,754</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9.35pt">Foreign currency (loss) gain</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(284</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 9.35pt">Net gain on investment in life settlement contracts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">90</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,886</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total other income (expense)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,580</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,848</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Income before income taxes and equity in earnings (loss) of unconsolidated subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,033</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,540</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,177</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,037</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Income before equity in earnings (loss) of unconsolidated subsidiaries and&nbsp;minority interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,503</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Equity in earnings of unconsolidated subsidiaries - related parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,364</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,819</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,220</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,322</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Non-controlling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(134</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,139</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net income attributable to AmTrust Financial Services, Inc.</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">39,086</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">45,183</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Net realized gain (loss) on investments:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Total other-than-temporary impairment losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Portion of loss recognized in other comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Net impairment losses recognized in earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other net realized gain on investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,148</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">415</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net realized investment gain (loss)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,148</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">415</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Key measures:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net loss ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net expense ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.7</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net combined ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86.9</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt">&nbsp;<I>Gross
Written Premium. </I>Gross written premium increased $157.7 million, or 35.5%, to $601.7 million from $444.0 million for
the three months ended March 31, 2012 and 2011, respectively. The increase of $157.7 million was primarily attributable to
growth in our Small Commercial Business and Specialty Program segments. The increase in Small Commercial Business resulted
primarily from increases in workers&rsquo; compensation policy counts, acquisitions of Majestic and BTIS and rate
increases in some of our key states. The increase in Specialty Program resulted primarily from programs developed
from new underwriting teams we hired in 2010 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt">&nbsp;<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>Net
Written Premium</I>. Net written premium increased $125.8 million, or 53.7%, to $359.8 million from $234.0 million for
the three months ended March 31, 2012 and 2011, respectively. The increase by segment was: Small Commercial Business -
$41.2 million, Specialty Risk and Extended Warranty - $36.7 million, Specialty Program &ndash; $42.9 million and Personal
Lines - $5.0 million. Net written premium increased for the three months ended March 31, 2012 compared to the same period in
2011 due to the increase in gross written premium in 2012 compared to 2011, as well as the reduction in the percentage of our
European medical liability business ceded to reinsurers from 80% to 40%, which became effective April 1, 2011. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt">&nbsp;<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>Net
Earned Premium.</I> Net earned premium increased $113.7 million, or 56.7%, to $314.0 million from $200.3 million for the
three months ended March 31, 2012 and 2011, respectively. The increase by segment was: Small Commercial Business&nbsp;&mdash;&nbsp;$30.5
million, Specialty Risk and Extended Warranty&nbsp;&mdash;&nbsp;$51.0 million, Specialty Program&nbsp;&mdash;&nbsp;$28.9
million, and Personal Lines&nbsp;&mdash;&nbsp;$3.3 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>Ceding
Commission</I>. Ceding commission represents commission earned primarily through the Maiden Quota Share, whereby
AmTrust receives a 30.5% or 34.375% ceding commission, depending on the business ceded, on ceded written premiums
to Maiden.&nbsp;&nbsp;The ceding commission earned during the three months ended March 31, 2012 and 2011 was $46.3 million
and $35.7 million, respectively. Ceding commission increased period over period as a result of increased premium
writings. Additionally, effective April 1, 2011, we entered into a 40% quota share reinsurance agreement with Maiden covering
our European medical liability business for which we receive a five percent ceding commission. Prior to April 1, 2011, we
ceded this business to another reinsurer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>Service
and</I> <I>Fee Income.</I> Service and fee income increased $15.3 million, or 60.7%, to $40.5 million from $25.2 million
for the three months ended March 31, 2012 and 2011, respectively.&nbsp;&nbsp;The increase related to fee income of
approximately $7.1 million produced from BTIS, which was acquired in December 2011, higher technology fee income from ACAC of
approximately $1.8 million and fees generated by becoming a servicing carrier in three additional states for the National
Council on Compensation Insurance, Inc. (&ldquo;NCCI&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt">&nbsp;<I>Net
Investment Income.</I> Net investment income increased $0.3 million, or 2.1%, to $14.5 million from $14.2 million for the three
months ended March 31, 2012 and 2011, respectively. The increase resulted primarily from having a higher average fixed security
investment pool during the three months ended March 31, 2012 compared to the three months ended March 31, 2011, partially offset
by lower investment yields in the first quarter of 2012 compared to the first quarter of 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>Net
Realized Gains (Losses) on Investments.</I> We incurred net realized losses on investments of $1.1 million and net realized
gains on investments of $0.4 million for the three months ended March 31, 2012 and 2011, respectively.&nbsp;&nbsp;The decline
related to the overall trading activity as we selectively pared back underperforming investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>Loss
and Loss Adjustment Expenses.</I> &nbsp;&nbsp;Loss and loss adjustment expenses increased $71.2 million, or 55.3%, to
$199.9 million from $128.7 million for the three months ended March 31, 2012 and 2011, respectively.&nbsp;&nbsp;Our loss
ratio for the three months ended March 31, 2012 and 2011 was 63.7% and 64.2%, respectively.&nbsp;&nbsp;The decrease in the
loss ratio in 2012 resulted from lower current accident year selected ultimate losses as compared to selected ultimate losses
from the prior accident year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>Acquisition
Costs and Other Underwriting Expenses.</I> &nbsp;&nbsp;Acquisition costs and other underwriting expenses increased
$42.8 million, or 52.7%, to $124.0 million from $81.2 million for the three months ended March 31, 2012 and
2011, respectively.&nbsp;&nbsp;The expense ratio for the same periods increased to 24.8% from 22.7%, respectively, and
impacted all segments.&nbsp;The increase in policy acquisition costs was the largest contributor to the increase in the
expense ratio&nbsp;during the three months ended March 31, 2012, which was the result of a change in business mix as well the
adoption of a new accounting standard for deferred acquisition costs during the first quarter of 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>Income
Before Other Income (Expense), Income Taxes and Equity Earnings of Unconsolidated Subsidiaries</I>. Income before other
income (expense), income taxes and equity earnings of unconsolidated subsidiaries increased $8.9 million, or 19.5%, to $54.6
million from $45.7 million for the three months ended March 31, 2012 and 2011, respectively.&nbsp;&nbsp;The change in income
from 2011 to 2012 resulted primarily from an increase in service and fee income partially offset by an increase in loss and
loss adjustment expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>Interest
Expense.</I> Interest expense for the three months ended March 31, 2012 was $7.1 million, compared to $3.8 million for
the same period in 2011.&nbsp;&nbsp;The increase was primarily related to the issuance of an aggregate of $200 million of
convertible senior notes during December 2011 and January 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt">&nbsp;<I>Net
Gain on Investment in Life Settlement Contracts.</I> &nbsp;&nbsp;Gain on investment in life settlement contracts was $0.1
million compared to $18.9 million for the three months ended March 31, 2012 and 201. The gain in the first quarter of 2011
was generated by the purchase of a large pool of distressed life settlement contracts. During the first quarter of 2012,
we purchased a minimal amount of contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 13.85pt"><I>Provision
for Income Tax.</I> Income tax expense for the three months ended March 31, 2012 was $11.2 million, which resulted in an effective
tax rate of 23.3%. Income tax expense for the three months ended March 31, 2011 was $9.0 million, which resulted in an effective
tax rate of 14.9%.&nbsp;&nbsp;The increase in our effective rate for the three months ended March 31, 2011 resulted primarily from
earning a higher percentage of pretax income in countries with higher effective rates.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 9.35pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 9.35pt"><I>Equity
in Earnings of Unconsolidated Subsidiaries - Related Parties</I>. Equity in earnings of unconsolidated subsidiaries - related parties
increased by $0.6 million for the three months ended March 31, 2012 to $2.4 million compared to $1.8 million for the three months
ended March 31, 2011. The increase period over period resulted from higher earned premium and service fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt; font-style: italic; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 95%; font-size: 10pt; font-style: italic; font-weight: bold">Small Commercial Business Segment Results of Operations for the Three Months Ended March 31, 2012 and 2011 (Unaudited)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended March&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">(Amounts&nbsp;in&nbsp;Thousands)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; padding-bottom: 2.5pt">Gross written premium</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">232,351</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">140,716</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net written premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">118,890</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">77,651</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Change in unearned premium</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(26,562</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,790</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net earned premium</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">92,328</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">61,861</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Ceding commission revenue &ndash; primarily related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,325</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Loss and loss adjustment expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,763</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Acquisition costs and other underwriting expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">42,930</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34,756</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">102,154</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">71,519</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Underwriting income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,306</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,667</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Key Measures:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net loss ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net expense ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net combined ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Reconciliation of net expense ratio:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Acquisition costs and other underwriting expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">42,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">34,756</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: ceding commission revenue &ndash; primarily related party</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,132</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,325</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">25,798</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,431</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net earned premium</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">92,328</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">61,861</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net expense ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.6</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>&nbsp;Gross
Written Premium.</I> &nbsp;&nbsp;Gross written premium increased $91.7 million, or 65.2%, to $232.4 million from
$140.7 million for the three months ended March 31, 2012 and 2011, respectively. A majority of the increase related to a
nine percent increase in policy issuances in the first quarter of 2012 as well as rate increases in certain key states.
In addition, the segment&rsquo;s gross written premium benefited by approximately $19 million as a result of the Majestic
renewal right transaction in the third quarter of 2011 as well as approximately $16 million from other acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>Net
Written Premium.</I> &nbsp;&nbsp;Net written premium increased $41.2 million, or 53.0%, to $118.9 million from $77.7 million for
the three months ended March 31, 2012 and 2011, respectively. The increase in net premium resulted from an increase in gross written
premium for the three months ended March 31, 2012 compared to the three months ended March 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Net
Earned Premium.</I> &nbsp;&nbsp;Net earned premium increased $30.5 million, or 49.3%, to $92.4 million from $61.9 million for the
three months ended March 31, 2012 and 2011, respectively. As premiums written earn ratably over a twelve month period, the increase
in net premium&nbsp;earned resulted from higher net written premium for the twelve months ended March 31, 2012 compared to the
twelve months ended March 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Ceding
Commission.</I> &nbsp;&nbsp;The ceding commission earned during the three months ended March 31, 2012 and 2011 was $17.1
million and $18.3 million, respectively. The decrease related to a decline in the allocation to this segment, which achieved
proportionally less growth than other segments during the first quarter, of its proportionate share of our overall policy
acquisition expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Loss
and Loss Adjustment Expenses.</I> &nbsp;&nbsp;Loss and loss adjustment expenses increased $22.4 million, or 61.0%, to
$59.2 million from $36.8 million for the three months ended March 31, 2012 and 2011, respectively. Our loss ratio for the
segment for the three months ended March 31, 2012 increased to 64.1% from 59.4% for the three months ended March 31, 2011.
The increase in the loss ratio in the three months ended March 31, 2012 resulted primarily from higher current accident year
selected ultimate losses as compared to selected ultimate losses in prior accident years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Acquisition
Costs and Other Underwriting Expenses.</I> &nbsp;&nbsp;Acquisition costs and other underwriting expenses increased
$8.1 million, or 23.3%, to $42.9 million from $34.8 million for the three months ended March 31, 2012 and 2011, respectively.
The expense ratio increased to 27.9% for the three months ended March 31, 2012 from 26.6% for the three months ended March
31, 2011. The increase in the expense ratio resulted primarily from a lower allocation of ceding commission to the segment
during the three months ended March 31, 2012 compared to the same period in 2011 as well as the recognition of higher
policy acquisition expense due to changes in business mix and the adoption of a new accounting standard for deferred
acquisition costs in 2012 on a prospective basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Net
Earned Premiums less Expenses Included in Combined Ratio (Underwriting Income).</I> &nbsp; Net premiums earned less expenses included
in combined ratio decreased $1.4 million, or 16.1%, to 7.3 million from $8.7 million for the three months ended March 31, 2012
and 2011, respectively. This decrease resulted primarily from an increase to the segment&rsquo;s loss ratio in the first quarter
of 2012 compared to the first quarter of 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt; font-style: italic; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 95%; font-size: 10pt; font-style: italic; font-weight: bold">Specialty Risk and Extended Warranty Segment Results of Operations for the Three Months Ended March 31, 2012 and 2011 (Unaudited)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended&nbsp;March&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">(Amounts&nbsp;in&nbsp;Thousands)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; padding-bottom: 2.5pt">Gross written premium</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">234,089</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">227,748</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net written premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">141,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">104,547</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Change in unearned premium</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,588</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(19,970</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net earned premiums</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,577</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Ceding commission revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,194</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,899</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Loss and loss adjustment expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,424</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Acquisition costs and other underwriting expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">43,085</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,648</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">126,528</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">84,072</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Underwriting income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">26,239</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,404</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Key Measures:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net loss ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67.9</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net expense ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net combined ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Reconciliation of net expense ratio:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Acquisition costs and other underwriting expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">43,085</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26,648</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: ceding commission revenue &ndash; primarily related party</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,194</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,899</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">25,891</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,749</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net earned premium</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">135,573</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84,577</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net expense ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.3</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>Gross
Written Premium</I>. Gross written premium increased $6.4 million, or 2.8%, to $234.1 million from $227.7 million for the
three months ended March 31, 2012 and 2011, respectively. The segment experienced  growth both domestically and in
Europe. Additionally, European gross written premium was negatively impacted by approximately three percent as a result of
fluctuations in currency rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Net
Written Premium</I>. Net written premium increased $36.7 million, or 35.1%, to $141.2 million from $104.5 million for the
three months ended March 31, 2012 and 2011, respectively. The increase in net written premium resulted from an increase of
gross written premium for the three months ended March 31, 2012 compared to  the three months ended
March 31, 2011, as well as the reduction in the percentage of our European medical liability business ceded to reinsurers
from 80% to 40% commencing in the second quarter of 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Net
Earned Premium</I>. Net earned premium increased $51.0 million, or 60.3%, to $135.6 million from $84.6 million for the three
months ended March 31, 2012 and 2011, respectively.&nbsp;&nbsp;As net premiums written are earned ratably over the term of a
policy, which on average is 23 months, the increase resulted from growth in net written premium during 2010 and 2012 as well
as our retention of a higher percentage of net written premium related to our European medical liability business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Ceding
Commission.</I> &nbsp;&nbsp;The ceding commission earned during the three months ended March 31, 2012 and 2011 was $17.2
million and $12.9 million, respectively.&nbsp;&nbsp;The increase related to the allocation to this segment of its
proportionate share of our overall policy acquisition expense. Additionally, during the three months ended March 31, 2012, we
were party to a 40% quota share arrangement with Maiden covering our European medical liability business for which we receive
a five percent ceding commission. During the three months ended March 31, 2011, we ceded this business to another reinsurer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Loss
and Loss Adjustment Expenses.</I> Loss and loss adjustment expenses increased $26.0 million, or 45.3%, to $83.4 million
from $57.4 million for the three months ended March 31, 2012 and 2011, respectively. Our loss ratio for the segment for the
three months ended March 31, 2012 decreased to 61.5% from 67.9% for the three months ended March 31, 2011.&nbsp;&nbsp;The
decrease in the loss ratio for the three months ended March 31, 2012 resulted primarily from lower current accident year
selected ultimate losses as compared to selected ultimate losses in prior accident years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Acquisition
Costs and Other Underwriting Expenses.</I> &nbsp;&nbsp;Acquisition costs and other underwriting expenses increased $16.5 million,
or 62.0%, to $43.1 million from $26.6 million for the three months ended March 31, 2012 and 2011, respectively. The expense ratio
increased to 19.1% for the three months ended March 31, 2012 from 16.3% for the three months ended March 31, 2011. The increase
in the expense ratio resulted, primarily, from higher policy acquisition expense for the three months ended March 31, 2012 compared
to the three months ended March 31, 2011 related to changes in business mix and the adoption of a new
accounting standard for deferred acquisition costs in 2012 on a prospective basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>Net
Earned Premiums less Expenses Included in Combined Ratio (Underwriting Income).</I> &nbsp;&nbsp;Net earned premiums less expenses
included in combined ratio increased $12.8 million, or 95.5%, to $26.2 million from $13.4 million for the three months ended March
31, 2012 and 2011, respectively.&nbsp;&nbsp;The increase was attributable primarily from an improvement in the segment&rsquo;s
loss ratio during the three months ended March 31, 2012 compared to the three months ended March 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt; font-style: italic; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 95%; font-size: 10pt; font-style: italic; font-weight: bold">Specialty Program Segment Results of Operations for the Three Months Ended March 31, 2012 and 2011 (Unaudited)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended March&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">(Amounts&nbsp;in&nbsp;Thousands)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; padding-bottom: 2.5pt">Gross written premium</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">104,638</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">49,976</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net written premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">69,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Change in unearned premium</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,456</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,536</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net earned premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,770</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Ceding commission revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,948</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,460</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Loss and loss adjustment expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,194</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,705</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Acquisition costs and other underwriting expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,939</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,312</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">70,133</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,017</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Underwriting income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,476</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,213</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Key Measures:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net loss ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net expense ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net combined ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89.6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Reconciliation of net expense ratio:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Acquisition costs and other underwriting expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">29,939</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,312</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: ceding commission revenue</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,948</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,460</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">17,991</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,852</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net earned premium</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">59,661</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">30,770</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net expense ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.5</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>Gross
Written Premium</I>.&nbsp;&nbsp;Gross premium increased $54.6 million, or 109.2%, to $104.6 million from $50.0 million for
the three months ended March 31, 2012 and 2011, respectively.&nbsp;&nbsp;The increase in gross written premium related to new
program offerings during the three months ended March 31, 2012 as well as incremental growth of gross written premium on
existing programs. The additional product offerings
resulted from  new product offerings managed by new underwriting teams hired in 2010 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 18.35pt"><I>Net
Written Premium</I>.&nbsp;&nbsp;Net written premium increased $42.9 million, or 163.7%, to $69.1 million from $26.2 million
for the three months ended March 31, 2012 and 2011, respectively. The increase in net written premium resulted from an
increase in gross written premium for the three months ended March 31, 2012 compared to for the three months ended March 31,
2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Net
Earned Premium</I>.&nbsp;&nbsp;Net earned premium increased $28.9 million, or 93.8%, to $59.7 million from $30.8 million for the
three months ended March 31, 2012 and 2011, respectively. As premiums written earn ratably over a twelve month period, the increase
in net premium&nbsp;earned resulted from higher net written premium for the twelve months ended March 31, 2012 compared to the
twelve months ended March 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;
<I>Ceding Commission.&nbsp;&nbsp;</I> The ceding commission earned during the three months ended March 31, 2012 and 2011 was $11.9
million and $4.5 million, respectively.&nbsp;&nbsp; The increase in ceding commission related primarily to an increase in cessions
of program business during the three months ended March 31, 2012 as well as a continuing shift in the mix of the programs written
during the periods.&nbsp;&nbsp;For the three months ended March 31, 2012, we wrote certain programs&nbsp;that have a higher percentage
of policy acquisition costs to earned premium than in the three months ended March 31, 2011 and, therefore, we allocated more ceding
commission to the segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;&nbsp; <I>Loss
and Loss Adjustment Expenses.</I> Loss and loss adjustment expenses increased $20.5 million, or 104.0%, to $40.2 million for
the three months ended March 31, 2012 compared to $19.7 million for the three months ended March 31, 2011. Our loss ratio
for the segment for the three months ended March 31, 2012 increased to 67.4% from 64.0% for the three months ended March 31,
2011. The increase in the loss ratio in the three months ended March 31, 2012 resulted primarily from higher current accident
year selected ultimate losses as compared to selected ultimate losses from prior years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Acquisition
Costs and Other Underwriting Expenses</I>. Acquisition costs and other underwriting expenses increased $17.6 million,
or 143.1%, to $29.9 million from $12.3 million for the three months ended March 31, 2012 and 2011, respectively. The
expense ratio increased to 30.2% for the three months ended March 31, 2012 from 25.5% for the three months ended March 31,
2011. The increase in the expense ratio resulted, primarily, from higher policy acquisition expense for the three months
ended March 31, 2012 compared to the three months ended March 31, 2011. The increase resulted primarily from changes in
business mix and the adoption of a new accounting standard for deferred acquisition costs in 2012 on a prospective basis. In
addition, the increase in the expense ratio was attributable to the allocation to this segment of a higher proportion of our
unallocated expenses as a result of the increase in premium compared to the three months ended March 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>Net
Earned Premiums less Expenses Included in Combined Ratio (Underwriting Income)</I> &nbsp; Net earned premiums less expenses included
in combined ratio decreased $1.7 million, or 53.1%, to $1.5 million from $3.2 million for the three months ended March 31, 2012
and 2011, respectively. The decrease of $1.7 million resulted primarily from an increase in both the loss ratio and expense ratio
during the three months ended March 31, 2012 compared to the three months ended March 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><B><I>Personal Lines Reinsurance Segment Results of
Operations for the Three Months Ended March 31, 2012 and 2011 (Unaudited)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended March&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">(Amounts&nbsp;in&nbsp;Thousands)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; padding-bottom: 2.5pt">Gross written premium</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">30,609</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">25,587</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net written premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">25,587</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Change in unearned premium</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,147</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,457</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net earned premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,462</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,130</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Loss and loss adjustment expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,068</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,804</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Acquisition costs and other underwriting expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,071</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,518</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,139</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,322</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Underwriting income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,323</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">808</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Key Measures:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net loss ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net expense ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net combined ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96.5</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>
<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">We
assumed $30.6 million and $25.6 million of premium from the GMACI Insurers for the three months ended March 31, 2012
and 2011, respectively. The increase during the three months ended March 31, 2012 related primarily to a rise in the GMACI
Insurers&rsquo; premium writings during the equivalent time periods. Net earned premium increased in 2012 compared to 2011
due to the earning cycle of assumed written premium in 2011 and earned in 2012. Loss and loss adjustment expense increased
15.3% in 2012 compared to 2011 and increased proportionally with net earned premium. The net loss ratio increased during the
three months ended March 31, 2012 compared to the equivalent period in 2011 due to higher estimates based on actual losses.
The decrease in the net expense ratio in 2012 compared to 2011 resulted from the sliding scale commission structure, by which
the ceding commission payable to GMACI decreases as the loss ratio increases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>Liquidity</B> <B>and
Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">Our
principal sources of operating funds are premiums, investment income and proceeds from sales and maturities of investments.
Our primary uses of operating funds include payments of claims and operating expenses. Currently, we pay claims using cash
flow from operations and invest our excess cash primarily in fixed maturity and equity securities. We forecast claim payments
based on our historical trends. We seek to manage the funding of claim payments by actively managing available cash and
forecasting cash flows on short-term and long-term bases. Cash payments for claims were $172.7 million and $130.5 million in
the three months ended March 31, 2012 and 2011, respectively. We expect cash flow from operations should be sufficient to
meet our anticipated claim obligations,  provide us
sufficient liquidity to fund our current operations and service our debt instruments and anticipated growth for at least the
next twelve months. However, if our growth attributable to acquisitions, internally generated growth or a combination of both
exceeds our projections, we may have to raise additional capital sooner to support our growth. If we cannot obtain adequate
capital on favorable terms or at all, we may be unable to support future growth or operating requirements and, as a result,
our business, financial condition and results of operations could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
following table is summary of our statement of cash flows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended March&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">(Amounts&nbsp;in&nbsp;Thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Cash and cash equivalents provided by (used in):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left">Operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">88,434</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">55,331</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(256,372</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,492</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,749</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Net
cash provided by operating activities for the three months ended March 31, 2012 increased compared to cash provided by operating
activities in the three months ended March 31, 2011. The increase in cash flow is the result, primarily, of an overall increase
in our reinsurance payables, which are typically paid in arrears,&nbsp;thus&nbsp;providing us&nbsp;with&nbsp;a timing benefit on
this cash we collected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Cash
used in investing activities during the three months ended March 31, 2012 was approximately $256 million and consisted of
approximately $8 million for life settlement contracts, approximately $205 million for the purchase of fixed maturity
and equity securities and an increase in restricted cash of $36 million.&nbsp;Cash used in investing activities
in the three months ended March 31, 2011 was approximately $47 million and consisted of approximately $17 million for life
settlement contracts, an increase in restricted cash of $23 million and&nbsp;approximately $12 million for the purchase of an
aircraft partially offset by sales of fixed maturity and equity securities of approximately $7 million and $1
million, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Cash
provided by financing activities for the three months ended March 31, 2012 was approximately $36 million and consisted primarily
of debt proceeds of approximately $25 million, minority interest capital contributions to one of our subsidiaries of approximately
$5 million and borrowings from securities sold under agreements to repurchase of $9 million.&nbsp;&nbsp;Cash provided by financing
activities for the three months ended March 31, 2011 was approximately $11 million and consisted primarily of debt proceeds of
approximately $109 million, minority interest capital contributions to one of our subsidiaries of approximately $9 million, offset
partially by the repayment of $95 million of securities sold under agreements to repurchase, debt principal payments of approximately
$7 million and dividends of approximately $5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>Revolving Credit
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;On
January 28, 2011, we entered into a three-year, $150 million credit agreement (the &ldquo;Credit Agreement&rdquo;), among JPMorgan
Chase Bank, N.A., as Administrative Agent, The Bank of Nova Scotia, as Syndication Agent, SunTrust Bank, as Documentation Agent,
and the various lending institutions party thereto. The credit facility is a revolving credit facility with a letter of credit
sublimit of $50 million and an expansion feature not to exceed $50 million. Proceeds of borrowings under the Credit Agreement may
be used for working capital, acquisitions and general corporate purposes. &nbsp;The Credit Agreement contains certain restrictive
covenants customary for facilities of this type (subject to negotiated exceptions and baskets), including restrictions on indebtedness,
liens, acquisitions and investments, restricted payments and dispositions. There are also financial covenants that require us to
maintain a minimum consolidated net worth, a maximum consolidated leverage ratio, a minimum fixed charge coverage ratio, a minimum
risk-based capital and a minimum statutory surplus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">As of
March 31, 2012, we had no outstanding borrowings under this Credit Agreement. We had outstanding letters of credit in place under
this Credit Agreement at March 31, 2012 for $49.4 million, which reduced the availability for letters of credit to $0.6 million
as of March 31, 2012 and the availability under the facility to $100.6 million as of March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Borrowings
under the Credit Agreement will bear interest at (x) the greatest of (a) the Administrative Agent&rsquo;s prime rate, (b) the federal
funds effective rate plus 0.5 percent or (c) the adjusted LIBO rate for a one month interest period on such day plus 1 percent,
plus (y) a margin that is adjusted on the basis of our consolidated leverage ratio. Eurodollar borrowings under the Credit Agreement
will bear interest at the adjusted LIBO rate for the interest period in effect plus a margin that is adjusted on the basis of our
consolidated leverage ratio. The interest rate on our credit facility as of March 31, 2012 and 2011 was 2.50%. We recorded interest
expense of approximately $0.5 million and $0.4 million for the three months ended March 31, 2012 and 2011, respectively, under
the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Fees payable
by us under the Credit Agreement include a letter of credit participation fee (which is the margin applicable to Eurodollar borrowings
and was 2.25% at March 31, 2012), a letter of credit fronting fee with respect to each letter of credit (.125%) and a commitment
fee on the available commitments of the lenders (a range of .35% to .45% based on our consolidated leverage ratio and was .40%
at March 31, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt"><B>Convertible Senior Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In December
2011, we issued $175 million aggregate principal amount of our 5.5% convertible senior notes due 2021 (the &ldquo;Notes&rdquo;)
to certain initial purchasers in a private placement. In January 2012, the Company issued an additional $25 million of the Notes
to cover the initial purchasers&rsquo; overallotment option, bringing the aggregate amount of Notes issued to $200 million. The
Notes will bear interest at a rate equal to 5.50% per year, payable semiannually in arrears on June 15<SUP>th</SUP> and December
15<SUP>th</SUP> of each year, beginning on June 15, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The Notes
will mature on December 15, 2021 (the &ldquo;Maturity Date&rdquo;), unless earlier purchased by us or converted into shares of
our common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;). Prior to September 15, 2021, the Notes will be convertible
only upon satisfaction of certain conditions, and thereafter, at any time prior to the close of business on the second scheduled
trading day immediately preceding the Maturity Date. The conversion rate will initially equal 31.4218 shares of Common Stock per
$1,000 principal amount of Notes, which corresponds to an initial conversion price of approximately $31.83 per share of Common
Stock, representing a conversion premium of 25.0% over $25.46 per share, which was the last reported sale price of the Common Stock
on the NASDAQ on December 15, 2011. The conversion rate will be subject to adjustment upon the occurrence of certain events as
set forth in the indenture governing the notes. Upon conversion of the Notes, we will, at its election, pay or deliver, as the
case may be, cash, shares of Common Stock, or a combination of cash and shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Upon the
occurrence of a fundamental change (as defined in the indenture governing the notes) involving our holders of the Notes will have
the right to require us to repurchase their Notes for cash, in whole or in part, at 100% of the principal amount of the Notes to
be repurchased, plus any accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">We separately
allocated the proceeds for the issuance of the Notes to a liability component and an equity component, which is the embedded conversion
option. The equity component was reported as an adjustment to paid-in-capital, net of tax, and is reflected as an original issue
discount (&ldquo;OID&rdquo;). The OID of $41.6 million and deferred origination costs relating to the liability component of $4.7
million will be amortized into interest expense over the term of the loan of the Notes. After considering the contractual interest
payments and amortization of the original discount, the Notes effective interest rate was 8.57%. Transaction costs of $1.3 million
associated with the equity component were netted in paid-in-capital. Interest expense, including amortization of deferred origination
costs, recognized on the Notes was $3.5 million for the three months ended March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>Secured Loan Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;During
February 2011, through a wholly-owned subsidiary, we entered into a seven-year secured loan agreement with Bank of America Leasing
&amp; Capital, LLC in the aggregate amount of $10.8 million to finance the purchase of an aircraft. The loan bears interest at
a fixed rate of 4.45%, requires monthly installment payments of approximately $0.1 million commencing on March 25, 2011 and ending
on February 25, 2018, and a balloon payment of $3.2 million at the maturity date. We recorded interest expense of approximately
$0.1 million and $0.05 million for the three months ended March 31, 2012 and 2011, respectively, related to this agreement. The
loan is secured by an aircraft that our subsidiary acquired in February 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
agreement contains certain covenants that are similar to our revolving credit facility. Additionally, subsequent to February 25,
2012, but prior to payment in full, if the outstanding balance of this loan exceeds 90% of the fair value of the aircraft, we are
required to pay the lender the entire amount necessary to reduce the outstanding principal balance to be equal to or less than
90% of the fair value of the aircraft.&nbsp; The agreement allows us, under certain conditions, to repay the entire outstanding
principal balance of this loan without penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>Promissory Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;In
connection with the stock and asset purchase agreement with a subsidiary of Unitrin, Inc. (now called Kemper Corporation), we,
on June 1, 2008, issued a promissory note to Unitrin Inc. in the amount of $30 million. The note is non-interest bearing and requires
four annual principal payments of $7.5 million. The first three annual principal payments were paid between 2009 and 2011, and
the remaining principal payment is due on June 1, 2012. Upon entering into the promissory note, we calculated imputed interest
of $3.2 million based on interest rates available to us, which was 4.5%. Accordingly, the note&rsquo;s carrying balance was adjusted
to $26.8 million at the acquisition. The note is required to be paid in full, immediately, under certain circumstances including
a default of payment or change of control of the Company. We included $0.1 million and $0.2 million of amortized discount on the
note in our results of operations for the three months ended March 31, 2012 and 2011, respectively. The note&rsquo;s carrying value
was $7.4 million as of March 31, 2012 and December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>Securities
Sold (Purchased) Under Agreements to Repurchase (Sell), at Contract Value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;We
enter into repurchase agreements and reverse repurchase agreements. The agreements are accounted for as
collateralized borrowing transactions and are recorded at contract amounts. In the case of repurchase agreements, we receive
cash or securities, which we invest or hold in short term or fixed income securities. As of March 31, 2012, there were $200.9
million principal amount outstanding at interest rates between 0.4% and 0.45%. Interest expense associated with these
repurchase agreements for the three months ended March 31, 2012 was $0 million, of which $0 million was accrued as of March
31, 2012. We have approximately $214.2 million of collateral pledged in support of these agreements. Under reverse repurchase
agreements, we lend cash or securities for a short term. During the three months ended March 31, 2012, we entered into a
collateralized lending transaction with a principal amount of $56.2 million that is included in short term investments as of
March 31, 2012. We  retain collateral of $54.4 million related to this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>Note Payable&nbsp;&mdash;&nbsp;Collateral
for Proportionate Share of Reinsurance Obligation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;In
conjunction with the Reinsurance Agreement between AII and Maiden Insurance (see Note 11. &ldquo;Related Party Transactions&rdquo;),
AII entered into a loan agreement with Maiden Insurance during the fourth quarter of 2007, whereby Maiden Insurance loaned to AII
the amount equal to its quota share of the obligations of the AmTrust Ceding Insurers that AII was then obligated to secure.&nbsp;&nbsp;The
loan agreement provides for interest at a rate of LIBOR plus 90 basis points and is payable on a quarterly basis. Each advance
under the loan is secured by a promissory note. Advances totaled $168 million as of March 31, 2012 and December 31, 2011.&nbsp;&nbsp;Effective
December 31, 2008,&nbsp;&nbsp;AII and Maiden Insurance entered into a Reinsurer Trust Assets Collateral agreement whereby Maiden
Insurance is required to provide AII the assets required to secure Maiden&rsquo;s proportionate share of the Company&rsquo;s obligations
to its U.S. subsidiaries.&nbsp;&nbsp;The amount of this collateral as of March 31, 2012 was approximately $639 million.&nbsp;&nbsp;Maiden
retains ownership of the collateral in the trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>Comerica Letter
of Credit Facility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">In
connection with the Majestic acquisition, we, through one of our subsidiaries, entered into a secured letter of credit
facility with Comerica Bank during the three months ended September 30, 2011. We utilize the letter of credit facility to
comply with the deposit requirements of the State of California and the U.S. Department of Labor as security for
our obligations to workers&rsquo; compensation and federal Longshore and Harbor Workers&rsquo; Compensation Act policyholders. The credit
limit is for $75 million and was utilized for $49.8 million as of March 31, 2012. We are required to pay a letter of
credit participation fee for each letter of credit in the amount of 0.40%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>Reinsurance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 27pt">Our insurance
subsidiaries utilize reinsurance agreements to transfer portions of the underlying risk of the business we write to various affiliated
and third-party reinsurance companies. Reinsurance does not discharge or diminish our obligation to pay claims covered by the insurance
policies we issue; however, it does permit us to recover certain incurred losses from our reinsurers and our reinsurance recoveries
reduce the maximum loss that we may incur as a result of a covered loss event. We believe it is important to ensure that our reinsurance
partners are financially strong and they generally carry at least an A.M. Best rating of &lsquo;&lsquo;A-&rsquo;&rsquo; (Excellent)
at the time we enter into our reinsurance agreements. We also enter reinsurance relationships with third-party captives formed
by agents and other business partners as a mechanism for sharing risk and profit. All of our captive reinsurance arrangements are
fully secured. The total amount, cost and limits relating to the reinsurance coverage we purchase may vary from year to year based
upon a variety of factors, including the availability of quality reinsurance at an acceptable price and the level of risk that
we choose to retain for our own account. We have not experienced any significant changes to our reinsurance programs since December
31, 2011. For a more detailed description of our reinsurance arrangements, including our reinsurance arrangements with Maiden Insurance
Company Ltd. (&lsquo;&lsquo;Maiden Insurance&rsquo;&rsquo;), see &lsquo;&lsquo;Reinsurance&rsquo;&rsquo; in &lsquo;&lsquo;Item
7. Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rsquo;&rsquo; in our Annual Report
on Form 10-K for the year ended December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><B>&nbsp;Investment
Portfolio</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">&nbsp;Our
investment portfolio, including cash and cash equivalents but excluding life settlement contracts and other investments, increased
$156.8 million, or 8.0%, to $2,137.0 million for the three months ended March 31, 2012 from $1,980.2 million as of December 31,
2011 (excluding $14.9 million and $14.6 million of other investments, respectively). Our investment portfolio is classified as
available-for-sale, as defined by ASC 320, <I>Investments&nbsp;&mdash;&nbsp;Debt and Equity Securities</I>. Our fixed maturity
securities, gross, had a fair value of $1,685.0 million and an amortized cost of $1,637.9 million as of March 31, 2012. Our equity
securities are reported at fair value&nbsp;and totaled $30.8 million with a cost of $29.7 million as of March 31, 2012. Securities
sold but not yet purchased, which was $54.5 million as of March 31, 2012, represent our obligations to deliver the specified security
at the contracted price and thereby create a liability to purchase the security in the market at prevailing rates. Sales of securities
under repurchase agreements, which were $200.9 million as of March 31, 2012, are accounted for as collateralized borrowing transactions
and are recorded at their contracted amounts. Our investment portfolio exclusive of life settlement contracts and other investments
is summarized in the table below by type of investment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31,&nbsp;2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,&nbsp;2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">(Amounts&nbsp;in&nbsp;Thousands)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying <BR>Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage&nbsp;of <BR>Portfolio</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying <BR>Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage&nbsp;of <BR>Portfolio</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 56%; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Cash, cash equivalents and restricted cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">336,419</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">15.7</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">421,837</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">21.3</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Time and short-term deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,571</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,565</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">U.S. treasury securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">U.S. government agencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,604</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,790</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.25in">Municipals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275,017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Commercial mortgage back securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Residential mortgage backed securities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in">Agency backed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">395,974</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">364,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -9pt; padding-left: 0.25in">Non-agency backed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,664</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Corporate bonds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">869,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">687,348</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Preferred stocks</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,780</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,314</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">Common stocks</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,972</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,286</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,136,764</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,980,245</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The table
below summarizes the credit quality of our fixed maturity securities as of March 31, 2012 and December 31, 2011, as rated by Standard
and Poor&rsquo;s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -9pt; padding-left: 9pt">U.S. Treasury</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2.6</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3.2</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>AAA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>AA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>BBB, BBB+, BBB-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>BB, BB+, BB-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>B, B+, B-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The table
below summarizes the average duration by type of fixed maturity as well as detailing the average yield as of March 31, 2012 and
December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31,&nbsp;2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,&nbsp;2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average<BR>
 Yield%</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average<BR>
 Duration <BR>in Years</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average<BR>
 Yield%</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average<BR>
 Duration <BR>in Years</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left; text-indent: -0.25in; padding-left: 0.25in">U.S. treasury securities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1.98</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2.31</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">U.S. government agencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Foreign government</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Corporate bonds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.25in">Municipals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Mortgage and asset backed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;As
of March 31, 2012, the weighted average duration of our fixed income securities was 4.0 years and had a yield of 4.1%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Quarterly,
our Investment Committee (&ldquo;Committee&rdquo;) evaluates each security that has an unrealized loss as of the end of the subject
reporting period for OTTI. We generally consider an investment to be impaired when it has been in a significant unrealized loss
position (in excess of 35% of cost if the issuer has a market capitalization of under $1 billion and in excess of 25% of cost if
the issuer has a market capitalization of $1 billion or more) for over 24 months. In addition, the Committee uses a set of quantitative
and qualitative criteria to review our investment portfolio to evaluate the necessity of recording impairment losses for other-than-temporary
declines in the fair value of our investments. The criteria the Committee primarily considers include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 84%; text-align: justify">the current fair value compared to amortized cost;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the length of time the security&rsquo;s fair value has been below its amortized cost;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">specific credit issues related to the issuer such as changes in credit rating, reduction or elimination of dividends or non-payment of scheduled interest payments;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether management intends to sell the security and, if not, whether it is not more than likely than not that the Company will be required to sell the security before recovery of its amortized cost basis;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the financial condition and near-term prospects of the issuer of the security, including any specific events that may affect its operations or earnings;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the occurrence of a discrete credit event resulting in the issuer defaulting on material outstanding obligations or the issuer seeking protection under bankruptcy laws; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">other items, including company management, media exposure, sponsors, marketing and advertising agreements, debt restructurings, regulatory changes, acquisitions and dispositions, pending litigation, distribution agreements and general industry trends.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Impairment
of investment securities results in a charge to operations when a market decline below cost is deemed to be other-than-temporary.
We write down investments immediately that we consider to be impaired based on the above criteria collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Based
on guidance in FASB ASC 320-10-65, in the event of the decline in fair value of a debt security, a holder of that security that
does not intend to sell the debt security and for whom it is not more than likely than not that such holder will be required to
sell the debt security before recovery of its amortized cost basis, is required to separate the decline in fair value into (a)
the amount representing the credit loss and (b) the amount related to other factors. The amount of total decline in fair value
related to the credit loss shall be recognized in earnings as an OTTI with the amount related to other factors recognized in accumulated
other comprehensive loss net loss, net of tax. OTTI credit losses result in a permanent reduction of the cost basis of the underlying
investment. The determination of OTTI is a subjective process, and different judgments and assumptions could affect the timing
of the loss realization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;During
the three months ended March 31, 2012 and 2011, we had no impairment charges of our fixed and equity securities. During the three
months ended March 31, 2012, we had $21.1 million of gross unrealized losses, of which $2.9 million related to marketable equity
securities and $18.2 million related to fixed maturity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Corporate
bonds represent 52% of the fair value of our fixed maturities and 94% of the total unrealized losses of our fixed maturities. We
own 276 corporate bonds in the industrial, bank and financial and other sectors, which have a fair value of approximately 11%,
38% and 2%, respectively, and 7%, 81% and 7% of total unrealized losses, respectively, of our fixed maturities. We believe that
the unrealized losses in these securities are the result, primarily, of general economic conditions and not the condition of the
issuers, which we believe are solvent and have the ability to meet their obligations. Therefore, we expect that the market price
for these securities should recover within a reasonable time. Additionally, we do not intend to sell the investments and it is
not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Our
investment in marketable equity securities consist of investments in preferred and common stock across a wide range
of sectors. We evaluated the near-term prospects for recovery of fair value in relation to the severity and duration of
the impairment and have determined in each case that the probability of recovery is reasonable and we have the ability and
intent to hold these investments until a recovery of fair value. Within our portfolio of equity securities, 9  common
stocks comprised $2.7 million, or 92.2%, of the unrealized loss. We own 3  securities in the financial sector that represent
6% of the fair market value and 27% of our unrealized losses. We own  3 securities in the industrial sector that
represent approximately 7% of the fair market value and approximately 44% our unrealized losses. We own 3  securities in the
consumer products sector that have approximately 9% of the fair value and approximately 21% of the unrealized losses. The
duration of these impairments ranges from 3  to  27 months. The remaining securities in a loss position are not
considered individually significant and accounted for 8% of our unrealized losses. We believe these securities will recover
and that we have the ability and intent to hold them to recovery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>Item 3. Quantitative
and Qualitative Disclosures About Market Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Market
risk is the risk of potential economic loss principally arising from adverse changes in the fair value of financial instruments.
The major components of market risk affecting us are liquidity risk, credit risk, interest rate risk, foreign currency risk and
equity price risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Liquidity
Risk.</I> &nbsp;&nbsp;Liquidity risk represents our potential inability to meet all payment obligations when they become due. We
maintain sufficient cash and marketable securities to fund claim payments and operations. We purchase reinsurance coverage to mitigate
the liquidity risk of an unexpected rise in claims severity or frequency from catastrophic events or a single large loss. The availability,
amount and cost of reinsurance depend on market conditions and may vary significantly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;
<I>Credit Risk.</I> Credit risk is the potential loss arising principally from adverse changes in the financial condition of the
issuers of our fixed maturity securities and the financial condition of our third party reinsurers. We address the credit risk
related to the issuers of our fixed maturity securities by investing primarily in fixed maturity securities that are rated &ldquo;BBB-&rdquo;
or higher by Standard &amp; Poor&rsquo;s. We also independently monitor the financial condition of all issuers of our fixed maturity
securities. To limit our risk exposure, we employ diversification policies that limit the credit exposure to any single issuer
or business sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;We
are subject to credit risk with respect to our third party reinsurers. Although our third party reinsurers are obligated to reimburse
us to the extent we cede risk to them, we are ultimately liable to our policyholders on all risks that have ceded. As a result,
reinsurance contracts do not limit our ultimate obligations to pay claims covered under the insurance policies we issue and we
might not collect amounts recoverable from our reinsurers. We address this credit risk by selecting reinsurers which have an A.M.
Best rating of &ldquo;A&rdquo; (Excellent) or better at the time we enter into the agreement and by performing, along with our
reinsurance brokers, periodic credit reviews of our reinsurers. If one of our reinsurers suffers a credit downgrade, we may consider
various options to lessen the risk of asset impairment, including commutation, novation and letters of credit.&nbsp;&nbsp;See &ldquo;&mdash;Reinsurance.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>Interest
Rate Risk.</I> We had fixed maturity securities (excluding $84.6 million of time and short-term deposits) with a fair value
of $1.68 million and carrying value of $1.64 million as of March 31, 2012 that are subject to interest rate risk. Interest rate
risk is the risk that we may incur losses due to adverse changes in interest rates. Fluctuations in interest rates have a
direct impact on the market valuation of our fixed maturity securities. We manage our exposure to interest rate risk through
a disciplined asset and liability matching and capital management process. In the management of this risk, the
characteristics of duration, credit and variability of cash flows are critical elements. These risks are assessed regularly
and balanced within the context of our liability and capital position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;The
table below summarizes the interest rate risk associated with our fixed maturity securities by illustrating the sensitivity of
the fair value and carrying value of our fixed maturity securities as of March 31, 2012 to selected hypothetical changes in interest
rates, and the associated impact on our shareholders&rsquo; equity. All fixed income securities are classified as available-for-sale
and carried on our balance sheet at fair value. Temporary changes in the fair value of our fixed maturity securities do impact
the carrying value of these securities and are reported in our shareholders&rsquo; equity as a component of other comprehensive
income, net of deferred taxes. The selected scenarios in the table below are not predictions of future events, but rather are intended
to illustrate the effect such events may have on the fair value and carrying value of our fixed maturity securities and on our
shareholders&rsquo; equity, each as of March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Hypothetical&nbsp;Change&nbsp;in&nbsp;Interest&nbsp;Rates</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair&nbsp;Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Estimated <BR>Change&nbsp;in <BR>Fair&nbsp;Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Hypothetical&nbsp;Percentage <BR>(Increase)Decrease&nbsp;in <BR>Shareholders&rsquo;&nbsp;Equity</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="text-align: center">(Amounts&nbsp;in&nbsp;Thousands)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -0.25in; padding-left: 0.25in">200 basis point increase</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,526,632</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(158,390</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(10.7</TD><TD STYLE="width: 1%; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">100 basis point increase</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,604,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(80,458</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.4</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">No change</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,685,022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">100 basis point decrease</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,760,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,908</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">200 basis point decrease</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,845,156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">Changes
in interest rates would affect the fair market value of our fixed rate debt instruments but would not have an impact on our earnings
or cash flow. We currently have $470.5 million of debt instruments of which $302.5 million are fixed rate debt instruments. A fluctuation
of 100 basis points in interest on our variable rate debt instruments, which are tied to LIBOR, would affect our earnings and cash
flows by $1.7 million before income tax, on an annual basis, but would not affect the fair market value of the variable rate debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><I>Foreign
Currency Risk.</I> We write insurance in the United Kingdom and certain other European Union member countries through AIU and AEL.
While the functional currency of AIU and AEL are, respectively, the Euro and the British Pound, we write coverages that are settled
in local currencies, including, primarily, the Euro and British Pound. We attempt to maintain sufficient local currency assets
on deposit to minimize our exposure to realized currency losses. Assuming a 5% increase in the exchange rate of the local currency
in which the claims will be paid and that we do not hold that local currency, we would recognize a $13.8 million after tax realized
currency loss based on our outstanding foreign denominated reserves of $423.8 million&nbsp;at March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;<I>Equity
Price Risk.</I> Equity price risk is the risk that we may incur losses due to adverse changes in the market prices of the equity
securities we hold in our investment portfolio, which include common stocks, non-redeemable preferred stocks and master limited
partnerships. We classify our portfolio of equity securities as available-for-sale and carry these securities on our balance sheet
at fair value. Accordingly, adverse changes in the market prices of our equity securities result in a decrease in the value of
our total assets and a decrease in our shareholders&rsquo; equity. As of March 31, 2012, the equity securities in our investment
portfolio had a fair value of $30.8 million, representing approximately&nbsp;two percent of our total invested assets on that date.
We are fundamental long buyers and short sellers, with a focus on value oriented stocks. The table below illustrates the impact
on our equity portfolio and financial position given a hypothetical movement in the broader equity markets. The selected scenarios
in the table below are not predictions of future events, but rather are intended to illustrate the effect such events may have
on the carrying value of our equity portfolio and on shareholders&rsquo; equity as of March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The
hypothetical scenarios below assume that our Beta is 1 when compared to the S&amp;P 500 index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Hypothetical&nbsp;Change&nbsp;in&nbsp;Interest&nbsp;Rates</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair&nbsp;Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Estimated <BR>Change&nbsp;in <BR>Fair&nbsp;Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Hypothetical Percentage <BR>(Increase) Decrease&nbsp;in <BR>Shareholders&rsquo; Equity</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="text-align: center">(Amounts in Thousands)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-indent: -0.25in; padding-left: 0.25in">5% increase</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">32,290</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,538</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">0.1</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">No change</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,752</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.25in">5 % decrease</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,214</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,538</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.1</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><I>&nbsp;&nbsp; Off Balance Sheet Risk</I>. We have
exposure or risk related to securities sold but not yet purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><B>Item 4. Controls
and Procedures</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;Our
management, with the participation and under the&nbsp;supervision of our&nbsp;principal executive officer and principal financial
officer,&nbsp;has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)
of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;)) and has concluded that, as of the end of the
period covered by this report, such disclosure controls and procedures were effective in ensuring that information required to
be disclosed by us in the reports we file of submit under the Exchange Act is timely recorded, processed, summarized and reported
within the time periods specified in the SEC&rsquo;s rules and forms, and accumulated and communicated to our management, including
our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
During the most recent fiscal quarter, there have been no changes in our&nbsp;internal controls over financial reporting (as defined
in Exchange Act Rule 13a-15(f) and 15d-15(f)) that have materially affected, or are reasonably likely to materially affect, our
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II - OTHER INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>Item 1.&nbsp;&nbsp;Legal
Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B><I></I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><B>Vehicle
service contract industry inquiry and related proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">As previously
described in our Annual Report on Form 10-K, our subsidiary Warrantech Corporation (&ldquo;Warrantech&rdquo;) is involved in a
number of disputes that relate to U.S. Fidelis, a direct marketer of vehicle service contracts that filed a petition for Chapter
11 bankruptcy protection in February 2010 in the United States Bankruptcy Court for the Eastern District of Missouri (the &ldquo;Bankruptcy
Proceeding&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">On April
27, 2012, the parties to the various disputes reached agreement on a comprehensive settlement, the terms of which are incorporated
into the plan of liquidation for U.S. Fidelis, which was filed in the Bankruptcy Proceeding on May 1, 2012 (the &ldquo;Plan&rdquo;).
In connection with the Plan, Warrantech, the Unsecured Creditors Committee of U.S. Fidelis, Mepco Finance Corporation (&ldquo;Mepco&rdquo;),
and the States of Missouri, Texas, Washington and Ohio, by and through the offices of their respective Attorneys General entered
into a plan support agreement (the &ldquo;PSA&rdquo;). Pursuant to the PSA, provided that the Plan has not been modified in such
a manner that would materially adversely affect the rights, recoveries, or obligations of the parties and subject to an opt-out
right in favor of Warrantech and Mepco, each of the parties agreed to support the Plan throughout the Bankruptcy Proceeding and
to cooperate to the fullest extent in obtaining confirmation of the Plan by no later than July 30, 2012. On the effective date
of the Plan, Warrantech will become obligated to pay $4.8 million to Mepco, $1.4 million to the liquidating trustee and $1.1 million
to the U.S. Fidelis Consumer Restitution Plan (as described in the Plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">As part of the overall settlement, Warrantech also entered
into assurances of voluntary compliance with the states of Ohio, Missouri, Texas and Washington (the &ldquo;AVCs&rdquo;) that
do not become binding until the effective date of the Plan. The AVCs require Warrantech to adhere to certain compliance terms
in connection with the marketing and sale of vehicle service contracts through authorized telemarketers, pay certain funds to
consumers in connection with vehicle service contracts that were marketed and sold by U.S. Fidelis and administered by Warrantech
and contribute the funds referenced above to the U.S. Fidelis Consumer Restitution Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>Item
1A.&nbsp;&nbsp;Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;There
are no material changes to the risk factors previously reported in our Annual Report on Form 10-K for the year ended December 31,
2011.&nbsp;&nbsp;For more information regarding such risk factors, refer to Item 1A of our Annual Report on Form 10-K for the year
ended December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">During
the three months ended March 31, 2012, we purchased 663 shares of our common stock from employees in connection with the vesting
of restricted stock issued to certain employees in connection with our 2010 Omnibus Incentive Plan (the &ldquo;Plan&rdquo;). The
shares were withheld at the direction of the employees as permitted under the Plan in order to pay the minimum amount of tax liability
owed by the employee from the vesting of those shares. In addition, in November 2007, our board of directors authorized us to repurchase
up to 3,000,000 shares of common stock in one or more transactions at prevailing prices in the open market or in privately negotiated
transactions. We did not repurchase any shares pursuant to this authority during the three months ended March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">The following
table summarizes the Company&rsquo;s stock repurchases for the three-month period ended March 31, 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">Period</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total<BR>
 Number of<BR>
 Shares<BR>
 Purchased </B></FONT><SUP>(1)</SUP></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average Price<BR>
 Paid per Share</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Number of<BR>
 Shares Purchased<BR>
 as Part of<BR>
 Publically<BR>
 Announced Plan<BR>
 or Program</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maximum number     <BR>
(or
    approximate     dollar<BR>  value) of Shares that<BR>  May Yet be<BR>  Purchased Under<BR>  Plan or Program</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; text-indent: -0.25in; padding-left: 0.25in">January 1 &ndash; 31, 2012</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 12%; text-align: right">2,223,713</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.25in">February 1 &ndash; 29, 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,223,713</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">March 1 &ndash; 31, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26.31</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,223,713</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0in">&nbsp;Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">663</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">26.31</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,223,713</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><SUP>(1)</SUP></TD>
    <TD STYLE="width: 88%; font-size: 10pt">Includes 663 shares that were withheld to satisfy tax withholding amounts due from employees upon the vesting of previously issued restricted shares.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>Item 3. Defaults
Upon Senior Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">&nbsp;None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>Item 4.&nbsp;&nbsp;Mine
Safety Disclosures </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"><B>Item 5. Other
Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Item 6.&nbsp;</B> <B>Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 8%; vertical-align: top; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number</B></P></TD>
    <TD STYLE="width: 2%; vertical-align: top; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 90%; vertical-align: bottom; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">31.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Certification of the Chief Executive Officer, pursuant to Rule 13a-14(a) or 15d-14(a), for the quarter ended March 31, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">31.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Certification of the Chief Financial Officer, pursuant to Rule 13a-14(a) or 15d-14(a), for the quarter ended March 31, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">32.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Certification of the Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, for the quarter ended March 31, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">32.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Certification of the Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, for the quarter ended March 31, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">101.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">The following materials from the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets at March 31, 2012 and December 31, 2011; (ii) the Condensed Consolidated Statements of Income for the three months ended March 31, 2012 and 2011; (iii) the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2012 and 2011; (iv) the Consolidated Statements of Cash Flows for the three months ended March 31, 2012 and 2011; and (v) the Notes to Unaudited Condensed Consolidated Financial Statements, tagged as blocks of text (submitted electronically herewith).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">In accordance with Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101.1 to this Quarterly Report on Form 10-Q shall not be deemed to be &ldquo;filed&rdquo; for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be part of any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">AmTrust Financial Services, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">Date: May 10, 2012</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/&nbsp;Barry D. Zyskind</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Barry D. Zyskind</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/&nbsp;Ronald E. Pipoly, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Ronald E. Pipoly, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>v311372_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Barry Zyskind, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">1.</TD>
    <TD STYLE="width: 90%">I have reviewed this Quarterly Report on Form 10-Q of AmTrust Financial Services, Inc.;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">2.</TD>
    <TD STYLE="width: 90%">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">3.</TD>
    <TD STYLE="width: 90%">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">4.</TD>
    <TD STYLE="width: 90%">The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(a)</TD>
    <TD STYLE="width: 87%">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(b)</TD>
    <TD STYLE="width: 87%">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(c)</TD>
    <TD STYLE="width: 87%">evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(d)</TD>
    <TD STYLE="width: 87%">disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">5.</TD>
    <TD STYLE="width: 90%">The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(a)</TD>
    <TD STYLE="width: 87%">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(b)</TD>
    <TD STYLE="width: 87%">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 51%; padding-bottom: 1pt">Dated:&nbsp;May 10, 2012</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid">/s/ Barry Zyskind</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Barry Zyskind</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-style: italic"><I>(Principal Executive Officer)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>v311372_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Ronald Pipoly, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">1.</TD>
    <TD STYLE="width: 90%">I have reviewed this Quarterly Report on Form 10-Q of AmTrust Financial Services, Inc.;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">2.</TD>
    <TD STYLE="width: 90%">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">3.</TD>
    <TD STYLE="width: 90%">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">4.</TD>
    <TD STYLE="width: 90%">The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(a)</TD>
    <TD STYLE="width: 87%">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(b)</TD>
    <TD STYLE="width: 87%">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(c)</TD>
    <TD STYLE="width: 87%">evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(d)</TD>
    <TD STYLE="width: 87%">disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">5.</TD>
    <TD STYLE="width: 90%">The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(a)</TD>
    <TD STYLE="width: 87%">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">(b)</TD>
    <TD STYLE="width: 87%">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-bottom: 1pt">&nbsp;Dated:&nbsp;May 10, 2012</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid">/s/ Ronald Pipoly</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Ronald Pipoly</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-style: italic"><I>(Principal Financial and Accounting Officer)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>v311372_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18&nbsp;U.S.C. SECTION 1350,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to 18&nbsp;U.S.C. Section&nbsp;1350,
as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, I Barry Zyskind, President and Chief Executive Officer
(Principal Executive Officer) of AmTrust Financial Services, Inc. (the &ldquo;Company&rdquo;), hereby certify, that, to my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">1.</TD>
    <TD STYLE="width: 85%">The Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 (the &ldquo;Report&rdquo;) fully complies with the requirements of section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">2.</TD>
    <TD STYLE="width: 85%">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-bottom: 1pt">Date: May 10, 2012</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid">/s/&nbsp;Barry Zyskind</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Barry Zyskind</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-style: italic"><I>(Principal Executive Officer)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>v311372_ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 32.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18&nbsp;U.S.C. SECTION 1350,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to 18&nbsp;U.S.C. Section&nbsp;1350,
as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, I Ronald Pipoly, Chief Financial Officer (Principal
Financial and Accounting Officer) of AmTrust Financial Services, Inc. (the &ldquo;Company&rdquo;), hereby certify, that, to my
knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">1.</TD>
    <TD STYLE="width: 85%">The Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 (the &ldquo;Report&rdquo;) fully complies with the requirements of section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">2.</TD>
    <TD STYLE="width: 85%">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-bottom: 1pt">Date: May 10, 2012</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid">/s/&nbsp;Ronald Pipoly</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Ronald Pipoly</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-style: italic"><I>(Principal Financial and Accounting Officer)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>6
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<DESCRIPTION>XBRL INSTANCE DOCUMENT
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&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 5%"&gt;&lt;/td&gt;
&lt;td style="width: 4%; text-align: left"&gt;&lt;b&gt;13.&lt;/b&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 90%"&gt;&lt;b&gt;Shareholder
Equity&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The following table summarizes the ownership components of total
equity for the three months ended March 31, 2012:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="right" style="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid"&gt;
(Amounts&amp;#xA0;in&amp;#xA0;Thousands)&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
AmTrust&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Non-Controlling&lt;br /&gt;
Interests&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Total&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 61%"&gt;Beginning Balance, January 1, 2012&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;890,563&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;69,098&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;959,661&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;Net income&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;39,086&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;134&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;39,220&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;Unrealized holding
gains&amp;#xA0;&amp;#xA0;and reclassification&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;28,315&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;28,315&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;Foreign currency translation&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;4,197&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;4,197&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;Unrealized loss on interest rate
swap&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(57&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(57&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -15.1pt; padding-left: 15.1pt"&gt;
Equity component of convertible senior notes, net of income tax and
issue costs&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;3,306&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;3,306&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;Capital contribution&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;4,928&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;4,928&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;Dividends&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(5,470&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(5,470&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;Share exercises
and compensation, other&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
2,102&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
2,102&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;Ending Balance, March 31,
2012&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
962,042&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
74,160&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
1,036,202&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;br style="clear: both" /&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
There were no distributions to non-controlling interests or changes
in ownership percentages during the three months ended March 31,
2012.&lt;/p&gt;
&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_22">29084000</us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities>
  <us-gaap:IncreaseDecreaseInPrepaidReinsurancePremiums contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_15">36118000</us-gaap:IncreaseDecreaseInPrepaidReinsurancePremiums>
  <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_27">134000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
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  <us-gaap:OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" xsi:nil="true" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_36" />
  <us-gaap:RealizedInvestmentGainsLosses contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_38">-1148000</us-gaap:RealizedInvestmentGainsLosses>
  <us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_7A535624-1EAB-4D9E-A656-752E444E57B7_1_9">134000</us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest>
  <us-gaap:PaymentsOfFinancingCosts contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_42">750000</us-gaap:PaymentsOfFinancingCosts>
  <us-gaap:IncomeTaxesPaid contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_52">46000</us-gaap:IncomeTaxesPaid>
  <us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_7A535624-1EAB-4D9E-A656-752E444E57B7_1_2">4197000</us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:Revenues contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_10">414206000</us-gaap:Revenues>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_506CE8A9-D620-4DA8-845E-DDF22135E552_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 5%"&gt;&lt;/td&gt;
&lt;td style="width: 4%; text-align: left"&gt;&lt;b&gt;14.&lt;/b&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 90%"&gt;&lt;b&gt;Contingent
Liabilities&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt"&gt;
&lt;b&gt;&lt;i&gt;Litigation&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The Company&amp;#x2019;s insurance subsidiaries are named as defendants
in various legal actions arising principally from claims made under
insurance policies and contracts. Those actions are considered by
the Company in estimating the loss and LAE reserves. The
Company&amp;#x2019;s management believes the resolution of those actions
will not have a material adverse effect on the Company&amp;#x2019;s
financial position or results of operations.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;b&gt;&lt;i&gt;Vehicle service contract industry inquiry and related
proceedings&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
As previously described in the Company&amp;#x2019;s Annual Report on
Form 10-K, the Company&amp;#x2019;s subsidiary Warrantech Corporation
(&amp;#x201C;Warrantech&amp;#x201D;) is involved in a number of disputes that
relate to U.S. Fidelis, a direct marketer of vehicle service
contracts that filed a petition for Chapter 11 bankruptcy
protection in February 2010 in the United States Bankruptcy Court
for the Eastern District of Missouri (the &amp;#x201C;Bankruptcy
Proceeding&amp;#x201D;).&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
On April 27, 2012, the parties to the various disputes reached
agreement on a comprehensive settlement, the terms of which are
incorporated into the plan of liquidation for U.S. Fidelis, which
was filed in the Bankruptcy Proceeding on May 1, 2012 (the
&amp;#x201C;Plan&amp;#x201D;). In connection with the Plan, Warrantech, the
Unsecured Creditors Committee of U.S. Fidelis, Mepco Finance
Corporation (&amp;#x201C;Mepco&amp;#x201D;), and the States of Missouri,
Texas, Washington and Ohio, by and through the offices of their
respective Attorneys General entered into a plan support agreement
(the &amp;#x201C;PSA&amp;#x201D;). Pursuant to the PSA, provided that the
Plan has not been modified in such a manner that would materially
adversely affect the rights, recoveries, or obligations of the
parties and subject to an opt-out right in favor of Warrantech and
Mepco, each of the parties agreed to support the Plan throughout
the Bankruptcy Proceeding and to cooperate to the fullest extent in
obtaining confirmation of the Plan by no later than July 30, 2012.
On the effective date of the Plan, Warrantech will become obligated
to pay $4.8 million to Mepco, $1.4 million to the liquidating
trustee and $1.1 million to the U.S. Fidelis Consumer Restitution
Plan (as described in the Plan).&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
As part of the overall settlement, Warrantech also entered into
assurances of voluntary compliance with the states of Ohio,
Missouri, Texas and Washington (the &amp;#x201C;AVCs&amp;#x201D;) that do not
become binding until the effective date of the Plan. The AVCs
require Warrantech to adhere to certain compliance terms in
connection with the marketing and sale of vehicle service contracts
through authorized telemarketers, pay certain funds to consumers in
connection with vehicle service contracts that were marketed and
sold by U.S. Fidelis and administered by Warrantech and contribute
the funds referenced above to the U.S. Fidelis Consumer Restitution
Fund.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"&gt;
&lt;b&gt;&lt;i&gt;Investment in ACAC&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&amp;#xA0;As a result of its equity investment in ACAC, the
Company made an initial investment in ACAC in the amount of
approximately $53,000.&amp;#xA0;&amp;#xA0;In addition, the Company, the
Trust and Michael Karfunkel, individually, each shall be required
to make its or his proportional share of the deferred payments
payable by ACAC to GMAC pursuant to the GMAC Securities Purchase
Agreement (See Note 11. Related Party Transactions), which are
payable over a period of three years from the date of the closing
of the Acquisition, to the extent that ACAC is unable to otherwise
provide for such payments. The Company&amp;#x2019;s proportionate share
of such deferred payments shall not exceed $7,500.&lt;/p&gt;
&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:SegmentReportingDisclosureTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_71E865CB-4772-4B54-A454-06251D8BF259_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 5%"&gt;&lt;/td&gt;
&lt;td style="width: 4%; text-align: left"&gt;&lt;b&gt;15.&lt;/b&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 90%"&gt;&lt;b&gt;Segments&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;The Company currently operates four business segments, Small
Commercial Business; Specialty Risk and Extended Warranty;
Specialty Program and Personal Lines Reinsurance. The
&amp;#x201C;Corporate &amp;amp; Other&amp;#x201D; segment represents the
activities of the holding company as well as a portion of service
and fee revenue. In determining total assets (excluding cash and
invested assets) by segment, the Company identifies those assets
that are attributable to a particular segment such as deferred
acquisition cost, reinsurance recoverable, goodwill, intangible
assets and prepaid reinsurance while the remaining assets are
allocated based on net written premium by segment. In determining
cash and invested assets by segment, the Company matches certain
identifiable liabilities such as unearned premium and loss and loss
adjustment expense reserves by segment. The remaining cash and
invested assets are then allocated based on net written premium by
segment. Investment income and realized gains (losses) are
determined by calculating an overall annual return on cash and
invested assets and applying that overall return to the cash and
invested assets by segment. Ceding commission revenue is allocated
to each segment based on that segment&amp;#x2019;s proportionate share
of the Company&amp;#x2019;s overall acquisition costs. Interest expense
is allocated based on net written premium by segment. Income taxes
are allocated on a pro-rata basis based on the Company&amp;#x2019;s
effective tax rate. Additionally, management reviews the
performance of underwriting income in assessing the performance of
and making decisions regarding the allocation of resources to the
segments. Underwriting income excludes, primarily, service and fee
revenue, investment income and other revenues, other expenses,
interest expense and income taxes. Management believes that
providing this information in this manner is essential to providing
Company&amp;#x2019;s shareholders with an understanding of the
Company&amp;#x2019;s business and operating performance.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt"&gt;
During the three months ended March 31, 2012, the Company derived
over ten percent of gross premium in its Specialty Risk and
Extended Warranty segment from one broker of approximately $35,000.
During the three months ended March 31, 2012, the Company derived
ten percent of gross premium in its Specialty Program segment from
two individual programs for an aggregate of approximately
$20,400.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;The following tables summarize the results of operations of
the business segments for the three months ended March 31, 2012 and
2011:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;(Amounts&amp;#xA0;in&amp;#xA0;Thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Small&lt;br /&gt;
Commercial&lt;br /&gt;
Business&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Specialty&amp;#xA0;Risk&lt;br /&gt;
and&amp;#xA0;Extended&lt;br /&gt;
Warranty&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Specialty&lt;br /&gt;
Program&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Personal&lt;br /&gt;
Lines&lt;br /&gt;
Reinsurance&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Corporate&lt;br /&gt;
and&amp;#xA0;Other&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-decoration: none; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Three months ended March 31,
2012:&lt;/u&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 34%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Gross written premium&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232,351&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;234,089&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;104,638&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,609&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;601,687&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Net
written premium&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;118,890&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;141,161&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;69,117&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,609&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;359,777&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Change in unearned premium&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(26,562&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(5,588&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(9,456&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(4,147&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(45,753&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Net earned premium&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;92,328&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;135,573&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;59,661&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;26,462&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;314,024&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -8.95pt; padding-left: 8.95pt"&gt;
&lt;font style="font-size: 8pt"&gt;Ceding commission&amp;#xA0;- primarily
related party&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,132&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,194&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,948&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;46,274&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Loss and
loss adjustment expense&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(59,224&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(83,443&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(40,194&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(17,068&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(199,929&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -8.95pt; padding-left: 8.95pt"&gt;
&lt;font style="font-size: 8pt"&gt;Acquisition costs and other
underwriting expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(8,071&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
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&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(124,025&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(102,154&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(126,528&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(70,133&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(25,139&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(323,954&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Underwriting income&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,306&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,239&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,476&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,323&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36,344&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Service
and&amp;#xA0;fee income&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,435&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,218&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,876&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40,538&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -8.95pt; padding-left: 8.95pt"&gt;
&lt;font style="font-size: 8pt"&gt;Investment income and realized gain
(loss)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,493&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,041&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,333&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;503&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,370&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Other
expenses&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(14,123&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(14,035&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(6,105&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,376&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(35,639&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Interest
expense&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,810&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,792&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,215&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(274&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(7,091&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Foreign
currency gain&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;421&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;421&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Gain on
life settlement contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;37&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;90&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Provision
for income taxes&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,514&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(7,347&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;773&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,565&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(524&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(11,177&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -8.95pt; padding-left: 8.95pt"&gt;
&lt;font style="font-size: 8pt"&gt;Equity in earnings of unconsolidated
subsidiaries&amp;#xA0;&amp;#xA0;&amp;#x2013; related party&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,364&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,364&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Non-controlling interest&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(53&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(53&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(23&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(5&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(134&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -8.95pt; padding-left: 8.95pt"&gt;
&lt;font style="font-size: 8pt"&gt;Net income attributable to AmTrust
Financial Services, Inc.&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;8,771&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;25,727&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(2,737&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;5,485&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;1,840&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;39,086&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;(Amounts&amp;#xA0;in&amp;#xA0;Thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Small&lt;br /&gt;
Commercial&lt;br /&gt;
Business&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Specialty&amp;#xA0;Risk&lt;br /&gt;
and&amp;#xA0;Extended&lt;br /&gt;
Warranty&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Specialty&lt;br /&gt;
Program&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Personal&lt;br /&gt;
Lines&lt;br /&gt;
Reinsurance&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Corporate&lt;br /&gt;
and&amp;#xA0;Other&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-decoration: none; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Three months ended March 31,
2011:&lt;/u&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 34%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Gross written premium&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;140,716&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;227,748&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;49,976&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,587&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;444,027&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Net
written premium&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;77,651&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;104,547&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,234&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,587&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;234,019&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Change in unearned premium&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(15,790&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(19,970&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;4,536&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(2,457&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(33,681&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Net earned premium&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;61,861&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;84,577&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;30,770&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;23,130&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;200,338&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 9pt"&gt;
&lt;font style="font-size: 8pt"&gt;Ceding commission&amp;#xA0;- primarily
related party&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,325&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,899&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,460&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,684&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Loss and
loss adjustment expense&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,763&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(57,424&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(19,705&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(14,804&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(128,696&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"&gt;
&lt;font style="font-size: 8pt"&gt;Acquisition costs and other
underwriting expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
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&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(12,312&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(7,518&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
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&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(81,234&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(71,519&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(84,072&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(32,017&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(22,322&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(209,930&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Underwriting income&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,667&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,404&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,213&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;808&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,092&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Service
and fee income&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,241&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,506&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,438&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,189&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 9pt"&gt;
&lt;font style="font-size: 8pt"&gt;Investment income and realized gain
(loss)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,750&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,515&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,603&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;739&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,607&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Other
expenses&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(7,312&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9,021&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,431&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,432&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(20,196&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Interest
expense&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,359&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,677&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(452&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(266&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,754&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Foreign
currency loss&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(284&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(284&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Gain on
life settlement contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,837&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,436&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,273&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,340&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,886&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Provision
for income taxes&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,661&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,908&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(778&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(177&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(513&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9,037&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 9pt"&gt;
&lt;font style="font-size: 8pt"&gt;Equity in earnings of unconsolidated
investment &amp;#x2013; related parties&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,819&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,819&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Non-controlling interest&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(2,947&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(3,635&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(980&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(577&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(8,139&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -15.1pt; padding-left: 15.1pt"&gt;
&lt;font style="font-size: 8pt"&gt;Net income attributable to AmTrust
Financial Services, Inc.&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;12,216&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;24,336&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;3,452&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;435&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;4,744&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;45,183&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt"&gt;
&amp;#xA0;The following tables summarize long lived assets and total
assets of the business segments as of March 31, 2012 and December
31, 2011:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;(Amounts&amp;#xA0;in&amp;#xA0;Thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Small&lt;br /&gt;
Commercial&lt;br /&gt;
Business&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Specialty&amp;#xA0;Risk&lt;br /&gt;
and&amp;#xA0;Extended&lt;br /&gt;
Warranty&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Specialty&lt;br /&gt;
Program&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Personal&lt;br /&gt;
Lines&lt;br /&gt;
Reinsurance&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Corporate&lt;br /&gt;
and other&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-decoration: none; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;As of March 31, 2012:&lt;/u&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 34%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Property and equipment, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,283&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,125&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,929&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,464&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;63,801&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Goodwill
and intangible assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;180,800&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;165,010&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,702&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;368,512&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Total
assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,523,163&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,462,815&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;957,172&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;152,238&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,095,388&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-decoration: none; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;As of December 31, 2011:&lt;/u&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Property
and equipment, net&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,767&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,811&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,762&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,213&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;61,553&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Goodwill
and intangible assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;123,976&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,782&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,858&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;314,616&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Total
assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,150,824&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,482,018&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;912,476&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;133,429&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,678,747&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
  <us-gaap:RepaymentsOfSecuredDebt contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_39">240000</us-gaap:RepaymentsOfSecuredDebt>
  <us-gaap:DebtDisclosureTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_3192F324-C794-4DE3-B575-BE684FB8030B_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 5%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 4%; font-weight: bold"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;6.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 91%; font-weight: bold"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Debt&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The Company&amp;#x2019;s borrowings
consisted of the following at March 31, 2012 and December 31,
2011:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 26.65pt"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-size: 10pt; border-bottom: Black 1pt solid"&gt;
(Amounts in Thousands)&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2012&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; text-indent: -0.25in; padding-left: 18.75pt"&gt;
Revolving credit facility&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 68%; font-size: 10pt; text-align: left; padding-left: 0.75pt"&gt;
Subordinated debentures&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 12%; font-size: 10pt; text-align: right"&gt;
123,714&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 2%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 12%; font-size: 10pt; text-align: right"&gt;
123,714&lt;/td&gt;
&lt;td style="width: 1%; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; text-indent: -0.25in; padding-left: 18.75pt"&gt;
Convertible senior notes&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;159,113&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;138,506&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; text-align: left; text-indent: -0.25in; padding-left: 18.75pt"&gt;
Secured loan agreements&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;9,778&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right"&gt;10,018&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 18.75pt"&gt;
Promissory notes&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
9,945&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"&gt;
7,362&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
302,550&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"&gt;
279,600&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;Aggregate scheduled maturities of the
Company&amp;#x2019;s borrowings at March 31, 2012 are:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 88%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.65in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1pt"&gt;(Amounts in Thousands)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="text-align: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 87%; text-align: left; text-indent: -0.25in; padding-left: 18.75pt"&gt;
2012&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;10,682&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 0.75pt"&gt;2013&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;1,021&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 18.75pt"&gt;
2014&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;1,068&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 18.75pt"&gt;
2015&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;1,116&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 18.75pt"&gt;
2016&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;1,167&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;Thereafter&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;287,496&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.75in"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;Amount reflected in balance sheet for promissory notes is net
of unamortized original issue discount of $55 for one of the
notes.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.75in"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;Amount reflected in balance sheet for convertible senior notes
is net of unamortized original issue discount of $40,887.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Revolving Credit
Agreement&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;On January 28, 2011, the
Company entered into a three-year, $150,000 credit agreement (the
&amp;#x201C;Credit Agreement&amp;#x201D;), among JPMorgan Chase Bank, N.A.,
as Administrative Agent, The Bank of Nova Scotia, as Syndication
Agent, SunTrust Bank, as Documentation Agent, and the various
lending institutions party thereto. The credit facility is a
revolving credit facility with a letter of credit sublimit of
$50,000 and an expansion feature not to exceed $50,000. &amp;#xA0;The
Credit Agreement contains certain restrictive covenants customary
for facilities of this type (subject to negotiated exceptions and
baskets), including restrictions on indebtedness, liens,
acquisitions and investments, restricted payments and dispositions.
There are also financial covenants that require the Company to
maintain a minimum consolidated net worth, a maximum consolidated
leverage ratio, a minimum fixed charge coverage ratio, a minimum
risk-based capital and a minimum statutory surplus. The Company was
in compliance with all covenants as of March 31, 2012.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;As of March 31, 2012, the Company had
no outstanding borrowings under this Credit Agreement. The Company
had outstanding letters of credit in place under this Credit
Agreement at March 31, 2012 for $49,371, which reduced the
availability for letters of credit to $629 as of March 31, 2012 and
the availability under the facility to $100,629 as of March 31,
2012.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;Borrowings under the Credit Agreement
bear interest at (x) the greatest of (a) the Administrative
Agent&amp;#x2019;s prime rate, (b) the federal funds effective rate plus
0.5 percent or (c) the adjusted LIBO rate for a one month interest
period on such day plus 1 percent, plus (y) a margin that is
adjusted on the basis of the Company&amp;#x2019;s consolidated leverage
ratio. Eurodollar borrowings under the Credit Agreement will bear
interest at the adjusted LIBO rate for the interest period in
effect plus a margin that is adjusted on the basis of the
Company&amp;#x2019;s consolidated leverage ratio. The interest rate on
the credit facility as of March 31, 2012 and 2011 was 2.50%. The
Company recorded interest expense of approximately $510 and $395
for the three months ended March 31, 2012 and 2011, respectively,
under the Credit Agreement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;Fees payable by the Company under the
Credit Agreement include a letter of credit participation fee
(which is the margin applicable to Eurodollar borrowings and was
2.25% at March 31, 2012), a letter of credit fronting fee with
respect to each letter of credit (.125%) and a commitment fee on
the available commitments of the lenders (a range of .35% to .45%
based on the Company&amp;#x2019;s consolidated leverage ratio and was
..40% at March 31, 2012).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Junior Subordinated
Debt&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;The Company has established
four special purpose trusts for the purpose of issuing trust
preferred securities. The proceeds from such issuances, together
with the proceeds of the related issuances of common securities of
the trusts, were invested by the trusts in junior subordinated
debentures issued by the Company. In accordance with FASB ASC
810-10-25, the Company does not consolidate such special purpose
trusts, as the Company is not considered to be the primary
beneficiary. The equity investment, totaling $3,714 as of March 31,
2012 on the Company&amp;#x2019;s consolidated balance sheet, represents
the Company&amp;#x2019;s ownership of common securities issued by the
trusts. The debentures require interest-only payments to be made on
a quarterly basis, with principal due at maturity. The debentures
contain covenants that restrict declaration of dividends on the
Company&amp;#x2019;s common stock under certain circumstances, including
default of payment. The Company incurred $2,605 of placement fees
in connection with these issuances which is being amortized over
thirty years. The Company recorded $2,191 and $2,552 of interest
expense for the three months ended March 31, 2012 and 2011,
respectively, related to these trust preferred
securities.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;The table below summarizes the
Company&amp;#x2019;s trust preferred securities as of March 31,
2012:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Aggregate&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Liquidation&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Aggregate&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Per&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Amount&amp;#xA0;of&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Liquidation&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Aggregate&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Annum&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;(Amounts&amp;#xA0;in&amp;#xA0;Thousands)&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Trust&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Amount&amp;#xA0;of&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Principal&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
Stated&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Interest&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Preferred&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Common&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Amount&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
Maturity&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;Rate&amp;#xA0;of&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid"&gt;
Name&amp;#xA0;of&amp;#xA0;Trust&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Securities&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Securities&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
of&amp;#xA0;Notes&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
of&amp;#xA0;Notes&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Notes&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; width: 45%"&gt;AmTrust Capital Financing
Trust I&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;25,000&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;774&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;25,774&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 10%; text-align: center"&gt;3/17/2035&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 8%; text-align: right"&gt;8.275&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 1%; text-align: left"&gt;
%&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;AmTrust Capital Financing Trust
II&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;25,000&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;774&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;25,774&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: center"&gt;6/15/2035&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;7.710&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;AmTrust Capital Financing Trust
III&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;30,000&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;928&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;30,928&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: center"&gt;9/15/2036&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;3.774&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;AmTrust Capital
Financing Trust IV&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
40,000&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
1,238&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
41,238&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt"&gt;3/15/2037&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right"&gt;3.474&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;
&lt;sup&gt;(3)&lt;/sup&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total trust
preferred securities&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
120,000&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
3,714&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
123,714&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: super; padding-left: 0.24in"&gt;
&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; padding-left: 0in"&gt;The interest
rate will change to three-month LIBOR plus 3.40% after the tenth
anniversary in 2015.&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: super; padding-left: 0.24in"&gt;
&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="vertical-align: top"&gt;The interest rate is LIBOR plus
3.30%.&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; padding-left: 0.24in"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: super; padding-left: 0.24in"&gt;
&lt;sup&gt;(3)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="vertical-align: top"&gt;The interest rate changed from
7.93% to LIBOR plus 3.00% on March 15, 2012.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The Company entered into two interest
rate swap agreements related to these junior subordinated
debentures, which effectively convert the interest rate on the
trust preferred securities from a variable rate to a fixed rate.
Each agreement is for a period of five years and commenced on
September 15, 2011 for tranche III and March 15, 2012 for tranche
IV.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Convertible Senior
Notes&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;In December 2011, the Company issued
$175,000 aggregate principal amount of its 5.5% convertible senior
notes due 2021 (the &amp;#x201C;Notes&amp;#x201D;) to certain initial
purchasers in a private placement. In January 2012, the Company
issued an additional $25,000 of the Notes to cover the initial
purchasers&amp;#x2019; overallotment option. The Notes will bear
interest at a rate equal to 5.5% per year, payable semiannually in
arrears on June 15&lt;sup&gt;th&lt;/sup&gt; and December 15&lt;sup&gt;th&lt;/sup&gt; of
each year, beginning on June 15, 2012.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The Notes will mature on December 15,
2021 (the &amp;#x201C;Maturity Date&amp;#x201D;), unless earlier purchased by
the Company or converted into shares of the Company&amp;#x2019;s common
stock, par value $0.01 per share (the &amp;#x201C;Common Stock&amp;#x201D;).
Prior to September 15, 2021, the Notes will be convertible only
upon satisfaction of certain conditions, and thereafter, at any
time prior to the close of business on the second scheduled trading
day immediately preceding the Maturity Date. The conversion rate
will initially equal 31.4218 shares of Common Stock per $1,000
principal amount of Notes, which corresponds to an initial
conversion price of approximately $31.83 per share of Common Stock,
representing a conversion premium of 25.0% over $25.46 per share,
which was the last reported sale price of the Common Stock on the
NASDAQ on December 15, 2011. The conversion rate will be subject to
adjustment upon the occurrence of certain events as set forth in
the indenture governing the notes. Upon conversion of the Notes,
the Company will, at its election, pay or deliver, as the case may
be, cash, shares of Common Stock, or a combination of cash and
shares of Common Stock.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;Upon the occurrence of a fundamental
change (as defined in the indenture governing the notes) involving
the Company, holders of the Notes will have the right to require
the Company to repurchase their Notes for cash, in whole or in
part, at 100% of the principal amount of the Notes to be
repurchased, plus any accrued and unpaid interest, if any, to, but
excluding, the fundamental change purchase date.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The Company separately allocated the
proceeds for the issuance of the Notes to a liability component and
an equity component, which is the embedded conversion option. The
equity component was reported as an adjustment to paid-in-capital,
net of tax, and is reflected as an original issue discount
(&amp;#x201C;OID&amp;#x201D;). The OID of $41,679 and deferred origination
costs relating to the liability component of $4,750 will be
amortized into interest expense over the term of the loan of the
Notes. After considering the contractual interest payments and
amortization of the original discount, the Notes effective interest
rate was 8.57%. Transaction costs of $1,250 associated with the
equity component were netted in paid-in-capital. Interest expense,
including amortization of deferred origination costs, recognized on
the Notes was $3,544 for the three months ended March 31,
2012.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The following table shows the amounts
recorded for the Notes as of March 31, 2012 and December 31,
2011:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;(Amounts in
Thousands)&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
March 31, 2012&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
December 31, 2011&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 18.75pt"&gt;
Liability component&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 74%; text-align: left; padding-left: 9pt"&gt;
Outstanding principal&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;200,000&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;175,000&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt"&gt;
Unamortized OID&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
(40,887&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
(36,494&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt"&gt;
Liability component&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
159,113&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
138,506&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 18.75pt"&gt;
Equity component, net of tax&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
27,092&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
23,785&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Secured Loan
Agreement&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;During February 2011, the
Company, through a wholly-owned subsidiary, entered into a
seven-year secured loan agreement with Bank of America Leasing
&amp;amp; Capital, LLC in the aggregate amount of $10,800 to finance
the purchase of an aircraft. The loan bears interest at a fixed
rate of 4.45%, requires monthly installment payments of
approximately $117 commencing on March 25, 2011 and ending on
February 25, 2018, and a balloon payment of $3,240 at the maturity
date. The Company recorded interest expense of approximately $112
and $51 for the three months ended March 31, 2012 and 2011,
respectively, related to this agreement. The loan is secured by an
aircraft that the subsidiary acquired in February 2011.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;The agreement contains certain
covenants that are similar to the Company&amp;#x2019;s revolving credit
facility. Additionally, subsequent to February 25, 2012, but prior
to payment in full, if the outstanding balance of this loan exceeds
90% of the fair value of the aircraft, the Company is required to
pay the lender the entire amount necessary to reduce the
outstanding principal balance to be equal to or less than 90% of
the fair value of the aircraft.&amp;#xA0; The agreement allows the
Company, under certain conditions, to repay the entire outstanding
principal balance of this loan without penalty.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Promissory Notes&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;In connection with the stock
and asset purchase agreement with a subsidiary of Unitrin, Inc.
(now called Kemper Corporation), the Company, on June 1, 2008,
issued a promissory note to Unitrin, Inc. in the amount of $30,000.
The note is non-interest bearing and requires four annual principal
payments of $7,500. The first three annual principal payments were
paid between 2009 and 2011, and the remaining principal payment is
due on June 1, 2012. Upon entering into the promissory note, the
Company calculated imputed interest of $3,155 based on interest
rates available to the Company, which was 4.5%. Accordingly, the
note&amp;#x2019;s carrying balance was adjusted to $26,845 at the
acquisition. The note is required to be paid in full, immediately,
under certain circumstances including a default of payment or
change of control of the Company. The Company included $83 and $163
of amortized discount on the note in its results of operations for
the three months ended March 31, 2012 and 2011, respectively. The
note&amp;#x2019;s carrying value was $7,445 and $7,362 as of March 31,
2012 and December 31, 2011, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;In March 2012, 800 Superior LLC
entered into a promissory note with ACP Re, Ltd in the amount of
$2,500. 800 Superior LLC is an entity the Company and ACAC have a
50% ownership interest in. The note matures in July 2012 and bears
interest at a rate of 2.00% per annum, which resulted in $3 of
interest expense for the three months ended March 31, 2012. For
more information regarding this promissory note, see Note 11.
&amp;#x201C;Related Party Transactions.&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Comerica Letter of Credit
Facility&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;In connection with the Majestic
acquisition discussed in Note 12 &amp;#x201C;Acquisitions,&amp;#x201D; the
Company, through one of its subsidiaries, entered into a secured
letter of credit facility with Comerica Bank during the three
months ended September 30, 2011. The Company utilizes this letter
of credit facility to comply with the deposit requirements of the
State of California and the U.S. Department of Labor as security
for the Company&amp;#x2019;s obligations to workers&amp;#x2019; compensation
and federal Longshore and Harbor Workers&amp;#x2019; Compensation Act
policyholders. The credit limit is for $75,000 and was utilized for
$49,801 as of March 31, 2012. The Company is required to pay a
letter of credit participation fee for each letter of credit in the
amount of 0.40%.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Other Letter of
Credit&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;The Company, through certain
subsidiaries, has an additional existing stand-by letter of credit
as of March 31, 2012 in the amount of $1,311.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_24">88434000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_7A535624-1EAB-4D9E-A656-752E444E57B7_1_10">71541000</us-gaap:ComprehensiveIncomeNetOfTax>
  <us-gaap:AmortizationOfDebtDiscountPremium contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_7">968000</us-gaap:AmortizationOfDebtDiscountPremium>
  <us-gaap:EarningsPerShareTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_12717FF9-A85D-4656-AB55-67BF4C1BE01D_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 5%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 4%; font-weight: bold"&gt;&lt;b&gt;8.&lt;/b&gt;&lt;/td&gt;
&lt;td style="width: 91%; font-weight: bold"&gt;&lt;b&gt;Earnings Per
Share&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;Effective January 1, 2009, the Company adopted ASC subtopic
260-10, &lt;i&gt;Determining Whether Instruments Granted in Share-Based
Payments Transactions Are Participating Securities&lt;/i&gt;. ASC 260-10
provides that unvested share-based payment awards that contain
nonforfeitable rights to dividends or dividend equivalents, whether
paid or unpaid, are participating securities and are to be included
in the computation of earnings per share under the two-class
method. The Company&amp;#x2019;s unvested restricted shares contain
rights to receive nonforfeitable dividends and are participating
securities, requiring the two-class method of computing earnings
per share.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;The following table&amp;#xA0;is a summary of the elements used in
calculating basic and diluted earnings per share for the three
months ended March 31, 2012 and 2011:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1pt"&gt;(Amounts in Thousands except per
share)&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2012&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 0.4pt"&gt;Basic earnings per share:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 74%; text-align: left; padding-left: 0.4pt"&gt;Net
income attributable to AmTrust Financial Services, Inc.
shareholders&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;39,086&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;45,183&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 18.4pt"&gt;
Less: Net income allocated to participating securities and
redeemable non-controlling interest&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
58&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
25&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt"&gt;Net
income allocated to AmTrust Financial Services, Inc. common
shareholders&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
39,028&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
45,158&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: center; padding-left: 0.4pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-left: 0.4pt"&gt;Weighted average common shares
outstanding &amp;#x2013; basic&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;60,375&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;59,603&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 0.4pt"&gt;Less: Weighted
average participating shares outstanding&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
89&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
38&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 0.4pt"&gt;Weighted
average common shares outstanding &amp;#x2013; basic&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
60,286&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
59,565&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt"&gt;Net
income per AmTrust Financial Services, Inc. common shares -
basic&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"&gt;
0.65&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"&gt;
0.76&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: center; padding-left: 0.4pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 0.4pt"&gt;Diluted earnings per share:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 0.4pt"&gt;Net income
attributable to AmTrust Financial Services, Inc. shareholders&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;39,086&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;45,183&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 18.4pt"&gt;
Less: Net income allocated to participating securities and
redeemable non-controlling interest&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
58&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
25&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt"&gt;Net
income allocated to AmTrust Financial Services, Inc. common
shareholders&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
39,028&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
45,158&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: center; padding-left: 0.4pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-left: 0.4pt"&gt;Weighted average common shares
outstanding &amp;#x2013; basic&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;60,286&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;59,565&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.4pt"&gt;Plus:
Dilutive effect of stock options, other&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
2,033&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
1,167&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 0.4pt"&gt;Weighted
average common shares outstanding &amp;#x2013; dilutive&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
62,319&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
60,732&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt"&gt;Net
income per AmTrust Financial Services, Inc. common shares -
diluted&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"&gt;
0.63&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"&gt;
0.74&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
As of March 31, 2012, there were less than 100,000 anti-dilutive
securities excluded from diluted earnings per share.&lt;/p&gt;
&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:PaymentsOfDividendsCommonStock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_45">5533000</us-gaap:PaymentsOfDividendsCommonStock>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_22">48033000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
  <us-gaap:ShareBasedCompensation contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_8">1180000</us-gaap:ShareBasedCompensation>
  <us-gaap:IncreaseDecreaseInFundsHeldUnderReinsuranceAgreements contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_21">6625000</us-gaap:IncreaseDecreaseInFundsHeldUnderReinsuranceAgreements>
  <us-gaap:BasisOfAccounting contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_23E1AC86-0C77-4F1D-A8BB-544455C058D9_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 5%; font-size: 10pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 4%; font-size: 10pt; font-weight: bold"&gt;
&lt;b&gt;1.&lt;/b&gt;&lt;/td&gt;
&lt;td style="width: 91%; font-size: 10pt; font-weight: bold"&gt;&lt;b&gt;Basis
of Reporting&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The accompanying unaudited interim consolidated financial
statements have been prepared in accordance with U.S. generally
accepted accounting principles (&amp;#x201C;GAAP&amp;#x201D;) for interim
financial statements and with the instructions to Form 10-Q and
Article 10 of Regulation S-X and, therefore, do not include all of
the information and footnotes required by GAAP for complete
financial statements. These interim statements should be read in
conjunction with the financial statements and notes thereto
included in the AmTrust Financial Services, Inc.
(&amp;#x201C;AmTrust&amp;#x201D; or the &amp;#x201C;Company&amp;#x201D;) Annual Report
on Form 10-K for the year ended December 31, 2011, previously filed
with the Securities and Exchange Commission (&amp;#x201C;SEC&amp;#x201D;) on
March 15, 2012. The balance sheet at December 31, 2011 has been
derived from the audited consolidated financial statements at that
date but does not include all of the information and footnotes
required by GAAP for complete financial statements.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;These interim consolidated financial statements reflect all
adjustments that are, in the opinion of management, necessary for a
fair presentation of the results for the interim period and all
such adjustments are of a normal recurring nature. The results of
operations for the interim period are not necessarily indicative,
if annualized, of those to be expected for the full year. &amp;#xA0;
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;A detailed description of the Company&amp;#x2019;s significant
accounting policies and management judgments is located in the
audited consolidated financial statements for the year ended
December 31, 2011, included in the Company&amp;#x2019;s Form 10-K filed
with the SEC.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;All significant inter-company transactions and accounts have
been eliminated in the consolidated financial statements.
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
To facilitate period-to-period comparisons, certain
reclassifications have been made to prior period consolidated
financial statement amounts to conform to current period
presentation. The Company and American Capital Acquisition
Corporation (&amp;#x201C;ACAC&amp;#x201D;) currently each have a 50%
ownership interest in Tiger Capital LLC (&amp;#x201C;Tiger&amp;#x201D;) and
AMT Capital Alpha, LLC (&amp;#x201C;AMT Alpha&amp;#x201D;). The Company also
has a 21.25% ownership share of ACAC. As a result, the Company
ultimately receives 60.625% of the income and losses related to
Tiger and AMT Alpha and therefore consolidates Tiger and AMT Alpha.
Prior to January 1, 2012, the Company reported Tiger&amp;#x2019;s and
AMT Alpha&amp;#x2019;s income and losses attributable to its 10.625%
indirect ownership as a component of Equity in Earnings of
Unconsolidated Subsidiaries. This amount was offset by reporting an
equal amount as a component of Non-controlling interest. Effective
January 1, 2012, the Company presents the impact of the 10.625%
indirect ownership of Tiger and AMT Alpha on a net basis and
excludes this amount from both Equity in Earnings of Unconsolidated
Subsidiaries and Non-controlling Interest. All prior periods
presented have been reclassed to conform to the current
presentation. There was no impact on prior period Net Income
Attributable to AmTrust Financial Services, Inc. The
Company&amp;#x2019;s equity investment in ACAC and non-controlling
interest were reduced by $3,807 as of December 31, 2011.&lt;/p&gt;
&lt;/div&gt;</us-gaap:BasisOfAccounting>
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  <us-gaap:PolicyholderBenefitsAndClaimsIncurredNet contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_12">199929000</us-gaap:PolicyholderBenefitsAndClaimsIncurredNet>
  <us-gaap:IncreaseDecreaseInRestrictedCash contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_31">36132000</us-gaap:IncreaseDecreaseInRestrictedCash>
  <us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_7A535624-1EAB-4D9E-A656-752E444E57B7_1_6">2444000</us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax>
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  <us-gaap:AccountingChangesAndErrorCorrectionsTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_AF631221-ECB1-4AD7-A416-A937BA20487D_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 5%"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 4%; font-weight: bold"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 91%; font-weight: bold"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Recent Accounting
Pronouncements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;With the exception of those
discussed below, there have been no recent accounting
pronouncements or changes in accounting pronouncements during the
three months ended March 31, 2012, as compared to those described
in our Annual Report on Form&amp;#xA0;10-K for the fiscal year ended
December 31, 2011, that are of significance, or potential
significance, to the Company.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;In December 2011, the Financial
Accounting Standards Board (&amp;#x201C;FASB&amp;#x201D;) issued a new
standard which indefinitely defers certain provisions of a
previously issued standard, Accounting Standards Update
(&amp;#x201C;ASU&amp;#x201D;) No. 2011-05 &lt;i&gt;Comprehensive Income (Topic
220)&lt;/i&gt; that revised the manner in which companies present
comprehensive income in financial statements. One of the ASU
provisions required companies to present reclassification
adjustments out of accumulated other comprehensive income by
component in both the statement in which net income is presented
and the statement in which other comprehensive income is presented.
Accordingly, this requirement is indefinitely deferred and will be
further deliberated by the FASB at a future date. The amendment is
effective for fiscal years and interim periods within those years
that begin after December 15, 2011. The Company adopted this
standard on January 1, 2012. The adoption of the new standard did
not have a material impact on the Company&amp;#x2019;s results of
operations, financial position or liquidity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;In June 2011, the FASB issued ASU No.
2011-05 &lt;i&gt;Comprehensive Income (Topic 220)&lt;/i&gt;. This update
required that all non-owner charges in stockholders&amp;#x2019; equity
be presented either in a single continuous statement of
comprehensive income or in two separate but consecutive statements.
In the two-step approach, the first statement should present total
net income and its components followed consecutively by a second
statement that should present total other comprehensive income, the
components of other comprehensive income, and the total of
comprehensive income. The updated guidance was effective for fiscal
years and interim periods beginning on or after December 15, 2011
and was to be applied on a retrospective basis to the beginning of
the annual period of adoption. The new standard does not change the
items that must be reported in other comprehensive income and was
effective for fiscal years and interim periods within those years
that begin after December 15, 2011. The Company adopted this
standard on January 1, 2012. The adoption of the new standard did
not have a material impact on the Company&amp;#x2019;s results of
operations, financial position or liquidity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;In September 2011, the FASB issued
ASU No. 2011-08 &lt;i&gt;Intangibles-Goodwill and Other (Topic 350)&lt;/i&gt;.
The updated guidance is intended to reduce complexity and costs by
allowing an entity the option to make a qualitative evaluation
about the likelihood of goodwill impairment, using factors such as
changes in management, key personnel, business strategy, technology
or customers, to determine whether it should calculate the fair
value of a reporting unit. Previous accounting literature required
an entity to test goodwill for impairment by comparing the fair
value of a reporting unit with its carrying amount, including
goodwill. If the fair value of a reporting unit is less than its
carrying amount, then the second step of the test must be performed
to measure the amount of the impairment loss, if any. In the second
step, the implied fair value of the reporting unit&amp;#x2019;s goodwill
is determined in the same manner as goodwill is measured in a
business combination (by measuring the fair value of the reporting
unit&amp;#x2019;s assets, liabilities and unrecognized intangible assets
and determining the remaining amount ascribed to goodwill) and
comparing the amount of the implied goodwill to the carrying amount
of the goodwill. Under the updated guidance, an entity is not
required to calculate the fair value of a reporting unit unless the
entity determines that is more likely than not that its fair value
is less than its carrying amount. This update is effective for
annual and interim goodwill impairment tests performed for fiscal
years beginning after December 31, 2011. The Company adopted this
standard January 1, 2012 and it did not have any material impact on
its results of operations, financial position or
liquidity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;In May 2011, the FASB issued ASU No.
2011-04, &lt;i&gt;Fair Value Measurement (Topic 820)&lt;/i&gt;. The ASU
generally aligns the principles for fair value measurements and the
related disclosure requirements under GAAP and International
Financial Reporting Standards (&amp;#x201C;IFRS&amp;#x201D;). ASU 2011-04
changes certain fair value measurement principles and enhances the
disclosure requirements, particularly for Level 3 fair value
measurements. The amendment is effective on a prospective basis for
interim and annual reporting periods beginning after December 15,
2011 and early adoption is not permitted. The Company adopted this
standard on January 1, 2012 and adoption of the standard did not
have a material impact on the Company&amp;#x2019;s consolidated
financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;In April 2011, the FASB amended its
guidance on accounting for repurchase agreements. The amendments
eliminate the criteria to assess whether a transferor must have the
ability to repurchase or redeem the financial assets in order to
demonstrate effective control over the transferred asset. Under the
amended guidance, a transferor maintains effective control over
transferred financial assets (and thus accounts for the transfer as
a secured borrowing) if there is an agreement that both entitles
and obligates the transferor to repurchase the financial assets
before maturity and if all of the following conditions previously
required are met: (i) financial assets to be repurchased or
redeemed are the same or substantially the same as those
transferred; (ii) repurchase or redemption date before maturity at
a fixed or determinable price; and (iii) the agreement is entered
into contemporaneously with, or in contemplation of, the transfer.
As a result, more arrangements could be accounted for as secured
borrowings rather than sales. The updated guidance is effective on
a prospective basis for interim and annual reporting periods
beginning on or after December 15, 2011. The Company adopted this
standard January 1, 2012 and it did not have a material impact on
the Company&amp;#x2019;s results of operations, financial position or
liquidity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;In October 2010, the FASB issued ASU
No. 2010-26, &lt;i&gt;Accounting for Costs Associated with Acquiring or
Renewing Insurance Contracts&lt;/i&gt; (&amp;#x201C;ASU 2010-26&amp;#x201D;). ASU
2010-26 modifies the types of costs that may be deferred, allowing
insurance companies to only defer costs directly related to a
successful contract acquisition or renewal. These costs include
incremental direct costs of successful contracts, the portion of
employees&amp;#x2019; salaries and benefits related to time spent on
acquisition activities for successful contracts and other costs
incurred in the acquisition of a contract. Additional disclosure of
the type of acquisition costs capitalized is also
required.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The Company adopted ASU 2010-26
prospectively. During 2012, the Company estimates that pre-tax
expenses will increase by approximately $8,000 to $10,000 as a
lower amount of acquisition costs will be capitalized and existing
costs that no longer meet the criteria for deferral under ASU
2010-26 will be recognized in expense over the original
amortization periods. For the three months ended March 31, 2012,
the Company recognized approximately $3,258 of expense related to
such previously deferrable costs. If the Company had adopted ASU
2010-26 retrospectively, approximately $4,647 of acquisition costs
that were deferred would have been recognized in expense for the
three month period ended March 31, 2011.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:AccountingChangesAndErrorCorrectionsTextBlock>
  <us-gaap:NetIncomeLoss contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_28">39086000</us-gaap:NetIncomeLoss>
  <us-gaap:ProceedsFromNotesPayable contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_40">2500000</us-gaap:ProceedsFromNotesPayable>
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  <us-gaap:IncreaseDecreaseInReinsuranceRecoverable contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_13">43578000</us-gaap:IncreaseDecreaseInReinsuranceRecoverable>
  <us-gaap:PaymentsToAcquireLifeInsurancePolicies contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_29">7961000</us-gaap:PaymentsToAcquireLifeInsurancePolicies>
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  <us-gaap:InsuranceCommissionsAndFees contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_6">40538000</us-gaap:InsuranceCommissionsAndFees>
  <us-gaap:NetInvestmentIncome contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_8">14518000</us-gaap:NetInvestmentIncome>
  <us-gaap:CommonStockDividendsPerShareDeclared contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD_per_shares" decimals="2" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_32">0.09</us-gaap:CommonStockDividendsPerShareDeclared>
  <us-gaap:PremiumsEarnedNet contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_4">314024000</us-gaap:PremiumsEarnedNet>
  <us-gaap:LifeSettlementContractsDisclosureTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_000595B9-B0CA-4551-9503-40287C3AF029_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 5%"&gt;&lt;/td&gt;
&lt;td style="width: 4%; text-align: left"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;5.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 91%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Investment in Life Settlements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;A life settlement contract is a
contract between the policy owner of a life insurance policy and a
third-party investor who obtains the ownership and beneficiary
rights of the underlying life insurance policy. During 2010, the
Company formed Tiger Capital LLC (&amp;#x201C;Tiger&amp;#x201D;) with a
subsidiary of ACAC for the purposes of acquiring certain life
settlement contracts. In 2011, the Company formed AMT Capital
Alpha, LLC (&amp;#x201C;AMT Alpha&amp;#x201D;) with a subsidiary of ACAC and
AMT Capital Holdings, S.A. (&amp;#x201C;AMTCH&amp;#x201D;) with ACP Re, Ltd.,
an entity controlled by Michael Karfunkel, for the purposes of
acquiring additional life settlement contracts. The Company has a
fifty percent ownership interest in each of Tiger, AMT Alpha and
AMTCH (collectively, the &amp;#x201C;LSC entities&amp;#x201D;). The LSC
entities may also acquire premium finance loans made in connection
with the borrowers&amp;#x2019; purchase of life insurance policies that
are secured by the policies, which are in default at the time of
purchase. The LSC entities acquire the underlying policies through
the borrowers&amp;#x2019; voluntary surrender of the policy in
satisfaction of the loan or foreclosure. A third party serves as
the administrator of the Tiger life settlement contract portfolio,
for which it receives an annual fee. Under the terms of an
agreement for Tiger, the third party administrator is eligible to
receive a percentage of profits after certain time and performance
thresholds have been met. The Company provides for certain
actuarial and finance functions related to the LSC entities.
Additionally, in conjunction with the Company&amp;#x2019;s 21.25%
ownership percentage of ACAC, the Company ultimately receives
60.625% of the profits and losses of Tiger and AMT Alpha. As such,
in accordance with ASC 810-10, &lt;i&gt;Consolidation,&lt;/i&gt; we have been
deemed the primary beneficiary and, therefore, consolidate the LSC
entities.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The Company accounts for investments
in life settlements in accordance with ASC 325-30, &lt;i&gt;Investments
in Insurance Contracts,&lt;/i&gt; which states that an investor shall
elect to account for its investments in life settlement contracts
by using either the investment method or the fair value method. The
election is made on an instrument-by-instrument basis and is
irrevocable. The Company has elected to account for these policies
using the fair value method. The Company determines fair value on a
discounted cash flow basis of anticipated death benefits,
incorporating current life expectancy assumptions, premium
payments, the credit exposure to the insurance company that issued
the life settlement contracts and the rate of return that a buyer
would require on the contracts as no comparable market pricing is
available.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;Total capital contributions of
approximately $9,855 and $17,000 were made to the LSC entities
during the three months ended March 31, 2012 and 2011,
respectively, for which the Company contributed its fifty percent
ownership share of approximately $4,927 and $8,600 in those same
periods. The Company&amp;#x2019;s investments in life settlements and
cash value loans were approximately $145,700 and $136,800 as of
March 31, 2012 and December 31, 2011, respectively and are included
in Prepaid expenses and other assets on the Consolidated Balance
Sheet. The Company recorded other income for the three months ended
March 31, 2012 and 2011 of approximately $90 and $18,886,
respectively, related to the life settlement contracts.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;In addition to the 241 policies
disclosed in the table below as of March 31, 2012, Tiger owned 22
premium finance loans as of the three months ended March 31, 2012,
which were secured by life insurance policies and were carried at a
value of $3,096. As of March 31, 2012, the face value amount of the
related 241 life insurance policies and 22 premium finance loans
were approximately $1,543,000 and $131,000 respectively. All of the
premium finance loans are in default and Tiger is enforcing its
rights in the collateral. Upon the voluntary surrender of the
underlying life insurance policy in satisfaction of the loan or
foreclosure, Tiger will become the owner of and beneficiary under
the underlying life insurance policy and will have the option to
continue to make premium payments on the policies or allow the
policies to lapse. If a policyholder wishes to cure his or her
default and repay the loan, Tiger will be repaid the total amount
due under the premium finance loans, including all premium payments
made by Tiger to maintain the policy in force since its acquisition
of the loan.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in"&gt;
&lt;font style="font-size: 10pt"&gt;The following table describes the
Company&amp;#x2019;s investment in life settlements as of March 31,
2012:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 26.65pt"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;
(Amounts&amp;#xA0;in&amp;#xA0;Thousands,&amp;#xA0;except&amp;#xA0;Life&amp;#xA0;Settlement&amp;#xA0;Contracts)&amp;#xA0;&lt;br /&gt;

Expected Maturity Term in Years&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Number&amp;#xA0;of&amp;#xA0;Life&lt;br /&gt;
Settlement&lt;br /&gt;
Contracts&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Fair&amp;#xA0;Value&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Face&amp;#xA0;Value&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;0-1&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;1-2&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 55%"&gt;2-3&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;1&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;6,684&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;10,000&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;3-4&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;1&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;2,789&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;5,000&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;4-5&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;2&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;9,723&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;20,000&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt"&gt;Thereafter&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
237&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
123,379&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
1,508,013&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;Total&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
241&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
142,575&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
1,543,013&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;Premiums to be paid for each of the
five succeeding fiscal years to keep the life insurance policies in
force as of March 31, 2012, are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 26.65pt"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;
(Amounts&amp;#xA0;in&amp;#xA0;Thousands)&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Premiums&lt;br /&gt;
Due&amp;#xA0;on&lt;br /&gt;
Life&amp;#xA0;&lt;br /&gt;
Settlement&lt;br /&gt;
Contracts&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Premiums&lt;br /&gt;
Due on&lt;br /&gt;
Premium&lt;br /&gt;
Finance&amp;#xA0;&lt;br /&gt;
Loans&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Total&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 55%; text-align: left"&gt;2012&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;23,322&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;1,296&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;24,618&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;2013&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;25,043&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;1,193&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;26,236&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;2014&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;27,203&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;1,440&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;28,643&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;2015&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;28,782&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;1,653&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;30,435&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;2016&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;46,420&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;2,413&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;48,833&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt"&gt;Thereafter&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
506,151&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
48,334&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
554,485&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;Total&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
656,921&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
56,329&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
713,250&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
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  <us-gaap:FairValueDisclosuresTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_1ED08E42-C70D-4C24-9A69-D9A36A90E371_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 5%"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 4%; font-weight: bold"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 91%; font-weight: bold"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Fair Value of Financial
Instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The following table presents the
level within the fair value hierarchy at which the Company&amp;#x2019;s
financial assets and financial liabilities are measured on a
recurring basis as of March 31, 2012:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1pt"&gt;(Amounts in Thousands)&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Total&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Level 1&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Level 2&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Level 3&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;Assets:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 48%; text-align: left; padding-left: 9pt"&gt;U.S.
treasury securities&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;52,791&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;52,791&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;U.S. government
agencies&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;60,604&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;60,604&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;Municipal
bonds&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;269,050&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;269,050&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;Corporate bonds and
other bonds:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-left: 0.25in"&gt;Finance&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;641,283&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;641,283&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 0.25in"&gt;Industrial&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;188,378&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;188,378&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-left: 0.25in"&gt;Utilities&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;39,554&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;39,554&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;Commercial mortgage
backed securities&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;29,873&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;29,873&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;Residential
mortgage backed securities:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 0.25in"&gt;Agency
backed&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;395,974&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;395,974&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-left: 0.25in"&gt;Non-agency backed&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;7,515&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;7,515&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;Equity
securities&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;30,752&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;30,752&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;Short term
investments&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;84,571&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;84,571&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;Other
investments&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;14,865&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;14,865&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt"&gt;Life
settlement contracts&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
142,575&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
142,575&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
1,957,785&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
168,114&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
1,632,231&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
157,440&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;Liabilities:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;Equity securities
sold but not yet purchased, market&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;87&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;87&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 0.25in"&gt;Fixed
maturity securities sold but not yet purchased, market&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;54,420&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;54,420&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 0.25in"&gt;
Securities sold under agreements to repurchase, at contract
value&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;200,915&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;200,915&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 0.25in"&gt;Life
settlement contract profit commission&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;12,050&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;12,050&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.25in"&gt;
Derivatives&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
3,595&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
3,595&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
271,067&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
87&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
255,335&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
15,645&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0; The Company classifies its
financial assets and liabilities in the fair value hierarchy based
on the lowest level input that is significant to the fair value
measurement.&amp;#xA0; This classification requires judgment in
assessing the market and pricing methodologies for a particular
security.&amp;#xA0; The fair value hierarchy includes the following
three levels:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Level 1 &amp;#x2013; Valuations are
based on unadjusted quoted market prices in active markets for
identical financial assets or liabilities;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Level 2 &amp;#x2013; Valuations of
financial assets and liabilities are based on prices obtained from
third party pricing services, dealer quotations of the bid price
using observable inputs, or through consensus pricing of a pricing
service; and&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Level 3 &amp;#x2013; Valuations are
based on unobservable inputs for assets and liabilities where there
is little or no market activity.&amp;#xA0; Management&amp;#x2019;s
assumptions are used in internal valuation pricing models to
determine the fair value of financial assets or
liabilities.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;For additional discussion
regarding techniques used to value the Company&amp;#x2019;s investment
portfolio, refer to Note 2. &amp;#x201C;Significant Accounting
Policies&amp;#x201D; in Item 8. &amp;#x201C;Financial Statements and
Supplementary Data&amp;#x201D; in its 2011 Form 10-K.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0.25in"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0.25in"&gt;
&lt;font style="font-size: 10pt"&gt;The following table provides a
summary of changes in fair value of the Company&amp;#x2019;s Level 3
financial assets and liabilities for the three months ended March
31, 2012 and 2011:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;(Amounts in Thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Balance as of&lt;br /&gt;
December&amp;#xA0;31,&lt;br /&gt;
2011&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Net income&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Other&lt;br /&gt;
comprehensive&lt;br /&gt;
income&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Purchases&lt;br /&gt;
and&lt;br /&gt;
issuances&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Sales and&lt;br /&gt;
settlements&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Net&lt;br /&gt;
transfers&lt;br /&gt;
into (out of)&lt;br /&gt;
Level 3&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Balance as of&lt;br /&gt;
March 31,&lt;br /&gt;
2012&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 27%; text-align: left; text-indent: -0.25in; padding-left: 0.25in"&gt;
&lt;font style="font-size: 8pt"&gt;Other investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,588&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,949&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,535&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;70&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(379&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,865&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in"&gt;
&lt;font style="font-size: 8pt"&gt;Life settlement contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;131,387&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,961&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,227&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;142,575&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in"&gt;
&lt;font style="font-size: 8pt"&gt;Life settlement contract profit
commission&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(12,022&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(28&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(12,050&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in"&gt;
&lt;font style="font-size: 8pt"&gt;Derivatives&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(3,508&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(87&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(3,595&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in"&gt;
&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;130.445&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;3,984&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;4,448&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;3,297&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(379&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;141,795&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;(Amounts in Thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Balance as of&lt;br /&gt;
December&amp;#xA0;31,&lt;br /&gt;
2010&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Net income&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Other&lt;br /&gt;
comprehensive&lt;br /&gt;
income&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Purchases&lt;br /&gt;
and&lt;br /&gt;
issuances&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Sales and&lt;br /&gt;
settlements&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Net&lt;br /&gt;
transfers&lt;br /&gt;
into (out of)&lt;br /&gt;
Level 3&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Balance as of&lt;br /&gt;
March 31,&lt;br /&gt;
2011&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 27%; text-align: left; text-indent: -0.25in; padding-left: 0.25in"&gt;
&lt;font style="font-size: 8pt"&gt;Other investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,514&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;661&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;498&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;80&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(241&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,512&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in"&gt;
&lt;font style="font-size: 8pt"&gt;Life settlement contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,155&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24,120&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,411&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;63,686&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in"&gt;
&lt;font style="font-size: 8pt"&gt;Life settlement contract profit
commission&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(4,711&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(878&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(5,589&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;38,958&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;23,903&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;498&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;17,491&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(241&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;80,609&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The Company had no transfers between
levels during the three months ended March 31, 2012 and
2011.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;The Company uses the following
methods and assumptions in estimating its fair value disclosures
for financial instruments:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 15%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 3%"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#xB7;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 82%"&gt;&lt;i&gt;Equity and Fixed Income Investments:&lt;/i&gt;
&amp;#xA0;&amp;#xA0;Fair value disclosures for these investments are
disclosed above in this note. The carrying values of cash, short
term investments and investment income accrued approximate their
fair values;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 15%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 3%"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#xB7;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 82%"&gt;&lt;i&gt;Premiums Receivable:&lt;/i&gt; &amp;#xA0;&amp;#xA0;The
carrying values reported in the accompanying balance sheets for
these financial instruments approximate their fair values due to
the short term nature of the asset;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 15%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 3%"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#xB7;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 82%"&gt;&lt;i&gt;Subordinated Debentures and Debt:&lt;/i&gt;
&amp;#xA0;&amp;#xA0;The carrying values reported in the accompanying
balance sheets for these financial instruments approximate fair
value. Fair value was estimated using projected cash flows,
discounted at rates currently being offered for similar notes.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 15%"&gt;&lt;/td&gt;
&lt;td style="width: 3%; text-align: left"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#xB7;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 82%"&gt;&lt;i&gt;Other
investments.&lt;/i&gt; The Company has less than one percent of its
investment portfolio in limited partnerships or hedge funds where
the fair value estimate is determined by a fund manager based on
recent filings, operating results, balance sheet stability, growth
and other business and market sector fundamentals. Due to the
significant unobservable inputs in these valuations, the Company
includes the estimate in the amount disclosed in Level 3 hierarchy.
The Company has determined that its investments in these securities
are not material to its financial position or results of
operations.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 15%"&gt;&lt;/td&gt;
&lt;td style="width: 3%; text-align: left"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#xB7;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 82%"&gt;&lt;i&gt;Derivatives.&lt;/i&gt; The
Company estimates fair value using information provided by the
portfolio manager for interest rate swaps and credit default swaps
and the counterparty for contracts for differences and classifies
each as Level 3 hierarchy.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The fair value of life settlement
contracts is based on information available to the Company at the
end of the reporting period. The Company considers the following
factors in its fair value estimates: cost at date of purchase,
recent purchases and sales of similar investments, financial
standing of the issuer, and changes in economic conditions
affecting the issuer, maintenance cost, premiums, benefits,
standard actuarially developed mortality tables and industry life
expectancy reports. The fair value of a life insurance policy is
estimated using present value calculations based on the data
specific to each individual life insurance policy. The following
summarizes data utilized in estimating the fair value of the
portfolio of life insurance policies for the three months ended
March 31, 2012 and December 31, 2011:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 82%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
March 31, 2012&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
December 31, 2011&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 70%; text-indent: -10pt; padding-left: 10pt"&gt;
Average age of insured&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;77&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;77&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;Average life expectancy, months &lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;155&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;155&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;Average face amount per policy&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;6,635,000&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;6,703,000&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;Fair value discount rate&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;7.5&lt;/td&gt;
&lt;td style="text-align: left"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;7.5&lt;/td&gt;
&lt;td style="text-align: left"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 1in"&gt;&lt;/td&gt;
&lt;td style="width: 38.9pt"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Mortality rates:
standard life expectancy as adjusted for insured&amp;#x2019;s specific
circumstances&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;These assumptions are, by their
nature, inherently uncertain and the effect of changes in estimates
may be significant. The fair value measurements used in estimating
the present value calculation are derived from valuation techniques
generally used in the industry that include inputs for the asset
that are not based on observable market data. The extent to which
the fair value could reasonable vary in the near term has been
quantified by evaluating the effect of changes in significant
underlying assumptions used to estimate the fair value amount. If
the life expectancies were increased or decreased by 4 months and
the discount factors were increased or decreased by 1% while all
other variables are held constant, the carrying value of the
investment in life insurance policies would increase or (decrease)
by the unaudited amounts summarized below for the three months
ended March 31, 2012 and December 31, 2011:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 82%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
C&lt;b&gt;hange in life expectancy&lt;/b&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Plus 4 Months&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Minus 4 Months&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;
Investment in life policies:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 70%; padding-bottom: 2.5pt; text-indent: 15.1pt"&gt;
March 31, 2012&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right"&gt;
(21,335&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
)&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right"&gt;
23, 702&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: 15.1pt"&gt;December 31,
2011&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
(18,778&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
20,785&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"&gt;
&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 82%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Change in discount rate&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Plus 1%&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Minus 1%&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;
Investment in life policies:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 70%; padding-bottom: 2.5pt; text-indent: 15.1pt"&gt;
March 31, 2012&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right"&gt;
(15,266&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
)&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right"&gt;
17,495&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: 15.1pt"&gt;December 31,
2011&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
(13,802&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
15,804&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_13B1393F-3807-4A0C-8EB3-A9924506D518_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 5%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 4%; font-weight: bold"&gt;&lt;b&gt;10.&lt;/b&gt;&lt;/td&gt;
&lt;td style="width: 90%; font-weight: bold"&gt;&lt;b&gt;Income Taxes&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in"&gt;
Income tax expense for the three months ended March 31, 2012 and
2011 was $11,177 and $9,037, respectively. The following table is a
reconciliation of the Company&amp;#x2019;s statutory income tax expense
to its effective tax rate for the three months ended March 31, 2012
and 2011:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 82%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1pt"&gt;(Amounts in Thousands)&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2012&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 74%; text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt"&gt;
Income before equity in earnings (loss) of unconsolidated
subsidiaries&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"&gt;
48,033&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"&gt;
60,540&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;Tax at federal statutory rate of
35%&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;16,812&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;21,189&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;Tax effects resulting from:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 0.24in"&gt;Net income of
non-includible foreign subsidiaries&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(4,568&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(7,643&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 0; padding-left: 0.24in"&gt;
Other, net&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
(1,067&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
(4,509&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
11,177&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
9,037&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt"&gt;
Effective tax rate&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
23.3&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;%&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
14.9&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in"&gt;
The Company&amp;#x2019;s management believes that it will realize the
benefits of its deferred tax assets, which is included as&amp;#xA0;a
component of the Company&amp;#x2019;s net deferred tax&amp;#xA0;liability,
and, accordingly, no valuation allowance has been recorded for the
periods presented. The Company does not provide for income taxes on
the unremitted earnings of foreign subsidiaries where, in
management&amp;#x2019;s opinion, such earnings have been indefinitely
reinvested. It is not practical to determine the amount of
unrecognized deferred tax liabilities for temporary differences
related to these investments.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&amp;#xA0;The Company&amp;#x2019;s major taxing jurisdictions include
the U.S. (federal and state), the United Kingdom and Ireland. The
years subject to potential audit vary depending on the tax
jurisdiction. Generally, the Company&amp;#x2019;s statute of limitation
is open for tax years ended December 31, 2007 and forward. As
permitted by FASB ASC 740-10, the Company adopted an accounting
policy to prospectively classify accrued interest and penalties
related to any unrecognized tax benefits in its income tax
provision. Previously, the Company&amp;#x2019;s policy was to classify
interest and penalties as an operating expense in arriving at
pre-tax income. At March 31, 2012, the Company does not have any
accrued interest and penalties related to unrecognized tax benefits
in accordance with FASB ASC 740-10.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The earnings of certain of the Company&amp;#x2019;s foreign subsidiaries
have been indefinitely reinvested in foreign operations. Therefore,
no provision has been made for any U.S. taxes or foreign
withholding taxes that may be applicable upon any repatriation or
sale. The determination of any unrecognized deferred tax liability
for temporary differences related to investments in certain of the
Company&amp;#x2019;s foreign subsidiaries is not practicable. As of
March 31, 2012 and December 31, 2011, the financial reporting basis
in excess of the tax basis for which no deferred taxes have been
recognized was approximately $235,900 and $223,300,
respectively.&lt;/p&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:InterestPaid contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_53">2880000</us-gaap:InterestPaid>
  <us-gaap:BusinessCombinationDisclosureTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_FA90CF42-5B3B-4289-A992-5E94D5CE9F5E_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 5%"&gt;&lt;/td&gt;
&lt;td style="width: 4%; text-align: left"&gt;&lt;b&gt;12.&lt;/b&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 90%"&gt;
&lt;b&gt;Acquisitions&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;font style="font-weight: normal"&gt;&lt;i&gt;BTIS&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
In December 2011, the Company acquired the California-based
Builders &amp;amp; Tradesmen&amp;#x2019;s Insurance Services, Inc.
(&amp;#x201C;BTIS&amp;#x201D;), an insurance wholesaler and general agent
specializing in insurance policies and bonds for small artisan
contractors. The purchase agreement required the Company to make an
initial payment of $5,000 on the acquisition date and pay future
incentives measured primarily on the overall profitability of the
business for a period of approximately four years. In accordance
with FASB ASC 805, &lt;i&gt;Business Combinations&lt;/i&gt;, the Company
recorded a preliminary purchase price of approximately $47,000,
which included goodwill and intangibles of approximately $46,000.
The intangible assets included renewal rights, distribution
networks and trademarks. The trademarks were determined to have an
indefinite life while the renewal rights and distribution networks
were determined to have lives of 11 and 17 years, respectively. The
Company expects to complete its purchase price accounting during
the three months ended June 30, 2012. BTIS&amp;#x2019;s revenues are
included within the Company&amp;#x2019;s Small Business segment as a
component of service and fee income. The Company recorded
approximately $7,000 of fee revenue as a result of this acquisition
during the three months ended March 31, 2012.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;font style="font-weight: normal"&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-weight: normal"&gt;&lt;i&gt;Majestic&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The Company, through certain of its subsidiaries and the Insurance
Commissioner of the State of California acting solely in the
capacity as the statutory conservator (the
&amp;#x201C;Conservator&amp;#x201D;) of Majestic Insurance Company
(&amp;#x201C;Majestic&amp;#x201D;), entered into a Rehabilitation Agreement
that set forth a plan for the rehabilitation of Majestic (the
&amp;#x201C;Rehabilitation Plan&amp;#x201D;) by which the Company acquired
the business of Majestic through a Renewal Rights and Asset
Purchase Agreement (the &amp;#x201C;Purchase Agreement&amp;#x201D;), and a
Loss Portfolio Transfer and Quota Share Reinsurance Agreement (the
&amp;#x201C;Reinsurance Agreement&amp;#x201D;). On July 1, 2011, the Company,
through one of its subsidiaries, entered into the Reinsurance
Agreement, which was effective June 1, 2011, and assumed all of
Majestic&amp;#x2019;s liability for losses and loss adjustment expenses
under workers&amp;#x2019; compensation insurance policies of
approximately $331,660, without any aggregate limit, and certain
contracts related to Majestic&amp;#x2019;s workers&amp;#x201D; compensation
business, including leases for Majestic&amp;#x2019;s California office
space. In addition, the Company assumed 100% of the unearned
premium reserve of approximately $25,997 on all in-force Majestic
policies. In connection with this transaction, the Company received
approximately $224,532 of cash and investments, which included
$26,000 for a reserve deficiency and also included the assignment
of Majestic&amp;#x2019;s reinsurance recoverables of approximately
$51,715. The Reinsurance Agreement also contains a profit sharing
provision whereby the Company pays Majestic up to 3% of net earned
premium related to current Majestic policies that are renewed by
the Company in the three year period commencing on the closing date
should the loss ratio on such policies for the three year period be
65% or less. The insurance premiums, which are included in the
Company&amp;#x2019;s Small Commercial Business segment, have been
recorded since the acquisition date and were approximately $19,000
for the year three months ended March 31, 2012.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
As a result of entering into the Purchase Agreement, the Company,
in accordance with FASB ASC 805, &lt;i&gt;Business Combinations,&lt;/i&gt;
recorded $3,870 of intangible assets related to distribution
networks and trademarks. The distribution networks have a life of
13 years and the trademarks have a life of two years. Additionally,
the Company recorded a liability for approximately $390 related to
an unfavorable lease assumed in the transaction and a liability for
approximately $815 related to the above-mentioned profit sharing
provision. In accordance with FASB ASC 944-805, &lt;i&gt;Business
Combinations&lt;/i&gt;, the Company adjusted to fair value
Majestic&amp;#x2019;s loss and LAE reserves by taking the acquired loss
reserves recorded and discounting them based on expected reserve
payout patterns using a current risk-free rate of interest. This
risk-free interest rate was then adjusted based on different cash
flow scenarios that use different payout and ultimate reserve
assumptions deemed to be reasonably possible based upon the
inherent uncertainties present in determining the amount and timing
of payment of such reserves. The difference between the acquired
loss and LAE reserves and the Company&amp;#x2019;s best estimate of the
fair value of such reserves at acquisition date is amortized
ratably over the payout period of the acquired loss and LAE
reserves. The Company determined the fair value of the loss
reserves to be $328,905. Accordingly, the amortization will be
recorded as an expense on the Company&amp;#x2019;s income statement
until fully amortized.&lt;/p&gt;
&lt;/div&gt;</us-gaap:BusinessCombinationDisclosureTextBlock>
  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_25">2364000</us-gaap:IncomeLossFromEquityMethodInvestments>
  <us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_7A535624-1EAB-4D9E-A656-752E444E57B7_1_5">30759000</us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_C4746CF7-BE84-44C1-BAF1-AB9ADB9B1CC4_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 5%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 4%; font-weight: bold"&gt;&lt;b&gt;9.&lt;/b&gt;&lt;/td&gt;
&lt;td style="width: 90%; font-weight: bold"&gt;&lt;b&gt;Share Based
Compensation&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt"&gt;
The Company&amp;#x2019;s 2010 Omnibus Incentive Plan (the
&amp;#x201C;Plan&amp;#x201D;) permits the Company to grant to its officers,
employees and non-employee directors incentive compensation
directly linked to the price of the Company&amp;#x2019;s stock. The Plan
authorizes up to an aggregate of 6,045,511 shares of Company stock
for awards of options to purchase shares of the Company&amp;#x2019;s
common stock, restricted stock, restricted stock units
(&amp;#x201C;RSU&amp;#x201D;), performance shares or appreciation rights.
Shares used may be either newly issued shares or treasury shares or
both. The aggregate number of shares of common stock for which
awards may be issued may not exceed 6,045,511 shares, subject to
the authority of the Company&amp;#x2019;s board of directors to adjust
this amount in the event of a consolidation, reorganization, stock
dividend, stock split, recapitalization or similar transaction
affecting the Company&amp;#x2019;s common stock. As of March 31, 2012,
approximately 5,225,000 shares of Company common stock remained
available for grants under the Plan.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;The Company recognizes compensation expense under FASB ASC
718-10-25 for its share-based payments based on the fair value of
the awards. The Company grants stock options at prices equal to the
closing stock price of the Company&amp;#x2019;s stock on the dates the
options are granted. The options have a term of ten years from the
date of grant and vest primarily in equal annual installments over
the four-year period following the date of grant for employee
options. Employees have three months after the employment
relationship ends to exercise all vested options. The fair value of
each option grant is separately estimated for each vesting date.
The fair value of each option is amortized into compensation
expense on a straight-line basis between the grant date for the
award and each vesting date. The Company has estimated the fair
value of all stock option awards as of the date of the grant by
applying the Black-Scholes-Merton multiple-option pricing valuation
model. The application of this valuation model involves assumptions
that are judgmental and highly sensitive in the determination of
compensation expense. The Company grants restricted shares and RSUs
with a grant date value equal to the closing stock price of the
Company&amp;#x2019;s stock on the dates the shares or units are
granted.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;The following schedule shows all options granted, exercised,
and expired under the Plan for the three months ended March 31,
2012 and 2011:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 92%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2012&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Shares&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Weighted&lt;br /&gt;
Average&lt;br /&gt;
Exercise&amp;#xA0;Price&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Shares&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Weighted&lt;br /&gt;
Average&lt;br /&gt;
Exercise&amp;#xA0;Price&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 48%"&gt;Outstanding at beginning of period&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;3,771,788&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;10.96&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;4,126,926&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;10.46&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;Granted&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;175,000&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;14.98&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;Exercised&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(93,083&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;8.71&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(75,736&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;10.93&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;Cancelled or
terminated&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
(55,622&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
13.19&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
(24,065&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
12.41&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;Outstanding end of period&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
3,623,083&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
10.98&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
4,202,125&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
10.63&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 13.5pt"&gt;
&amp;#xA0;During the period ended March 31, 2012, no options were
granted. During the period ended March 31, 2011, the weighted
average grant date fair value of options granted was approximately
$7.24.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
A summary of the Company&amp;#x2019;s restricted stock and RSU activity
for the three months ended March 31, 2012 and 2011 is shown
below:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 92%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2012&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Shares or&lt;br /&gt;
Units&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Weighted&lt;br /&gt;
Average&lt;br /&gt;
Grant Date&lt;br /&gt;
Fair Value&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Shares&lt;br /&gt;
or Units&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Weighted&lt;br /&gt;
Average&lt;br /&gt;
Grant Date&lt;br /&gt;
Fair Value&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 48%; text-align: left"&gt;Non-vested at beginning of
year&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;291,230&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;18.32&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;139,388&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;14.04&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;Granted&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;342,428&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;27.25&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;75,884&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;19.14&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;Vested&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(22,097&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;18.45&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(12,500&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;14.25&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt"&gt;Forfeited&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;Non-vested at end of period&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
611,561&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
23.31&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
202,772&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
15.93&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
Compensation expense for all share-based payments under ASC
718-10-30 was approximately $1,181 and $1,459 for the three months
ended March 31, 2012 and 2011, respectively.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;As of March 31, 2012, there was approximately $13,757 of
total unrecognized compensation cost related to non-vested
share-based compensation arrangements.&lt;/p&gt;
&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:LifeSettlementContractsFairValueMethodUnrealizedGainLoss contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_8E19507A-174C-4572-ABF3-E51826767165_1_20">90000</us-gaap:LifeSettlementContractsFairValueMethodUnrealizedGainLoss>
  <us-gaap:IncreaseDecreaseInPremiumsReceivable contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_12">73953000</us-gaap:IncreaseDecreaseInPremiumsReceivable>
  <us-gaap:IncreaseDecreaseInReinsurancePayables contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" unitRef="iso4217_USD" decimals="-3" id="id_22708_159EC36A-BAAE-46AA-AAAE-4253BFA7C1F3_1_18">37681000</us-gaap:IncreaseDecreaseInReinsurancePayables>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_54D5059C-79F4-4C17-B970-BD2F4AFCF4AA_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 5%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 4%; font-weight: bold"&gt;&lt;b&gt;11.&lt;/b&gt;&lt;/td&gt;
&lt;td style="width: 90%; font-weight: bold"&gt;&lt;b&gt;Related Party
Transactions&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;i&gt;Maiden&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;The Company has various reinsurance and service agreements
with Maiden Holdings, Ltd. (&amp;#x201C;Maiden&amp;#x201D;). Maiden is a
publicly-held Bermuda insurance holding company (Nasdaq: MHLD)
formed by Michael Karfunkel, George Karfunkel and Barry Zyskind,
the principal shareholders, and, respectively, the chairman of the
board of directors, a director, and the chief executive officer and
director of the Company. As of March 31, 2012, Michael Karfunkel
owns or controls approximately 13.8% of the issued and outstanding
capital stock of Maiden, George Karfunkel owns or controls
approximately 9.4% of the issued and outstanding capital stock of
Maiden and Mr. Zyskind owns or controls approximately 5.1% of the
issued and outstanding stock of Maiden. Mr. Zyskind serves as the
non-executive chairman of the board of Maiden&amp;#x2019;s board of
directors. Maiden Insurance Company, Ltd (&amp;#x201C;Maiden
Insurance&amp;#x201D;), a wholly-owned subsidiary of Maiden, is a
Bermuda reinsurer. The following section describes the agreements
in place between the Company and its subsidiaries and Maiden and
its subsidiaries.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;Reinsurance Agreements with Maiden Holdings, Ltd.&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
In 2007, the Company and Maiden entered into a master agreement, as
amended, by which the parties caused the Company&amp;#x2019;s Bermuda
subsidiary, AmTrust International Insurance, Ltd.
(&amp;#x201C;AII&amp;#x201D;) and Maiden Insurance to enter into a quota
share reinsurance agreement (the &amp;#x201C;Maiden Quota Share&amp;#x201D;),
as amended, by which AII retrocedes to Maiden Insurance an amount
equal to 40% of the premium written by the Company&amp;#x2019;s U.S.,
Irish and U.K. insurance companies (the &amp;#x201C;AmTrust Ceding
Insurers&amp;#x201D;), net of the cost of unaffiliated inuring
reinsurance (and in the case of the Company&amp;#x2019;s U.K. insurance
subsidiary, AmTrust Europe Ltd., net of commissions) and 40% of
losses excluding certain specialty risk programs that the Company
commenced writing after the effective date, including the
Company&amp;#x2019;s European medical liability business discussed
below, and risks, other than workers&amp;#x2019; compensation risks and
certain business written by the Company&amp;#x2019;s Irish subsidiary,
AmTrust International Underwriters Limited (&amp;#x201C;AIU&amp;#x201D;), for
which the AmTrust Ceding Insurers&amp;#x2019; net retention exceeds
$5,000 (&amp;#x201C;Covered Business&amp;#x201D;).&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The Maiden Quota Share, which had an initial term of three years,
was renewed through June 30, 2014 and will automatically renew for
successive three-year terms unless either AII or Maiden Insurance
notifies the other of its election not to renew not less than nine
months prior to the end of any such three-year term. In addition,
either party is entitled to terminate on thirty days&amp;#x2019; notice
or less upon the occurrence of certain early termination events,
which include a default in payment, insolvency, change in control
of AII or Maiden Insurance, run-off, or a reduction of 50% or more
of the shareholders&amp;#x2019; equity of Maiden Insurance or the
combined shareholders&amp;#x2019; equity of AII and the AmTrust Ceding
Insurers.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The Maiden Quota Share, as amended, further provides that AII
receives a ceding commission based on a percentage of ceded written
premiums with respect to all Covered Business. Commencing January
1, 2012, the ceding commission with respect to all Covered Business
other than the retail commercial package business is adjusted on a
quarterly basis to (a) 30% of ceded premium, if the Specialty Risk
and Extended Warranty subject premium, excluding ceded premium
related to our medical liability business discussed below, is
greater than or equal to 42% of the total subject premium, (b)
30.5% of ceded premium, if the Specialty Risk and Extended Warranty
subject premium is less than 42% but greater than or equal to 38%,
or (c) 31% of ceded premium, if the Specialty Risk and Extended
Warranty subject premium is less than 38% of the total subject
premium. The ceding commission for the retail commercial package
business is 34.375% of ceded premium. From April 1, 2011 until
December 31, 2011, AII received a ceding commission of 30% of ceded
written premium with respect to all Covered Business other than the
retail commercial package business, for which the ceding commission
was 34.375%. Prior to April 1, 2011, AII received a ceding
commission of 31% of ceded premiums with respect to all Covered
Business other than the retail commercial package business, for
which the ceding commission was 34.375%.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
Effective April 1, 2011, the Company, through its subsidiaries AEL
and AIU, entered into a reinsurance agreement with Maiden Insurance
by which the Company cedes to Maiden Insurance 40% of its European
medical liability business, including business in force at April 1,
2011. The quota share has an initial term of one year,
automatically renews for one-year terms and can be terminated by
either party on four months&amp;#x2019; prior written notice. Maiden
Insurance pays the Company a 5% ceding commission, and the Company
will earn a profit commission of 50% of the amount by which the
ceded loss ratio is lower than 65%.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
Effective September 1, 2010, the Company, through its subsidiary,
Security National Insurance Company (&amp;#x201C;SNIC&amp;#x201D;), entered
into a reinsurance agreement with Maiden Reinsurance Company and an
unrelated third party. Under the agreement, which had an initial
term of one year and has been extended to August 31, 2012, SNIC
cedes 80% of the gross liabilities produced under the Southern
General Agency program to Maiden Reinsurance Company and 20% of the
gross liabilities produced to&amp;#xA0;the unrelated third party. SNIC
receives a five percent commission on ceded written premiums.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The following is the effect on the Company&amp;#x2019;s results of
operations for the three months ended March 31, 2012 and 2011
related to Maiden Reinsurance agreements:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0; &amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 80%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1pt"&gt;(Amounts in Thousands)&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2012&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;Results of operations:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 74%; text-align: left; text-indent: 9pt"&gt;Premium
written &amp;#x2013; ceded&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;(190,901&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;(126,722&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 9pt"&gt;Change in
unearned premium&amp;#xA0;&amp;#x2013;&amp;#xA0;ceded&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
24,583&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
12,786&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 9pt"&gt;Earned
premium&amp;#xA0;&amp;#x2013;&amp;#xA0;ceded&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
(166,318&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
(113,936&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: 9pt"&gt;Ceding commission on
premium written&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;54,411&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;39,725&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 9pt"&gt;Ceding
commission&amp;#xA0;&amp;#x2013;&amp;#xA0;deferred&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
(8,137&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
(3,916&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 9pt"&gt;Ceding
commission&amp;#xA0;&amp;#x2013;&amp;#xA0;earned&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
46,274&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
35,809&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: 9pt"&gt;Incurred loss and
loss adjustment expense&amp;#xA0;&amp;#x2013;&amp;#xA0;ceded&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;122,810&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;$&lt;/td&gt;
&lt;td style="text-align: right"&gt;82,107&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: 9pt"&gt;Interest expense on
collateral loan&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;628&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;486&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;Fronting Arrangement with Maiden Specialty Insurance
Company&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
Effective September 1, 2010, the Company, through its subsidiary
Technology Insurance Company, Inc.&amp;#xA0;&amp;#xA0;(&amp;#x201C;TIC&amp;#x201D;),
entered into a quota share reinsurance agreement with Maiden
Specialty Insurance Company (&amp;#x201C;Maiden Specialty&amp;#x201D;) by
which TIC assumes a portion (generally 90%) of premiums and losses
with respect to certain surplus lines programs written by Maiden
Specialty on behalf of the Company (the &amp;#x201C;Surplus Lines
Facility&amp;#x201D;). The Surplus Lines Facility enables the Company to
write business on a surplus lines basis throughout the United
States in states in which the Company is unauthorized to write such
business through its own insurance subsidiaries. Currently, the
Company is utilizing the Surplus Lines Facility for two programs
for which Maiden Specialty receives a five percent ceding
commission on all premiums ceded by Maiden Specialty to TIC. The
Surplus Lines Facility shall remain continuously in force until
terminated. The Company has surplus lines authority for two of its
insurance company subsidiaries, which has significantly decreased
the need for the Surplus Lines Facility. As a result of this
agreement, we assumed approximately $404 of written premium for
which we earned approximately $3,400 and incurred losses of
approximately $2,100 for the three months ended March 31, 2012.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;&amp;#xA0;&amp;#xA0;&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;Note Payable to Maiden &amp;#x2013; Collateral for Proportionate
Share of Reinsurance Obligations&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
In conjunction with the Maiden Quota Share, as described above, AII
entered into a loan agreement with Maiden Insurance during the
fourth quarter of 2007, whereby Maiden Insurance loaned to
AII&amp;#xA0;the amount equal to its quota share of the obligations of
the AmTrust Ceding Insurers that AII was then obligated to secure.
The loan agreement provides for interest at a rate of LIBOR plus 90
basis points and is payable on a quarterly basis. Advances under
the loan are secured by a promissory note and totaled $167,975 as
of March 31, 2012. The Company recorded $628 and $486 of interest
expense during the three months ended March 31, 2012 and 2011,
respectively.&amp;#xA0;&amp;#xA0;Effective December 1, 2008, AII and Maiden
Insurance entered into a Reinsurer Trust Assets Collateral
agreement whereby Maiden Insurance is required to provide AII the
assets required to secure Maiden&amp;#x2019;s proportional share of the
Company&amp;#x2019;s obligations to its U.S. subsidiaries. The amount of
this collateral as of March 31, 2012 was approximately $639,242.
Maiden retains ownership of the collateral in the trust
account.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;Reinsurance Brokerage Agreement&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
Effective July 1, 2007, the Company, through a subsidiary, entered
into a reinsurance brokerage agreement with Maiden. Pursuant to the
brokerage agreement, the Company provides brokerage services
relating to the Maiden Quota Share for a fee equal to 1.25% of
reinsured premium. The Company recorded $2,194 and $1,584 of
brokerage commission (recorded as a component of service and fee
income) during the three months ended March 31, 2012 and 2011,
respectively.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;Asset Management Agreement&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;Effective July 1, 2007, the Company, through a subsidiary,
entered into an asset management agreement with Maiden, pursuant to
which the Company provides investment management services to Maiden
and its affiliates. As of March 31, 2012, the Company managed
approximately $2,200,000 of assets related to this agreement. The
investment management services fee is 0.20% per annum for periods
in which average invested assets are $1,000,000 or less and 0.15%
per annum for periods in which the average invested assets exceeds
$1,000,000. As a result of this agreement, the Company earned
approximately $830 and $725 of investment management fees (recorded
as a component of service and fee income) for the three months
ended March 31, 2012 and 2011, respectively.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;Senior Notes&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
In June 2011, the Company, through a subsidiary, participated as a
purchaser in a registered public offering by Maiden Holdings North
America, Ltd., a subsidiary of Maiden, for $12,500 of an aggregate
$107,500 principal amount of 8.25% Senior Notes due 2041 (the
&amp;#x201C;Notes&amp;#x201D;) that are fully and unconditionally guaranteed
by Maiden. The Notes are redeemable for cash, in whole or in part,
on or after June 15, 2016, at 100% of the principal amount of the
Notes to be redeemed plus accrued and unpaid interest to, but not
including, the redemption date. The fair value of the notes as of
March 31, 2012 was 12,775.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;i&gt;American Capital Acquisition Corporation&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;During the three months ended March 31, 2010, the Company
completed its strategic investment in American Capital Acquisition
Corporation (&amp;#x201C;ACAC&amp;#x201D;). ACAC was formed by The Michael
Karfunkel 2005 Grantor Retained Annuity Trust (the
&amp;#x201C;Trust&amp;#x201D;) and the Company for the purpose of acquiring
from GMAC Insurance Holdings, Inc. and Motor Insurance Corporation
(&amp;#x201C;MIC&amp;#x201D;, together with GMAC Insurance Holdings, Inc.,
&amp;#x201C;GMACI&amp;#x201D;), GMACI&amp;#x2019;s U.S. consumer property and
casualty insurance business (the &amp;#x201C;GMACI Business&amp;#x201D;), a
writer of automobile coverages through independent agents in the
United States. Its coverages include standard/preferred auto, RVs,
non-standard auto and commercial auto. The acquisition included ten
statutory insurance companies (the &amp;#x201C;GMACI Insurers&amp;#x201D;).
Michael Karfunkel, individually, and the Trust, which is controlled
by Michael Karfunkel, own 100% of ACAC&amp;#x2019;s common stock
(subject to the Company&amp;#x2019;s conversion rights described below).
Michael Karfunkel is the chairman of the board of directors of the
Company and the father-in-law of Barry D. Zyskind, the chief
executive officer of the Company. The ultimate beneficiaries of the
Trust include Michael Karfunkel&amp;#x2019;s children, one of whom is
married to Mr. Zyskind. In addition, Michael Karfunkel is the
Chairman of the Board of Directors of ACAC.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;Pursuant to the Amended Stock Purchase Agreement, ACAC issued
and sold to the Company for an initial purchase price of
approximately $53,000, which was equal to 25% of the capital
initially required by ACAC, 53,054 shares of Series A Preferred
Stock, which provides an 8% cumulative dividend, is non-redeemable
and is convertible, at the Company&amp;#x2019;s option, into 21.25% of
the issued and outstanding common stock of ACAC (the
&amp;#x201C;Preferred Stock&amp;#x201D;). The Company has pre-emptive rights
with respect to any future issuances of securities by ACAC and the
Company&amp;#x2019;s conversion rights are subject to customary
anti-dilution protections. The Company has the right to appoint two
members of ACAC&amp;#x2019;s board of directors, which consists of six
members. Subject to certain limitations, the board of directors of
ACAC may not take any action in the absence of the Company&amp;#x2019;s
appointees and ACAC may not take certain corporate actions without
the unanimous prior approval of its board of directors (including
the Company&amp;#x2019;s appointees).&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The Company, the Trust and Michael Karfunkel, individually, each
shall be required to make its or his proportionate share of
deferred payments payable by ACAC to GMACI pursuant to the GMACI
Securities Purchase Agreement, which are payable, annually on March
1 through March 1, 2013, to the extent that ACAC is unable to
otherwise provide for such payments. The Company&amp;#x2019;s
proportionate share of such deferred payments as of March 31, 2012
will not exceed $7,500. In addition, in connection with the
Company&amp;#x2019;s investment, ACAC will grant the Company a right of
first refusal to purchase or to reinsure commercial auto insurance
business acquired from GMACI.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
In accordance with ASC 323-10-15, &lt;i&gt;Investments-Equity Method and
Joint Ventures&lt;/i&gt;, the Company accounts for its investment in ACAC
under the equity method. The Company recorded $2,364 and $1,819 of
income during the three months ended March 31, 2012 and 2011,
respectively, related to its equity investment in
ACAC.&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"&gt;
&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"&gt;
&lt;i&gt;Personal Lines Quota Share&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The Company, effective March 1, 2010, reinsures 10% of the net
premiums of the GMACI Business, pursuant to a 50% quota share
reinsurance agreement (&amp;#x201C;Personal Lines Quota Share&amp;#x201D;)
among Integon National Insurance Company, lead insurance company on
behalf of the GMACI Insurers, as cedents, and the Company, ACP Re,
Ltd., a Bermuda reinsurer that is a wholly-owned indirect
subsidiary of the Trust, and Maiden Insurance Company, Ltd., as
reinsurers. The Personal Lines Quota Share provides that the
reinsurers, severally, in accordance with their participation
percentages, receive 50% of the net premium of the GMACI Insurers
and assume 50% of the related net losses. The Company has a 20%
participation in the Personal Lines Quota Share, by which it
receives 10% of the net premiums of the personal lines business and
assumes 10% of the related net losses. The Personal Lines Quota
Share has an initial term of three years and will renew
automatically for successive three-year terms unless terminated by
written notice not less than nine months prior to the expiration of
the current term. In addition, either party is entitled to
terminate on 60 days&amp;#x2019; written notice or less upon the
occurrence of certain early termination events, which include a
default in payment, insolvency, change in control of the Company or
the GMACI Insurers, run-off, or a reduction of 50% or more of the
shareholders&amp;#x2019; equity. The GMACI Insurers also may terminate
on nine months&amp;#x2019; written notice following the effective date
of an initial public offering or private placement of stock by ACAC
or a subsidiary. The Personal Lines Quota Share provides that the
reinsurers pay a provisional ceding commission equal to 32.5% of
ceded earned premium, net of premiums ceded by the personal lines
companies for inuring reinsurance, subject to adjustment to a
maximum of 34.5% if the loss ratio for the reinsured business is
60.5% or less and a minimum of 30.5% if the loss ratio is 64.5% or
higher. The Personal Lines Quota Share is subject to a premium cap
that limits the premium that could be ceded by the GMACI Insurers
to TIC to $133,100 during calendar year 2012 to the extent TIC was
to determine, in good faith, that it could not assume additional
premium. The premium cap increases by 10% per annum thereafter. As
a result of this agreement, the Company assumed $30,609 and $25,587
of business from the GMACI Insurers during the three months ended
March 31, 2012 and 2011, respectively.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;Information Technology Service Agreement&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The Company provides ACAC and its affiliates information technology
development services in connection with the development and
licensing of a policy management system which is currently 1.25% of
gross written premium of ACAC and its affiliates plus the
Company&amp;#x2019;s costs for development and support services. The
Company recorded approximately $2,462 and $731 of fee income for
the three months ended March 31, 2012 and 2011, respectively,
related to this agreement.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in"&gt;
&lt;i&gt;Asset Management Agreement&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The Company manages the assets of ACAC and its subsidiaries for an
annual fee equal to 0.20% of the average aggregate value of the
assets under management for the preceding quarter if the average
aggregate value for the preceding quarter is $1,000,000 or less and
0.15% of the average aggregate value of the assets under management
for the preceding quarter if the average aggregate value for that
quarter is more than $1,000,000. The Company currently manages
approximately $700,000 of assets as of March 31, 2012 related to
this agreement. As a result of this agreement, the Company earned
approximately $373 and $399 of investment management fees for the
three months ended March 31, 2012 and 2011, respectively.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
As a result of the above service agreements with ACAC, the Company
recorded fees totaling approximately $2,835 and $1,130 for the
three months ended March 31, 2012 and 2011, respectively. As of
March 31, 2012, the outstanding balance payable by ACAC related to
these service fees and reimbursable costs was approximately
$3,108.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt"&gt;
&lt;i&gt;800 Superior&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
In August 2011, the Company formed 800 Superior, LLC with a
subsidiary of ACAC for the purposes of acquiring an office building
in Cleveland, Ohio. The Company and ACAC each have a fifty percent
ownership interest in 800 Superior, LLC. The cost of the building
was approximately $7,500. The Company has been appointed managing
member of the LLC. Additionally, in conjunction with the
Company&amp;#x2019;s 21.25% ownership percentage of ACAC, the Company
ultimately receives 60.6% of the profits and losses of the LLC. As
such, in accordance with ASC 810-10, &lt;i&gt;Consolidation,&lt;/i&gt; the
Company has been deemed the primary beneficiary and, therefore,
consolidates this entity. In March 2012, 800 Superior LLC entered
into a promissory note with ACP Re, Ltd in the amount of $2,500.
The proceeds from the note will be used for leasehold improvements
on the office building. The note matures in July 2012 and bears
interest at a rate of 2.00% per annum, which resulted in $3 of
interest expense for the three months ended March 31, 2012.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 0.35pt"&gt;
&lt;i&gt;Lease Agreements&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;In January 2008, the Company entered into an amended
agreement for 14,807 square feet of office space at 59 Maiden Lane
in New York, New York from 59 Maiden Lane Associates, LLC, an
entity that is wholly-owned by Michael Karfunkel and George
Karfunkel.&amp;#xA0;The Company paid approximately $182 and $179 for
the lease for the three months ended March 31, 2012 and 2011,
respectively.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;In January 2011, the Company entered into an amended
agreement to lease 9,030 square feet of office space in Chicago,
Illinois from 33 West Monroe Associates, LLC, an entity that is
wholly-owned by entities controlled by Michael Karfunkel and George
Karfunkel.&amp;#xA0;The Company paid approximately $67 and $47 for the
three months ended March 31, 2012 and 2011, respectively.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.9pt"&gt;
&lt;i&gt;Management Agreement with ACP Re, Ltd.&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The Company provides investment management services and accounting
and administrative services to ACP Re, Ltd. for a monthly fee of
$10 and (i) a quarterly rate of 0.05% of the average value of ACP
Re, Ltd.&amp;#x2019;s invested assets for a monthly fee of 10,000 and
(i) a quarterly rate of 0.05% of the average value of ACP Re,
Ltd.&amp;#x2019;s invested assets for the preceding calendar quarter if
the average value of such assets for the quarter was $1,000,000 or
less, or (ii) a quarterly rate of 0.0375% of the average value of
ACP Re, Ltd.&amp;#x2019;s invested assets for the preceding calendar
quarter if the average value of such assets for the quarter was
greater than $1,000,000. The Company currently manages
approximately $100,000 of assets as of March 31, 2012. The Company
entered into this management agreement in March 2012, and it covers
all services rendered prior to the execution of the agreement. The
Company recorded approximately $233 for these services for the
three months ended March 31, 2012.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"&gt;
&lt;i&gt;Use of the Company Aircraft&lt;/i&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
The Company&amp;#x2019;s wholly-owned subsidiary, AmTrust Underwriters,
Inc. (&amp;#x201C;AUI&amp;#x201D;), is a party to an aircraft time share
agreement with each of Maiden and ACAC. The agreements provide for
payment to AUI for usage of its company-owned aircraft and covers
actual expenses incurred and permissible under federal aviation
regulations, including travel and lodging expenses of the crew,
in-flight catering, flight planning and weather contract services,
ground transportation, fuel, landing and hanger fees, airport
taxes, among others. AUI does not charge Maiden or ACAC for the
fixed costs that would be incurred in any event to operate the
aircraft (for example, aircraft purchase costs, insurance and
flight crew salaries). During the three months ended March 31,
2012, Maiden and ACAC paid AUI $20 and $43, respectively, for the
use of AUI&amp;#x2019;s aircraft under these agreements.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
In addition, for personal travel, Mr. Zyskind, the Company&amp;#x2019;s
President and Chief Executive Officer and Michael Karfunkel, the
Chairman of the Board, each entered into an aircraft reimbursement
agreement with AUI and, since entering into such agreement, has
fully reimbursed AUI for the incremental cost billed by AUI for
their personal use of AUI&amp;#x2019;s aircraft. During the three months
ended March 31, 2012 Mr. Zyskind reimbursed the Company $36.
Michael Karfunkel did not use the aircraft for personal use during
the three months ended March 31, 2012.&lt;/p&gt;
&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
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  <afsi:UnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_12A2CDAD-DAD0-4D14-9B40-598705FD455D_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 5%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 4%; font-weight: bold"&gt;&lt;b&gt;7.&lt;/b&gt;&lt;/td&gt;
&lt;td style="width: 90%; font-weight: bold"&gt;&lt;b&gt;Acquisition Costs and
Other Underwriting Expenses&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&amp;#xA0;The following table summarizes the components of acquisition
costs and other underwriting expenses for the three months ended
March 31, 2012 and 2011:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 82%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1pt"&gt;(Amounts in Thousands)&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2012&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 74%; text-align: left"&gt;Policy acquisition
expenses&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;85,192&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;46,817&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;Salaries and benefits&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;35,785&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;27,922&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;Other insurance
general and administrative expense&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
3,048&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
6,495&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
124,025&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
81,234&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</afsi:UnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock>
  <afsi:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsTextBlock contextRef="eol_PE711780--1210-Q0004_STD_91_20120331_0" id="id_22708_52F6AD90-FA1F-4BAF-A71F-CD086A45E0DD_1_0">&lt;div style="font: 10pt Times New Roman, Times, Serif"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 5%"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 4%; font-weight: bold"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;3.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 91%; font-weight: bold"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Investments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(a) Available-for-Sale
Securities&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;The amortized cost, estimated
market value and gross unrealized appreciation and depreciation of
available-for-sale securities as of March 31, 2012, are presented
in the table below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1pt"&gt;
(Amounts&amp;#xA0;in&amp;#xA0;Thousands)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;
&lt;b&gt;Original&amp;#xA0;or&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;
&lt;b&gt;amortized&lt;/b&gt; &amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;
&lt;b&gt;cost&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Gross&lt;br /&gt;
unrealized&lt;br /&gt;
gains&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Gross&lt;br /&gt;
unrealized&lt;br /&gt;
losses&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Market&lt;br /&gt;
value&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 48%; text-align: left"&gt;Preferred stock&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;5,091&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;97&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;(408&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;4,780&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;Common stock&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;24,658&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;3,783&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(2,469&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;25,972&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;U.S. treasury securities&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;50,086&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;2,729&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(24&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;52,791&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;U.S. government agencies&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;60,126&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;515&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(37&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;60,604&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;Municipal bonds&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;260,344&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;9,060&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(354&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;269,050&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;Corporate bonds:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 9pt"&gt;Finance&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;631,638&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;24,319&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(14,674&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;641,283&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-left: 9pt"&gt;Industrial&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;181,903&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;7,667&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(1,192&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;188,378&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 9pt"&gt;Utilities&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;38,331&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;2,422&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(1,199&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;39,554&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;Commercial mortgage backed
securities&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;29,951&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;205&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(283&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;29,873&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;Residential mortgage backed
securities:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;Agency backed&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;377,604&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;18,425&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;(55&lt;/td&gt;
&lt;td style="text-align: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;395,974&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;Non-agency
backed&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
7,887&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
(372&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
7,515&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
1,667,619&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
69,222&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
(21,067&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
1,715,774&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;Proceeds from the sale of investments
in available-for-sale securities during the three months ended
March 31, 2012 and 2011 were approximately $203,183 and $286,240,
respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;A summary of the
Company&amp;#x2019;s available-for-sale fixed securities as of March 31,
2012, by contractual maturity, is shown below. Expected maturities
may differ from contractual maturities because borrowers may have
the right to call or prepay obligations with or without call or
prepayment penalties.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1pt"&gt;
(Amounts&amp;#xA0;in&amp;#xA0;Thousands)&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Amortized&lt;br /&gt;
Cost&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Fair&amp;#xA0;Value&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 74%; text-align: left"&gt;Due in one year or
less&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;11,470&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;11,556&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;Due after one through five years&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;311,083&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;309,337&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;Due after five through ten years&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;634,872&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;658,937&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;Due after ten years&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;264,988&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;271,830&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;Mortgage backed
securities&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
415,457&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
433,362&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total fixed
maturities&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
1,637,870&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
1,685,022&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(b) Investment
Income&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;Net investment income for the
three months ended March 31, 2012 and 2011 was derived from the
following sources:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1pt"&gt;(Amounts in Thousands)&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2012&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 74%; text-align: left"&gt;Fixed maturity
securities&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;13,529&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;13,674&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;Equity securities&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;398&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;166&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;Cash and short
term investments&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
591&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
606&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;14,518&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;14,446&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&amp;#xA0;Less:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 27pt"&gt;
Investment expenses and interest expense on securities sold under
agreement to repurchase&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
254&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
14,518&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
14,192&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;i&gt;(c) Other-Than-Temporary
Impairment&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;The table below summarizes the
gross unrealized losses of our fixed maturity and equity securities
by length of time the security has continuously been in an
unrealized position as of March 31, 2012:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Less&amp;#xA0;Than&amp;#xA0;12&amp;#xA0;Months&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;12&amp;#xA0;Months&amp;#xA0;or&amp;#xA0;More&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;(Amounts&amp;#xA0;in&amp;#xA0;Thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Fair&lt;br /&gt;
Market&lt;br /&gt;
Value&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Unrealized&lt;br /&gt;
Losses&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;No.&amp;#xA0;of&lt;br /&gt;
Positions&lt;br /&gt;
Held&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Fair&lt;br /&gt;
Market&lt;br /&gt;
Value&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Unrealized&lt;br /&gt;
Losses&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;No.&amp;#xA0;of&lt;br /&gt;
Positions&lt;br /&gt;
Held&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Fair&lt;br /&gt;
Market&lt;br /&gt;
Value&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="font-size: 8pt"&gt;Unrealized&lt;br /&gt;
Losses&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 27%; text-align: left; text-indent: -9pt; padding-left: 9pt"&gt;
&lt;font style="font-size: 8pt"&gt;Common and preferred stock&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,174&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,572&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,079&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,305&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,253&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,877&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 9pt"&gt;
&lt;font style="font-size: 8pt"&gt;U.S. treasury securities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,920&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(24&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,920&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(24&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;U.S.
government agencies&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45,275&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(37&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45,275&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(37&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Municipal
bonds&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,003&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(354&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,003&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(354&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 9pt"&gt;
&lt;font style="font-size: 8pt"&gt;Corporate bonds:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-left: 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;Finance&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;183,460&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,490&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;92,554&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;Industrial&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,631&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,192&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
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&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,632&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,192&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-left: 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;Utilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,918&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(599&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,511&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,199&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 9pt"&gt;
&lt;font style="font-size: 8pt"&gt;Commercial Mortgage backed
securities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,464&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(283&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,464&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(283&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 9pt"&gt;
&lt;font style="font-size: 8pt"&gt;Residential mortgage backed
securities:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 0.25in"&gt;
&lt;font style="font-size: 8pt"&gt;Agency backed&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,231&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(55&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,231&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(55&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.25in"&gt;
&lt;font style="font-size: 8pt"&gt;Non-agency backed&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;7,491&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(368&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;1&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;24&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(4&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;1&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;7,515&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(372&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt"&gt;
&lt;font style="font-size: 8pt"&gt;Total temporarily impaired
securities&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;367,567&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(8,974&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;112&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;100,251&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(12,093&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;21&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;467,818&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="font-size: 8pt"&gt;(21,067&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;There are 133 securities at March 31,
2012 that account for the gross unrealized loss, none of which is
deemed by the Company to be OTTI. Significant factors influencing
the Company&amp;#x2019;s determination that unrealized losses were
temporary included the magnitude of the unrealized losses in
relation to each security&amp;#x2019;s cost, the nature of the
investment and management&amp;#x2019;s intent not to sell these
securities and it being not more likely than not that the Company
will be required to sell these investments before anticipated
recovery of fair value to the Company&amp;#x2019;s cost
basis.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(d) Derivatives&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The Company from time to time invests
in a limited amount of derivatives and other financial instruments
as part of its investment portfolio to manage interest rate changes
or other exposures to a particular financial market. The Company
records changes in valuation on its derivative positions not
designated as a hedge as a component of net realized gains and
losses.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The Company records changes in
valuation on its hedge positions as a component of other
comprehensive income. As of March 31, 2012, the Company had two
interest rate swaps designated as a hedge and were recorded as a
liability amount of $3,595 and were included as a component of
accrued expenses and other liabilities.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt"&gt;
&lt;font style="font-size: 10pt"&gt;The followingtable presents the
notional amounts by remaining maturity of the Company&amp;#x2019;s
interest rate swaps as of March 31, 2012:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;/p&gt;
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&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="18" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;b&gt;Remaining Life of Notional Amount &lt;sup&gt;(1)&lt;/sup&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid"&gt;
(Amounts&amp;#xA0;in Thousands)&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
One&lt;br /&gt;
Year&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Two Through&lt;br /&gt;
Five Years&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Six Through&lt;br /&gt;
Ten Years&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
After Ten&lt;br /&gt;
years&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Total&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 35%; text-align: left; padding-left: 0.12in"&gt;
Interest rate swaps&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;30,000&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;40,000&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;70,000&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.5in"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in; text-align: left"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="text-align: justify"&gt;Notional amount is not
representative of either market risk or credit risk and is not
recorded in the consolidated balance sheet.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(e) Restricted Cash and
Investments&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;The Company, in order to conduct
business in certain states, is required to maintain letters of
credit or assets on deposit to support state mandated regulatory
requirements and certain third party agreements. The Company also
utilizes trust accounts to collateralize business with its
reinsurance counterparties. These assets held are primarily in the
form of cash or certain high grade securities. The fair values of
our restricted assets as of March 31, 2012 and December 31, 2011
are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.35in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="padding-bottom: 1pt"&gt;(Amounts in Thousands)&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2012&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 74%; text-align: justify; text-indent: -0.25in; padding-left: 0.25in"&gt;
Restricted cash&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;59,236&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;23,104&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: justify; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in"&gt;
Restricted investments&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
182,446&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
187,227&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: justify; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in"&gt;
Total restricted cash and investments&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
241,682&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
210,331&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;
&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(f) Other&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
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&lt;font style="font-size: 10pt"&gt;Securities sold but not yet purchased
represent obligations of the Company to deliver the specified
security at the contracted price and, thereby, create a liability
to purchase the security in the market at prevailing prices. The
Company&amp;#x2019;s liability for securities to be delivered is
measured at their fair value and as of March 31, 2012 was $54,420
for corporate bonds and $87 for equity securities. These
transactions result in off-balance sheet risk, as the
Company&amp;#x2019;s ultimate cost to satisfy the delivery of securities
sold but not yet purchased may exceed the amount reflected at March
31, 2012. Subject to certain limitations, all securities owned, to
the extent required to cover the Company&amp;#x2019;s obligations to
sell or repledge the securities to others, are pledged to the
clearing broker.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt"&gt;
&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
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&lt;font style="font-size: 10pt"&gt;&amp;#xA0;&amp;#xA0;The Company enters into
repurchase agreements, which are accounted for as collateralized
borrowing transactions and are recorded at contract amounts. The
Company receives cash or securities that it invests or holds in
short term or fixed income securities. As of March 31, 2012, there
were $200,915 principal amount outstanding at interest rates
between 0.4% and 0.45%. Interest expense associated with these
repurchase agreements for the three months ended March 31, 2012 and
2011 was $0 and $254, respectively, of which $0 was accrued as of
March 31, 2012. The Company has approximately $214,219 of
collateral pledged in support of these agreements. Additionally,
during the three months ended March 31, 2012, the Company entered
into a reverse repurchase agreement in the amount of $56,187 that
is included in short term investments as of March 31, 2012. The
Company retains collateral of $54,420 related to this
agreement.&lt;/font&gt;&lt;/p&gt;
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        <link:definition>106 - Statement - Condensed Consolidated Statements of Income (Parenthetical)</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfOtherComprehensiveIncome" id="Role_StatementOfOtherComprehensiveIncome">
        <link:definition>107 - Statement - Condensed Consolidated Statement of Comprehensive Income</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfCashFlowsIndirectInvestmentBasedOperations" id="Role_StatementOfCashFlowsIndirectInvestmentBasedOperations">
        <link:definition>108 - Statement - Consolidated Statements of Cash Flows</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsBasisOfAccounting" id="Role_NotesToFinancialStatementsBasisOfAccounting">
        <link:definition>109 - Disclosure - Basis of Reporting</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsAccountingChangesAndErrorCorrectionsTextBlock" id="Role_NotesToFinancialStatementsAccountingChangesAndErrorCorrectionsTextBlock">
        <link:definition>110 - Disclosure - Recent Accounting Pronouncements</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsTextBlock" id="Role_NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsTextBlock">
        <link:definition>111 - Disclosure - Investments</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock" id="Role_NotesToFinancialStatementsFairValueDisclosuresTextBlock">
        <link:definition>112 - Disclosure - Fair Value of Financial Instruments</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsLifeSettlementContractsDisclosureTextBlock" id="Role_NotesToFinancialStatementsLifeSettlementContractsDisclosureTextBlock">
        <link:definition>113 - Disclosure - Investment in Life Settlements</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock" id="Role_NotesToFinancialStatementsDebtDisclosureTextBlock">
        <link:definition>114 - Disclosure - Debt</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsUnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock" id="Role_NotesToFinancialStatementsUnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock">
        <link:definition>115 - Disclosure - Acquisition Costs and Other Underwriting Expenses</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock" id="Role_NotesToFinancialStatementsEarningsPerShareTextBlock">
        <link:definition>116 - Disclosure - Earnings Per Share</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" id="Role_NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock">
        <link:definition>117 - Disclosure - Share Based Compensation</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock" id="Role_NotesToFinancialStatementsIncomeTaxDisclosureTextBlock">
        <link:definition>118 - Disclosure - Income Taxes</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock" id="Role_NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock">
        <link:definition>119 - Disclosure - Related Party Transactions</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsBusinessCombinationDisclosureTextBlock" id="Role_NotesToFinancialStatementsBusinessCombinationDisclosureTextBlock">
        <link:definition>120 - Disclosure - Acquisitions</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock" id="Role_NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock">
        <link:definition>121 - Disclosure - Shareholder Equity</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock" id="Role_NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock">
        <link:definition>122 - Disclosure - Contingent Liabilities</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock" id="Role_NotesToFinancialStatementsSegmentReportingDisclosureTextBlock">
        <link:definition>123 - Disclosure - Segments</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:href="afsi-20120331_cal.xml" xlink:title="Calculation Links, all"/>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:href="afsi-20120331_def.xml" xlink:title="Definition Links, all"/>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:href="afsi-20120331_lab.xml" xlink:title="Label Links, all"/>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:href="afsi-20120331_pre.xml" xlink:title="Presentation Links, all"/>
    </appinfo>
  </annotation>
  <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
  <import namespace="http://fasb.org/us-types/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-types-2011-01-31.xsd"/>
  <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
  <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>
  <import namespace="http://fasb.org/us-gaap/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/country/2011-01-31" schemaLocation="http://xbrl.sec.gov/country/2011/country-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/dei/2011-01-31" schemaLocation="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/invest/2011-01-31" schemaLocation="http://xbrl.sec.gov/invest/2011/invest-2011-01-31.xsd"/>
  <element name="AvailableForSaleSecuritiesEquitySecuritiesCost" id="afsi_AvailableForSaleSecuritiesEquitySecuritiesCost" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="DocumentDocumentandEntityInformationAbstract" id="afsi_DocumentDocumentandEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="IncomeLossFromContinuingOperationsBeforeMinorityInterestAndIncomeLossFromEquityMethodInvestments" id="afsi_IncomeLossFromContinuingOperationsBeforeMinorityInterestAndIncomeLossFromEquityMethodInvestments" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsTextBlock" id="afsi_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="NotesToFinancialStatementsAbstract" id="afsi_NotesToFinancialStatementsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="OtherComprehensiveIncomeChangeInFairValueNetOfTax" id="afsi_OtherComprehensiveIncomeChangeInFairValueNetOfTax" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="OtherRealizedInvestmentGainsLossesNet" id="afsi_OtherRealizedInvestmentGainsLossesNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="PaymentsForProceedsFromHeldToMaturitySecurities" id="afsi_PaymentsForProceedsFromHeldToMaturitySecurities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity" id="afsi_PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="PrepaidExpenseAndOtherAssetsAtFairValue" id="afsi_PrepaidExpenseAndOtherAssetsAtFairValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="RelatedPartyTransactionsMember" id="afsi_RelatedPartyTransactionsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="UnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock" id="afsi_UnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>afsi-20120331_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Calculation Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.14.9 -->
<!-- Round: 10c4091b-a313-46d9-9d61-751e84d3e1ab -->
<!-- Creation date: 2012-05-08T15:13:25Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#DocumentDocumentandEntityInformation" roleURI="http://www.amtrustgroup.com/taxonomy/role/DocumentDocumentandEntityInformation"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_StatementOfFinancialPositionUnclassified-InvestmentBasedOperations" roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfFinancialPositionUnclassified-InvestmentBasedOperations"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_StatementOfFinancialPositionUnclassified-InvestmentBasedOperationsParen" roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfFinancialPositionUnclassified-InvestmentBasedOperationsParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_StatementOfIncomeInsuranceBasedRevenue" roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfIncomeInsuranceBasedRevenue"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_StatementOfIncomeInsuranceBasedRevenueParen" roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfIncomeInsuranceBasedRevenueParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_StatementOfOtherComprehensiveIncome" roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfOtherComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_StatementOfCashFlowsIndirectInvestmentBasedOperations" roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfCashFlowsIndirectInvestmentBasedOperations"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsBasisOfAccounting" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsBasisOfAccounting"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsAccountingChangesAndErrorCorrectionsTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsAccountingChangesAndErrorCorrectionsTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsFairValueDisclosuresTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsLifeSettlementContractsDisclosureTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsLifeSettlementContractsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsDebtDisclosureTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsUnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsUnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsEarningsPerShareTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsIncomeTaxDisclosureTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsBusinessCombinationDisclosureTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsBusinessCombinationDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_NotesToFinancialStatementsSegmentReportingDisclosureTextBlock" roleURI="http://www.amtrustgroup.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock"/>
  <calculationLink xlink:type="extended" xlink:role="http://www.amtrustgroup.com/taxonomy/role/DocumentDocumentandEntityInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://www.amtrustgroup.com/taxonomy/role/StatementOfFinancialPositionUnclassified-InvestmentBasedOperations">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedInvestmentIncomeReceivable" xlink:label="us-gaap_AccruedInvestmentIncomeReceivable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AvailableForSaleSecuritiesEquitySecurities" xlink:label="us-gaap_AvailableForSaleSecuritiesEquitySecurities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CededPremiumsPayable" xlink:label="us-gaap_CededPremiumsPayable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DebtAndCapitalLeaseObligations" xlink:label="us-gaap_DebtAndCapitalLeaseObligations"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredPolicyAcquisitionCosts" xlink:label="us-gaap_DeferredPolicyAcquisitionCosts"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredTaxLiabilities" xlink:label="us-gaap_DeferredTaxLiabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="us-gaap_EquityMethodInvestments"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FundsHeldUnderReinsuranceAgreementsLiability" xlink:label="us-gaap_FundsHeldUnderReinsuranceAgreementsLiability"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill"/>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>9
<FILENAME>afsi-20120331_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
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<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Definition Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.14.9 -->
<!-- Round: 10c4091b-a313-46d9-9d61-751e84d3e1ab -->
<!-- Creation date: 2012-05-08T15:13:25Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
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    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="dei_LegalEntityAxis" xlink:to="dei_EntityDomain" order="1.0000" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="100.0000" xbrldt:closed="true" xbrldt:contextElement="segment" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock" order="1.0200" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="dei_LegalEntityAxis" order="1.0000" priority="2" use="optional"/>
  </definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>afsi-20120331_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Labels Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.14.9 -->
<!-- Round: 10c4091b-a313-46d9-9d61-751e84d3e1ab -->
<!-- Creation date: 2012-05-08T15:13:25Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negated" roleURI="http://xbrl.us/us-gaap/role/label/negated"/>
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negatedTotal" roleURI="http://xbrl.us/us-gaap/role/label/negatedTotal"/>
  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountingChangesAndErrorCorrectionsTextBlock" xlink:label="us-gaap_AccountingChangesAndErrorCorrectionsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingChangesAndErrorCorrectionsTextBlock_lbl" xml:lang="en-US" id="id_22708_448229_1_1">Accounting Changes And Error Corrections [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountingChangesAndErrorCorrectionsTextBlock_lbl" xml:lang="en-US" id="id_22708_448229_2_1">Recent Accounting Pronouncements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingChangesAndErrorCorrectionsTextBlock" xlink:to="us-gaap_AccountingChangesAndErrorCorrectionsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedInvestmentIncomeReceivable" xlink:label="us-gaap_AccruedInvestmentIncomeReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedInvestmentIncomeReceivable_lbl" xml:lang="en-US" id="id_22708_441766_1_1">Accrued Investment Income Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccruedInvestmentIncomeReceivable_lbl" xml:lang="en-US" id="id_22708_441766_2_1">Accrued interest and dividends</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedInvestmentIncomeReceivable" xlink:to="us-gaap_AccruedInvestmentIncomeReceivable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US" id="id_22708_442171_1_1">Accumulated Other Comprehensive Income Loss Net Of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US" id="id_22708_442171_2_1">Accumulated other comprehensive income (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US" id="id_22708_450188_1_1">Additional Paid In Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US" id="id_22708_450188_2_1">Additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="id_22708_456429_1_1">Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="id_22708_456429_2_1">Adjustments to reconcile net income to net cash provided by operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US" id="id_22708_440685_1_1">Amendment Flag</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US" id="id_22708_440685_2_1">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AmortizationOfDebtDiscountPremium" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xml:lang="en-US" id="id_22708_444354_1_1">Amortization Of Debt Discount Premium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xml:lang="en-US" id="id_22708_444354_2_1">Discount on notes payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDebtDiscountPremium" xlink:to="us-gaap_AmortizationOfDebtDiscountPremium_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US" id="id_22708_445113_1_1">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US" id="id_22708_445113_6_1">Assets, Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US" id="id_22708_450333_1_1">Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US" id="id_22708_450333_2_1">ASSETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCost" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCost_lbl" xml:lang="en-US" id="id_22708_441727_1_1">Available For Sale Securities Debt Maturities Amortized Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCost_lbl" xml:lang="en-US" id="id_22708_441727_2_1">Fixed maturities, available-for-sale, amortized cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCost" xlink:to="us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCost_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl" xml:lang="en-US" id="id_22708_446105_1_1">Available For Sale Securities Debt Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl" xml:lang="en-US" id="id_22708_446105_2_1">Fixed maturities, available-for-sale, at market value (amortized cost $1,637,870; $1,382,863)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:to="us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AvailableForSaleSecuritiesEquitySecurities" xlink:label="us-gaap_AvailableForSaleSecuritiesEquitySecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AvailableForSaleSecuritiesEquitySecurities_lbl" xml:lang="en-US" id="id_22708_455730_1_1">Available For Sale Securities Equity Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AvailableForSaleSecuritiesEquitySecurities_lbl" xml:lang="en-US" id="id_22708_455730_2_1">Equity securities, available-for-sale, at market value (cost $29,749; $34,041)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecuritiesEquitySecurities" xlink:to="us-gaap_AvailableForSaleSecuritiesEquitySecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="afsi-20120331.xsd#afsi_AvailableForSaleSecuritiesEquitySecuritiesCost" xlink:label="afsi_AvailableForSaleSecuritiesEquitySecuritiesCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="afsi_AvailableForSaleSecuritiesEquitySecuritiesCost_lbl" xml:lang="en-US" id="id_22708_458760_3_1">This item represents the aggregate amortized cost of investments in equity securities as of the balance sheet date and which are categorized as available-for-sale.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="afsi_AvailableForSaleSecuritiesEquitySecuritiesCost_lbl" xml:lang="en-US" id="id_22708_458760_1_1">Available For Sale Securities Equity Securities Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="afsi_AvailableForSaleSecuritiesEquitySecuritiesCost_lbl" xml:lang="en-US" id="id_22708_458760_2_1">Equity securities, available-for-sale, cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="afsi_AvailableForSaleSecuritiesEquitySecuritiesCost" xlink:to="afsi_AvailableForSaleSecuritiesEquitySecuritiesCost_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BasisOfAccounting" xlink:label="us-gaap_BasisOfAccounting"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfAccounting_lbl" xml:lang="en-US" id="id_22708_445690_1_1">Basis Of Accounting</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BasisOfAccounting_lbl" xml:lang="en-US" id="id_22708_445690_2_1">Basis of Reporting</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccounting" xlink:to="us-gaap_BasisOfAccounting_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BenefitsLossesAndExpenses" xlink:label="us-gaap_BenefitsLossesAndExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BenefitsLossesAndExpenses_lbl" xml:lang="en-US" id="id_22708_455939_1_1">Benefits Losses And Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_BenefitsLossesAndExpenses_lbl" xml:lang="en-US" id="id_22708_455939_6_1">Total expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BenefitsLossesAndExpenses" xlink:to="us-gaap_BenefitsLossesAndExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BenefitsLossesAndExpensesAbstract" xlink:label="us-gaap_BenefitsLossesAndExpensesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BenefitsLossesAndExpensesAbstract_lbl" xml:lang="en-US" id="id_22708_455055_1_1">Benefits Losses And Expenses [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BenefitsLossesAndExpensesAbstract_lbl" xml:lang="en-US" id="id_22708_455055_2_1">Expenses:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BenefitsLossesAndExpensesAbstract" xlink:to="us-gaap_BenefitsLossesAndExpensesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationDisclosureTextBlock" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_454030_1_1">Business Combination Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_454030_2_1">Acquisitions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationDisclosureTextBlock" xlink:to="us-gaap_BusinessCombinationDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" id="id_22708_449216_1_1">Cash And Cash Equivalents At Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" id="id_22708_449216_4_1">Cash and cash equivalents, end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" id="id_22708_449216_5_1">Cash and cash equivalents, beginning of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" id="id_22708_449216_2_1">Cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US" id="id_22708_452867_1_1">Cash And Cash Equivalents Period Increase Decrease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US" id="id_22708_452867_6_1">Net decrease in cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CededPremiumsPayable_lbl" xml:lang="en-US" id="id_22708_444143_1_1">Ceded Premiums Payable</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US" id="id_22708_440743_1_1">Current Fiscal Year End Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US" id="id_22708_440743_2_1">Current Fiscal Year End Date</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtAndCapitalLeaseObligations_lbl" xml:lang="en-US" id="id_22708_451050_2_1">Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtAndCapitalLeaseObligations" xlink:to="us-gaap_DebtAndCapitalLeaseObligations_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_444104_1_1">Debt Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_444104_2_1">Debt</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilities_lbl" xml:lang="en-US" id="id_22708_454518_1_1">Deferred Tax Liabilities</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInReinsurancePayables_lbl" xml:lang="en-US" id="id_22708_455059_1_1">Increase Decrease In Reinsurance Payables</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" id="id_22708_441258_1_1">Net Cash Provided By Used In Financing Activities [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US" id="id_22708_442115_1_1">Net Cash Provided By Used In Investing Activities</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" id="id_22708_446874_1_1">Net Cash Provided By Used In Investing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" id="id_22708_446874_2_1">Cash flows from investing activities:</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="id_22708_455701_1_1">Net Cash Provided By Used In Operating Activities [Abstract]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US" id="id_22708_448373_1_1">Net Income Loss</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" id="id_22708_441875_1_1">Net Income Loss Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" id="id_22708_441875_8_1">Net income attributable to non-controlling interest of subsidiaries</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetInvestmentIncome" xlink:label="us-gaap_NetInvestmentIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetInvestmentIncome_lbl" xml:lang="en-US" id="id_22708_450204_1_1">Net Investment Income</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract_lbl" xml:lang="en-US" id="id_22708_455286_2_1">Unrealized gains on securities:</label>
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    <loc xlink:type="locator" xlink:href="afsi-20120331.xsd#afsi_OtherComprehensiveIncomeChangeInFairValueNetOfTax" xlink:label="afsi_OtherComprehensiveIncomeChangeInFairValueNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="afsi_OtherComprehensiveIncomeChangeInFairValueNetOfTax_lbl" xml:lang="en-US" id="id_22708_478091_3_1">Other Comprehensive Income Change In Fair Value Net Of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="afsi_OtherComprehensiveIncomeChangeInFairValueNetOfTax_lbl" xml:lang="en-US" id="id_22708_478091_1_1">Other Comprehensive Income Change In Fair Value Net Of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="afsi_OtherComprehensiveIncomeChangeInFairValueNetOfTax_lbl" xml:lang="en-US" id="id_22708_478091_2_1">Change in fair value of interest rate swap</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:label="us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease_lbl" xml:lang="en-US" id="id_22708_443296_2_1">Foreign currency translation adjustments</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease_lbl" xml:lang="en-US" id="id_22708_446176_1_1">Other Comprehensive Income Loss Net Of Tax Period Increase Decrease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease_lbl" xml:lang="en-US" id="id_22708_446176_6_1">Other comprehensive income, net of tax</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_lbl" xml:lang="en-US" id="id_22708_444483_1_1">Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_lbl" xml:lang="en-US" id="id_22708_444483_2_1">Other comprehensive income, net of tax:</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax"/>
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    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax_lbl" xml:lang="en-US" id="id_22708_447405_8_1">Less: Reclassification adjustment for gains included in net income</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US" id="id_22708_445933_2_1">Other</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherIncome" xlink:label="us-gaap_OtherIncome"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherLiabilities_lbl" xml:lang="en-US" id="id_22708_455949_2_1">Accrued expenses and other current liabilities (recorded at fair value $12,050; $12,022)</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherPremiumRevenueNet" xlink:label="us-gaap_OtherPremiumRevenueNet"/>
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    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_lbl" xml:lang="en-US" id="id_22708_456270_8_1">Portion of loss recognized in other comprehensive income</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_lbl" xml:lang="en-US" id="id_22708_442262_1_1">Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negatedTotal" xlink:label="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_lbl" xml:lang="en-US" id="id_22708_442262_9_1">Net impairment losses recognized in earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet" xlink:to="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_lbl"/>
    <loc xlink:type="locator" xlink:href="afsi-20120331.xsd#afsi_PaymentsForProceedsFromHeldToMaturitySecurities" xlink:label="afsi_PaymentsForProceedsFromHeldToMaturitySecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="afsi_PaymentsForProceedsFromHeldToMaturitySecurities_lbl" xml:lang="en-US" id="id_22708_460621_3_1">Payments For Proceeds From Held-To-Maturity Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="afsi_PaymentsForProceedsFromHeldToMaturitySecurities_lbl" xml:lang="en-US" id="id_22708_460621_1_1">Payments For Proceeds From Held To Maturity Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="afsi_PaymentsForProceedsFromHeldToMaturitySecurities_lbl" xml:lang="en-US" id="id_22708_460621_2_1">Net (purchases) sales of securities with fixed maturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="afsi_PaymentsForProceedsFromHeldToMaturitySecurities" xlink:to="afsi_PaymentsForProceedsFromHeldToMaturitySecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xml:lang="en-US" id="id_22708_446610_1_1">Payments For Proceeds From Other Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xml:lang="en-US" id="id_22708_446610_8_1">Net (purchases) sales of other investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:to="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="afsi-20120331.xsd#afsi_PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity" xlink:label="afsi_PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="afsi_PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity_lbl" xml:lang="en-US" id="id_22708_483780_3_1">The net cash paid (received) associated with the acquisition or disposal of equity securities classified as available-for-sale securities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="afsi_PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity_lbl" xml:lang="en-US" id="id_22708_483780_1_1">Payments For Proceeds From Sale Of Available For Sale Securities Equity</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="afsi_PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity_lbl" xml:lang="en-US" id="id_22708_483780_8_1">Net (purchases) sales of equity securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="afsi_PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity" xlink:to="afsi_PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="us-gaap_PaymentsOfDividendsCommonStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US" id="id_22708_444991_1_1">Payments Of Dividends Common Stock</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US" id="id_22708_444991_8_1">Dividends distributed on common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsCommonStock" xlink:to="us-gaap_PaymentsOfDividendsCommonStock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="us-gaap_PaymentsOfFinancingCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xml:lang="en-US" id="id_22708_443194_1_1">Payments Of Financing Costs</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xml:lang="en-US" id="id_22708_443194_8_1">Debt financing fees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfFinancingCosts" xlink:to="us-gaap_PaymentsOfFinancingCosts_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xml:lang="en-US" id="id_22708_455448_1_1">Payments To Acquire Businesses Net Of Cash Acquired</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xml:lang="en-US" id="id_22708_455448_8_1">Acquisition of intangible assets and subsidiaries, net of cash obtained</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:to="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireLifeInsurancePolicies" xlink:label="us-gaap_PaymentsToAcquireLifeInsurancePolicies"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireLifeInsurancePolicies_lbl" xml:lang="en-US" id="id_22708_449209_1_1">Payments To Acquire Life Insurance Policies</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsToAcquireLifeInsurancePolicies_lbl" xml:lang="en-US" id="id_22708_449209_8_1">Acquisition of and capitalized premiums for life settlement contracts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireLifeInsurancePolicies" xlink:to="us-gaap_PaymentsToAcquireLifeInsurancePolicies_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_22708_450798_1_1">Payments To Acquire Property Plant And Equipment</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_22708_450798_8_1">Purchase of property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PolicyholderBenefitsAndClaimsIncurredNet" xlink:label="us-gaap_PolicyholderBenefitsAndClaimsIncurredNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PolicyholderBenefitsAndClaimsIncurredNet_lbl" xml:lang="en-US" id="id_22708_447228_1_1">Policyholder Benefits And Claims Incurred Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PolicyholderBenefitsAndClaimsIncurredNet_lbl" xml:lang="en-US" id="id_22708_447228_2_1">Loss and loss adjustment expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PolicyholderBenefitsAndClaimsIncurredNet" xlink:to="us-gaap_PolicyholderBenefitsAndClaimsIncurredNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US" id="id_22708_454155_1_1">Preferred Stock Par Or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US" id="id_22708_454155_2_1">Preferred stock, par value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US" id="id_22708_447581_1_1">Preferred Stock Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US" id="id_22708_447581_2_1">Preferred stock, shares authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US" id="id_22708_452720_1_1">Preferred Stock Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US" id="id_22708_452720_2_1">Preferred stock, $.01 par value; 10,000 shares authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PremiumsEarnedNet" xlink:label="us-gaap_PremiumsEarnedNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PremiumsEarnedNet_lbl" xml:lang="en-US" id="id_22708_450715_1_1">Premiums Earned Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PremiumsEarnedNet_lbl" xml:lang="en-US" id="id_22708_450715_6_1">Net earned premium</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PremiumsEarnedNet" xlink:to="us-gaap_PremiumsEarnedNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PremiumsEarnedNetByBusinessAbstract" xlink:label="us-gaap_PremiumsEarnedNetByBusinessAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PremiumsEarnedNetByBusinessAbstract_lbl" xml:lang="en-US" id="id_22708_448876_1_1">Premiums Earned Net By Business [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PremiumsEarnedNetByBusinessAbstract_lbl" xml:lang="en-US" id="id_22708_448876_2_1">Premium income:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PremiumsEarnedNetByBusinessAbstract" xlink:to="us-gaap_PremiumsEarnedNetByBusinessAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PremiumsReceivableAtCarryingValue" xlink:label="us-gaap_PremiumsReceivableAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PremiumsReceivableAtCarryingValue_lbl" xml:lang="en-US" id="id_22708_441051_1_1">Premiums Receivable At Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PremiumsReceivableAtCarryingValue_lbl" xml:lang="en-US" id="id_22708_441051_2_1">Premiums receivable, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PremiumsReceivableAtCarryingValue" xlink:to="us-gaap_PremiumsReceivableAtCarryingValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PremiumsWrittenNet" xlink:label="us-gaap_PremiumsWrittenNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PremiumsWrittenNet_lbl" xml:lang="en-US" id="id_22708_447619_1_1">Premiums Written Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PremiumsWrittenNet_lbl" xml:lang="en-US" id="id_22708_447619_2_1">Net written premium</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PremiumsWrittenNet" xlink:to="us-gaap_PremiumsWrittenNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssets" xlink:label="us-gaap_PrepaidExpenseAndOtherAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseAndOtherAssets_lbl" xml:lang="en-US" id="id_22708_452939_1_1">Prepaid Expense And Other Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PrepaidExpenseAndOtherAssets_lbl" xml:lang="en-US" id="id_22708_452939_2_1">Prepaid expenses and other assets (recorded at fair value $142,575; $131,387)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssets" xlink:to="us-gaap_PrepaidExpenseAndOtherAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="afsi-20120331.xsd#afsi_PrepaidExpenseAndOtherAssetsAtFairValue" xlink:label="afsi_PrepaidExpenseAndOtherAssetsAtFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="afsi_PrepaidExpenseAndOtherAssetsAtFairValue_lbl" xml:lang="en-US" id="id_22708_495617_3_1">Prepaid Expense and Other Assets at Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="afsi_PrepaidExpenseAndOtherAssetsAtFairValue_lbl" xml:lang="en-US" id="id_22708_495617_1_1">Prepaid Expense And Other Assets At Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="afsi_PrepaidExpenseAndOtherAssetsAtFairValue_lbl" xml:lang="en-US" id="id_22708_495617_2_1">Prepaid expenses and other assets, fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="afsi_PrepaidExpenseAndOtherAssetsAtFairValue" xlink:to="afsi_PrepaidExpenseAndOtherAssetsAtFairValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidReinsurancePremiums" xlink:label="us-gaap_PrepaidReinsurancePremiums"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidReinsurancePremiums_lbl" xml:lang="en-US" id="id_22708_445889_1_1">Prepaid Reinsurance Premiums</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PrepaidReinsurancePremiums_lbl" xml:lang="en-US" id="id_22708_445889_2_1">Prepaid reinsurance premium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PrepaidReinsurancePremiums_lbl" xml:lang="en-US" id="id_22708_445889_12_1">Prepaid reinsurance premium (related party $453,752; $429,124)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidReinsurancePremiums" xlink:to="us-gaap_PrepaidReinsurancePremiums_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromContributedCapital" xlink:label="us-gaap_ProceedsFromContributedCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromContributedCapital_lbl" xml:lang="en-US" id="id_22708_441233_1_1">Proceeds From Contributed Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromContributedCapital_lbl" xml:lang="en-US" id="id_22708_441233_2_1">Capital contribution to subsidiaries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromContributedCapital" xlink:to="us-gaap_ProceedsFromContributedCapital_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromConvertibleDebt" xlink:label="us-gaap_ProceedsFromConvertibleDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromConvertibleDebt_lbl" xml:lang="en-US" id="id_22708_452717_1_1">Proceeds From Convertible Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromConvertibleDebt_lbl" xml:lang="en-US" id="id_22708_452717_2_1">Convertible senior notes proceeds</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromConvertibleDebt" xlink:to="us-gaap_ProceedsFromConvertibleDebt_lbl"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US" id="id_22708_454339_1_1">Property Plant And Equipment Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US" id="id_22708_454339_2_1">Property and equipment, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US" id="id_22708_447808_1_1">Provision For Doubtful Accounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US" id="id_22708_447808_2_1">Bad debt expense</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xml:lang="en-US" id="id_22708_442559_1_1">Realized Investment Gains Losses</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RealizedInvestmentGainsLossesAbstract" xlink:label="us-gaap_RealizedInvestmentGainsLossesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealizedInvestmentGainsLossesAbstract_lbl" xml:lang="en-US" id="id_22708_442988_1_1">Realized Investment Gains Losses [Abstract]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ReinsurancePayable" xlink:label="us-gaap_ReinsurancePayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReinsurancePayable_lbl" xml:lang="en-US" id="id_22708_448719_1_1">Reinsurance Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ReinsurancePayable_lbl" xml:lang="en-US" id="id_22708_448719_2_1">Reinsurance payable on paid losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReinsurancePayable" xlink:to="us-gaap_ReinsurancePayable_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReinsuranceRecoverables_lbl" xml:lang="en-US" id="id_22708_445684_1_1">Reinsurance Recoverables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ReinsuranceRecoverables_lbl" xml:lang="en-US" id="id_22708_445684_2_1">Reinsurance recoverable</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyDomain_lbl" xml:lang="en-US" id="id_22708_442080_1_1">Related Party [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyDomain_lbl" xml:lang="en-US" id="id_22708_442080_2_1">Related Party [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyDomain" xlink:to="us-gaap_RelatedPartyDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US" id="id_22708_445071_1_1">Related Party Transactions By Related Party [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US" id="id_22708_445071_2_1">Related Party Transactions, by Related Party [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_455167_1_1">Related Party Transactions Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_455167_2_1">Related Party Transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="afsi-20120331.xsd#afsi_RelatedPartyTransactionsMember" xlink:label="afsi_RelatedPartyTransactionsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="afsi_RelatedPartyTransactionsMember_lbl" xml:lang="en-US" id="id_22708_468453_3_1">Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="afsi_RelatedPartyTransactionsMember_lbl" xml:lang="en-US" id="id_22708_468453_1_1">Related Party Transactions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="afsi_RelatedPartyTransactionsMember_lbl" xml:lang="en-US" id="id_22708_468453_2_1">Related Party Transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="afsi_RelatedPartyTransactionsMember" xlink:to="afsi_RelatedPartyTransactionsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfOtherDebt" xlink:label="us-gaap_RepaymentsOfOtherDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfOtherDebt_lbl" xml:lang="en-US" id="id_22708_447759_1_1">Repayments Of Other Debt</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_RepaymentsOfOtherDebt_lbl" xml:lang="en-US" id="id_22708_447759_8_1">Term loan payment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfOtherDebt" xlink:to="us-gaap_RepaymentsOfOtherDebt_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="us-gaap_RepaymentsOfSecuredDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xml:lang="en-US" id="id_22708_443544_1_1">Repayments Of Secured Debt</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xml:lang="en-US" id="id_22708_443544_8_1">Secured loan agreements payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfSecuredDebt" xlink:to="us-gaap_RepaymentsOfSecuredDebt_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ReserveForLossesAndLossAdjustmentExpenses" xlink:label="us-gaap_ReserveForLossesAndLossAdjustmentExpenses"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ReserveForLossesAndLossAdjustmentExpenses_lbl" xml:lang="en-US" id="id_22708_449390_2_1">Loss and loss expense reserves</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReserveForLossesAndLossAdjustmentExpenses" xlink:to="us-gaap_ReserveForLossesAndLossAdjustmentExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" id="id_22708_444758_2_1">Restricted cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US" id="id_22708_443900_2_1">Retained earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US" id="id_22708_443349_1_1">Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US" id="id_22708_443349_6_1">Total revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US" id="id_22708_456447_1_1">Revenues [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US" id="id_22708_456447_2_1">Revenues:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SecuritiesSoldNotYetPurchasedFairValueDisclosure" xlink:label="us-gaap_SecuritiesSoldNotYetPurchasedFairValueDisclosure"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuritiesSoldNotYetPurchasedFairValueDisclosure_lbl" xml:lang="en-US" id="id_22708_453068_1_1">Securities Sold Not Yet Purchased Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SecuritiesSoldNotYetPurchasedFairValueDisclosure_lbl" xml:lang="en-US" id="id_22708_453068_2_1">Securities sold but not yet purchased, at market</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuritiesSoldNotYetPurchasedFairValueDisclosure" xlink:to="us-gaap_SecuritiesSoldNotYetPurchasedFairValueDisclosure_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_lbl" xml:lang="en-US" id="id_22708_442506_1_1">Securities Sold Under Agreements To Repurchase</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_lbl" xml:lang="en-US" id="id_22708_442506_2_1">Securities sold under agreements to repurchase, at contract value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:to="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_443414_1_1">Segment Reporting Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_443414_2_1">Segments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US" id="id_22708_445525_1_1">Share Based Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US" id="id_22708_445525_2_1">Stock based compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US" id="id_22708_442947_1_1">Statement [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US" id="id_22708_442947_2_1">Statement [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" id="id_22708_444291_1_1">Statement Of Cash Flows [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" id="id_22708_444291_2_1">Statement of Cash Flows [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" id="id_22708_445234_1_1">Statement Of Financial Position [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" id="id_22708_445234_2_1">Statement of Financial Position [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xml:lang="en-US" id="id_22708_448488_1_1">Statement Of Income And Comprehensive Income [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xml:lang="en-US" id="id_22708_448488_2_1">Statement of Income and Comprehensive Income [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US" id="id_22708_447352_1_1">Statement [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US" id="id_22708_447352_2_1">Statement [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US" id="id_22708_453525_1_1">Stockholders Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US" id="id_22708_453525_6_1">Total AmTrust Financial Services, Inc. equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" id="id_22708_456188_1_1">Stockholders Equity Including Portion Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" id="id_22708_456188_6_1">Total stockholders' equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US" id="id_22708_452930_1_1">Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US" id="id_22708_452930_2_1">Stockholders' equity:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_441733_1_1">Stockholders Equity Note Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_441733_2_1">Shareholder Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US" id="id_22708_445733_1_1">Supplemental Cash Flow Information [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US" id="id_22708_445733_2_1">Supplemental Cash Flow Information</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TemporaryEquityRedemptionValue" xlink:label="us-gaap_TemporaryEquityRedemptionValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityRedemptionValue_lbl" xml:lang="en-US" id="id_22708_446379_1_1">Temporary Equity Redemption Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TemporaryEquityRedemptionValue_lbl" xml:lang="en-US" id="id_22708_446379_2_1">Redeemable non-controlling interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityRedemptionValue" xlink:to="us-gaap_TemporaryEquityRedemptionValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US" id="id_22708_440666_1_1">Trading Symbol</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US" id="id_22708_440666_2_1">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="us-gaap_TreasuryStockShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US" id="id_22708_455148_1_1">Treasury Stock Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US" id="id_22708_455148_2_1">Treasury stock at cost, shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockShares" xlink:to="us-gaap_TreasuryStockShares_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US" id="id_22708_442195_1_1">Treasury Stock Value</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US" id="id_22708_442195_8_1">Treasury stock at cost; 24,550 and 24,800 shares in 2012 and 2011, respectively</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="afsi-20120331.xsd#afsi_UnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock" xlink:label="afsi_UnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="afsi_UnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_475242_3_1">Underwriting, Acquisition, Insurance, Restructuring and Other Expenses Disclosure.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="afsi_UnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_475242_1_1">Underwriting Acquisition Insurance Restructuring And Other Expenses Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="afsi_UnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock_lbl" xml:lang="en-US" id="id_22708_475242_2_1">Acquisition Costs and Other Underwriting Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="afsi_UnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock" xlink:to="afsi_UnderwritingAcquisitionInsuranceRestructuringAndOtherExpensesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_UnearnedPremiums" xlink:label="us-gaap_UnearnedPremiums"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnearnedPremiums_lbl" xml:lang="en-US" id="id_22708_443579_1_1">Unearned Premiums</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnearnedPremiums_lbl" xml:lang="en-US" id="id_22708_443579_2_1">Unearned premiums</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnearnedPremiums" xlink:to="us-gaap_UnearnedPremiums_lbl"/>
  </labelLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>afsi-20120331_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Presentation Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
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<!-- Round: 10c4091b-a313-46d9-9d61-751e84d3e1ab -->
<!-- Creation date: 2012-05-08T15:13:25Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#DocumentDocumentandEntityInformation" roleURI="http://www.amtrustgroup.com/taxonomy/role/DocumentDocumentandEntityInformation"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_StatementOfFinancialPositionUnclassified-InvestmentBasedOperations" roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfFinancialPositionUnclassified-InvestmentBasedOperations"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_StatementOfFinancialPositionUnclassified-InvestmentBasedOperationsParen" roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfFinancialPositionUnclassified-InvestmentBasedOperationsParenthetical"/>
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  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_StatementOfIncomeInsuranceBasedRevenueParen" roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfIncomeInsuranceBasedRevenueParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_StatementOfOtherComprehensiveIncome" roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfOtherComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="afsi-20120331.xsd#Role_StatementOfCashFlowsIndirectInvestmentBasedOperations" roleURI="http://www.amtrustgroup.com/taxonomy/role/StatementOfCashFlowsIndirectInvestmentBasedOperations"/>
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          <div style="width: 200px;"><strong>Recent Accounting Pronouncements<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Mar. 31, 2012</div>
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<td style="width: 5%"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 4%; font-weight: bold"><font style="font-size: 10pt"><b>2.</b></font></td>
<td style="width: 91%; font-weight: bold"><font style="font-size: 10pt"><b>Recent Accounting
Pronouncements</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;With the exception of those
discussed below, there have been no recent accounting
pronouncements or changes in accounting pronouncements during the
three months ended March 31, 2012, as compared to those described
in our Annual Report on Form&#xA0;10-K for the fiscal year ended
December 31, 2011, that are of significance, or potential
significance, to the Company.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">In December 2011, the Financial
Accounting Standards Board (&#x201C;FASB&#x201D;) issued a new
standard which indefinitely defers certain provisions of a
previously issued standard, Accounting Standards Update
(&#x201C;ASU&#x201D;) No. 2011-05 <i>Comprehensive Income (Topic
220)</i> that revised the manner in which companies present
comprehensive income in financial statements. One of the ASU
provisions required companies to present reclassification
adjustments out of accumulated other comprehensive income by
component in both the statement in which net income is presented
and the statement in which other comprehensive income is presented.
Accordingly, this requirement is indefinitely deferred and will be
further deliberated by the FASB at a future date. The amendment is
effective for fiscal years and interim periods within those years
that begin after December 15, 2011. The Company adopted this
standard on January 1, 2012. The adoption of the new standard did
not have a material impact on the Company&#x2019;s results of
operations, financial position or liquidity.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">In June 2011, the FASB issued ASU No.
2011-05 <i>Comprehensive Income (Topic 220)</i>. This update
required that all non-owner charges in stockholders&#x2019; equity
be presented either in a single continuous statement of
comprehensive income or in two separate but consecutive statements.
In the two-step approach, the first statement should present total
net income and its components followed consecutively by a second
statement that should present total other comprehensive income, the
components of other comprehensive income, and the total of
comprehensive income. The updated guidance was effective for fiscal
years and interim periods beginning on or after December 15, 2011
and was to be applied on a retrospective basis to the beginning of
the annual period of adoption. The new standard does not change the
items that must be reported in other comprehensive income and was
effective for fiscal years and interim periods within those years
that begin after December 15, 2011. The Company adopted this
standard on January 1, 2012. The adoption of the new standard did
not have a material impact on the Company&#x2019;s results of
operations, financial position or liquidity.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">In September 2011, the FASB issued
ASU No. 2011-08 <i>Intangibles-Goodwill and Other (Topic 350)</i>.
The updated guidance is intended to reduce complexity and costs by
allowing an entity the option to make a qualitative evaluation
about the likelihood of goodwill impairment, using factors such as
changes in management, key personnel, business strategy, technology
or customers, to determine whether it should calculate the fair
value of a reporting unit. Previous accounting literature required
an entity to test goodwill for impairment by comparing the fair
value of a reporting unit with its carrying amount, including
goodwill. If the fair value of a reporting unit is less than its
carrying amount, then the second step of the test must be performed
to measure the amount of the impairment loss, if any. In the second
step, the implied fair value of the reporting unit&#x2019;s goodwill
is determined in the same manner as goodwill is measured in a
business combination (by measuring the fair value of the reporting
unit&#x2019;s assets, liabilities and unrecognized intangible assets
and determining the remaining amount ascribed to goodwill) and
comparing the amount of the implied goodwill to the carrying amount
of the goodwill. Under the updated guidance, an entity is not
required to calculate the fair value of a reporting unit unless the
entity determines that is more likely than not that its fair value
is less than its carrying amount. This update is effective for
annual and interim goodwill impairment tests performed for fiscal
years beginning after December 31, 2011. The Company adopted this
standard January 1, 2012 and it did not have any material impact on
its results of operations, financial position or
liquidity.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">In May 2011, the FASB issued ASU No.
2011-04, <i>Fair Value Measurement (Topic 820)</i>. The ASU
generally aligns the principles for fair value measurements and the
related disclosure requirements under GAAP and International
Financial Reporting Standards (&#x201C;IFRS&#x201D;). ASU 2011-04
changes certain fair value measurement principles and enhances the
disclosure requirements, particularly for Level 3 fair value
measurements. The amendment is effective on a prospective basis for
interim and annual reporting periods beginning after December 15,
2011 and early adoption is not permitted. The Company adopted this
standard on January 1, 2012 and adoption of the standard did not
have a material impact on the Company&#x2019;s consolidated
financial statements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">In April 2011, the FASB amended its
guidance on accounting for repurchase agreements. The amendments
eliminate the criteria to assess whether a transferor must have the
ability to repurchase or redeem the financial assets in order to
demonstrate effective control over the transferred asset. Under the
amended guidance, a transferor maintains effective control over
transferred financial assets (and thus accounts for the transfer as
a secured borrowing) if there is an agreement that both entitles
and obligates the transferor to repurchase the financial assets
before maturity and if all of the following conditions previously
required are met: (i) financial assets to be repurchased or
redeemed are the same or substantially the same as those
transferred; (ii) repurchase or redemption date before maturity at
a fixed or determinable price; and (iii) the agreement is entered
into contemporaneously with, or in contemplation of, the transfer.
As a result, more arrangements could be accounted for as secured
borrowings rather than sales. The updated guidance is effective on
a prospective basis for interim and annual reporting periods
beginning on or after December 15, 2011. The Company adopted this
standard January 1, 2012 and it did not have a material impact on
the Company&#x2019;s results of operations, financial position or
liquidity.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">In October 2010, the FASB issued ASU
No. 2010-26, <i>Accounting for Costs Associated with Acquiring or
Renewing Insurance Contracts</i> (&#x201C;ASU 2010-26&#x201D;). ASU
2010-26 modifies the types of costs that may be deferred, allowing
insurance companies to only defer costs directly related to a
successful contract acquisition or renewal. These costs include
incremental direct costs of successful contracts, the portion of
employees&#x2019; salaries and benefits related to time spent on
acquisition activities for successful contracts and other costs
incurred in the acquisition of a contract. Additional disclosure of
the type of acquisition costs capitalized is also
required.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The Company adopted ASU 2010-26
prospectively. During 2012, the Company estimates that pre-tax
expenses will increase by approximately $8,000 to $10,000 as a
lower amount of acquisition costs will be capitalized and existing
costs that no longer meet the criteria for deferral under ASU
2010-26 will be recognized in expense over the original
amortization periods. For the three months ended March 31, 2012,
the Company recognized approximately $3,258 of expense related to
such previously deferrable costs. If the Company had adopted ASU
2010-26 retrospectively, approximately $4,647 of acquisition costs
that were deferred would have been recognized in expense for the
three month period ended March 31, 2011.</font></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 1.N.Q3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6369664&amp;loc=d3e30840-122693<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 23<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6368906&amp;loc=d3e21914-107793<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 154<br><br> -Paragraph 17, 22, 25, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6801783&amp;loc=d3e22499-107794<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 1<br><br> -Section N<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6801783&amp;loc=d3e22595-107794<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6801783&amp;loc=d3e22644-107794<br><br><br><br></p>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Basis of Reporting<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccounting', window );">Basis of Reporting</a></td>
        <td class="text"><div style="font: 10pt Times New Roman, Times, Serif">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: top">
<td style="width: 5%; font-size: 10pt">&#xA0;</td>
<td style="width: 4%; font-size: 10pt; font-weight: bold">
<b>1.</b></td>
<td style="width: 91%; font-size: 10pt; font-weight: bold"><b>Basis
of Reporting</b></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The accompanying unaudited interim consolidated financial
statements have been prepared in accordance with U.S. generally
accepted accounting principles (&#x201C;GAAP&#x201D;) for interim
financial statements and with the instructions to Form 10-Q and
Article 10 of Regulation S-X and, therefore, do not include all of
the information and footnotes required by GAAP for complete
financial statements. These interim statements should be read in
conjunction with the financial statements and notes thereto
included in the AmTrust Financial Services, Inc.
(&#x201C;AmTrust&#x201D; or the &#x201C;Company&#x201D;) Annual Report
on Form 10-K for the year ended December 31, 2011, previously filed
with the Securities and Exchange Commission (&#x201C;SEC&#x201D;) on
March 15, 2012. The balance sheet at December 31, 2011 has been
derived from the audited consolidated financial statements at that
date but does not include all of the information and footnotes
required by GAAP for complete financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;These interim consolidated financial statements reflect all
adjustments that are, in the opinion of management, necessary for a
fair presentation of the results for the interim period and all
such adjustments are of a normal recurring nature. The results of
operations for the interim period are not necessarily indicative,
if annualized, of those to be expected for the full year. &#xA0;
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;A detailed description of the Company&#x2019;s significant
accounting policies and management judgments is located in the
audited consolidated financial statements for the year ended
December 31, 2011, included in the Company&#x2019;s Form 10-K filed
with the SEC.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;All significant inter-company transactions and accounts have
been eliminated in the consolidated financial statements.
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
To facilitate period-to-period comparisons, certain
reclassifications have been made to prior period consolidated
financial statement amounts to conform to current period
presentation. The Company and American Capital Acquisition
Corporation (&#x201C;ACAC&#x201D;) currently each have a 50%
ownership interest in Tiger Capital LLC (&#x201C;Tiger&#x201D;) and
AMT Capital Alpha, LLC (&#x201C;AMT Alpha&#x201D;). The Company also
has a 21.25% ownership share of ACAC. As a result, the Company
ultimately receives 60.625% of the income and losses related to
Tiger and AMT Alpha and therefore consolidates Tiger and AMT Alpha.
Prior to January 1, 2012, the Company reported Tiger&#x2019;s and
AMT Alpha&#x2019;s income and losses attributable to its 10.625%
indirect ownership as a component of Equity in Earnings of
Unconsolidated Subsidiaries. This amount was offset by reporting an
equal amount as a component of Non-controlling interest. Effective
January 1, 2012, the Company presents the impact of the 10.625%
indirect ownership of Tiger and AMT Alpha on a net basis and
excludes this amount from both Equity in Earnings of Unconsolidated
Subsidiaries and Non-controlling Interest. All prior periods
presented have been reclassed to conform to the current
presentation. There was no impact on prior period Net Income
Attributable to AmTrust Financial Services, Inc. The
Company&#x2019;s equity investment in ACAC and non-controlling
interest were reduced by $3,807 as of December 31, 2011.</p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BasisOfAccounting">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BasisOfAccounting</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EQIBG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Condensed Consolidated Balance Sheets (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsAbstract', window );"><strong>Investments:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesDebtSecurities', window );">Fixed maturities, available-for-sale, at market value (amortized cost $1,637,870; $1,382,863)</a></td>
        <td class="nump">$ 1,685,022<span></span></td>
        <td class="nump">$ 1,394,243<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesEquitySecurities', window );">Equity securities, available-for-sale, at market value (cost $29,749; $34,041)</a></td>
        <td class="nump">30,752<span></span></td>
        <td class="nump">35,600<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherShortTermInvestments', window );">Short-term investments</a></td>
        <td class="nump">84,571<span></span></td>
        <td class="nump">128,565<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Equity investment in unconsolidated subsidiaries - related parties</a></td>
        <td class="nump">87,117<span></span></td>
        <td class="nump">83,691<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherInvestments', window );">Other investments</a></td>
        <td class="nump">14,865<span></span></td>
        <td class="nump">14,588<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Investments', window );">Total investments</a></td>
        <td class="nump">1,902,327<span></span></td>
        <td class="nump">1,656,687<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">277,183<span></span></td>
        <td class="nump">406,847<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted cash and cash equivalents</a></td>
        <td class="nump">59,236<span></span></td>
        <td class="nump">23,104<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedInvestmentIncomeReceivable', window );">Accrued interest and dividends</a></td>
        <td class="nump">14,437<span></span></td>
        <td class="nump">12,644<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PremiumsReceivableAtCarryingValue', window );">Premiums receivable, net</a></td>
        <td class="nump">1,004,951<span></span></td>
        <td class="nump">932,992<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReinsuranceRecoverables', window );">Reinsurance recoverable (related party $646,659; $597,525)</a></td>
        <td class="nump">1,142,147<span></span></td>
        <td class="nump">1,098,569<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidReinsurancePremiums', window );">Prepaid reinsurance premium (related party $453,752; $429,124)</a></td>
        <td class="nump">620,989<span></span></td>
        <td class="nump">584,871<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssets', window );">Prepaid expenses and other assets (recorded at fair value $142,575; $131,387)</a></td>
        <td class="nump">338,144<span></span></td>
        <td class="nump">292,849<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReceivable', window );">Federal income tax receivable</a></td>
        <td class="nump">8,264<span></span></td>
        <td class="nump">13,024<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredPolicyAcquisitionCosts', window );">Deferred policy acquisition costs</a></td>
        <td class="nump">295,397<span></span></td>
        <td class="nump">280,991<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump">63,801<span></span></td>
        <td class="nump">61,553<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
        <td class="nump">173,023<span></span></td>
        <td class="nump">147,654<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets</a></td>
        <td class="nump">195,489<span></span></td>
        <td class="nump">166,962<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets, Total</a></td>
        <td class="nump">6,095,388<span></span></td>
        <td class="nump">5,678,747<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReserveForLossesAndLossAdjustmentExpenses', window );">Loss and loss expense reserves</a></td>
        <td class="nump">1,968,319<span></span></td>
        <td class="nump">1,879,175<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnearnedPremiums', window );">Unearned premiums</a></td>
        <td class="nump">1,453,008<span></span></td>
        <td class="nump">1,366,170<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CededPremiumsPayable', window );">Ceded reinsurance premiums payable (related party $264,934; $222,408)</a></td>
        <td class="nump">375,189<span></span></td>
        <td class="nump">337,508<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReinsurancePayable', window );">Reinsurance payable on paid losses</a></td>
        <td class="nump">17,775<span></span></td>
        <td class="nump">14,731<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FundsHeldUnderReinsuranceAgreementsLiability', window );">Funds held under reinsurance treaties</a></td>
        <td class="nump">42,624<span></span></td>
        <td class="nump">49,249<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent', window );">Note payable on collateral loan - related party</a></td>
        <td class="nump">167,975<span></span></td>
        <td class="nump">167,975<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuritiesSoldNotYetPurchasedFairValueDisclosure', window );">Securities sold but not yet purchased, at market</a></td>
        <td class="nump">54,507<span></span></td>
        <td class="nump">55,942<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase', window );">Securities sold under agreements to repurchase, at contract value</a></td>
        <td class="nump">200,915<span></span></td>
        <td class="nump">191,718<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilities', window );">Accrued expenses and other current liabilities (recorded at fair value $12,050; $12,022)</a></td>
        <td class="nump">337,723<span></span></td>
        <td class="nump">267,643<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilities', window );">Deferred income taxes</a></td>
        <td class="nump">138,001<span></span></td>
        <td class="nump">108,775<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtAndCapitalLeaseObligations', window );">Debt</a></td>
        <td class="nump">302,550<span></span></td>
        <td class="nump">279,600<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">5,058,586<span></span></td>
        <td class="nump">4,718,486<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityRedemptionValue', window );">Redeemable non-controlling interest</a></td>
        <td class="nump">600<span></span></td>
        <td class="nump">600<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Stockholders' equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $.01 par value; 100,000 shares authorized, 85,013 and 84,906 issued in 2012 and 2011, respectively; 60,463 and 60,106 outstanding in 2012 and 2011, respectively</a></td>
        <td class="nump">850<span></span></td>
        <td class="nump">849<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $.01 par value; 10,000 shares authorized</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="nump">585,623<span></span></td>
        <td class="nump">582,321<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock at cost; 24,550 and 24,800 shares in 2012 and 2011, respectively</a></td>
        <td class="num">(298,260)<span></span></td>
        <td class="num">(300,365)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income (loss)</a></td>
        <td class="nump">22,456<span></span></td>
        <td class="num">(9,999)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
        <td class="nump">651,373<span></span></td>
        <td class="nump">617,757<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total AmTrust Financial Services, Inc. equity</a></td>
        <td class="nump">962,042<span></span></td>
        <td class="nump">890,563<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterest', window );">Non-controlling interest</a></td>
        <td class="nump">74,160<span></span></td>
        <td class="nump">69,098<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total stockholders' equity</a></td>
        <td class="nump">1,036,202<span></span></td>
        <td class="nump">959,661<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Liabilities and Equity, Total</a></td>
        <td class="nump">$ 6,095,388<span></span></td>
        <td class="nump">$ 5,678,747<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedInvestmentIncomeReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest, dividends, rents, ancillary and other revenues earned but not yet received by the entity on its investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 4<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedInvestmentIncomeReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 130<br><br><br><br> -Paragraph 14, 17, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FAS115-1/124-1<br><br><br><br> -Paragraph 15D<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e681-108580<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br> -Section S99<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Publisher FASB<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesDebtSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, total of debt securities categorized neither as held-to-maturity nor trading.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26610-111562<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph b<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FAS115-1/124-1<br><br><br><br> -Paragraph 15D<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 133<br><br><br><br> -Paragraph 22<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FAS115-1/124-1<br><br><br><br> -Paragraph 15C<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 13<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 320<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (b)-(g)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62557-112803<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 137<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 16<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6379932&amp;loc=d3e22054-111558<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AvailableForSaleSecuritiesDebtSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesEquitySecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, this item represents equity securities categorized neither as held-to-maturity nor trading.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 19<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26610-111562<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph b<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 320<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62557-112803<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 13<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6379932&amp;loc=d3e22054-111558<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 16<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 133<br><br><br><br> -Paragraph 22<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 86-40<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AvailableForSaleSecuritiesEquitySecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CededPremiumsPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consideration due to the assuming enterprise as of the balance sheet date under the terms of the reinsurance contract in exchange for the right to receive reimbursement from such entity for covered claims and expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph c<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.13(c))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CededPremiumsPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtAndCapitalLeaseObligations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of all debt, including all short-term borrowings, long-term debt, and capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.13,16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtAndCapitalLeaseObligations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredPolicyAcquisitionCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net amount of deferred policy acquisition costs capitalized on contracts remaining in force as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 16<br><br><br><br> -Article 12<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6481648&amp;loc=d3e11198-158413<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Statement of Position (SOP)<br><br><br><br> -Number 95-1<br><br><br><br> -Paragraph 19-23<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 825<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6487548&amp;loc=d3e32546-158582<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 60<br><br><br><br> -Paragraph 60<br><br><br><br> -Subparagraph c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 60<br><br><br><br> -Paragraph 28, 29, 30, 31<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 120<br><br><br><br> -Paragraph 5, 6<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 97<br><br><br><br> -Paragraph 22<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredPolicyAcquisitionCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of all deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A taxable temporary difference is a difference between the tax basis and the carrying amount of an asset or liability in the financial statements prepared in accordance with generally accepted accounting principles that will result in taxable amounts in one or more future periods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 109<br><br><br><br> -Paragraph 42, 43<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31931-109318<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382870&amp;loc=d3e33749-111570<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FundsHeldUnderReinsuranceAgreementsLiability">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Funds held by the ceding insurer on behalf the reinsurer, including funds held in trust, under reinsurance treaties or contracts with the assuming insurer as security for the payment of the obligations thereunder, which represent a liability of the ceding insurer. There is another concept for the corresponding asset of the reinsurer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.13(c))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-LHI<br><br><br><br> -Section Glossary<br><br><br><br> -IssueDate 2006-05-01<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-PLI<br><br><br><br> -Section Glossary<br><br><br><br> -IssueDate 2006-09-01<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph c<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FundsHeldUnderReinsuranceAgreementsLiability</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -Clause 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 43<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 68<br><br><br><br> -Subparagraph l<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 34<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13816-109267<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 72<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Goodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of income taxes previously overpaid to tax authorities (such as U.S. Federal, state and local tax authorities) representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Also called income tax refund receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 109<br><br><br><br> -Section Appendix E<br><br><br><br> -Paragraph 289<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph c<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 42, 45<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph ((a)(1),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16323-109275<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IntangibleAssetsNetExcludingGoodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Investments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph h<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Investments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 27<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Publisher AICPA<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount for notes payable (written promise to pay), due to related parties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 4<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other investments not otherwise specified in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(f,g))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph g<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 9<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherShortTermInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other investments not otherwise specified in the taxonomy that will be realized in a short period of time, usually less than one year or the normal operating cycle, whichever is longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(g))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher OTS<br><br><br><br> -Name Federal Regulation (FR)<br><br><br><br> -Number Title 12<br><br><br><br> -Chapter V<br><br><br><br> -Section 563c.102<br><br><br><br> -Subsection I<br><br><br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.5)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 5<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph g<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherShortTermInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 5<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PremiumsReceivableAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount as of the balance sheet date due the entity from (a) agents and insureds, (b) uncollected premiums and (c) others, net of the allowance for doubtful accounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),5)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PremiumsReceivableAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amount for an unclassified balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs and the carrying amount as of the balance sheet date of assets not otherwise specified in the taxonomy. Also includes assets not individually reported in the financial statements, or not separately disclosed in notes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidReinsurancePremiums">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The unexpired portion of premiums ceded on policies in force as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 113<br><br><br><br> -Paragraph 14, 27, 28<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Prepaid Reinsurance Premiums<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521719<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 340<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6485982&amp;loc=d3e22818-158507<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidReinsurancePremiums</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReinsurancePayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount as of the balance sheet date of the known and estimated amounts owed to insurers under reinsurance treaties or other arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a(3)<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.13(a)(3),(c))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ReinsurancePayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReinsuranceRecoverables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The known and estimated amount recoverable as of the balance sheet date from reinsurers for claims paid or incurred by the ceding insurer and associated claims settlement expenses, including estimated amounts for claims incurred but not reported, and policy benefits, net of any related valuation allowance.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 6<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 113<br><br><br><br> -Paragraph 14, 16, 27, 113<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6480758&amp;loc=d3e6824-158387<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ReinsuranceRecoverables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReserveForLossesAndLossAdjustmentExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Alternate concept name for the aggregate amount of policy reserves (provided for future obligations including unpaid claims and claims adjustment expenses) and policy benefits (liability for future policy benefits) as of the balance sheet date; grouped amount of all the liabilities associated with the company's insurance policies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.13(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 40<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6482485&amp;loc=d3e14764-158437<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Statement of Position (SOP)<br><br><br><br> -Number 94-5<br><br><br><br> -Paragraph 11<br><br><br><br> -Subparagraph a<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ReserveForLossesAndLossAdjustmentExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-BRD<br><br><br><br> -Chapter 4<br><br><br><br> -Paragraph 80<br><br><br><br> -Subparagraph Exhibit 4-8, 3<br><br><br><br> -IssueDate 2006-05-01<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritiesSoldNotYetPurchasedFairValueDisclosure">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This element represents securities sold but not yet purchased, that is, sold short, which leads to a liability for the obligation to purchase said securities at a future date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-BRD<br><br><br><br> -Chapter 4<br><br><br><br> -Paragraph 38, 39<br><br><br><br> -IssueDate 2006-05-01<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 405<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957929&amp;loc=d3e63862-112815<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SecuritiesSoldNotYetPurchasedFairValueDisclosure</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value as of the balance sheet date of securities that an institution sells and agrees to repurchase (the identical or substantially the same securities) as a seller-borrower at a specified date for a specified price, also known as a repurchase agreement, or repo. Most repos involve obligations of the federal government or its agencies, but other financial instruments, such as commercial paper, banker's acceptances, and negotiable certificates of deposit, are sometimes used in repos.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.13(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935251&amp;loc=d3e9760-107771<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(m)(1)(a)(i))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 140<br><br><br><br> -Paragraph 100<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-BRD<br><br><br><br> -Chapter 4<br><br><br><br> -Paragraph 36<br><br><br><br> -IssueDate 2006-05-01<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SecuritiesSoldUnderAgreementsToRepurchase</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4590271-111686<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Publisher AICPA<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568447-111683<br><br><br><br><br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount to be paid by the entity upon redemption of the security that is classified as temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 5<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph b<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 00-19<br><br><br><br> -Paragraph 12<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.27(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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                <p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Technical Bulletin (FTB)<br><br><br><br> -Number 85-6<br><br><br><br> -Paragraph 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of premiums written on insurance contracts that have not been earned as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a(2)<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),13(a)(2))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 16<br><br><br><br> -Article 12<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 60<br><br><br><br> -Paragraph 13<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 97<br><br><br><br> -Paragraph 16, 17, 20<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><nobr>us-gaap_UnearnedPremiums</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EHBAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Condensed Consolidated Statement of Comprehensive Income (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract', window );"><strong>Other comprehensive income, net of tax:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">$ 39,220<span></span></td>
        <td class="nump">$ 51,321<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease', window );">Foreign currency translation adjustments</a></td>
        <td class="nump">4,197<span></span></td>
        <td class="nump">3,840<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_afsi_OtherComprehensiveIncomeChangeInFairValueNetOfTax', window );">Change in fair value of interest rate swap</a></td>
        <td class="num">(57)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract', window );"><strong>Unrealized gains on securities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized holding gains arising during period</a></td>
        <td class="nump">30,759<span></span></td>
        <td class="nump">3,272<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax', window );">Less: Reclassification adjustment for gains included in net income</a></td>
        <td class="num">(2,444)<span></span></td>
        <td class="nump">1,253<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease', window );">Other comprehensive income, net of tax</a></td>
        <td class="nump">32,455<span></span></td>
        <td class="nump">8,365<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income</a></td>
        <td class="nump">71,675<span></span></td>
        <td class="nump">59,686<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Less: Comprehensive income attributable to non-controlling interest</a></td>
        <td class="nump">134<span></span></td>
        <td class="nump">8,139<span></span></td>
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      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income attributable to AmTrust Financial Services, Inc.</a></td>
        <td class="nump">$ 71,541<span></span></td>
        <td class="nump">$ 51,547<span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other Comprehensive Income Change In Fair Value Net Of Tax</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>afsi_OtherComprehensiveIncomeChangeInFairValueNetOfTax</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e540-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A5<br><br> -Appendix A<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 8, 9, 10, 11, 12, 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6508144<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e557-108580<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4613674-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A5<br><br> -Appendix A<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569643-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A5<br><br> -Appendix A<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 20<br><br> -Subparagraph (b),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6915805&amp;loc=d3e32211-110900<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 14, 17, 19, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 52<br><br> -Paragraph 13, 20, 31<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents Other Comprehensive Income or Loss, Net of Tax, for the period.  Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 22, 23, 24, 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e599-108580<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 31<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reclassification adjustment for unrealized gains or losses realized upon the sale of securities, after tax.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27357-111563<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Reclassification Adjustments<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6522872<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e689-108580<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 18, 19<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 17, 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Segments<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingDisclosureTextBlock', window );">Segments</a></td>
        <td class="text"><div style="font: 10pt Times New Roman, Times, Serif">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 5%"></td>
<td style="width: 4%; text-align: left"><b>15.</b></td>
<td style="text-align: justify; width: 90%"><b>Segments</b></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;The Company currently operates four business segments, Small
Commercial Business; Specialty Risk and Extended Warranty;
Specialty Program and Personal Lines Reinsurance. The
&#x201C;Corporate &amp; Other&#x201D; segment represents the
activities of the holding company as well as a portion of service
and fee revenue. In determining total assets (excluding cash and
invested assets) by segment, the Company identifies those assets
that are attributable to a particular segment such as deferred
acquisition cost, reinsurance recoverable, goodwill, intangible
assets and prepaid reinsurance while the remaining assets are
allocated based on net written premium by segment. In determining
cash and invested assets by segment, the Company matches certain
identifiable liabilities such as unearned premium and loss and loss
adjustment expense reserves by segment. The remaining cash and
invested assets are then allocated based on net written premium by
segment. Investment income and realized gains (losses) are
determined by calculating an overall annual return on cash and
invested assets and applying that overall return to the cash and
invested assets by segment. Ceding commission revenue is allocated
to each segment based on that segment&#x2019;s proportionate share
of the Company&#x2019;s overall acquisition costs. Interest expense
is allocated based on net written premium by segment. Income taxes
are allocated on a pro-rata basis based on the Company&#x2019;s
effective tax rate. Additionally, management reviews the
performance of underwriting income in assessing the performance of
and making decisions regarding the allocation of resources to the
segments. Underwriting income excludes, primarily, service and fee
revenue, investment income and other revenues, other expenses,
interest expense and income taxes. Management believes that
providing this information in this manner is essential to providing
Company&#x2019;s shareholders with an understanding of the
Company&#x2019;s business and operating performance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">
During the three months ended March 31, 2012, the Company derived
over ten percent of gross premium in its Specialty Risk and
Extended Warranty segment from one broker of approximately $35,000.
During the three months ended March 31, 2012, the Company derived
ten percent of gross premium in its Specialty Program segment from
two individual programs for an aggregate of approximately
$20,400.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;The following tables summarize the results of operations of
the business segments for the three months ended March 31, 2012 and
2011:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font-size: 8pt">(Amounts&#xA0;in&#xA0;Thousands)</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Small<br />
Commercial<br />
Business</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Specialty&#xA0;Risk<br />
and&#xA0;Extended<br />
Warranty</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Specialty<br />
Program</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Personal<br />
Lines<br />
Reinsurance</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Corporate<br />
and&#xA0;Other</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Total</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-decoration: none; padding-bottom: 1pt"><font style="font-size: 8pt"><u>Three months ended March 31,
2012:</u></font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 34%; text-align: left"><font style="font-size: 8pt">Gross written premium</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">232,351</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">234,089</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">104,638</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">30,609</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">601,687</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Net
written premium</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">118,890</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">141,161</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">69,117</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">30,609</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">359,777</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Change in unearned premium</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(26,562</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(5,588</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(9,456</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(4,147</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(45,753</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Net earned premium</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">92,328</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">135,573</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">59,661</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">26,462</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">314,024</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -8.95pt; padding-left: 8.95pt">
<font style="font-size: 8pt">Ceding commission&#xA0;- primarily
related party</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">17,132</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">17,194</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">11,948</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">46,274</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Loss and
loss adjustment expense</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(59,224</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(83,443</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(40,194</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(17,068</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(199,929</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -8.95pt; padding-left: 8.95pt">
<font style="font-size: 8pt">Acquisition costs and other
underwriting expenses</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(42,930</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(43,085</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(29,939</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(8,071</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(124,025</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(102,154</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(126,528</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(70,133</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(25,139</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(323,954</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Underwriting income</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">7,306</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">26,239</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,476</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,323</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">36,344</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Service
and&#xA0;fee income</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">15,435</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">18,218</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">9</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">6,876</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">40,538</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -8.95pt; padding-left: 8.95pt">
<font style="font-size: 8pt">Investment income and realized gain
(loss)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,493</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,041</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,333</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">503</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">13,370</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Other
expenses</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(14,123</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(14,035</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(6,105</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(1,376</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(35,639</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Interest
expense</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(2,810</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(2,792</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(1,215</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(274</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(7,091</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Foreign
currency gain</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">421</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">421</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Gain on
life settlement contracts</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">37</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">35</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">15</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">3</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">90</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Provision
for income taxes</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(2,514</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(7,347</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">773</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(1,565</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(524</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(11,177</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -8.95pt; padding-left: 8.95pt">
<font style="font-size: 8pt">Equity in earnings of unconsolidated
subsidiaries&#xA0;&#xA0;&#x2013; related party</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,364</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,364</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Non-controlling interest</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(53</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(53</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(23</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(5</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(134</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -8.95pt; padding-left: 8.95pt">
<font style="font-size: 8pt">Net income attributable to AmTrust
Financial Services, Inc.</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">8,771</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">25,727</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">(2,737</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">5,485</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">1,840</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">39,086</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font-size: 8pt">(Amounts&#xA0;in&#xA0;Thousands)</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Small<br />
Commercial<br />
Business</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Specialty&#xA0;Risk<br />
and&#xA0;Extended<br />
Warranty</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Specialty<br />
Program</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Personal<br />
Lines<br />
Reinsurance</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Corporate<br />
and&#xA0;Other</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Total</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-decoration: none; padding-bottom: 1pt"><font style="font-size: 8pt"><u>Three months ended March 31,
2011:</u></font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 34%; text-align: left"><font style="font-size: 8pt">Gross written premium</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">140,716</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">227,748</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">49,976</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">25,587</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">444,027</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Net
written premium</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">77,651</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">104,547</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">26,234</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">25,587</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">234,019</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Change in unearned premium</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(15,790</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(19,970</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">4,536</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(2,457</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(33,681</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Net earned premium</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">61,861</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">84,577</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">30,770</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">23,130</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">200,338</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt">
<font style="font-size: 8pt">Ceding commission&#xA0;- primarily
related party</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">18,325</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">12,899</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">4,460</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">35,684</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Loss and
loss adjustment expense</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(36,763</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(57,424</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(19,705</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(14,804</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(128,696</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">
<font style="font-size: 8pt">Acquisition costs and other
underwriting expenses</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(34,756</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(26,648</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(12,312</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(7,518</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(81,234</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(71,519</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(84,072</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(32,017</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(22,322</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(209,930</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Underwriting income</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">8,667</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">13,404</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">3,213</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">808</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">26,092</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Service
and fee income</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,241</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">16,506</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">4</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">3,438</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">25,189</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt">
<font style="font-size: 8pt">Investment income and realized gain
(loss)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,750</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,515</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,603</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">739</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">14,607</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Other
expenses</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(7,312</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(9,021</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(2,431</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(1,432</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(20,196</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Interest
expense</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(1,359</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(1,677</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(452</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(266</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(3,754</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Foreign
currency loss</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(284</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(284</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Gain on
life settlement contracts</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">6,837</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">8,436</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,273</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,340</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">18,886</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Provision
for income taxes</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(2,661</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(4,908</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(778</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(177</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(513</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(9,037</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt">
<font style="font-size: 8pt">Equity in earnings of unconsolidated
investment &#x2013; related parties</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,819</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,819</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Non-controlling interest</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(2,947</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(3,635</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(980</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(577</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(8,139</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -15.1pt; padding-left: 15.1pt">
<font style="font-size: 8pt">Net income attributable to AmTrust
Financial Services, Inc.</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">12,216</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">24,336</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">3,452</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">435</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">4,744</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">45,183</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">
&#xA0;The following tables summarize long lived assets and total
assets of the business segments as of March 31, 2012 and December
31, 2011:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">(Amounts&#xA0;in&#xA0;Thousands)</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Small<br />
Commercial<br />
Business</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Specialty&#xA0;Risk<br />
and&#xA0;Extended<br />
Warranty</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Specialty<br />
Program</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Personal<br />
Lines<br />
Reinsurance</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Corporate<br />
and other</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Total</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-decoration: none; padding-bottom: 1pt"><font style="font-size: 8pt"><u>As of March 31, 2012:</u></font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 34%; text-align: left"><font style="font-size: 8pt">Property and equipment, net</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">25,283</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">25,125</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">10,929</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">2,464</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 8%; text-align: right"><font style="font-size: 8pt">63,801</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Goodwill
and intangible assets</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">180,800</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">165,010</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">22,702</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">368,512</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Total
assets</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,523,163</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,462,815</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">957,172</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">152,238</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">6,095,388</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-decoration: none; padding-bottom: 1pt"><font style="font-size: 8pt"><u>As of December 31, 2011:</u></font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Property
and equipment, net</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">17,767</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">30,811</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">10,762</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,213</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">61,553</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Goodwill
and intangible assets</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">123,976</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">167,782</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">22,858</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">314,616</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">Total
assets</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,150,824</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2,482,018</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">912,476</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">133,429</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,678,747</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
</table>
</div><span></span></td>
      </tr>
    </table>
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        <tr>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8595-108599<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8538-108599<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 33<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8971-108599<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 34<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8981-108599<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 29<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8864-108599<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8380-108599<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 35<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8984-108599<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 41<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9038-108599<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 32<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8933-108599<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 131<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8906-108599<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8844-108599<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 40<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9031-108599<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 42<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9054-108599<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 31<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8924-108599<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E5WBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Cash Flows (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
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      <tr>
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          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">$ 39,220<span></span></td>
        <td class="nump">$ 51,321<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">8,746<span></span></td>
        <td class="nump">6,071<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions', window );">Equity earnings and gain on investment in unconsolidated subsidiaries</a></td>
        <td class="num">(2,364)<span></span></td>
        <td class="num">(3,123)<span></span></td>
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        <td class="num">(90)<span></span></td>
        <td class="num">(18,886)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesRealizedGainLoss', window );">Realized (gain) loss on marketable securities</a></td>
        <td class="nump">1,148<span></span></td>
        <td class="num">(415)<span></span></td>
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        <td class="nump">968<span></span></td>
        <td class="nump">163<span></span></td>
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        <td class="nump">1,180<span></span></td>
        <td class="nump">1,459<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt expense</a></td>
        <td class="nump">1,994<span></span></td>
        <td class="nump">1,147<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign currency (gain) loss</a></td>
        <td class="num">(421)<span></span></td>
        <td class="nump">284<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract', window );"><strong>Changes in assets - (increase) decrease:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="num">(73,953)<span></span></td>
        <td class="num">(61,425)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInReinsuranceRecoverable', window );">Reinsurance recoverable</a></td>
        <td class="num">(43,578)<span></span></td>
        <td class="num">(47,114)<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts', window );">Deferred policy acquisition costs, net</a></td>
        <td class="num">(14,406)<span></span></td>
        <td class="num">(12,343)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums', window );">Prepaid reinsurance premiums</a></td>
        <td class="num">(36,118)<span></span></td>
        <td class="num">(22,677)<span></span></td>
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        <td class="num">(34,589)<span></span></td>
        <td class="num">(9,018)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract', window );"><strong>Changes in liabilities - increase (decrease):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">37,681<span></span></td>
        <td class="nump">51,523<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve', window );">Loss and loss expense reserve</a></td>
        <td class="nump">89,144<span></span></td>
        <td class="nump">48,085<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInUnearnedPremiums', window );">Unearned premiums</a></td>
        <td class="nump">86,838<span></span></td>
        <td class="nump">60,458<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInFundsHeldUnderReinsuranceAgreements', window );">Funds held under reinsurance treaties</a></td>
        <td class="num">(6,625)<span></span></td>
        <td class="num">(179)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities', window );">Accrued expenses and other current liabilities</a></td>
        <td class="nump">29,084<span></span></td>
        <td class="num">(86)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred tax liability</a></td>
        <td class="nump">4,575<span></span></td>
        <td class="nump">10,086<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
        <td class="nump">88,434<span></span></td>
        <td class="nump">55,331<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_afsi_PaymentsForProceedsFromHeldToMaturitySecurities', window );">Net (purchases) sales of securities with fixed maturities</a></td>
        <td class="num">(212,243)<span></span></td>
        <td class="nump">7,157<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_afsi_PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity', window );">Net (purchases) sales of equity securities</a></td>
        <td class="nump">7,509<span></span></td>
        <td class="nump">1,447<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForProceedsFromOtherInvestingActivities', window );">Net (purchases) sales of other investments</a></td>
        <td class="num">(309)<span></span></td>
        <td class="nump">161<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireLifeInsurancePolicies', window );">Acquisition of and capitalized premiums for life settlement contracts</a></td>
        <td class="num">(7,961)<span></span></td>
        <td class="num">(17,453)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Acquisition of intangible assets and subsidiaries, net of cash obtained</a></td>
        <td class="num">(2,222)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInRestrictedCash', window );">Increase in restricted cash and cash equivalents</a></td>
        <td class="num">(36,132)<span></span></td>
        <td class="num">(23,402)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchase of property and equipment</a></td>
        <td class="num">(5,014)<span></span></td>
        <td class="num">(15,402)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
        <td class="num">(256,372)<span></span></td>
        <td class="num">(47,492)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities', window );">Repurchase agreements, net</a></td>
        <td class="nump">9,197<span></span></td>
        <td class="num">(95,251)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLinesOfCredit', window );">Revolving credit facility borrowing</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">98,200<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromConvertibleDebt', window );">Convertible senior notes proceeds</a></td>
        <td class="nump">25,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSecuredLinesOfCredit', window );">Secured loan agreement borrowings</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,800<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfSecuredDebt', window );">Secured loan agreements payments</a></td>
        <td class="num">(240)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromNotesPayable', window );">Promissory note</a></td>
        <td class="nump">2,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfOtherDebt', window );">Term loan payment</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(6,667)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Debt financing fees</a></td>
        <td class="num">(750)<span></span></td>
        <td class="num">(1,394)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromContributedCapital', window );">Capital contribution to subsidiaries</a></td>
        <td class="nump">4,928<span></span></td>
        <td class="nump">8,965<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Stock option exercise and other</a></td>
        <td class="nump">922<span></span></td>
        <td class="nump">857<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Dividends distributed on common stock</a></td>
        <td class="num">(5,533)<span></span></td>
        <td class="num">(4,761)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td>
        <td class="nump">36,024<span></span></td>
        <td class="nump">10,749<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents', window );">Effect of exchange rate changes on cash</a></td>
        <td class="nump">2,250<span></span></td>
        <td class="nump">2,119<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net decrease in cash and cash equivalents</a></td>
        <td class="num">(129,664)<span></span></td>
        <td class="num">(20,707)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents, beginning of the period</a></td>
        <td class="nump">406,847<span></span></td>
        <td class="nump">184,819<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents, end of the period</a></td>
        <td class="nump">277,183<span></span></td>
        <td class="nump">205,526<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental Cash Flow Information</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">Income tax payments</a></td>
        <td class="nump">46<span></span></td>
        <td class="nump">57<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Interest payments on debt</a></td>
        <td class="nump">$ 2,880<span></span></td>
        <td class="nump">$ 3,151<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_afsi_PaymentsForProceedsFromHeldToMaturitySecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Payments For Proceeds From Held-To-Maturity Securities</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>afsi_PaymentsForProceedsFromHeldToMaturitySecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>afsi_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_afsi_PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash paid (received) associated with the acquisition or disposal of equity securities classified as available-for-sale securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>afsi_PaymentsForProceedsFromSaleOfAvailableForSaleSecuritiesEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>afsi_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDebtDiscountPremium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of interest expense representing the noncash expenses charged against earnings in the period to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate caption: Noncash Interest Expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 21<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 8<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28541-108399<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfDebtDiscountPremium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredIncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The effect of exchange rate changes on cash balances held in foreign currencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate foreign currency transaction gain (loss) (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains (losses) may be disclosed as dealer gains (losses).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30690-110894<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 52<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30700-110894<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ForeignCurrencyTransactionGainLossBeforeTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the undistributed income (or loss) of equity method investments, net of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporations; such investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -Subparagraph f<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxesPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of accrued expenses and other operating obligations not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the balance sheet value of capitalized sales costs that are associated with acquiring a new insurance customers.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInFundsHeldUnderReinsuranceAgreements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in funds held under reinsurance agreements or treaty (contract between the reinsurer and the ceding entity stipulating the manner in which insurance written on various risks is to be shared).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInFundsHeldUnderReinsuranceAgreements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the reserve account established to account for expected but unspecified losses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingAssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPremiumsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in the premium receivable balance on the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPremiumsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or  income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in prepaid reinsurance premiums recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInReinsurancePayables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount due to other insurance companies when the reporting entity has assumed a portion of the cedant's insurance risk which has resulted in insurance losses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInReinsurancePayables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInReinsuranceRecoverable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount of benefits the ceding insurer expects to recover on insurance policies ceded to other insurance entities as of the balance sheet date for all guaranteed benefit types.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInReinsuranceRecoverable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInRestrictedCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 16, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInRestrictedCash</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInUnearnedPremiums">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Change during the period in the unearned portion of premiums written, excluding the portion amortized into income. Premiums written are initially booked as unearned premiums and are recognized as revenue over the known or estimated life of the policy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInUnearnedPremiums</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LifeSettlementContractsFairValueMethodUnrealizedGainLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of investments in life settlement contracts held at each balance sheet date, that was included in earnings for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FTB85-4-1<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Life Settlement Contract<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516907<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 10<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6385267&amp;loc=d3e42754-111610<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LifeSettlementContractsFairValueMethodUnrealizedGainLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketableSecuritiesRealizedGainLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the total realized gain (loss) included in earnings for the period as a result of selling marketable securities categorized as trading, available-for-sale, or held-to-maturity. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27405-111563<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27357-111563<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(c))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MarketableSecuritiesRealizedGainLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForProceedsFromOtherInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3095-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3098-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForProceedsFromOtherInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for loan and debt issuance costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfFinancingCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireLifeInsurancePolicies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for payments to purchase life insurance policies for which the entity is the beneficiary.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireLifeInsurancePolicies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromContributedCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received by a corporation from a shareholder during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromContributedCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromConvertibleDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromConvertibleDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLinesOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromLinesOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a borrowing supported by a written promise to pay an obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3095-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3098-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromPaymentsForOtherFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSecuredLinesOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSecuredLinesOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph i<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromStockOptionsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProvisionForDoubtfulAccounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfOtherDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for the payment of other borrowing not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfOtherDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfSecuredDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfSecuredDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SupplementalCashFlowInformationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ETXAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Condensed Consolidated Balance Sheets (Parenthetical) (USD $)<br>In Thousands, except Per Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCost', window );">Fixed maturities, available-for-sale, amortized cost</a></td>
        <td class="nump">$ 1,637,870<span></span></td>
        <td class="nump">$ 1,382,863<span></span></td>
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        <td class="nump">29,749<span></span></td>
        <td class="nump">34,041<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReinsuranceRecoverables', window );">Reinsurance recoverable</a></td>
        <td class="nump">1,142,147<span></span></td>
        <td class="nump">1,098,569<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidReinsurancePremiums', window );">Prepaid reinsurance premium</a></td>
        <td class="nump">620,989<span></span></td>
        <td class="nump">584,871<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_afsi_PrepaidExpenseAndOtherAssetsAtFairValue', window );">Prepaid expenses and other assets, fair value</a></td>
        <td class="nump">142,575<span></span></td>
        <td class="nump">131,387<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CededPremiumsPayable', window );">Ceded reinsurance premiums payable</a></td>
        <td class="nump">375,189<span></span></td>
        <td class="nump">337,508<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesFairValueDisclosure', window );">Accrued expenses and other current liabilities, fair value</a></td>
        <td class="nump">12,050<span></span></td>
        <td class="nump">12,022<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
        <td class="nump">$ 0.01<span></span></td>
        <td class="nump">$ 0.01<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
        <td class="nump">100,000<span></span></td>
        <td class="nump">100,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, issued</a></td>
        <td class="nump">85,013<span></span></td>
        <td class="nump">84,906<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, outstanding</a></td>
        <td class="nump">60,463<span></span></td>
        <td class="nump">60,106<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value</a></td>
        <td class="nump">$ 0.01<span></span></td>
        <td class="nump">$ 0.01<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock, shares authorized</a></td>
        <td class="nump">10,000<span></span></td>
        <td class="nump">10,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury stock at cost, shares</a></td>
        <td class="nump">24,550<span></span></td>
        <td class="nump">24,800<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Related Party Transactions</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReinsuranceRecoverables', window );">Reinsurance recoverable</a></td>
        <td class="nump">646,659<span></span></td>
        <td class="nump">597,525<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidReinsurancePremiums', window );">Prepaid reinsurance premium</a></td>
        <td class="nump">453,752<span></span></td>
        <td class="nump">429,124<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CededPremiumsPayable', window );">Ceded reinsurance premiums payable</a></td>
        <td class="nump">$ 264,934<span></span></td>
        <td class="nump">$ 222,408<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_afsi_AvailableForSaleSecuritiesEquitySecuritiesCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the aggregate amortized cost of investments in equity securities as of the balance sheet date and which are categorized as available-for-sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>afsi_AvailableForSaleSecuritiesEquitySecuritiesCost</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>afsi_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_afsi_PrepaidExpenseAndOtherAssetsAtFairValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Prepaid Expense and Other Assets at Fair Value</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>afsi_PrepaidExpenseAndOtherAssetsAtFairValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>afsi_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the total of all debt securities grouped by maturity dates, at cost, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments, as defined), and fair value hedge accounting adjustments, if any, which are classified neither as held-to-maturity nor trading securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 7<br><br> -Footnote 2<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCost</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CededPremiumsPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consideration due to the assuming enterprise as of the balance sheet date under the terms of the reinsurance contract in exchange for the right to receive reimbursement from such entity for covered claims and expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 7<br><br> -Section 03<br><br> -Paragraph 13<br><br> -Subparagraph c<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.13(c))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CededPremiumsPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesFairValueDisclosure">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This element represents the fair value of liabilities categorized as other which are not in and of themselves material enough to require separate disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilitiesFairValueDisclosure</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidReinsurancePremiums">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The unexpired portion of premiums ceded on policies in force as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 113<br><br> -Paragraph 14, 27, 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Prepaid Reinsurance Premiums<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521719<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 340<br><br> -Section 25<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6485982&amp;loc=d3e22818-158507<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidReinsurancePremiums</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReinsuranceRecoverables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The known and estimated amount recoverable as of the balance sheet date from reinsurers for claims paid or incurred by the ceding insurer and associated claims settlement expenses, including estimated amounts for claims incurred but not reported, and policy benefits, net of any related valuation allowance.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.(a),6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 7<br><br> -Section 03<br><br> -Paragraph 6<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 113<br><br> -Paragraph 14, 16, 27, 113<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6480758&amp;loc=d3e6824-158387<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ReinsuranceRecoverables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TreasuryStockShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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            </div>
          </td>
        </tr>
      </table>
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<DOCUMENT>
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<SEQUENCE>22
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">Income Taxes</a></td>
        <td class="text"><div style="font: 10pt Times New Roman, Times, Serif">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 5%">&#xA0;</td>
<td style="width: 4%; font-weight: bold"><b>10.</b></td>
<td style="width: 90%; font-weight: bold"><b>Income Taxes</b></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">
Income tax expense for the three months ended March 31, 2012 and
2011 was $11,177 and $9,037, respectively. The following table is a
reconciliation of the Company&#x2019;s statutory income tax expense
to its effective tax rate for the three months ended March 31, 2012
and 2011:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 82%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt">(Amounts in Thousands)</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2012</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">
Income before equity in earnings (loss) of unconsolidated
subsidiaries</td>
<td style="width: 1%; padding-bottom: 2.5pt">&#xA0;</td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">
48,033</td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
&#xA0;</td>
<td style="width: 1%; padding-bottom: 2.5pt">&#xA0;</td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">
60,540</td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Tax at federal statutory rate of
35%</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">16,812</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">21,189</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Tax effects resulting from:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 0.24in">Net income of
non-includible foreign subsidiaries</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(4,568</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(7,643</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; text-indent: 0; padding-left: 0.24in">
Other, net</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(1,067</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(4,509</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
11,177</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
9,037</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">
Effective tax rate</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
23.3</td>
<td style="padding-bottom: 2.5pt; text-align: left">%</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
14.9</td>
<td style="padding-bottom: 2.5pt; text-align: left">%</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">
The Company&#x2019;s management believes that it will realize the
benefits of its deferred tax assets, which is included as&#xA0;a
component of the Company&#x2019;s net deferred tax&#xA0;liability,
and, accordingly, no valuation allowance has been recorded for the
periods presented. The Company does not provide for income taxes on
the unremitted earnings of foreign subsidiaries where, in
management&#x2019;s opinion, such earnings have been indefinitely
reinvested. It is not practical to determine the amount of
unrecognized deferred tax liabilities for temporary differences
related to these investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;&#xA0;The Company&#x2019;s major taxing jurisdictions include
the U.S. (federal and state), the United Kingdom and Ireland. The
years subject to potential audit vary depending on the tax
jurisdiction. Generally, the Company&#x2019;s statute of limitation
is open for tax years ended December 31, 2007 and forward. As
permitted by FASB ASC 740-10, the Company adopted an accounting
policy to prospectively classify accrued interest and penalties
related to any unrecognized tax benefits in its income tax
provision. Previously, the Company&#x2019;s policy was to classify
interest and penalties as an operating expense in arriving at
pre-tax income. At March 31, 2012, the Company does not have any
accrued interest and penalties related to unrecognized tax benefits
in accordance with FASB ASC 740-10.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The earnings of certain of the Company&#x2019;s foreign subsidiaries
have been indefinitely reinvested in foreign operations. Therefore,
no provision has been made for any U.S. taxes or foreign
withholding taxes that may be applicable upon any repatriation or
sale. The determination of any unrecognized deferred tax liability
for temporary differences related to investments in certain of the
Company&#x2019;s foreign subsidiaries is not practicable. As of
March 31, 2012 and December 31, 2011, the financial reporting basis
in excess of the tax basis for which no deferred taxes have been
recognized was approximately $235,900 and $223,300,
respectively.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 136, 172<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 44, 45, 46, 47, 48, 49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
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                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                <p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Related Party Transactions<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
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      <tr class="re">
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<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 5%">&#xA0;</td>
<td style="width: 4%; font-weight: bold"><b>11.</b></td>
<td style="width: 90%; font-weight: bold"><b>Related Party
Transactions</b></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<i>Maiden</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;The Company has various reinsurance and service agreements
with Maiden Holdings, Ltd. (&#x201C;Maiden&#x201D;). Maiden is a
publicly-held Bermuda insurance holding company (Nasdaq: MHLD)
formed by Michael Karfunkel, George Karfunkel and Barry Zyskind,
the principal shareholders, and, respectively, the chairman of the
board of directors, a director, and the chief executive officer and
director of the Company. As of March 31, 2012, Michael Karfunkel
owns or controls approximately 13.8% of the issued and outstanding
capital stock of Maiden, George Karfunkel owns or controls
approximately 9.4% of the issued and outstanding capital stock of
Maiden and Mr. Zyskind owns or controls approximately 5.1% of the
issued and outstanding stock of Maiden. Mr. Zyskind serves as the
non-executive chairman of the board of Maiden&#x2019;s board of
directors. Maiden Insurance Company, Ltd (&#x201C;Maiden
Insurance&#x201D;), a wholly-owned subsidiary of Maiden, is a
Bermuda reinsurer. The following section describes the agreements
in place between the Company and its subsidiaries and Maiden and
its subsidiaries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>&#xA0;</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>Reinsurance Agreements with Maiden Holdings, Ltd.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
In 2007, the Company and Maiden entered into a master agreement, as
amended, by which the parties caused the Company&#x2019;s Bermuda
subsidiary, AmTrust International Insurance, Ltd.
(&#x201C;AII&#x201D;) and Maiden Insurance to enter into a quota
share reinsurance agreement (the &#x201C;Maiden Quota Share&#x201D;),
as amended, by which AII retrocedes to Maiden Insurance an amount
equal to 40% of the premium written by the Company&#x2019;s U.S.,
Irish and U.K. insurance companies (the &#x201C;AmTrust Ceding
Insurers&#x201D;), net of the cost of unaffiliated inuring
reinsurance (and in the case of the Company&#x2019;s U.K. insurance
subsidiary, AmTrust Europe Ltd., net of commissions) and 40% of
losses excluding certain specialty risk programs that the Company
commenced writing after the effective date, including the
Company&#x2019;s European medical liability business discussed
below, and risks, other than workers&#x2019; compensation risks and
certain business written by the Company&#x2019;s Irish subsidiary,
AmTrust International Underwriters Limited (&#x201C;AIU&#x201D;), for
which the AmTrust Ceding Insurers&#x2019; net retention exceeds
$5,000 (&#x201C;Covered Business&#x201D;).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The Maiden Quota Share, which had an initial term of three years,
was renewed through June 30, 2014 and will automatically renew for
successive three-year terms unless either AII or Maiden Insurance
notifies the other of its election not to renew not less than nine
months prior to the end of any such three-year term. In addition,
either party is entitled to terminate on thirty days&#x2019; notice
or less upon the occurrence of certain early termination events,
which include a default in payment, insolvency, change in control
of AII or Maiden Insurance, run-off, or a reduction of 50% or more
of the shareholders&#x2019; equity of Maiden Insurance or the
combined shareholders&#x2019; equity of AII and the AmTrust Ceding
Insurers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The Maiden Quota Share, as amended, further provides that AII
receives a ceding commission based on a percentage of ceded written
premiums with respect to all Covered Business. Commencing January
1, 2012, the ceding commission with respect to all Covered Business
other than the retail commercial package business is adjusted on a
quarterly basis to (a) 30% of ceded premium, if the Specialty Risk
and Extended Warranty subject premium, excluding ceded premium
related to our medical liability business discussed below, is
greater than or equal to 42% of the total subject premium, (b)
30.5% of ceded premium, if the Specialty Risk and Extended Warranty
subject premium is less than 42% but greater than or equal to 38%,
or (c) 31% of ceded premium, if the Specialty Risk and Extended
Warranty subject premium is less than 38% of the total subject
premium. The ceding commission for the retail commercial package
business is 34.375% of ceded premium. From April 1, 2011 until
December 31, 2011, AII received a ceding commission of 30% of ceded
written premium with respect to all Covered Business other than the
retail commercial package business, for which the ceding commission
was 34.375%. Prior to April 1, 2011, AII received a ceding
commission of 31% of ceded premiums with respect to all Covered
Business other than the retail commercial package business, for
which the ceding commission was 34.375%.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
Effective April 1, 2011, the Company, through its subsidiaries AEL
and AIU, entered into a reinsurance agreement with Maiden Insurance
by which the Company cedes to Maiden Insurance 40% of its European
medical liability business, including business in force at April 1,
2011. The quota share has an initial term of one year,
automatically renews for one-year terms and can be terminated by
either party on four months&#x2019; prior written notice. Maiden
Insurance pays the Company a 5% ceding commission, and the Company
will earn a profit commission of 50% of the amount by which the
ceded loss ratio is lower than 65%.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
Effective September 1, 2010, the Company, through its subsidiary,
Security National Insurance Company (&#x201C;SNIC&#x201D;), entered
into a reinsurance agreement with Maiden Reinsurance Company and an
unrelated third party. Under the agreement, which had an initial
term of one year and has been extended to August 31, 2012, SNIC
cedes 80% of the gross liabilities produced under the Southern
General Agency program to Maiden Reinsurance Company and 20% of the
gross liabilities produced to&#xA0;the unrelated third party. SNIC
receives a five percent commission on ceded written premiums.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The following is the effect on the Company&#x2019;s results of
operations for the three months ended March 31, 2012 and 2011
related to Maiden Reinsurance agreements:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0; &#xA0;</p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt">(Amounts in Thousands)</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2012</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td>Results of operations:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 74%; text-align: left; text-indent: 9pt">Premium
written &#x2013; ceded</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">(190,901</td>
<td style="width: 1%; text-align: left">)</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">(126,722</td>
<td style="width: 1%; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; text-indent: 9pt">Change in
unearned premium&#xA0;&#x2013;&#xA0;ceded</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
24,583</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
12,786</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: 9pt">Earned
premium&#xA0;&#x2013;&#xA0;ceded</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
(166,318</td>
<td style="padding-bottom: 2.5pt; text-align: left">)</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
(113,936</td>
<td style="padding-bottom: 2.5pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td>&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: 9pt">Ceding commission on
premium written</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">54,411</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">39,725</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; text-indent: 9pt">Ceding
commission&#xA0;&#x2013;&#xA0;deferred</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(8,137</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(3,916</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: 9pt">Ceding
commission&#xA0;&#x2013;&#xA0;earned</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
46,274</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
35,809</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td>&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: 9pt">Incurred loss and
loss adjustment expense&#xA0;&#x2013;&#xA0;ceded</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">122,810</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">82,107</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: 9pt">Interest expense on
collateral loan</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">628</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">486</td>
<td style="text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>Fronting Arrangement with Maiden Specialty Insurance
Company</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
Effective September 1, 2010, the Company, through its subsidiary
Technology Insurance Company, Inc.&#xA0;&#xA0;(&#x201C;TIC&#x201D;),
entered into a quota share reinsurance agreement with Maiden
Specialty Insurance Company (&#x201C;Maiden Specialty&#x201D;) by
which TIC assumes a portion (generally 90%) of premiums and losses
with respect to certain surplus lines programs written by Maiden
Specialty on behalf of the Company (the &#x201C;Surplus Lines
Facility&#x201D;). The Surplus Lines Facility enables the Company to
write business on a surplus lines basis throughout the United
States in states in which the Company is unauthorized to write such
business through its own insurance subsidiaries. Currently, the
Company is utilizing the Surplus Lines Facility for two programs
for which Maiden Specialty receives a five percent ceding
commission on all premiums ceded by Maiden Specialty to TIC. The
Surplus Lines Facility shall remain continuously in force until
terminated. The Company has surplus lines authority for two of its
insurance company subsidiaries, which has significantly decreased
the need for the Surplus Lines Facility. As a result of this
agreement, we assumed approximately $404 of written premium for
which we earned approximately $3,400 and incurred losses of
approximately $2,100 for the three months ended March 31, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>&#xA0;&#xA0;</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>Note Payable to Maiden &#x2013; Collateral for Proportionate
Share of Reinsurance Obligations</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
In conjunction with the Maiden Quota Share, as described above, AII
entered into a loan agreement with Maiden Insurance during the
fourth quarter of 2007, whereby Maiden Insurance loaned to
AII&#xA0;the amount equal to its quota share of the obligations of
the AmTrust Ceding Insurers that AII was then obligated to secure.
The loan agreement provides for interest at a rate of LIBOR plus 90
basis points and is payable on a quarterly basis. Advances under
the loan are secured by a promissory note and totaled $167,975 as
of March 31, 2012. The Company recorded $628 and $486 of interest
expense during the three months ended March 31, 2012 and 2011,
respectively.&#xA0;&#xA0;Effective December 1, 2008, AII and Maiden
Insurance entered into a Reinsurer Trust Assets Collateral
agreement whereby Maiden Insurance is required to provide AII the
assets required to secure Maiden&#x2019;s proportional share of the
Company&#x2019;s obligations to its U.S. subsidiaries. The amount of
this collateral as of March 31, 2012 was approximately $639,242.
Maiden retains ownership of the collateral in the trust
account.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>Reinsurance Brokerage Agreement</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
Effective July 1, 2007, the Company, through a subsidiary, entered
into a reinsurance brokerage agreement with Maiden. Pursuant to the
brokerage agreement, the Company provides brokerage services
relating to the Maiden Quota Share for a fee equal to 1.25% of
reinsured premium. The Company recorded $2,194 and $1,584 of
brokerage commission (recorded as a component of service and fee
income) during the three months ended March 31, 2012 and 2011,
respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>&#xA0;</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>Asset Management Agreement</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;Effective July 1, 2007, the Company, through a subsidiary,
entered into an asset management agreement with Maiden, pursuant to
which the Company provides investment management services to Maiden
and its affiliates. As of March 31, 2012, the Company managed
approximately $2,200,000 of assets related to this agreement. The
investment management services fee is 0.20% per annum for periods
in which average invested assets are $1,000,000 or less and 0.15%
per annum for periods in which the average invested assets exceeds
$1,000,000. As a result of this agreement, the Company earned
approximately $830 and $725 of investment management fees (recorded
as a component of service and fee income) for the three months
ended March 31, 2012 and 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>&#xA0;</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>Senior Notes</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
In June 2011, the Company, through a subsidiary, participated as a
purchaser in a registered public offering by Maiden Holdings North
America, Ltd., a subsidiary of Maiden, for $12,500 of an aggregate
$107,500 principal amount of 8.25% Senior Notes due 2041 (the
&#x201C;Notes&#x201D;) that are fully and unconditionally guaranteed
by Maiden. The Notes are redeemable for cash, in whole or in part,
on or after June 15, 2016, at 100% of the principal amount of the
Notes to be redeemed plus accrued and unpaid interest to, but not
including, the redemption date. The fair value of the notes as of
March 31, 2012 was 12,775.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<i>American Capital Acquisition Corporation</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;During the three months ended March 31, 2010, the Company
completed its strategic investment in American Capital Acquisition
Corporation (&#x201C;ACAC&#x201D;). ACAC was formed by The Michael
Karfunkel 2005 Grantor Retained Annuity Trust (the
&#x201C;Trust&#x201D;) and the Company for the purpose of acquiring
from GMAC Insurance Holdings, Inc. and Motor Insurance Corporation
(&#x201C;MIC&#x201D;, together with GMAC Insurance Holdings, Inc.,
&#x201C;GMACI&#x201D;), GMACI&#x2019;s U.S. consumer property and
casualty insurance business (the &#x201C;GMACI Business&#x201D;), a
writer of automobile coverages through independent agents in the
United States. Its coverages include standard/preferred auto, RVs,
non-standard auto and commercial auto. The acquisition included ten
statutory insurance companies (the &#x201C;GMACI Insurers&#x201D;).
Michael Karfunkel, individually, and the Trust, which is controlled
by Michael Karfunkel, own 100% of ACAC&#x2019;s common stock
(subject to the Company&#x2019;s conversion rights described below).
Michael Karfunkel is the chairman of the board of directors of the
Company and the father-in-law of Barry D. Zyskind, the chief
executive officer of the Company. The ultimate beneficiaries of the
Trust include Michael Karfunkel&#x2019;s children, one of whom is
married to Mr. Zyskind. In addition, Michael Karfunkel is the
Chairman of the Board of Directors of ACAC.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;Pursuant to the Amended Stock Purchase Agreement, ACAC issued
and sold to the Company for an initial purchase price of
approximately $53,000, which was equal to 25% of the capital
initially required by ACAC, 53,054 shares of Series A Preferred
Stock, which provides an 8% cumulative dividend, is non-redeemable
and is convertible, at the Company&#x2019;s option, into 21.25% of
the issued and outstanding common stock of ACAC (the
&#x201C;Preferred Stock&#x201D;). The Company has pre-emptive rights
with respect to any future issuances of securities by ACAC and the
Company&#x2019;s conversion rights are subject to customary
anti-dilution protections. The Company has the right to appoint two
members of ACAC&#x2019;s board of directors, which consists of six
members. Subject to certain limitations, the board of directors of
ACAC may not take any action in the absence of the Company&#x2019;s
appointees and ACAC may not take certain corporate actions without
the unanimous prior approval of its board of directors (including
the Company&#x2019;s appointees).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The Company, the Trust and Michael Karfunkel, individually, each
shall be required to make its or his proportionate share of
deferred payments payable by ACAC to GMACI pursuant to the GMACI
Securities Purchase Agreement, which are payable, annually on March
1 through March 1, 2013, to the extent that ACAC is unable to
otherwise provide for such payments. The Company&#x2019;s
proportionate share of such deferred payments as of March 31, 2012
will not exceed $7,500. In addition, in connection with the
Company&#x2019;s investment, ACAC will grant the Company a right of
first refusal to purchase or to reinsure commercial auto insurance
business acquired from GMACI.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
In accordance with ASC 323-10-15, <i>Investments-Equity Method and
Joint Ventures</i>, the Company accounts for its investment in ACAC
under the equity method. The Company recorded $2,364 and $1,819 of
income during the three months ended March 31, 2012 and 2011,
respectively, related to its equity investment in
ACAC.&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">
<i>&#xA0;</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">
<i>Personal Lines Quota Share</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The Company, effective March 1, 2010, reinsures 10% of the net
premiums of the GMACI Business, pursuant to a 50% quota share
reinsurance agreement (&#x201C;Personal Lines Quota Share&#x201D;)
among Integon National Insurance Company, lead insurance company on
behalf of the GMACI Insurers, as cedents, and the Company, ACP Re,
Ltd., a Bermuda reinsurer that is a wholly-owned indirect
subsidiary of the Trust, and Maiden Insurance Company, Ltd., as
reinsurers. The Personal Lines Quota Share provides that the
reinsurers, severally, in accordance with their participation
percentages, receive 50% of the net premium of the GMACI Insurers
and assume 50% of the related net losses. The Company has a 20%
participation in the Personal Lines Quota Share, by which it
receives 10% of the net premiums of the personal lines business and
assumes 10% of the related net losses. The Personal Lines Quota
Share has an initial term of three years and will renew
automatically for successive three-year terms unless terminated by
written notice not less than nine months prior to the expiration of
the current term. In addition, either party is entitled to
terminate on 60 days&#x2019; written notice or less upon the
occurrence of certain early termination events, which include a
default in payment, insolvency, change in control of the Company or
the GMACI Insurers, run-off, or a reduction of 50% or more of the
shareholders&#x2019; equity. The GMACI Insurers also may terminate
on nine months&#x2019; written notice following the effective date
of an initial public offering or private placement of stock by ACAC
or a subsidiary. The Personal Lines Quota Share provides that the
reinsurers pay a provisional ceding commission equal to 32.5% of
ceded earned premium, net of premiums ceded by the personal lines
companies for inuring reinsurance, subject to adjustment to a
maximum of 34.5% if the loss ratio for the reinsured business is
60.5% or less and a minimum of 30.5% if the loss ratio is 64.5% or
higher. The Personal Lines Quota Share is subject to a premium cap
that limits the premium that could be ceded by the GMACI Insurers
to TIC to $133,100 during calendar year 2012 to the extent TIC was
to determine, in good faith, that it could not assume additional
premium. The premium cap increases by 10% per annum thereafter. As
a result of this agreement, the Company assumed $30,609 and $25,587
of business from the GMACI Insurers during the three months ended
March 31, 2012 and 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>&#xA0;</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>Information Technology Service Agreement</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The Company provides ACAC and its affiliates information technology
development services in connection with the development and
licensing of a policy management system which is currently 1.25% of
gross written premium of ACAC and its affiliates plus the
Company&#x2019;s costs for development and support services. The
Company recorded approximately $2,462 and $731 of fee income for
the three months ended March 31, 2012 and 2011, respectively,
related to this agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75pt; text-align: justify; text-indent: 0.5in">
<i>Asset Management Agreement</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The Company manages the assets of ACAC and its subsidiaries for an
annual fee equal to 0.20% of the average aggregate value of the
assets under management for the preceding quarter if the average
aggregate value for the preceding quarter is $1,000,000 or less and
0.15% of the average aggregate value of the assets under management
for the preceding quarter if the average aggregate value for that
quarter is more than $1,000,000. The Company currently manages
approximately $700,000 of assets as of March 31, 2012 related to
this agreement. As a result of this agreement, the Company earned
approximately $373 and $399 of investment management fees for the
three months ended March 31, 2012 and 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: 15.1pt">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
As a result of the above service agreements with ACAC, the Company
recorded fees totaling approximately $2,835 and $1,130 for the
three months ended March 31, 2012 and 2011, respectively. As of
March 31, 2012, the outstanding balance payable by ACAC related to
these service fees and reimbursable costs was approximately
$3,108.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">
<i>800 Superior</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
In August 2011, the Company formed 800 Superior, LLC with a
subsidiary of ACAC for the purposes of acquiring an office building
in Cleveland, Ohio. The Company and ACAC each have a fifty percent
ownership interest in 800 Superior, LLC. The cost of the building
was approximately $7,500. The Company has been appointed managing
member of the LLC. Additionally, in conjunction with the
Company&#x2019;s 21.25% ownership percentage of ACAC, the Company
ultimately receives 60.6% of the profits and losses of the LLC. As
such, in accordance with ASC 810-10, <i>Consolidation,</i> the
Company has been deemed the primary beneficiary and, therefore,
consolidates this entity. In March 2012, 800 Superior LLC entered
into a promissory note with ACP Re, Ltd in the amount of $2,500.
The proceeds from the note will be used for leasehold improvements
on the office building. The note matures in July 2012 and bears
interest at a rate of 2.00% per annum, which resulted in $3 of
interest expense for the three months ended March 31, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 0.35pt">
<i>Lease Agreements</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;In January 2008, the Company entered into an amended
agreement for 14,807 square feet of office space at 59 Maiden Lane
in New York, New York from 59 Maiden Lane Associates, LLC, an
entity that is wholly-owned by Michael Karfunkel and George
Karfunkel.&#xA0;The Company paid approximately $182 and $179 for
the lease for the three months ended March 31, 2012 and 2011,
respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;In January 2011, the Company entered into an amended
agreement to lease 9,030 square feet of office space in Chicago,
Illinois from 33 West Monroe Associates, LLC, an entity that is
wholly-owned by entities controlled by Michael Karfunkel and George
Karfunkel.&#xA0;The Company paid approximately $67 and $47 for the
three months ended March 31, 2012 and 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.9pt">
<i>Management Agreement with ACP Re, Ltd.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The Company provides investment management services and accounting
and administrative services to ACP Re, Ltd. for a monthly fee of
$10 and (i) a quarterly rate of 0.05% of the average value of ACP
Re, Ltd.&#x2019;s invested assets for a monthly fee of 10,000 and
(i) a quarterly rate of 0.05% of the average value of ACP Re,
Ltd.&#x2019;s invested assets for the preceding calendar quarter if
the average value of such assets for the quarter was $1,000,000 or
less, or (ii) a quarterly rate of 0.0375% of the average value of
ACP Re, Ltd.&#x2019;s invested assets for the preceding calendar
quarter if the average value of such assets for the quarter was
greater than $1,000,000. The Company currently manages
approximately $100,000 of assets as of March 31, 2012. The Company
entered into this management agreement in March 2012, and it covers
all services rendered prior to the execution of the agreement. The
Company recorded approximately $233 for these services for the
three months ended March 31, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">
<i>Use of the Company Aircraft</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The Company&#x2019;s wholly-owned subsidiary, AmTrust Underwriters,
Inc. (&#x201C;AUI&#x201D;), is a party to an aircraft time share
agreement with each of Maiden and ACAC. The agreements provide for
payment to AUI for usage of its company-owned aircraft and covers
actual expenses incurred and permissible under federal aviation
regulations, including travel and lodging expenses of the crew,
in-flight catering, flight planning and weather contract services,
ground transportation, fuel, landing and hanger fees, airport
taxes, among others. AUI does not charge Maiden or ACAC for the
fixed costs that would be incurred in any event to operate the
aircraft (for example, aircraft purchase costs, insurance and
flight crew salaries). During the three months ended March 31,
2012, Maiden and ACAC paid AUI $20 and $43, respectively, for the
use of AUI&#x2019;s aircraft under these agreements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
In addition, for personal travel, Mr. Zyskind, the Company&#x2019;s
President and Chief Executive Officer and Michael Karfunkel, the
Chairman of the Board, each entered into an aircraft reimbursement
agreement with AUI and, since entering into such agreement, has
fully reimbursed AUI for the incremental cost billed by AUI for
their personal use of AUI&#x2019;s aircraft. During the three months
ended March 31, 2012 Mr. Zyskind reimbursed the Company $36.
Michael Karfunkel did not use the aircraft for personal use during
the three months ended March 31, 2012.</p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 3A<br><br> -Section 04<br><br> -Paragraph b<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 1-4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph k<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RelatedPartyTransactionsDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ECWAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Condensed Consolidated Statements of Income (USD $)<br>In Thousands, except Per Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PremiumsEarnedNetByBusinessAbstract', window );"><strong>Premium income:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PremiumsWrittenNet', window );">Net written premium</a></td>
        <td class="nump">$ 359,777<span></span></td>
        <td class="nump">$ 234,019<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherPremiumRevenueNet', window );">Change in unearned premium</a></td>
        <td class="num">(45,753)<span></span></td>
        <td class="num">(33,681)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PremiumsEarnedNet', window );">Net earned premium</a></td>
        <td class="nump">314,024<span></span></td>
        <td class="nump">200,338<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Ceding commission - primarily from related party</a></td>
        <td class="nump">46,274<span></span></td>
        <td class="nump">35,684<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InsuranceCommissionsAndFees', window );">Service and fee income (related parties $6,092; $3,439)</a></td>
        <td class="nump">40,538<span></span></td>
        <td class="nump">25,189<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetInvestmentIncome', window );">Net investment income</a></td>
        <td class="nump">14,518<span></span></td>
        <td class="nump">14,192<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealizedInvestmentGainsLosses', window );">Net realized gain (loss) on investments</a></td>
        <td class="num">(1,148)<span></span></td>
        <td class="nump">415<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenues</a></td>
        <td class="nump">414,206<span></span></td>
        <td class="nump">275,818<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BenefitsLossesAndExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PolicyholderBenefitsAndClaimsIncurredNet', window );">Loss and loss adjustment expense</a></td>
        <td class="nump">199,929<span></span></td>
        <td class="nump">128,696<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Acquisition costs and other underwriting expenses</a></td>
        <td class="nump">124,025<span></span></td>
        <td class="nump">81,234<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCostAndExpenseOperating', window );">Other</a></td>
        <td class="nump">35,639<span></span></td>
        <td class="nump">20,196<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BenefitsLossesAndExpenses', window );">Total expenses</a></td>
        <td class="nump">359,593<span></span></td>
        <td class="nump">230,126<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Income before income taxes and equity in earnings of unconsolidated subsidiaries</a></td>
        <td class="nump">54,613<span></span></td>
        <td class="nump">45,692<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other income (expenses):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="num">(7,091)<span></span></td>
        <td class="num">(3,754)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign currency gain (loss)</a></td>
        <td class="nump">421<span></span></td>
        <td class="num">(284)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LifeSettlementContractsFairValueMethodUnrealizedGainLoss', window );">Gain on investment in life settlement contracts net of profit commission</a></td>
        <td class="nump">90<span></span></td>
        <td class="nump">18,886<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Total other income (expenses)</a></td>
        <td class="num">(6,580)<span></span></td>
        <td class="nump">14,848<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Income before income taxes and equity in earnings of unconsolidated subsidiaries</a></td>
        <td class="nump">48,033<span></span></td>
        <td class="nump">60,540<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
        <td class="nump">11,177<span></span></td>
        <td class="nump">9,037<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_afsi_IncomeLossFromContinuingOperationsBeforeMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Income before equity in earnings of unconsolidated subsidiaries</a></td>
        <td class="nump">36,856<span></span></td>
        <td class="nump">51,503<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in earnings of unconsolidated subsidiaries - related party</a></td>
        <td class="nump">2,364<span></span></td>
        <td class="nump">1,819<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">39,220<span></span></td>
        <td class="nump">51,321<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Net income attributable to non-controlling interest of subsidiaries</a></td>
        <td class="num">(134)<span></span></td>
        <td class="num">(8,139)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income attributable to AmTrust Financial Services, Inc.</a></td>
        <td class="nump">39,086<span></span></td>
        <td class="nump">45,183<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings per common share:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic earnings per share</a></td>
        <td class="nump">$ 0.65<span></span></td>
        <td class="nump">$ 0.76<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted earnings per share</a></td>
        <td class="nump">$ 0.63<span></span></td>
        <td class="nump">$ 0.74<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Dividends declared per common share</a></td>
        <td class="nump">$ 0.09<span></span></td>
        <td class="nump">$ 0.08<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealizedInvestmentGainsLossesAbstract', window );"><strong>Net realized gain (loss) on investments:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfInvestments', window );">Total other-than-temporary impairment losses</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent', window );">Portion of loss recognized in other comprehensive income</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet', window );">Net impairment losses recognized in earnings</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_afsi_OtherRealizedInvestmentGainsLossesNet', window );">Other net realized gain (loss) on investments</a></td>
        <td class="num">(1,148)<span></span></td>
        <td class="nump">415<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealizedInvestmentGainsLosses', window );">Net realized investment gain (loss)</a></td>
        <td class="num">$ (1,148)<span></span></td>
        <td class="nump">$ 415<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_afsi_IncomeLossFromContinuingOperationsBeforeMinorityInterestAndIncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments and minority interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>afsi_IncomeLossFromContinuingOperationsBeforeMinorityInterestAndIncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>afsi_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_afsi_OtherRealizedInvestmentGainsLossesNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents realized investment gains (losses) included in earnings for the period excluding those relating to other than temporary impairment losses on investments in debt securities. Includes realized investment gains and losses generated from the sale of debt securities, equity securities, investments in joint ventures and limited partnerships and from other than temporary impairments on investments other than debt securities. Also includes realized investment gains and losses are generated from prepayment premiums, recoveries of principal on previously impaired securities, provisions for losses on commercial mortgage and other loans, and fair value changes on embedded derivatives and derivatives that do not qualify for hedge accounting treatment, except those derivatives used in the Company's capacity as a broker or dealer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>afsi_OtherRealizedInvestmentGainsLossesNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>afsi_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BenefitsLossesAndExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 5, 6, 7<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.5,6,7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BenefitsLossesAndExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BenefitsLossesAndExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BenefitsLossesAndExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareDeclared">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate dividends declared during the period for each share of common stock outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockDividendsPerShareDeclared</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945512&amp;loc=d3e4984-109258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 20<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 7<br><br> -Paragraph 18<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 36, 37, 38<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 11, 12, 36<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 20<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 7<br><br> -Paragraph 18<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate foreign currency transaction gain (loss) (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains (losses) may be disclosed as dealer gains (losses).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30690-110894<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 52<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30700-110894<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ForeignCurrencyTransactionGainLossBeforeTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15C<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 16B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 34<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6956420&amp;loc=d3e25351-111560<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-2/124-2<br><br> -Paragraph 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOfInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph h<br><br> -Subparagraph 1(i)<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382870&amp;loc=d3e33749-111570<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 19<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 6<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 11<br><br> -Article 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InsuranceCommissionsAndFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. May also include an entity's proportionate share of the income or loss before extraordinary items and other adjustments from its investments in: unconsolidated subsidiaries, associated companies, and corporate joint ventures, unincorporated joint ventures, general partnerships, and limited partnerships over which the entity exercises significant influence that are principally engaged in insurance underwriting, reinsurance, or insurance sales activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 9<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Subparagraph c, d<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 7<br><br> -Section 04<br><br> -Paragraph 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.13(c),(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InsuranceCommissionsAndFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Chapter V<br><br> -Section 563c.102<br><br> -Paragraph 9<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LifeSettlementContractsFairValueMethodUnrealizedGainLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of investments in life settlement contracts held at each balance sheet date, that was included in earnings for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FTB85-4-1<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Life Settlement Contract<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516907<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 10<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6385267&amp;loc=d3e42754-111610<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LifeSettlementContractsFairValueMethodUnrealizedGainLoss</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetInvestmentIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The income earned from investments in securities and property, equipment and other capital assets. It includes rent from property and equipment, dividends from shares in corporations, and interest from bonds, loans, mortgages, derivatives, commercial paper, bank accounts, certificates of deposits, treasuries, and other financial securities. It does not include realized gains and losses on investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 16<br><br> -Article 12<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 2<br><br> -Article 7<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetInvestmentIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpense</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpenseAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCostAndExpenseOperating">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherCostAndExpenseOperating</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 7<br><br> -Section 04<br><br> -Paragraph 4<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherPremiumRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Premiums recognized as revenue in the period earned on all types of insurance and reinsurance contracts not otherwise specified in the taxonomy after subtracting any amounts ceded to another insurer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 605<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6486672&amp;loc=d3e27261-158547<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 113<br><br> -Paragraph 27<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 17<br><br> -Article 12<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherPremiumRevenueNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The after-tax amount of other than temporary impairment (OTTI) loss on a debt security, categorized as either Available-for-sale or Held-to-maturity, related to factors other than credit losses when the entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis. This amount, net of applicable taxes, is the portion attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 16B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 7<br><br> -Footnote 2<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15C<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PolicyholderBenefitsAndClaimsIncurredNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Provision for benefits, claims and claims settlement expenses incurred during the period net of the effects of contracts assumed and ceded.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 5<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PolicyholderBenefitsAndClaimsIncurredNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PremiumsEarnedNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Premiums earned on the income statement for all insurance and reinsurance contracts after subtracting any amounts ceded to another insurer and adding premiums assumed from other insurers.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.13(c))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 1<br><br> -Article 7<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 113<br><br> -Paragraph 27<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PremiumsEarnedNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PremiumsEarnedNetByBusinessAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PremiumsEarnedNetByBusinessAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PremiumsWrittenNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Premiums written for all insurance and reinsurance contracts, after adding premiums assumed from other insurers and subtracting any amounts ceded to another insurer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 17<br><br> -Article 12<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 113<br><br> -Paragraph 27<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 605<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6486672&amp;loc=d3e27261-158547<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PremiumsWrittenNet</nobr></td>
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                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
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                <p>The net realized gains or losses on investments during the period, not including gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity.</p>
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                <p>Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Investment in Life Settlements<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
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          <div>Mar. 31, 2012</div>
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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 5%"></td>
<td style="width: 4%; text-align: left"><font style="font-size: 10pt"><b>5.</b></font></td>
<td style="text-align: justify; width: 91%"><font style="font-size: 10pt"><b>Investment in Life Settlements</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;A life settlement contract is a
contract between the policy owner of a life insurance policy and a
third-party investor who obtains the ownership and beneficiary
rights of the underlying life insurance policy. During 2010, the
Company formed Tiger Capital LLC (&#x201C;Tiger&#x201D;) with a
subsidiary of ACAC for the purposes of acquiring certain life
settlement contracts. In 2011, the Company formed AMT Capital
Alpha, LLC (&#x201C;AMT Alpha&#x201D;) with a subsidiary of ACAC and
AMT Capital Holdings, S.A. (&#x201C;AMTCH&#x201D;) with ACP Re, Ltd.,
an entity controlled by Michael Karfunkel, for the purposes of
acquiring additional life settlement contracts. The Company has a
fifty percent ownership interest in each of Tiger, AMT Alpha and
AMTCH (collectively, the &#x201C;LSC entities&#x201D;). The LSC
entities may also acquire premium finance loans made in connection
with the borrowers&#x2019; purchase of life insurance policies that
are secured by the policies, which are in default at the time of
purchase. The LSC entities acquire the underlying policies through
the borrowers&#x2019; voluntary surrender of the policy in
satisfaction of the loan or foreclosure. A third party serves as
the administrator of the Tiger life settlement contract portfolio,
for which it receives an annual fee. Under the terms of an
agreement for Tiger, the third party administrator is eligible to
receive a percentage of profits after certain time and performance
thresholds have been met. The Company provides for certain
actuarial and finance functions related to the LSC entities.
Additionally, in conjunction with the Company&#x2019;s 21.25%
ownership percentage of ACAC, the Company ultimately receives
60.625% of the profits and losses of Tiger and AMT Alpha. As such,
in accordance with ASC 810-10, <i>Consolidation,</i> we have been
deemed the primary beneficiary and, therefore, consolidate the LSC
entities.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The Company accounts for investments
in life settlements in accordance with ASC 325-30, <i>Investments
in Insurance Contracts,</i> which states that an investor shall
elect to account for its investments in life settlement contracts
by using either the investment method or the fair value method. The
election is made on an instrument-by-instrument basis and is
irrevocable. The Company has elected to account for these policies
using the fair value method. The Company determines fair value on a
discounted cash flow basis of anticipated death benefits,
incorporating current life expectancy assumptions, premium
payments, the credit exposure to the insurance company that issued
the life settlement contracts and the rate of return that a buyer
would require on the contracts as no comparable market pricing is
available.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">Total capital contributions of
approximately $9,855 and $17,000 were made to the LSC entities
during the three months ended March 31, 2012 and 2011,
respectively, for which the Company contributed its fifty percent
ownership share of approximately $4,927 and $8,600 in those same
periods. The Company&#x2019;s investments in life settlements and
cash value loans were approximately $145,700 and $136,800 as of
March 31, 2012 and December 31, 2011, respectively and are included
in Prepaid expenses and other assets on the Consolidated Balance
Sheet. The Company recorded other income for the three months ended
March 31, 2012 and 2011 of approximately $90 and $18,886,
respectively, related to the life settlement contracts.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">In addition to the 241 policies
disclosed in the table below as of March 31, 2012, Tiger owned 22
premium finance loans as of the three months ended March 31, 2012,
which were secured by life insurance policies and were carried at a
value of $3,096. As of March 31, 2012, the face value amount of the
related 241 life insurance policies and 22 premium finance loans
were approximately $1,543,000 and $131,000 respectively. All of the
premium finance loans are in default and Tiger is enforcing its
rights in the collateral. Upon the voluntary surrender of the
underlying life insurance policy in satisfaction of the loan or
foreclosure, Tiger will become the owner of and beneficiary under
the underlying life insurance policy and will have the option to
continue to make premium payments on the policies or allow the
policies to lapse. If a policyholder wishes to cure his or her
default and repay the loan, Tiger will be repaid the total amount
due under the premium finance loans, including all premium payments
made by Tiger to maintain the policy in force since its acquisition
of the loan.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">
<font style="font-size: 10pt">The following table describes the
Company&#x2019;s investment in life settlements as of March 31,
2012:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">
<font style="font-size: 10pt">&#xA0;</font></p>
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<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding-bottom: 1pt">
(Amounts&#xA0;in&#xA0;Thousands,&#xA0;except&#xA0;Life&#xA0;Settlement&#xA0;Contracts)&#xA0;<br />

Expected Maturity Term in Years</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Number&#xA0;of&#xA0;Life<br />
Settlement<br />
Contracts</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Fair&#xA0;Value</td>
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&#xA0;</td>
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&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Face&#xA0;Value</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
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<td>0-1</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
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<td>&#xA0;</td>
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<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
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<td>1-2</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
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<td style="width: 55%">2-3</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 12%; text-align: right">1</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 12%; text-align: right">6,684</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 12%; text-align: right">10,000</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
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<td>3-4</td>
<td>&#xA0;</td>
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<td style="text-align: right">1</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
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<td style="text-align: right">2,789</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">5,000</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td>4-5</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">2</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">9,723</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">20,000</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Thereafter</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
237</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
123,379</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
1,508,013</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt">Total</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
241</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
142,575</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,543,013</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">Premiums to be paid for each of the
five succeeding fiscal years to keep the life insurance policies in
force as of March 31, 2012, are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0.25in">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 26.65pt">
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding-bottom: 1pt">
(Amounts&#xA0;in&#xA0;Thousands)</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Premiums<br />
Due&#xA0;on<br />
Life&#xA0;<br />
Settlement<br />
Contracts</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Premiums<br />
Due on<br />
Premium<br />
Finance&#xA0;<br />
Loans</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Total</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 55%; text-align: left">2012</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 12%; text-align: right">23,322</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 12%; text-align: right">1,296</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 12%; text-align: right">24,618</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">2013</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">25,043</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">1,193</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">26,236</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">2014</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">27,203</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">1,440</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">28,643</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">2015</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">28,782</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">1,653</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">30,435</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">2016</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">46,420</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">2,413</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">48,833</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Thereafter</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
506,151</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
48,334</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
554,485</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt">Total</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
656,921</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
56,329</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
713,250</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LifeSettlementContractsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for life settlement contracts including the accounting policy for life settlement contracts and the classification of cash receipts and cash disbursements in the statement of cash flows and, as applicable, for (1) life settlement contracts accounted for under the investment method based on the remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate: (a) the number of life settlement contracts, (b) the carrying value of the life settlement contracts, and (c) the face value (death benefits) of the life insurance policies underlying the contracts, (d) the life insurance premiums anticipated to be paid for each of the five succeeding fiscal years to keep the life settlement contracts in force as of the date of the most recent statement of financial position presented, (e) the nature of the information that causes the Entity to change its expectations on the timing of the realization of proceeds from the investments in life settlement contracts and the related effect on the timing of the realization of proceeds from the life settlement contracts and for (2) life settlement contracts accounted for under the fair value method, disclosure would include, based on remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate: (a) the number of life settlement contracts, (b) the carrying value of the life settlement contracts, (c) the face value (death benefits) of the life insurance policies underlying the contracts, (d) the reasons for changes in the Entity's expectation of the timing of the realization of the investments in life settlement contracts, and (e) (i) the gains or losses recognized during the period on investments sold during the period and (ii) the unrealized gains or losses recognized during the period on investments that are still held at the date of the statement of financial position.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6385267&amp;loc=d3e42748-111610<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6385267&amp;loc=d3e42732-111610<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Life Settlement Contract<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516907<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6385267&amp;loc=d3e42754-111610<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FTB85-4-1<br><br> -Paragraph 12-19<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6385267&amp;loc=d3e42712-111610<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6385267&amp;loc=d3e42728-111610<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6385267&amp;loc=d3e42708-111610<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6385267&amp;loc=d3e42674-111610<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LifeSettlementContractsDisclosureTextBlock</nobr></td>
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  <head>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair Value of Financial Instruments<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair Value of Financial Instruments</a></td>
        <td class="text"><div style="font: 10pt Times New Roman, Times, Serif">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: top">
<td style="width: 5%"><font style="font-size: 10pt">&#xA0;</font></td>
<td style="width: 4%; font-weight: bold"><font style="font-size: 10pt"><b>4.</b></font></td>
<td style="width: 91%; font-weight: bold"><font style="font-size: 10pt"><b>Fair Value of Financial
Instruments</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The following table presents the
level within the fair value hierarchy at which the Company&#x2019;s
financial assets and financial liabilities are measured on a
recurring basis as of March 31, 2012:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt">(Amounts in Thousands)</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Total</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Level 1</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Level 2</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Level 3</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td>Assets:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 48%; text-align: left; padding-left: 9pt">U.S.
treasury securities</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">52,791</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">52,791</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">&#x2014;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">&#x2014;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt">U.S. government
agencies</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">60,604</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">60,604</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt">Municipal
bonds</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">269,050</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">269,050</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt">Corporate bonds and
other bonds:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.25in">Finance</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">641,283</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">641,283</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 0.25in">Industrial</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">188,378</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">188,378</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.25in">Utilities</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">39,554</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">39,554</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt">Commercial mortgage
backed securities</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">29,873</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">29,873</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt">Residential
mortgage backed securities:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 0.25in">Agency
backed</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">395,974</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">395,974</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.25in">Non-agency backed</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">7,515</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">7,515</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt">Equity
securities</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">30,752</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">30,752</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt">Short term
investments</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">84,571</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">84,571</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt">Other
investments</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">14,865</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">14,865</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Life
settlement contracts</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
142,575</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
142,575</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,957,785</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
168,114</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,632,231</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
157,440</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Liabilities:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt">Equity securities
sold but not yet purchased, market</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">87</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">87</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Fixed
maturity securities sold but not yet purchased, market</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">54,420</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">54,420</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">
Securities sold under agreements to repurchase, at contract
value</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">200,915</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">200,915</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Life
settlement contract profit commission</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">12,050</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">12,050</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.25in">
Derivatives</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
3,595</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
3,595</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">
&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
271,067</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
87</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
255,335</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
15,645</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0; The Company classifies its
financial assets and liabilities in the fair value hierarchy based
on the lowest level input that is significant to the fair value
measurement.&#xA0; This classification requires judgment in
assessing the market and pricing methodologies for a particular
security.&#xA0; The fair value hierarchy includes the following
three levels:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;Level 1 &#x2013; Valuations are
based on unadjusted quoted market prices in active markets for
identical financial assets or liabilities;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;Level 2 &#x2013; Valuations of
financial assets and liabilities are based on prices obtained from
third party pricing services, dealer quotations of the bid price
using observable inputs, or through consensus pricing of a pricing
service; and</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;Level 3 &#x2013; Valuations are
based on unobservable inputs for assets and liabilities where there
is little or no market activity.&#xA0; Management&#x2019;s
assumptions are used in internal valuation pricing models to
determine the fair value of financial assets or
liabilities.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;For additional discussion
regarding techniques used to value the Company&#x2019;s investment
portfolio, refer to Note 2. &#x201C;Significant Accounting
Policies&#x201D; in Item 8. &#x201C;Financial Statements and
Supplementary Data&#x201D; in its 2011 Form 10-K.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0.25in">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0.25in">
<font style="font-size: 10pt">The following table provides a
summary of changes in fair value of the Company&#x2019;s Level 3
financial assets and liabilities for the three months ended March
31, 2012 and 2011:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(Amounts in Thousands)</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Balance as of<br />
December&#xA0;31,<br />
2011</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Net income</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Other<br />
comprehensive<br />
income</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Purchases<br />
and<br />
issuances</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Sales and<br />
settlements</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Net<br />
transfers<br />
into (out of)<br />
Level 3</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Balance as of<br />
March 31,<br />
2012</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 27%; text-align: left; text-indent: -0.25in; padding-left: 0.25in">
<font style="font-size: 8pt">Other investments</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">14,588</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">(3,949</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">4,535</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">70</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">(379</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">14,865</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">
<font style="font-size: 8pt">Life settlement contracts</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">131,387</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">7,961</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">3,227</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">142,575</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">
<font style="font-size: 8pt">Life settlement contract profit
commission</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(12,022</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(28</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(12,050</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">
<font style="font-size: 8pt">Derivatives</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(3,508</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(87</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(3,595</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">
<font style="font-size: 8pt">Total</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">130.445</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">3,984</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"></td>
<td style="padding-bottom: 2.5pt"></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">4,448</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">3,297</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">(379</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">141,795</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(Amounts in Thousands)</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Balance as of<br />
December&#xA0;31,<br />
2010</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Net income</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Other<br />
comprehensive<br />
income</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Purchases<br />
and<br />
issuances</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Sales and<br />
settlements</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Net<br />
transfers<br />
into (out of)<br />
Level 3</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Balance as of<br />
March 31,<br />
2011</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 27%; text-align: left; text-indent: -0.25in; padding-left: 0.25in">
<font style="font-size: 8pt">Other investments</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">21,514</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">661</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">498</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">80</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">(241</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">22,512</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">
<font style="font-size: 8pt">Life settlement contracts</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">22,155</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">24,120</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">17,411</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">63,686</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">
<font style="font-size: 8pt">Life settlement contract profit
commission</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(4,711</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(878</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(5,589</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">38,958</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">23,903</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">498</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">17,491</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">(241</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">80,609</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The Company had no transfers between
levels during the three months ended March 31, 2012 and
2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;The Company uses the following
methods and assumptions in estimating its fair value disclosures
for financial instruments:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 15%">&#xA0;</td>
<td style="width: 3%"><font style="font-family: Symbol">&#xB7;</font></td>
<td style="width: 82%"><i>Equity and Fixed Income Investments:</i>
&#xA0;&#xA0;Fair value disclosures for these investments are
disclosed above in this note. The carrying values of cash, short
term investments and investment income accrued approximate their
fair values;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 15%">&#xA0;</td>
<td style="width: 3%"><font style="font-family: Symbol">&#xB7;</font></td>
<td style="width: 82%"><i>Premiums Receivable:</i> &#xA0;&#xA0;The
carrying values reported in the accompanying balance sheets for
these financial instruments approximate their fair values due to
the short term nature of the asset;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 15%">&#xA0;</td>
<td style="width: 3%"><font style="font-family: Symbol">&#xB7;</font></td>
<td style="width: 82%"><i>Subordinated Debentures and Debt:</i>
&#xA0;&#xA0;The carrying values reported in the accompanying
balance sheets for these financial instruments approximate fair
value. Fair value was estimated using projected cash flows,
discounted at rates currently being offered for similar notes.</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 15%"></td>
<td style="width: 3%; text-align: left"><font style="font-family: Symbol">&#xB7;</font></td>
<td style="text-align: justify; width: 82%"><i>Other
investments.</i> The Company has less than one percent of its
investment portfolio in limited partnerships or hedge funds where
the fair value estimate is determined by a fund manager based on
recent filings, operating results, balance sheet stability, growth
and other business and market sector fundamentals. Due to the
significant unobservable inputs in these valuations, the Company
includes the estimate in the amount disclosed in Level 3 hierarchy.
The Company has determined that its investments in these securities
are not material to its financial position or results of
operations.</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 15%"></td>
<td style="width: 3%; text-align: left"><font style="font-family: Symbol">&#xB7;</font></td>
<td style="text-align: justify; width: 82%"><i>Derivatives.</i> The
Company estimates fair value using information provided by the
portfolio manager for interest rate swaps and credit default swaps
and the counterparty for contracts for differences and classifies
each as Level 3 hierarchy.</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The fair value of life settlement
contracts is based on information available to the Company at the
end of the reporting period. The Company considers the following
factors in its fair value estimates: cost at date of purchase,
recent purchases and sales of similar investments, financial
standing of the issuer, and changes in economic conditions
affecting the issuer, maintenance cost, premiums, benefits,
standard actuarially developed mortality tables and industry life
expectancy reports. The fair value of a life insurance policy is
estimated using present value calculations based on the data
specific to each individual life insurance policy. The following
summarizes data utilized in estimating the fair value of the
portfolio of life insurance policies for the three months ended
March 31, 2012 and December 31, 2011:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 82%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
March 31, 2012</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
December 31, 2011</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 70%; text-indent: -10pt; padding-left: 10pt">
Average age of insured</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 12%; text-align: right">77</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 12%; text-align: right">77</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Average life expectancy, months <sup>(1)</sup></td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">155</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">155</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td>Average face amount per policy</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">6,635,000</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">6,703,000</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Fair value discount rate</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">7.5</td>
<td style="text-align: left">%</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">7.5</td>
<td style="text-align: left">%</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 1in"></td>
<td style="width: 38.9pt"><sup>(1)</sup></td>
<td><font style="font-family: Times New Roman, Times, Serif">Mortality rates:
standard life expectancy as adjusted for insured&#x2019;s specific
circumstances</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">These assumptions are, by their
nature, inherently uncertain and the effect of changes in estimates
may be significant. The fair value measurements used in estimating
the present value calculation are derived from valuation techniques
generally used in the industry that include inputs for the asset
that are not based on observable market data. The extent to which
the fair value could reasonable vary in the near term has been
quantified by evaluating the effect of changes in significant
underlying assumptions used to estimate the fair value amount. If
the life expectancies were increased or decreased by 4 months and
the discount factors were increased or decreased by 1% while all
other variables are held constant, the carrying value of the
investment in life insurance policies would increase or (decrease)
by the unaudited amounts summarized below for the three months
ended March 31, 2012 and December 31, 2011:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 82%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td>&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
C<b>hange in life expectancy</b></td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Plus 4 Months</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Minus 4 Months</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt">
Investment in life policies:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 70%; padding-bottom: 2.5pt; text-indent: 15.1pt">
March 31, 2012</td>
<td style="width: 1%; padding-bottom: 2.5pt">&#xA0;</td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">
(21,335</td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
)</td>
<td style="width: 1%; padding-bottom: 2.5pt">&#xA0;</td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">
23, 702</td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt; text-indent: 15.1pt">December 31,
2011</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
(18,778</td>
<td style="padding-bottom: 2.5pt; text-align: left">)</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
20,785</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">
</p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 82%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td>&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Change in discount rate</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Plus 1%</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Minus 1%</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt">
Investment in life policies:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 70%; padding-bottom: 2.5pt; text-indent: 15.1pt">
March 31, 2012</td>
<td style="width: 1%; padding-bottom: 2.5pt">&#xA0;</td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">
(15,266</td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
)</td>
<td style="width: 1%; padding-bottom: 2.5pt">&#xA0;</td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">
17,495</td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt; text-indent: 15.1pt">December 31,
2011</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
(13,802</td>
<td style="padding-bottom: 2.5pt; text-align: left">)</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
15,804</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19296-110258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 159<br><br> -Paragraph 17-22, 27, 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13537-108611<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44A, 44B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19207-110258<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 3, 10, 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15B<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 32, 33, 34<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Acquisitions<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationDisclosureTextBlock', window );">Acquisitions</a></td>
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<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 5%"></td>
<td style="width: 4%; text-align: left"><b>12.</b></td>
<td style="text-align: justify; width: 90%">
<b>Acquisitions</b></td>
</tr>
</table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;<font style="font-weight: normal"><i>BTIS</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
In December 2011, the Company acquired the California-based
Builders &amp; Tradesmen&#x2019;s Insurance Services, Inc.
(&#x201C;BTIS&#x201D;), an insurance wholesaler and general agent
specializing in insurance policies and bonds for small artisan
contractors. The purchase agreement required the Company to make an
initial payment of $5,000 on the acquisition date and pay future
incentives measured primarily on the overall profitability of the
business for a period of approximately four years. In accordance
with FASB ASC 805, <i>Business Combinations</i>, the Company
recorded a preliminary purchase price of approximately $47,000,
which included goodwill and intangibles of approximately $46,000.
The intangible assets included renewal rights, distribution
networks and trademarks. The trademarks were determined to have an
indefinite life while the renewal rights and distribution networks
were determined to have lives of 11 and 17 years, respectively. The
Company expects to complete its purchase price accounting during
the three months ended June 30, 2012. BTIS&#x2019;s revenues are
included within the Company&#x2019;s Small Business segment as a
component of service and fee income. The Company recorded
approximately $7,000 of fee revenue as a result of this acquisition
during the three months ended March 31, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;<font style="font-weight: normal"><i>&#xA0;</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-weight: normal"><i>Majestic</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The Company, through certain of its subsidiaries and the Insurance
Commissioner of the State of California acting solely in the
capacity as the statutory conservator (the
&#x201C;Conservator&#x201D;) of Majestic Insurance Company
(&#x201C;Majestic&#x201D;), entered into a Rehabilitation Agreement
that set forth a plan for the rehabilitation of Majestic (the
&#x201C;Rehabilitation Plan&#x201D;) by which the Company acquired
the business of Majestic through a Renewal Rights and Asset
Purchase Agreement (the &#x201C;Purchase Agreement&#x201D;), and a
Loss Portfolio Transfer and Quota Share Reinsurance Agreement (the
&#x201C;Reinsurance Agreement&#x201D;). On July 1, 2011, the Company,
through one of its subsidiaries, entered into the Reinsurance
Agreement, which was effective June 1, 2011, and assumed all of
Majestic&#x2019;s liability for losses and loss adjustment expenses
under workers&#x2019; compensation insurance policies of
approximately $331,660, without any aggregate limit, and certain
contracts related to Majestic&#x2019;s workers&#x201D; compensation
business, including leases for Majestic&#x2019;s California office
space. In addition, the Company assumed 100% of the unearned
premium reserve of approximately $25,997 on all in-force Majestic
policies. In connection with this transaction, the Company received
approximately $224,532 of cash and investments, which included
$26,000 for a reserve deficiency and also included the assignment
of Majestic&#x2019;s reinsurance recoverables of approximately
$51,715. The Reinsurance Agreement also contains a profit sharing
provision whereby the Company pays Majestic up to 3% of net earned
premium related to current Majestic policies that are renewed by
the Company in the three year period commencing on the closing date
should the loss ratio on such policies for the three year period be
65% or less. The insurance premiums, which are included in the
Company&#x2019;s Small Commercial Business segment, have been
recorded since the acquisition date and were approximately $19,000
for the year three months ended March 31, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
As a result of entering into the Purchase Agreement, the Company,
in accordance with FASB ASC 805, <i>Business Combinations,</i>
recorded $3,870 of intangible assets related to distribution
networks and trademarks. The distribution networks have a life of
13 years and the trademarks have a life of two years. Additionally,
the Company recorded a liability for approximately $390 related to
an unfavorable lease assumed in the transaction and a liability for
approximately $815 related to the above-mentioned profit sharing
provision. In accordance with FASB ASC 944-805, <i>Business
Combinations</i>, the Company adjusted to fair value
Majestic&#x2019;s loss and LAE reserves by taking the acquired loss
reserves recorded and discounting them based on expected reserve
payout patterns using a current risk-free rate of interest. This
risk-free interest rate was then adjusted based on different cash
flow scenarios that use different payout and ultimate reserve
assumptions deemed to be reasonably possible based upon the
inherent uncertainties present in determining the amount and timing
of payment of such reserves. The difference between the acquired
loss and LAE reserves and the Company&#x2019;s best estimate of the
fair value of such reserves at acquisition date is amortized
ratably over the payout period of the acquired loss and LAE
reserves. The Company determined the fair value of the loss
reserves to be $328,905. Accordingly, the amortization will be
recorded as an expense on the Company&#x2019;s income statement
until fully amortized.</p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 51, 52<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1500-128463<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6911361&amp;loc=d3e7000-128479<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6911361&amp;loc=d3e6927-128479<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6911361&amp;loc=d3e7008-128479<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1490-128463<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6911361&amp;loc=d3e6996-128479<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4922-128472<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4934-128472<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Appendix F<br><br> -Paragraph F4<br><br> -Subparagraph e<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4926-128472<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1383-128463<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1392-128463<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1497-128463<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 67-73<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1524-128463<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 88-16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1486-128463<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4845-128472<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Earnings Per Share<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">Earnings Per Share</a></td>
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<tr style="vertical-align: top">
<td style="width: 5%">&#xA0;</td>
<td style="width: 4%; font-weight: bold"><b>8.</b></td>
<td style="width: 91%; font-weight: bold"><b>Earnings Per
Share</b></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;Effective January 1, 2009, the Company adopted ASC subtopic
260-10, <i>Determining Whether Instruments Granted in Share-Based
Payments Transactions Are Participating Securities</i>. ASC 260-10
provides that unvested share-based payment awards that contain
nonforfeitable rights to dividends or dividend equivalents, whether
paid or unpaid, are participating securities and are to be included
in the computation of earnings per share under the two-class
method. The Company&#x2019;s unvested restricted shares contain
rights to receive nonforfeitable dividends and are participating
securities, requiring the two-class method of computing earnings
per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;The following table&#xA0;is a summary of the elements used in
calculating basic and diluted earnings per share for the three
months ended March 31, 2012 and 2011:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt">(Amounts in Thousands except per
share)</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2012</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 0.4pt">Basic earnings per share:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 74%; text-align: left; padding-left: 0.4pt">Net
income attributable to AmTrust Financial Services, Inc.
shareholders</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">39,086</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">45,183</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 18.4pt">
Less: Net income allocated to participating securities and
redeemable non-controlling interest</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
58</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
25</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt">Net
income allocated to AmTrust Financial Services, Inc. common
shareholders</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
39,028</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
45,158</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: center; padding-left: 0.4pt">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.4pt">Weighted average common shares
outstanding &#x2013; basic</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">60,375</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">59,603</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; padding-left: 0.4pt">Less: Weighted
average participating shares outstanding</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
89</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
38</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 0.4pt">Weighted
average common shares outstanding &#x2013; basic</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
60,286</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
59,565</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt">Net
income per AmTrust Financial Services, Inc. common shares -
basic</td>
<td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
0.65</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
0.76</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center; padding-left: 0.4pt">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 0.4pt">Diluted earnings per share:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 0.4pt">Net income
attributable to AmTrust Financial Services, Inc. shareholders</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">39,086</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">$</td>
<td style="text-align: right">45,183</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 18.4pt">
Less: Net income allocated to participating securities and
redeemable non-controlling interest</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
58</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
25</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt">Net
income allocated to AmTrust Financial Services, Inc. common
shareholders</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
39,028</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
45,158</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: center; padding-left: 0.4pt">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.4pt">Weighted average common shares
outstanding &#x2013; basic</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">60,286</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">59,565</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.4pt">Plus:
Dilutive effect of stock options, other</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
2,033</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
1,167</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 0.4pt">Weighted
average common shares outstanding &#x2013; dilutive</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
62,319</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
60,732</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.4pt">Net
income per AmTrust Financial Services, Inc. common shares -
diluted</td>
<td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
0.63</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
0.74</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
As of March 31, 2012, there were less than 100,000 anti-dilutive
securities excluded from diluted earnings per share.</p>
</div><span></span></td>
      </tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for earnings per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945512&amp;loc=d3e4984-109258<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1278-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Debt<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">Debt</a></td>
        <td class="text"><div style="font: 10pt Times New Roman, Times, Serif">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 5%"><font style="font-size: 10pt"><b>&#xA0;</b></font></td>
<td style="width: 4%; font-weight: bold"><font style="font-size: 10pt"><b>6.</b></font></td>
<td style="width: 91%; font-weight: bold"><font style="font-size: 10pt"><b>Debt</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The Company&#x2019;s borrowings
consisted of the following at March 31, 2012 and December 31,
2011:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 26.65pt">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt; border-bottom: Black 1pt solid">
(Amounts in Thousands)</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2012</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; text-indent: -0.25in; padding-left: 18.75pt">
Revolving credit facility</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">&#x2014;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">$</td>
<td style="font-size: 10pt; text-align: right">&#x2014;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 68%; font-size: 10pt; text-align: left; padding-left: 0.75pt">
Subordinated debentures</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 12%; font-size: 10pt; text-align: right">
123,714</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 2%; font-size: 10pt">&#xA0;</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="width: 12%; font-size: 10pt; text-align: right">
123,714</td>
<td style="width: 1%; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; text-indent: -0.25in; padding-left: 18.75pt">
Convertible senior notes</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">159,113</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">138,506</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; text-indent: -0.25in; padding-left: 18.75pt">
Secured loan agreements</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">9,778</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt">&#xA0;</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
<td style="font-size: 10pt; text-align: right">10,018</td>
<td style="font-size: 10pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 18.75pt">
Promissory notes</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
9,945</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">
7,362</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
302,550</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
<td style="font-size: 10pt; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">
279,600</td>
<td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">
&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>&#xA0;</i>&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">Aggregate scheduled maturities of the
Company&#x2019;s borrowings at March 31, 2012 are:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>&#xA0;</i></font></p>
<table cellpadding="0" cellspacing="0" style="width: 88%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.65in">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt">(Amounts in Thousands)</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="text-align: center">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 87%; text-align: left; text-indent: -0.25in; padding-left: 18.75pt">
2012</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">10,682</td>
<td style="width: 1%; text-align: left"><sup>(1)</sup></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 0.75pt">2013</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">1,021</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -0.25in; padding-left: 18.75pt">
2014</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">1,068</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -0.25in; padding-left: 18.75pt">
2015</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">1,116</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -0.25in; padding-left: 18.75pt">
2016</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">1,167</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Thereafter</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">287,496</td>
<td style="text-align: left"><sup>(2)</sup></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>&#xA0;</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 0.75in"></td>
<td style="width: 0.5in"><sup>(1)</sup></td>
<td>Amount reflected in balance sheet for promissory notes is net
of unamortized original issue discount of $55 for one of the
notes.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 0.75in"></td>
<td style="width: 0.5in"><sup>(2)</sup></td>
<td>Amount reflected in balance sheet for convertible senior notes
is net of unamortized original issue discount of $40,887.</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>&#xA0;</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>Revolving Credit
Agreement</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;On January 28, 2011, the
Company entered into a three-year, $150,000 credit agreement (the
&#x201C;Credit Agreement&#x201D;), among JPMorgan Chase Bank, N.A.,
as Administrative Agent, The Bank of Nova Scotia, as Syndication
Agent, SunTrust Bank, as Documentation Agent, and the various
lending institutions party thereto. The credit facility is a
revolving credit facility with a letter of credit sublimit of
$50,000 and an expansion feature not to exceed $50,000. &#xA0;The
Credit Agreement contains certain restrictive covenants customary
for facilities of this type (subject to negotiated exceptions and
baskets), including restrictions on indebtedness, liens,
acquisitions and investments, restricted payments and dispositions.
There are also financial covenants that require the Company to
maintain a minimum consolidated net worth, a maximum consolidated
leverage ratio, a minimum fixed charge coverage ratio, a minimum
risk-based capital and a minimum statutory surplus. The Company was
in compliance with all covenants as of March 31, 2012.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">As of March 31, 2012, the Company had
no outstanding borrowings under this Credit Agreement. The Company
had outstanding letters of credit in place under this Credit
Agreement at March 31, 2012 for $49,371, which reduced the
availability for letters of credit to $629 as of March 31, 2012 and
the availability under the facility to $100,629 as of March 31,
2012.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">Borrowings under the Credit Agreement
bear interest at (x) the greatest of (a) the Administrative
Agent&#x2019;s prime rate, (b) the federal funds effective rate plus
0.5 percent or (c) the adjusted LIBO rate for a one month interest
period on such day plus 1 percent, plus (y) a margin that is
adjusted on the basis of the Company&#x2019;s consolidated leverage
ratio. Eurodollar borrowings under the Credit Agreement will bear
interest at the adjusted LIBO rate for the interest period in
effect plus a margin that is adjusted on the basis of the
Company&#x2019;s consolidated leverage ratio. The interest rate on
the credit facility as of March 31, 2012 and 2011 was 2.50%. The
Company recorded interest expense of approximately $510 and $395
for the three months ended March 31, 2012 and 2011, respectively,
under the Credit Agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">Fees payable by the Company under the
Credit Agreement include a letter of credit participation fee
(which is the margin applicable to Eurodollar borrowings and was
2.25% at March 31, 2012), a letter of credit fronting fee with
respect to each letter of credit (.125%) and a commitment fee on
the available commitments of the lenders (a range of .35% to .45%
based on the Company&#x2019;s consolidated leverage ratio and was
..40% at March 31, 2012).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">
<font style="font-size: 10pt"><i>&#xA0;</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">
<font style="font-size: 10pt"><i>Junior Subordinated
Debt</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;The Company has established
four special purpose trusts for the purpose of issuing trust
preferred securities. The proceeds from such issuances, together
with the proceeds of the related issuances of common securities of
the trusts, were invested by the trusts in junior subordinated
debentures issued by the Company. In accordance with FASB ASC
810-10-25, the Company does not consolidate such special purpose
trusts, as the Company is not considered to be the primary
beneficiary. The equity investment, totaling $3,714 as of March 31,
2012 on the Company&#x2019;s consolidated balance sheet, represents
the Company&#x2019;s ownership of common securities issued by the
trusts. The debentures require interest-only payments to be made on
a quarterly basis, with principal due at maturity. The debentures
contain covenants that restrict declaration of dividends on the
Company&#x2019;s common stock under certain circumstances, including
default of payment. The Company incurred $2,605 of placement fees
in connection with these issuances which is being amortized over
thirty years. The Company recorded $2,191 and $2,552 of interest
expense for the three months ended March 31, 2012 and 2011,
respectively, related to these trust preferred
securities.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;The table below summarizes the
Company&#x2019;s trust preferred securities as of March 31,
2012:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Aggregate</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td colspan="2" nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td colspan="2" nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="text-align: center">
&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Liquidation</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Aggregate</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td colspan="2" nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Per</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Amount&#xA0;of</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Liquidation</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Aggregate</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Annum</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap">(Amounts&#xA0;in&#xA0;Thousands)</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Trust</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Amount&#xA0;of</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Principal</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
Stated</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Interest</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Preferred</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Common</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Amount</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
Maturity</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Rate&#xA0;of</td>
<td nowrap="nowrap" style="font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid">
Name&#xA0;of&#xA0;Trust</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Securities</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Securities</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
of&#xA0;Notes</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
of&#xA0;Notes</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Notes</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; width: 45%">AmTrust Capital Financing
Trust I</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 8%; text-align: right">25,000</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 8%; text-align: right">774</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 8%; text-align: right">25,774</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 10%; text-align: center">3/17/2035</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 8%; text-align: right">8.275</td>
<td nowrap="nowrap" style="width: 1%; text-align: left">
%<sup>(1)</sup></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">AmTrust Capital Financing Trust
II</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">25,000</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">774</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">25,774</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: center">6/15/2035</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">7.710</td>
<td style="text-align: left"><sup>(1)</sup></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">AmTrust Capital Financing Trust
III</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">30,000</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">928</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">30,928</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: center">9/15/2036</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">3.774</td>
<td style="text-align: left"><sup>(2)</sup></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">AmTrust Capital
Financing Trust IV</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
40,000</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
1,238</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
41,238</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="text-align: center; padding-bottom: 1pt">3/15/2037</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: right">3.474</td>
<td style="padding-bottom: 1pt; text-align: left">
<sup>(3)</sup></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt">Total trust
preferred securities</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
120,000</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
3,714</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
123,714</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: right">&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: top">&#xA0;</td>
<td style="vertical-align: super; padding-left: 0.24in">
<sup>(1)</sup></td>
<td style="vertical-align: top; padding-left: 0in">The interest
rate will change to three-month LIBOR plus 3.40% after the tenth
anniversary in 2015.</td>
</tr>
<tr>
<td style="vertical-align: top">&#xA0;</td>
<td style="vertical-align: super; padding-left: 0.24in">
<sup>(2)</sup></td>
<td style="vertical-align: top">The interest rate is LIBOR plus
3.30%.</td>
</tr>
<tr>
<td style="vertical-align: top; padding-left: 0.24in">&#xA0;</td>
<td style="vertical-align: super; padding-left: 0.24in">
<sup>(3)</sup></td>
<td style="vertical-align: top">The interest rate changed from
7.93% to LIBOR plus 3.00% on March 15, 2012.</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The Company entered into two interest
rate swap agreements related to these junior subordinated
debentures, which effectively convert the interest rate on the
trust preferred securities from a variable rate to a fixed rate.
Each agreement is for a period of five years and commenced on
September 15, 2011 for tranche III and March 15, 2012 for tranche
IV.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt">
<font style="font-size: 10pt"><i>Convertible Senior
Notes</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">In December 2011, the Company issued
$175,000 aggregate principal amount of its 5.5% convertible senior
notes due 2021 (the &#x201C;Notes&#x201D;) to certain initial
purchasers in a private placement. In January 2012, the Company
issued an additional $25,000 of the Notes to cover the initial
purchasers&#x2019; overallotment option. The Notes will bear
interest at a rate equal to 5.5% per year, payable semiannually in
arrears on June 15<sup>th</sup> and December 15<sup>th</sup> of
each year, beginning on June 15, 2012.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The Notes will mature on December 15,
2021 (the &#x201C;Maturity Date&#x201D;), unless earlier purchased by
the Company or converted into shares of the Company&#x2019;s common
stock, par value $0.01 per share (the &#x201C;Common Stock&#x201D;).
Prior to September 15, 2021, the Notes will be convertible only
upon satisfaction of certain conditions, and thereafter, at any
time prior to the close of business on the second scheduled trading
day immediately preceding the Maturity Date. The conversion rate
will initially equal 31.4218 shares of Common Stock per $1,000
principal amount of Notes, which corresponds to an initial
conversion price of approximately $31.83 per share of Common Stock,
representing a conversion premium of 25.0% over $25.46 per share,
which was the last reported sale price of the Common Stock on the
NASDAQ on December 15, 2011. The conversion rate will be subject to
adjustment upon the occurrence of certain events as set forth in
the indenture governing the notes. Upon conversion of the Notes,
the Company will, at its election, pay or deliver, as the case may
be, cash, shares of Common Stock, or a combination of cash and
shares of Common Stock.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">Upon the occurrence of a fundamental
change (as defined in the indenture governing the notes) involving
the Company, holders of the Notes will have the right to require
the Company to repurchase their Notes for cash, in whole or in
part, at 100% of the principal amount of the Notes to be
repurchased, plus any accrued and unpaid interest, if any, to, but
excluding, the fundamental change purchase date.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The Company separately allocated the
proceeds for the issuance of the Notes to a liability component and
an equity component, which is the embedded conversion option. The
equity component was reported as an adjustment to paid-in-capital,
net of tax, and is reflected as an original issue discount
(&#x201C;OID&#x201D;). The OID of $41,679 and deferred origination
costs relating to the liability component of $4,750 will be
amortized into interest expense over the term of the loan of the
Notes. After considering the contractual interest payments and
amortization of the original discount, the Notes effective interest
rate was 8.57%. Transaction costs of $1,250 associated with the
equity component were netted in paid-in-capital. Interest expense,
including amortization of deferred origination costs, recognized on
the Notes was $3,544 for the three months ended March 31,
2012.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The following table shows the amounts
recorded for the Notes as of March 31, 2012 and December 31,
2011:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding-bottom: 1pt">(Amounts in
Thousands)</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
March 31, 2012</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
December 31, 2011</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -0.25in; padding-left: 18.75pt">
Liability component</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 74%; text-align: left; padding-left: 9pt">
Outstanding principal</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">200,000</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">175,000</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt">
Unamortized OID</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(40,887</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(36,494</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">
Liability component</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
159,113</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
138,506</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 18.75pt">
Equity component, net of tax</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
27,092</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
23,785</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>Secured Loan
Agreement</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;During February 2011, the
Company, through a wholly-owned subsidiary, entered into a
seven-year secured loan agreement with Bank of America Leasing
&amp; Capital, LLC in the aggregate amount of $10,800 to finance
the purchase of an aircraft. The loan bears interest at a fixed
rate of 4.45%, requires monthly installment payments of
approximately $117 commencing on March 25, 2011 and ending on
February 25, 2018, and a balloon payment of $3,240 at the maturity
date. The Company recorded interest expense of approximately $112
and $51 for the three months ended March 31, 2012 and 2011,
respectively, related to this agreement. The loan is secured by an
aircraft that the subsidiary acquired in February 2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;The agreement contains certain
covenants that are similar to the Company&#x2019;s revolving credit
facility. Additionally, subsequent to February 25, 2012, but prior
to payment in full, if the outstanding balance of this loan exceeds
90% of the fair value of the aircraft, the Company is required to
pay the lender the entire amount necessary to reduce the
outstanding principal balance to be equal to or less than 90% of
the fair value of the aircraft.&#xA0; The agreement allows the
Company, under certain conditions, to repay the entire outstanding
principal balance of this loan without penalty.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>Promissory Notes</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;In connection with the stock
and asset purchase agreement with a subsidiary of Unitrin, Inc.
(now called Kemper Corporation), the Company, on June 1, 2008,
issued a promissory note to Unitrin, Inc. in the amount of $30,000.
The note is non-interest bearing and requires four annual principal
payments of $7,500. The first three annual principal payments were
paid between 2009 and 2011, and the remaining principal payment is
due on June 1, 2012. Upon entering into the promissory note, the
Company calculated imputed interest of $3,155 based on interest
rates available to the Company, which was 4.5%. Accordingly, the
note&#x2019;s carrying balance was adjusted to $26,845 at the
acquisition. The note is required to be paid in full, immediately,
under certain circumstances including a default of payment or
change of control of the Company. The Company included $83 and $163
of amortized discount on the note in its results of operations for
the three months ended March 31, 2012 and 2011, respectively. The
note&#x2019;s carrying value was $7,445 and $7,362 as of March 31,
2012 and December 31, 2011, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">In March 2012, 800 Superior LLC
entered into a promissory note with ACP Re, Ltd in the amount of
$2,500. 800 Superior LLC is an entity the Company and ACAC have a
50% ownership interest in. The note matures in July 2012 and bears
interest at a rate of 2.00% per annum, which resulted in $3 of
interest expense for the three months ended March 31, 2012. For
more information regarding this promissory note, see Note 11.
&#x201C;Related Party Transactions.&#x201D;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">
<font style="font-size: 10pt"><i>&#xA0;</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">
<font style="font-size: 10pt"><i>Comerica Letter of Credit
Facility</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">In connection with the Majestic
acquisition discussed in Note 12 &#x201C;Acquisitions,&#x201D; the
Company, through one of its subsidiaries, entered into a secured
letter of credit facility with Comerica Bank during the three
months ended September 30, 2011. The Company utilizes this letter
of credit facility to comply with the deposit requirements of the
State of California and the U.S. Department of Labor as security
for the Company&#x2019;s obligations to workers&#x2019; compensation
and federal Longshore and Harbor Workers&#x2019; Compensation Act
policyholders. The credit limit is for $75,000 and was utilized for
$49,801 as of March 31, 2012. The Company is required to pay a
letter of credit participation fee for each letter of credit in the
amount of 0.40%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>Other Letter of
Credit</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;The Company, through certain
subsidiaries, has an additional existing stand-by letter of credit
as of March 31, 2012 in the amount of $1,311.</font></p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19,20,22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Acquisition Costs and Other Underwriting Expenses<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
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<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 5%">&#xA0;</td>
<td style="width: 4%; font-weight: bold"><b>7.</b></td>
<td style="width: 90%; font-weight: bold"><b>Acquisition Costs and
Other Underwriting Expenses</b></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;The following table summarizes the components of acquisition
costs and other underwriting expenses for the three months ended
March 31, 2012 and 2011:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 82%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt">(Amounts in Thousands)</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2012</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">Policy acquisition
expenses</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">85,192</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">46,817</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Salaries and benefits</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">35,785</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">27,922</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt">Other insurance
general and administrative expense</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
3,048</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
6,495</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
124,025</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
81,234</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Underwriting, Acquisition, Insurance, Restructuring and Other Expenses Disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Share Based Compensation<br></strong></div>
        </th>
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          <div>Mar. 31, 2012</div>
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Compensation</b></td>
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&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt">
The Company&#x2019;s 2010 Omnibus Incentive Plan (the
&#x201C;Plan&#x201D;) permits the Company to grant to its officers,
employees and non-employee directors incentive compensation
directly linked to the price of the Company&#x2019;s stock. The Plan
authorizes up to an aggregate of 6,045,511 shares of Company stock
for awards of options to purchase shares of the Company&#x2019;s
common stock, restricted stock, restricted stock units
(&#x201C;RSU&#x201D;), performance shares or appreciation rights.
Shares used may be either newly issued shares or treasury shares or
both. The aggregate number of shares of common stock for which
awards may be issued may not exceed 6,045,511 shares, subject to
the authority of the Company&#x2019;s board of directors to adjust
this amount in the event of a consolidation, reorganization, stock
dividend, stock split, recapitalization or similar transaction
affecting the Company&#x2019;s common stock. As of March 31, 2012,
approximately 5,225,000 shares of Company common stock remained
available for grants under the Plan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;The Company recognizes compensation expense under FASB ASC
718-10-25 for its share-based payments based on the fair value of
the awards. The Company grants stock options at prices equal to the
closing stock price of the Company&#x2019;s stock on the dates the
options are granted. The options have a term of ten years from the
date of grant and vest primarily in equal annual installments over
the four-year period following the date of grant for employee
options. Employees have three months after the employment
relationship ends to exercise all vested options. The fair value of
each option grant is separately estimated for each vesting date.
The fair value of each option is amortized into compensation
expense on a straight-line basis between the grant date for the
award and each vesting date. The Company has estimated the fair
value of all stock option awards as of the date of the grant by
applying the Black-Scholes-Merton multiple-option pricing valuation
model. The application of this valuation model involves assumptions
that are judgmental and highly sensitive in the determination of
compensation expense. The Company grants restricted shares and RSUs
with a grant date value equal to the closing stock price of the
Company&#x2019;s stock on the dates the shares or units are
granted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;The following schedule shows all options granted, exercised,
and expired under the Plan for the three months ended March 31,
2012 and 2011:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 92%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td>&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2012</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Shares</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Weighted<br />
Average<br />
Exercise&#xA0;Price</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Shares</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Weighted<br />
Average<br />
Exercise&#xA0;Price</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 48%">Outstanding at beginning of period</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 10%; text-align: right">3,771,788</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">10.96</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 10%; text-align: right">4,126,926</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">10.46</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">175,000</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">14.98</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td>Exercised</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(93,083</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">8.71</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(75,736</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">10.93</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Cancelled or
terminated</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(55,622</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
13.19</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(24,065</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
12.41</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt">Outstanding end of period</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
3,623,083</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
10.98</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
4,202,125</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
10.63</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 13.5pt">
&#xA0;During the period ended March 31, 2012, no options were
granted. During the period ended March 31, 2011, the weighted
average grant date fair value of options granted was approximately
$7.24.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
A summary of the Company&#x2019;s restricted stock and RSU activity
for the three months ended March 31, 2012 and 2011 is shown
below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 92%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td>&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2012</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap">&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Shares or<br />
Units</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Weighted<br />
Average<br />
Grant Date<br />
Fair Value</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Shares<br />
or Units</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Weighted<br />
Average<br />
Grant Date<br />
Fair Value</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 48%; text-align: left">Non-vested at beginning of
year</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 10%; text-align: right">291,230</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">18.32</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 10%; text-align: right">139,388</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">14.04</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">342,428</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">27.25</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">75,884</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">19.14</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td>Vested</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(22,097</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">18.45</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(12,500</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">14.25</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Forfeited</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt">Non-vested at end of period</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
611,561</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
23.31</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
202,772</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
15.93</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
Compensation expense for all share-based payments under ASC
718-10-30 was approximately $1,181 and $1,459 for the three months
ended March 31, 2012 and 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;As of March 31, 2012, there was approximately $13,757 of
total unrecognized compensation cost related to non-vested
share-based compensation arrangements.</p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 93-6<br><br> -Paragraph 53<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64, 65, A240<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6418621&amp;loc=d3e17540-113929<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 50<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6406099&amp;loc=d3e25284-112666<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Contingent Liabilities<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
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<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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<td style="width: 5%"></td>
<td style="width: 4%; text-align: left"><b>14.</b></td>
<td style="text-align: justify; width: 90%"><b>Contingent
Liabilities</b></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt">
<b><i>Litigation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The Company&#x2019;s insurance subsidiaries are named as defendants
in various legal actions arising principally from claims made under
insurance policies and contracts. Those actions are considered by
the Company in estimating the loss and LAE reserves. The
Company&#x2019;s management believes the resolution of those actions
will not have a material adverse effect on the Company&#x2019;s
financial position or results of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<b><i>Vehicle service contract industry inquiry and related
proceedings</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
As previously described in the Company&#x2019;s Annual Report on
Form 10-K, the Company&#x2019;s subsidiary Warrantech Corporation
(&#x201C;Warrantech&#x201D;) is involved in a number of disputes that
relate to U.S. Fidelis, a direct marketer of vehicle service
contracts that filed a petition for Chapter 11 bankruptcy
protection in February 2010 in the United States Bankruptcy Court
for the Eastern District of Missouri (the &#x201C;Bankruptcy
Proceeding&#x201D;).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
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On April 27, 2012, the parties to the various disputes reached
agreement on a comprehensive settlement, the terms of which are
incorporated into the plan of liquidation for U.S. Fidelis, which
was filed in the Bankruptcy Proceeding on May 1, 2012 (the
&#x201C;Plan&#x201D;). In connection with the Plan, Warrantech, the
Unsecured Creditors Committee of U.S. Fidelis, Mepco Finance
Corporation (&#x201C;Mepco&#x201D;), and the States of Missouri,
Texas, Washington and Ohio, by and through the offices of their
respective Attorneys General entered into a plan support agreement
(the &#x201C;PSA&#x201D;). Pursuant to the PSA, provided that the
Plan has not been modified in such a manner that would materially
adversely affect the rights, recoveries, or obligations of the
parties and subject to an opt-out right in favor of Warrantech and
Mepco, each of the parties agreed to support the Plan throughout
the Bankruptcy Proceeding and to cooperate to the fullest extent in
obtaining confirmation of the Plan by no later than July 30, 2012.
On the effective date of the Plan, Warrantech will become obligated
to pay $4.8 million to Mepco, $1.4 million to the liquidating
trustee and $1.1 million to the U.S. Fidelis Consumer Restitution
Plan (as described in the Plan).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
As part of the overall settlement, Warrantech also entered into
assurances of voluntary compliance with the states of Ohio,
Missouri, Texas and Washington (the &#x201C;AVCs&#x201D;) that do not
become binding until the effective date of the Plan. The AVCs
require Warrantech to adhere to certain compliance terms in
connection with the marketing and sale of vehicle service contracts
through authorized telemarketers, pay certain funds to consumers in
connection with vehicle service contracts that were marketed and
sold by U.S. Fidelis and administered by Warrantech and contribute
the funds referenced above to the U.S. Fidelis Consumer Restitution
Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26.65pt">
<b><i>Investment in ACAC</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
&#xA0;&#xA0;As a result of its equity investment in ACAC, the
Company made an initial investment in ACAC in the amount of
approximately $53,000.&#xA0;&#xA0;In addition, the Company, the
Trust and Michael Karfunkel, individually, each shall be required
to make its or his proportional share of the deferred payments
payable by ACAC to GMAC pursuant to the GMAC Securities Purchase
Agreement (See Note 11. Related Party Transactions), which are
payable over a period of three years from the date of the closing
of the Acquisition, to the extent that ACAC is unable to otherwise
provide for such payments. The Company&#x2019;s proportionate share
of such deferred payments shall not exceed $7,500.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for commitments and contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14435-108349<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 460<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6398077&amp;loc=d3e12565-110249<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 14<br><br> -Paragraph 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 440<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 9, 10, 11, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EJF">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Condensed Consolidated Statements of Income (Parenthetical) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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        <th class="th" colspan="2">3 Months Ended</th>
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        <td class="nump">$ 6,092<span></span></td>
        <td class="nump">$ 3,439<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fee and commission revenue earned from sources not otherwise specified in the existing taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number EITF85-24-1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
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<td style="width: 4%; font-weight: bold"><font style="font-size: 10pt"><b>3.</b></font></td>
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<font style="font-size: 10pt">&#xA0;</font></p>
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<font style="font-size: 10pt"><i>(a) Available-for-Sale
Securities</i></font></p>
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<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
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<font style="font-size: 10pt">&#xA0;The amortized cost, estimated
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available-for-sale securities as of March 31, 2012, are presented
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<font style="font-size: 10pt">&#xA0;</font></p>
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(Amounts&#xA0;in&#xA0;Thousands)</td>
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<b>Original&#xA0;or</b></p>
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<b>amortized</b> &#xA0;</p>
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<b>cost</b></p>
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Gross<br />
unrealized<br />
gains</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Gross<br />
unrealized<br />
losses</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Market<br />
value</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 48%; text-align: left">Preferred stock</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">5,091</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">97</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">(408</td>
<td style="width: 1%; text-align: left">)</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">4,780</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Common stock</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">24,658</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">3,783</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(2,469</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">25,972</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">U.S. treasury securities</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">50,086</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">2,729</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(24</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">52,791</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">U.S. government agencies</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">60,126</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">515</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(37</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">60,604</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Municipal bonds</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">260,344</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">9,060</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(354</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">269,050</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Corporate bonds:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 9pt">Finance</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">631,638</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">24,319</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(14,674</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">641,283</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 9pt">Industrial</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">181,903</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">7,667</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(1,192</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">188,378</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 9pt">Utilities</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">38,331</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">2,422</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(1,199</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">39,554</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Commercial mortgage backed
securities</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">29,951</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">205</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(283</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">29,873</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Residential mortgage backed
securities:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt">Agency backed</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">377,604</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">18,425</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(55</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">395,974</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; padding-left: 9pt">Non-agency
backed</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
7,887</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(372</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
7,515</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,667,619</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
69,222</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
(21,067</td>
<td style="padding-bottom: 2.5pt; text-align: left">)</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,715,774</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">Proceeds from the sale of investments
in available-for-sale securities during the three months ended
March 31, 2012 and 2011 were approximately $203,183 and $286,240,
respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;A summary of the
Company&#x2019;s available-for-sale fixed securities as of March 31,
2012, by contractual maturity, is shown below. Expected maturities
may differ from contractual maturities because borrowers may have
the right to call or prepay obligations with or without call or
prepayment penalties.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt">
(Amounts&#xA0;in&#xA0;Thousands)</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Amortized<br />
Cost</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Fair&#xA0;Value</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">Due in one year or
less</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">11,470</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">11,556</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Due after one through five years</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">311,083</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">309,337</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Due after five through ten years</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">634,872</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">658,937</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Due after ten years</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">264,988</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">271,830</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt">Mortgage backed
securities</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
415,457</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
433,362</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total fixed
maturities</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,637,870</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,685,022</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">
<font style="font-size: 10pt"><i>(b) Investment
Income</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;Net investment income for the
three months ended March 31, 2012 and 2011 was derived from the
following sources:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt">(Amounts in Thousands)</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2012</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">Fixed maturity
securities</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">13,529</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">13,674</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Equity securities</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">398</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">166</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt">Cash and short
term investments</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
591</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
606</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">14,518</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">14,446</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td>&#xA0;Less:</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 27pt">
Investment expenses and interest expense on securities sold under
agreement to repurchase</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
254</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
14,518</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
14,192</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 26.65pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt">&#xA0;<i>(c) Other-Than-Temporary
Impairment</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;The table below summarizes the
gross unrealized losses of our fixed maturity and equity securities
by length of time the security has continuously been in an
unrealized position as of March 31, 2012:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Less&#xA0;Than&#xA0;12&#xA0;Months</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">12&#xA0;Months&#xA0;or&#xA0;More</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Total</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font-size: 8pt">(Amounts&#xA0;in&#xA0;Thousands)</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Fair<br />
Market<br />
Value</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Unrealized<br />
Losses</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">No.&#xA0;of<br />
Positions<br />
Held</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Fair<br />
Market<br />
Value</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Unrealized<br />
Losses</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">No.&#xA0;of<br />
Positions<br />
Held</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Fair<br />
Market<br />
Value</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="font-size: 8pt">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 8pt">Unrealized<br />
Losses</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 27%; text-align: left; text-indent: -9pt; padding-left: 9pt">
<font style="font-size: 8pt">Common and preferred stock</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 8pt">5,174</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 8pt">(1,572</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 8pt">18</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 8pt">2,079</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 8pt">(1,305</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 8pt">4</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 8pt">7,253</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 8pt">(2,877</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt">
<font style="font-size: 8pt">U.S. treasury securities</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">4,920</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(24</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">11</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">4,920</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(24</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 8pt">U.S.
government agencies</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">45,275</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(37</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">45,275</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(37</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Municipal
bonds</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">39,003</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(354</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">10</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">39,003</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(354</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt">
<font style="font-size: 8pt">Corporate bonds:</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Finance</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">183,460</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(4,490</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">54</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">92,554</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(10,184</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">13</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">276,014</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(14,674</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Industrial</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">21,631</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(1,192</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">21,632</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(1,192</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Utilities</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">10,918</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(599</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,593</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(600</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">16,511</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(1,199</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt">
<font style="font-size: 8pt">Commercial Mortgage backed
securities</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">19,464</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(283</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">1</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">19,464</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(283</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt">
<font style="font-size: 8pt">Residential mortgage backed
securities:</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">
<font style="font-size: 8pt">Agency backed</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">30,231</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(55</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">9</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">&#x2014;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">30,231</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(55</font></td>
<td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.25in">
<font style="font-size: 8pt">Non-agency backed</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">7,491</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(368</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">1</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">24</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(4</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">1</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">7,515</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 8pt">(372</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">
<font style="font-size: 8pt">Total temporarily impaired
securities</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">367,567</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">(8,974</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">112</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">100,251</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">(12,093</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">21</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">467,818</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="font-size: 8pt">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 8pt">(21,067</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">There are 133 securities at March 31,
2012 that account for the gross unrealized loss, none of which is
deemed by the Company to be OTTI. Significant factors influencing
the Company&#x2019;s determination that unrealized losses were
temporary included the magnitude of the unrealized losses in
relation to each security&#x2019;s cost, the nature of the
investment and management&#x2019;s intent not to sell these
securities and it being not more likely than not that the Company
will be required to sell these investments before anticipated
recovery of fair value to the Company&#x2019;s cost
basis.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>(d) Derivatives</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The Company from time to time invests
in a limited amount of derivatives and other financial instruments
as part of its investment portfolio to manage interest rate changes
or other exposures to a particular financial market. The Company
records changes in valuation on its derivative positions not
designated as a hedge as a component of net realized gains and
losses.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The Company records changes in
valuation on its hedge positions as a component of other
comprehensive income. As of March 31, 2012, the Company had two
interest rate swaps designated as a hedge and were recorded as a
liability amount of $3,595 and were included as a component of
accrued expenses and other liabilities.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 22.5pt">
<font style="font-size: 10pt">The followingtable presents the
notional amounts by remaining maturity of the Company&#x2019;s
interest rate swaps as of March 31, 2012:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>&#xA0;</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"></td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="18" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<b>Remaining Life of Notional Amount <sup>(1)</sup></b></td>
<td style="padding-bottom: 1pt">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid">
(Amounts&#xA0;in Thousands)</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
One<br />
Year</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Two Through<br />
Five Years</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Six Through<br />
Ten Years</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
After Ten<br />
years</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Total</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 35%; text-align: left; padding-left: 0.12in">
Interest rate swaps</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">&#x2014;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">30,000</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">40,000</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">&#x2014;</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">70,000</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td>
<td style="width: 0.25in; text-align: left"><sup>(1)</sup></td>
<td style="text-align: justify">Notional amount is not
representative of either market risk or credit risk and is not
recorded in the consolidated balance sheet.</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>(e) Restricted Cash and
Investments</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">The Company, in order to conduct
business in certain states, is required to maintain letters of
credit or assets on deposit to support state mandated regulatory
requirements and certain third party agreements. The Company also
utilizes trust accounts to collateralize business with its
reinsurance counterparties. These assets held are primarily in the
form of cash or certain high grade securities. The fair values of
our restricted assets as of March 31, 2012 and December 31, 2011
are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>&#xA0;</i></font></p>
<table cellpadding="0" cellspacing="0" style="width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.35in">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt">(Amounts in Thousands)</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2012</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
<td style="font-weight: bold; padding-bottom: 1pt">&#xA0;</td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: justify; text-indent: -0.25in; padding-left: 0.25in">
Restricted cash</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">59,236</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">23,104</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">
Restricted investments</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
182,446</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
187,227</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: justify; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">
Total restricted cash and investments</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
241,682</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
210,331</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>&#xA0;</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">
<font style="font-size: 10pt"><i>(f) Other</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">Securities sold but not yet purchased
represent obligations of the Company to deliver the specified
security at the contracted price and, thereby, create a liability
to purchase the security in the market at prevailing prices. The
Company&#x2019;s liability for securities to be delivered is
measured at their fair value and as of March 31, 2012 was $54,420
for corporate bonds and $87 for equity securities. These
transactions result in off-balance sheet risk, as the
Company&#x2019;s ultimate cost to satisfy the delivery of securities
sold but not yet purchased may exceed the amount reflected at March
31, 2012. Subject to certain limitations, all securities owned, to
the extent required to cover the Company&#x2019;s obligations to
sell or repledge the securities to others, are pledged to the
clearing broker.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
<font style="font-size: 10pt">&#xA0;&#xA0;The Company enters into
repurchase agreements, which are accounted for as collateralized
borrowing transactions and are recorded at contract amounts. The
Company receives cash or securities that it invests or holds in
short term or fixed income securities. As of March 31, 2012, there
were $200,915 principal amount outstanding at interest rates
between 0.4% and 0.45%. Interest expense associated with these
repurchase agreements for the three months ended March 31, 2012 and
2011 was $0 and $254, respectively, of which $0 was accrued as of
March 31, 2012. The Company has approximately $214,219 of
collateral pledged in support of these agreements. Additionally,
during the three months ended March 31, 2012, the Company entered
into a reverse repurchase agreement in the amount of $56,187 that
is included in short term investments as of March 31, 2012. The
Company retains collateral of $54,420 related to this
agreement.</font></p>
</div><span></span></td>
      </tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entire disclosure related to Investments in Certain Debt and Equity Securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<td style="width: 4%; text-align: left"><b>13.</b></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
The following table summarizes the ownership components of total
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&#xA0;</p>
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<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="border-bottom: Black 1pt solid">
(Amounts&#xA0;in&#xA0;Thousands)</td>
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&#xA0;</td>
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AmTrust</td>
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&#xA0;</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
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Non-Controlling<br />
Interests</td>
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&#xA0;</td>
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&#xA0;</td>
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Total</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
&#xA0;</td>
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<td style="width: 61%">Beginning Balance, January 1, 2012</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">890,563</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">69,098</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
<td style="width: 1%">&#xA0;</td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right">959,661</td>
<td style="width: 1%; text-align: left">&#xA0;</td>
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<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">39,086</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">134</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">39,220</td>
<td style="text-align: left">&#xA0;</td>
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gains&#xA0;&#xA0;and reclassification</td>
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<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">28,315</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">28,315</td>
<td style="text-align: left">&#xA0;</td>
</tr>
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<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">4,197</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">4,197</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Unrealized loss on interest rate
swap</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(57</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(57</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -15.1pt; padding-left: 15.1pt">
Equity component of convertible senior notes, net of income tax and
issue costs</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">3,306</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">3,306</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Capital contribution</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">4,928</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">4,928</td>
<td style="text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Dividends</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(5,470</td>
<td style="text-align: left">)</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">&#x2014;</td>
<td style="text-align: left">&#xA0;</td>
<td>&#xA0;</td>
<td style="text-align: left">&#xA0;</td>
<td style="text-align: right">(5,470</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt">Share exercises
and compensation, other</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
2,102</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">
2,102</td>
<td style="padding-bottom: 1pt; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Ending Balance, March 31,
2012</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
962,042</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
74,160</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
<td style="padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,036,202</td>
<td style="padding-bottom: 2.5pt; text-align: left">&#xA0;</td>
</tr>
</table>
<br style="clear: both" />
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-align: justify; text-indent: 15.1pt">
There were no distributions to non-controlling interests or changes
in ownership percentages during the three months ended March 31,
2012.</p>
</div><span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable).  Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SAB TOPIC 4.C)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187143-122770<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Article 4<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section C<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph d<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23285-112656<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d),(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 1<br><br> -Section B<br><br> -Paragraph 7, 11A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 20: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 21: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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