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HALLMARK FINANCIAL SERVICES INC (HALL)

Hallmark Financial Services, Inc., through its subsidiaries, engages in the sale of property and casualty insurance products to businesses and individuals in the United States. Its activities include marketing, distributing, underwriting, and servicing property and casualty insurance products. The company offers various insurance products, including general liability, commercial automobile, commercial property, umbrella, commercial multi-peril, and business owner's insurance. It also offers aircraft, airport liability, personal automobile liability, and personal automobile physical damage insurance. Hallmark Financial Services markets its products through independent general agents, retail agents, and specialty brokers primarily in Texas, New Mexico, Arizona, Oklahoma, Arkansas, Idaho, Oregon, and Washington. The company was founded in 1987 and is headquartered in Fort Worth, Texas.


ENSTAR GROUP INC (ESGR)

Enstar Group, Inc. operates various equity affiliates in the financial services industry. The company, through its partially owned equity affiliates, B.H. Acquisition Limited and Castlewood Holdings Limited, acquires and manages insurance and reinsurance companies that have ceased the underwriting of new policies. It offers services such as claims administration, adjustment, and settlement together with the collection of reinsurance recoveries. In addition, Castlewood Holdings provides management, consulting, and other services to the insurance and reinsurance industry. Enstar Group was founded in 1970 and is headquartered in Montgomery, Alabama.


FAIRFAX FINANCIAL HOLDINGS LTD (FFH)

Fairfax Financial Holdings Limited, through its subsidiaries, (FFHL) engages in property and casualty insurance and reinsurance conducted on a direct basis principally in Canada, the United States, and the United Kingdom. It also provides claims adjusting, appraisal, and loss management services. In addition, FFHL operates in continental Europe, the Far East, Latin America, and the Middle East. The company was incorporated in 1951. It was formerly known as Markel Service of Canada Limited and subsequently changed its name to Markel Financial Holdings Limited. Further, the name was changed to Fairfax Financial Holdings Limited in 1987. The company is headquartered in Toronto, Canada.


QUANTA CAPITAL HOLDINGS LTD (QNTA)

Quanta Capital Holdings, Ltd., through its subsidiaries, primarily provides a range of insurance and reinsurance products. Its insurance products include professional liability, marine, technical risk and aviation, environmental liability, structured insurance, fidelity and crime, surety, and technical risk property insurance. The company's reinsurance products include casualty, professional, property, marine, technical risk and aviation, and structured reinsurance. Quanta Capital offers various environmental consulting services, including environmental investigation, remediation, and engineering services; assessment services; other technical services; and information management services to private sector businesses in the United States. Quanta Capital operates in Bermuda, the United States, Ireland, and the United Kingdom. The company was formed in 2003 and is based in Hamilton, Bermuda.


CONVERIUM HOLDING AG (CHR)

Converium Holding AG provides traditional nonlife, and life and health reinsurance products in Europe, Asia-Pacific, and Latin America. Its nonlife reinsurance products include general third party liability, motor, personal accident, property, agribusiness, aviation and space, credit and surety, engineering, marine and energy, workers' compensation, and professional liability and other special liability. The company's life and health reinsurance products include life and disability reinsurance, including quota share, surplus coverage, and financing contracts, and accident and health. Converium has strategic alliance with Medical Defence Union (MDU) that resulted in a 49.9% participation in MDU Services, Ltd., which distributes medical malpractice insurance policies to the members of the MDU. The company was founded in 1995 and is headquartered in Zug, Switzerland.


MIDLAND COMPANY (MLAN)

The Midland Company, through its wholly owned subsidiary, American Modern Insurance Group, Inc., provides specialty insurance products and services in the United States. It operates through four divisions: Personal Lines Property, Personal Lines Casualty, Financial Services, and Other Insurance. The Personal Lines Property division primarily offers manufactured housing and site-built dwelling insurance products. The Personal Lines Casualty division provides motorcycle, watercraft, recreational vehicle, collector car, and snowmobile specialty insurance products. The Financial Services division offers mortgage fire, collateral protection, and debt cancellation specialty insurance products. The Other Insurance division offers credit life, long-haul truck physical damage, and commercial, excess, and surplus line insurance products. The company, through another subsidiary M/G Transport Services, Inc., also provides transportation services through a fleet of dry cargo barges for the movement of dry bulk commodities, such as petroleum coke, ores, barite, sugar, and other dry cargoes primarily on the lower Mississippi River and its tributaries. It operates a fleet of approximately 200 jumbo hopper barges. The company was founded by J. Page Hayden, Sr. and J. R. LaBar in 1938 under the name Midland Discount Corporation and subsequently changed its name to The Midland Company. The Midland Company is headquartered in Cincinnati, Ohio.


ALLEGHANY CORPORATION (Y)

Alleghany Corporation, through its subsidiary, Alleghany Insurance Holdings LLC, primarily provides property and casualty insurance products and services in the United States. It also offers fidelity and surety insurance products and services. In addition, the company, through World Minerals, Inc., engages in the mining, production, and sale of diatomite and perlite industrial minerals primarily in the United States. The company sells its insurance products principally through independent wholesale insurance brokers. Alleghany Corporation was founded in 1929 and is headquartered in New York City.


ALLIED WORLD ASSURANCE COMPANY HOLDINGS LTD (AWH)

Allied World Assurance Company Holdings, Ltd., together with its subsidiaries, provides property and casualty insurance, and reinsurance lines of business in Bermuda, the United States, Ireland, and the United Kingdom. It operates in three segments: Property, Casualty, and Reinsurance. The Property segment includes general property comprising physical property and business interruption coverage for commercial property risks; and energy underwriting that includes products in the industry classes, such as oil and gas, pulp and paper, petrochemical, chemical manufacturing, and power generation, including utilities, mining, steel, aluminum, and molten glass. The Casualty segment specializes in insurance products providing coverage for general and product liability; professional liability, such as directors and officers, employment practices, fiduciary, and errors and omissions liability insurance; and healthcare liability risks. The Reinsurance segment includes the reinsurance of property, general casualty, professional liability, specialty lines, and property catastrophe coverage written by other insurance companies. The company was incorporated in 2001. It was formerly known as Allied World Assurance Holdings, Ltd. and changed its name to Allied World Assurance Company Holdings, Ltd. in 2006. Allied World is headquartered in Pembroke, Bermuda.


UNITED FIRE & CASUALTY COMPANY (UFCS)

United Fire & Casualty Company (UFCC) writes property and casualty insurance, and life insurance in the United States. The company offers both commercial and personal lines of property and casualty insurance. The commercial lines cover fire and allied lines, other liability, automobile, workers' compensation, surety, multiple peril, inland marine, and specialty lines. The personal lines primarily consist of automobile, fire, allied lines, recreational vehicles, and watercraft. Its principal life insurance products include single premium annuities, universal life, and traditional life. UFCC also underwrites and markets whole life insurance, term life insurance, and disability insurance products. In addition, it offers reinsurance of property and casualty, and life insurance. The company offers property and casualty insurance in 41 states, primarily in the midwest, west, and south, as well as life insurance in 27 states primarily in the midwest and west. UFCC was incorporated in 1946 and is based in Cedar Rapids, Iowa.


LOEWS CORPORATION (LTR)

Loews Corporation, a holding company, engages in the provision of commercial property and casualty insurance; production and sale of cigarettes; operation of hotels; operation of offshore oil and gas drilling rigs; operation of interstate natural gas transmission pipeline systems; and the distribution and sale of watches and clocks. In the property and casualty business, the company operates in two segments, Standard Lines and Specialty Lines. Standard Lines segment includes standard property and casualty coverages that are sold to small and middle market commercial businesses; and excess and surplus lines, as well as insurance and risk management products that are sold to large corporations in the U.S. and internationally. Specialty Lines segment provides professional, financial, and specialty property and casualty products and services. The company markets its cigarettes under the Newport, Kent, True, Maverick, and Old Gold brand names primarily in the United States; owns and operates 20 hotels, 18 of which are in the United States and 2 are in Canada; and operates 45 offshore drilling rigs primarily in Gulf of Mexico, Brazil, and Mexico. These drilling rigs are chartered on a contract basis by companies engaged in exploration and production of hydrocarbons. Loews also operates interstate natural gas pipeline systems. It owns and operates a 5,900-mile natural gas pipeline system that transports natural gas originating in the Louisiana Gulf Coast and east Texas, and running north and east through Louisiana, Arkansas, Mississippi, Tennessee, Kentucky, Indiana, and Ohio. The company also owns and operates an 8,000-mile interstate natural gas pipeline, gathering, and storage system in the states of Texas, Louisiana, Mississippi, Alabama, and northern Florida. In addition, Loews offers a collection of watches and clocks primarily under Bulova, Accutron, Caravelle, and Wittnauer brand names to customers worldwide. Loews Corporation is based in New York City.


ALLIANZ SE (AZ)

Allianz Aktiengesellschaft, a holding company, provides various financial services worldwide. The company offers property-casualty, life/health, banking, and asset management products and services. It provides property-casualty and life/health products and services on an individual and group basis. It offers automobile, homeowners, travel, fire and property, personal accident, personal lines products, and endowment, annuity, and term insurance products, as well as health, disability, and related coverage. Its insurance products and services also include credit insurance, marine and aviation insurance, international industrial risks reinsurance, and travel and assistance insurance. Allianz also offers private, commercial, and investment banking products and services for corporate, governmental, and individual customers, primarily in the Europe. Its principal banking products and services include commercial banking, such as deposit taking; lending, including residential mortgage lending; cash management; corporate finance advisory services; mergers and acquisitions advisory services; capital and money market services; securities underwriting and market making; and securities and derivatives trading. The company's banking products and services also include investment advice, financial planning, wealth management, portfolio management, real estate investment advice, trust and estate advice, corporate loans, structured mezzanine and lease financing, structured export and trade financing, and treasury and securities products, as well as payment services, global documentary services, and advice on occupational pension plans. In addition, Allianz provides institutional and retail asset management products and services. As of December 31, 2004, the company's German branch banking network comprised approximately 911 branches and international branch network totaled approximately 58 branches. Allianz was founded in 1890 and is headquartered in Munich, Germany.


NATIONAL INTERSTATE CORPORATION (NATL)

National Interstate Corporation (NIC), through its subsidiaries, provides property and casualty insurance products in the United States and Hawaii. It underwrites and sells traditional and alternative risk property and casualty insurance products to the passenger transportation industry and the trucking industry; general commercial insurance to small businesses in Hawaii; and personal auto insurance to owners of recreational vehicles. The company offers commercial auto liability, general liability, physical damage, and motor truck cargo coverage for truck and passenger operators; and alternative risk insurance products to truck and passenger transportation operators, as well as provides coverage for campsite liability; vehicle replacement coverage; and coverage for trailers, golf carts, and campsite storage facilities. NIC sells its products through various distribution channels, including independent agents and brokers, affiliated agencies, and the Internet. The company was founded in 1989 and is headquartered in Richfield, Ohio. National Interstate Corporation is a subsidiary of Great American Insurance Company.


SEABRIGHT INSURANCE HOLDINGS INC (SEAB)

SeaBright Insurance Holdings, Inc., through its subsidiary, provides multijurisdictional workers' compensation insurance products and services in the United States. The company offers maritime, alternative dispute resolution, and state act products to employers in the midwestern, southern, and western regions of the United States. SeaBright Insurance distributes insurance products primarily through independent insurance brokers, and its in-house wholesale broker affiliate. It is licensed in 43 states and the District of Columbia to write workers' compensation insurance. The company was founded in 1986 and is headquartered in Seattle, Washington.


PLATINUM UNDERWRITERS HOLDINGS LTD (PTP)

Platinum Underwriters Holdings, Ltd. and its subsidiaries provide reinsurance services worldwide. It provides property and marine, casualty, and finite risk reinsurance coverages. Its property and marine reinsurance includes catastrophe excess-of-loss reinsurance treaties, per-risk excess-of-loss treaties, and proportional treaties. The company's casualty reinsurance includes principally reinsurance treaties that cover umbrella liability, general and product liability, professional liability, workers' compensation, casualty clash, automobile liability, surety, trade credit, accident, and health reinsurance. The company offers its reinsurance products through reinsurance intermediaries to various providers of commercial and personal lines of insurance. Platinum Underwriters Holdings was organized in 2002 and is based in Pembroke, Bermuda.


TRANSATLANTIC HOLDINGS INC (TRH)

Transatlantic Holdings, Inc. and its subsidiaries offer property and casualty reinsurance products to insurers and reinsurers in the United States and internationally. It offers liability insurance products, including directors' and officers' liability; professional liability insurance; auto liability insurance, including nonstandard risks; medical malpractice; ocean marine and aviation; surety, credit, accident, and health in the casualty lines; and fire, allied, homeowners multiple peril, and auto physical damage in the property lines. The company was formed in 1986 under the name PREINCO Holdings, Inc. and changed its name to Transatlantic Holdings, Inc. in 1990. Transatlantic Holdings is headquartered in New York City.


NAVIGATORS GROUP INC (NAVG)

The Navigators Group, Inc. operates as an international insurance holding company focusing on specialty products for the property/casualty insurance market in the United States and the United Kingdom. It conducts its marine insurance business through its insurance company subsidiaries, including Navigators Insurance Company and NIC Insurance Company, and through Lloyd's operations. Navigators Insurance specializes in underwriting marine insurance and related lines of business, contractors' general liability insurance, and professional liability insurance. NIC Insurance underwrites excess and surplus lines of insurance fully reinsured by Navigators Insurance. The Lloyd's operations consist of Navigators Underwriting Agency, Ltd., which manages Lloyd's Syndicate 1221 that offers cargo, marine liability, offshore energy, bluewater hull, reinsurance, and engineering services. The company also underwrites insurance for harbor craft and other small craft, such as fishing vessels, providing physical damage and third party liability coverage. The Navigators Group was founded in 1981 and is headquartered in New York City.


MARKEL CORPORATION (MKL)

Markel Corporation engages in marketing and underwriting insurance products and programs. The company operates in three segments: the Excess and Surplus Lines Market, the Specialty Admitted Market, and the London Insurance Market. The Excess and Surplus Lines segment underwrites property and casualty insurance for nonstandard risks, including catastrophe-exposed property, professional liability, products liability, general liability, commercial umbrella, and other coverages. The Specialty Admitted segment underwrites specialty program insurance for personal and commercial property, and liability coverages. The London Insurance Market segment underwrites marine and energy insurance, nonmarine property, professional indemnity, retail, specialty, and aviation, as well as reinsurance. The company was founded by Samuel A. Markel. Markel Corporation is headquartered in Richmond, Virginia.


ENDURANCE SPECIALTY HOLDINGS LTD (ENH)

Endurance Specialty Holdings, Ltd., through its subsidiaries, focuses on underwriting specialty lines of personal and commercial property, and casualty insurance and reinsurance. It operates through six segments: Property Per Risk Treaty Reinsurance, Property Catastrophe Reinsurance, Casualty Treaty Reinsurance, Property Individual Risk, Casualty Individual Risk, and Aerospace and Other Specialty Lines. The Property Per Risk Treaty Reinsurance segment reinsures individual property risks of ceding companies on a treaty basis. It is comprised of a portfolio of property per risk reinsurance contracts covering claims from individual insurance policies issued by its ceding company clients, and personal lines and commercial exposures. The Property Catastrophe Reinsurance segment reinsures catastrophic perils for ceding companies on a treaty basis. Its contracts provide protection for most catastrophic losses that are covered in the underlying insurance policies written by its ceding company clients. The Casualty Treaty Reinsurance segment reinsures third party liability exposures from ceding companies on a treaty basis. The Property Individual Risk segment is comprised of the insurance and facultative reinsurance of commercial properties. Its policies provide coverage for one insured for each policy. The Casualty Individual Risk segment is comprised of the insurance and facultative reinsurance of third party liability exposures. It comprises excess casualty insurance, professional lines insurance, and healthcare businesses. The Aerospace and Other Specialty Lines segment is comprised primarily of the insurance and reinsurance of aerospace lines, and a limited number of other reinsurance programs, such as marine, energy, personal accident, terrorism, and others. The company was founded in 2001 and is headquartered in Pembroke, Bermuda.


AMERICAN PHYSICIANS CAPITAL INC (ACAP)

American Physicians Capital, Inc., through its subsidiaries, provides medical professional liability insurance in the United States. It underwrites medical professional liability coverage for physicians, their corporations, medical groups, clinics, and ancillary healthcare providers. The company primarily offers its services in Michigan, Indiana, Illinois, Ohio, Kentucky, and New Mexico. American Physicians Capital was founded in 1975 and is headquartered in East Lansing, Michigan.


RENAISSANCERE HOLDINGS LTD (RNR)

RenaissanceRe Holdings, Ltd., through its subsidiaries, provides reinsurance and insurance worldwide. The company operates through Reinsurance and Individual Risk segments. The Reinsurance segment consist of three components: Property catastrophe reinsurance, which protects against large natural catastrophes, such as earthquakes and hurricanes, as well as claims arising from other natural and man-made catastrophes, such as winter storms, freezes, floods, fires, tornadoes, and explosions; Specialty reinsurance includes portfolio of businesses, including catastrophe exposed workers' compensation, surety, terrorism, and medical malpractice; and Ventures including catastrophe-oriented joint ventures; customized reinsurance transactions; and investments in initiatives directed at other classes of risk. The company's Individual Risk segment products include commercial and homeowners property coverages, including catastrophe-exposed products; commercial liability coverages, including general, automobile, professional, and other specialty products; and reinsurance of other insurers on a quota share basis. RenaissanceRe have developed a proprietary, computer-based pricing and exposure management system, Renaissance Exposure Management System (REMS). REMS has analytic and modeling capabilities that help to assess the risk and return of each incremental reinsurance contract in relation to company's overall portfolio of reinsurance contracts. Renaissancere Holdings was formed in 1993 and is based in Pembroke, Bermuda.


FIRST MERCURY FINANCIAL CORPORATION (FMR)

First Mercury Financial Corporation, through its subsidiaries, provides insurance products and services to the specialty commercial insurance markets in the United States. It underwrites and provides various classes of general liability insurance for the security industry, including security guards and detectives, alarm installation and service businesses, and safety equipment installation and service businesses. The company also operates a wholesale insurance agency producing commercial lines business on primarily an excess and surplus lines basis for nonaffiliated insurers. In addition, First Mercury provides underwriting, claims, and other insurance services to third parties, including insurance carriers and customers; and third party administrative services for risk sharing pools of governmental entity risks, such as underwriting, claims, loss control, and reinsurance services. The company was founded in 1973 and is headquartered in Southfield, Michigan with additional offices in Chicago, Illinois; Dallas, Texas; Naples, Florida; Boston, Massachusetts; and Irvine, California.


ARCH CAPITAL GROUP LTD (ACGL)

Arch Capital Group, Ltd., through its wholly owned subsidiaries, provides insurance and reinsurance worldwide. The company operates two through segments: Reinsurance and Insurance. The Reinsurance segment writes lines on specialty property and casualty reinsurance treaties. It primarily focuses on casualty; other specialty; property, excluding property catastrophe; property catastrophe; and marine and aviation. The Insurance segment writes business on both an admitted and nonadmitted basis. It focuses on casualty, programs, property, marine and aviation, professional liability, construction and surety, executive assurance, and healthcare. The company sells its insurance group products primarily through licensed independent brokers and wholesalers in Bermuda, the United States, and Europe. Arch Capital Group was founded in 1995 and is based in Hamilton, Bermuda.


PARTNERRE LTD (PRE)

PartnerRe, Ltd., through its wholly owned subsidiaries, provides reinsurance services to insurance companies worldwide. It reinsures various risks, such as property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering/energy, marine, special risks, and life/annuity and health. The company also provides alternative risk products that include weather and credit protection to industrial and service companies. It primarily offers reinsurance coverage for property damage and business interruption losses resulting from fires, catastrophes, and other perils covered in industrial and commercial property, and homeowners' policies. The company's casualty reinsurance services include third party liability, employers' liability, workers' compensation, and personal accident coverage. Its motor reinsurance services consist of reinsurance coverage for third party liability and property damage. The company also reinsures agriculture risks, such as flood, drought, hail, and disease related to crops, livestock, and aquaculture. It provides reinsurance protection in airline, general aviation, and space insurance, as well as offers catastrophe reinsurance protection against the accumulation of losses caused by windstorm, earthquake, flood, and other natural hazards. The company's engineering/energy reinsurance services include coverage for the onshore oil and gas industry, mining, power generation, and pharmaceutical operations. It also offers marine reinsurance protection and technical services relating to marine hull, cargo, transit, and offshore oil and gas operations. In addition, the company provides reinsurance coverage with respect to individual and group life and health risks to primary life insurers and pension funds. It markets its products through brokers and direct relationships with insurance companies in approximately 120 countries worldwide. The company was formed by Herbert Haag in 1993 and is based in Pembroke, Bermuda.


ASPEN INSURANCE HOLDINGS LIMITED (AHL)

Aspen Insurance Holdings Limited provides property and casualty reinsurance worldwide, through its subsidiaries, Aspen Insurance UK Limited (Aspen Re) and Aspen Insurance Limited. The company also offers property and liability insurance principally in the United Kingdom and in the United States through Aspen Re and Aspen Specialty Insurance Company; and marine and aviation insurance worldwide, through Aspen Re. In addition, its subsidiary, Aspen Re America, Inc., operates as a reinsurance intermediary, providing property and casualty reinsurance in the United States on behalf of Aspen Re. Aspen Insurance Holdings markets its products through brokers and reinsurance intermediaries. The company was formed as Exali Reinsurance Holdings Limited in May 2002 and changed its name to Aspen Insurance Holdings Limited in November 2002. Aspen Insurance Holdings is based in Hamilton, Bermuda.


ERIE INDEMNITY COMPANY (ERIE)

Erie Indemnity Company provides sales, underwriting, and policy issuance services to the policyholders of Erie Insurance Exchange in the United States. The company also offers property/casualty insurance through its wholly owned subsidiaries, as well as under writes personal and commercial lines of insurance. Its products in the personal lines include private passenger automobile and homeowners; and those in the commercial lines include multiperil, automobile, and workers' compensation, which are sold by independent agents. As of December 31, 2004, it operated 23 branch offices in 11 states and in the District of Columbia, primarily in the mid-Atlantic, midwestern, and southeastern portions of the United States. Erie Indemnity Company is based in Erie, Pennsylvania.


UNITRIN INC (UTR)

Unitrin, Inc., through its subsidiaries, provides property and casualty insurance, life and health insurance, and consumer finance services to individuals, families, and small businesses in the United States. The company conducts its operations through six segments: Unitrin Business Insurance, Unitrin Specialty, Kemper Auto and Home, Unitrin Direct, Life and Health Insurance, and Consumer Finance. Unitrin Business Insurance segment primarily sells commercial insurance, such as automobile, general liability, fire, multiperil, and workers compensation insurance. Unitrin Specialty segment provides nonstandard personal and commercial automobile insurance. Kemper Auto and Home segment primarily sells preferred and standard risk automobile and homeowners insurance. Unitrin Direct segment writes a spectrum of auto insurance risks ranging from preferred to nonstandard private passenger auto customers. Life and Health Insurance segment provides individual life and health insurance, accident and health insurance, and medicare supplement insurance. Consumer Finance segment finances used automobiles through the purchase of retail installment contracts from automobile dealers. The company was incorporated in 1990 and is based in Chicago, Illinois.


BALDWIN & LYONS INC (BWINB)

Baldwin & Lyons, Inc., through its subsidiaries, engages in the marketing and underwriting of property and casualty insurance in the United States, Canada, and Bermuda. It provides casualty insurance, including motor vehicle liability, physical damage, and other liability insurance; workers' compensation insurance; specialized accident insurance for independent contractors; fidelity and surety bonds; and inland marine consisting principally of cargo insurance. It also accepts cessions and retrocessions from selected insurance and reinsurance companies, principally reinsuring against catastrophes. The company also markets nonstandard private passenger automobile liability and physical damage coverages to individuals. In addition, it also provides commercial automobile liability, physical damage, and cargo insurance to truck owner-operators. The company was founded in 1930 and is based in Indianapolis, Indiana.


EVEREST RE GROUP LTD (RE)

Everest Re Group, Ltd. underwrites property and casualty reinsurance and insurance worldwide. The company's products include various property and casualty reinsurance and insurance coverages, including marine, aviation, surety, errors and omissions liability, directors' and officers' liability, medical malpractice, other specialty lines, accident and health, workers' compensation, as well as reinsurance of life and annuity business. Everest Re Group, through its subsidiaries, operates in five segments: U.S. Reinsurance, U.S. Insurance, Specialty Underwriting, International, and Bermuda. The U.S. Reinsurance segment writes property and casualty reinsurance, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies within the United States. The U.S. Insurance segment writes property and casualty insurance primarily through general agent relationships and surplus lines brokers within the United States. The Specialty Underwriting segment writes accident and health, marine, aviation, and surety business within the United States and worldwide through brokers and directly with ceding companies. The International segment writes property and casualty reinsurance through the company's branches in Canada and Singapore, in addition through the company's Miami and New Jersey offices. The Bermuda segment provides reinsurance and insurance to worldwide property and casualty markets, and reinsurance to life insurers through brokers and directly with ceding companies from its Bermuda office, and reinsurance to the United Kingdom and European markets, through brokers, from the United Kingdom branch. Everest Re Group is based in Hamilton, Bermuda.


AXIS CAPITAL HOLDINGS LIMITED (AXS)

Axis Capital Holdings Limited provides insurance and reinsurance products worldwide. It operates in four segments: Global Insurance, Global Reinsurance, U.S. Insurance, and U.S Reinsurance. The Global Insurance segment consists of specialty lines business that is sourced outside the United States but covers exposures throughout the world. The specialty lines in this segment include specialty risks, onshore and offshore energy, aviation and aerospace, property, and marine. The Global Reinsurance segment principally consists of treaty reinsurance business that is sourced outside of the United States but covers exposures throughout the world. It provides catastrophe reinsurance contracts; property pro rata treaty reinsurance covers; and property per risk treaty reinsurance covers covering buildings, structures, equipment, and contents, as well as reinsures workers' compensation, personal accident, and life products. It also provides reinsurance of trade credit insurance products and surety bonds, aviation and crop reinsurance, and excess of loss protection to insurers for their portfolio of third party motor or general liability insurance. The U.S. Insurance segment provides coverage for physical damage and business interruption with respect to commercial properties, directors' and officers' liability coverage, and casualty risks in the United States. The U.S. Reinsurance segment principally consists of treaty reinsurance business sourced in the United States and covering exposures in the United States, which includes professional lines, liability, property, and marine and aviation. Its professional lines business consists of medical malpractice, directors' and officers', employment practices liability, and other errors and omissions insurance risks. The liability business consists of standard casualty lines, including auto liability, general liability, umbrella, and workers compensation. Axis Capital was founded in 2001 and is headquartered in Pembroke, Bermuda.


XL CAPITAL LIMITED (XL)

XL Capital, Ltd., together with its subsidiaries, primarily provides insurance and reinsurance coverages to industrial, commercial, and professional service firms; insurance companies; and other enterprises worldwide. The company operates in three segments: Insurance, Reinsurance, and Financial Products and Services. The Insurance segment primarily offers risk management and specialty lines products. Risk management products comprise property and casualty insurance programs for multinational companies and include umbrella liability, product recall, integrated risk, and primary master property and liability coverages. The specialty lines products include professional liability insurance, environmental liability insurance, political risk insurance, aviation and satellite insurance, marine and offshore energy insurance, employment practices liability insurance, surety, specie, bloodstock, and other insurance covers. The Reinsurance segment offers treaty and facultative reinsurance to primary insurers of casualty and property risks, which include general liability; professional liability; accident and health; automobile and workers' compensation; commercial and personal property risks; specialty risks, including fidelity and surety and ocean marine; property catastrophe; property excess of loss; property pro-rata; marine and energy; aviation and satellite; and various other reinsurances. The Financial Products and Services segment provides insurance, reinsurance, and derivative solutions for complex financial risks, including financial guaranty insurance and reinsurance, credit enhancement swaps, other collateralized transactions, weather and energy risk management products, and institutional life insurance products. The company was founded in 1986 as name EXEL Limited and changed its name to XL Capital, Ltd. in 1998. XL Capital is based in Hamilton, Bermuda.


PRO-ASSURANCE CORPORATION (PRA)

ProAssurance Corporation operates as an insurance holding company in the United States, focusing on professional liability and personal lines insurance. It offers professional liability insurance for providers of medical and other healthcare services, which include protection against claims arising out of death, injury, or disablement of a person resulting from a negligent deviation from the standard of care by the professionals it insures. The company also provides professional liability insurance for providers of legal services, as well as offers professional office package and workers' compensation insurance products in connection with its professional liability products. Its personal lines insurance consists of private passenger automobile insurance, as well as homeowners, boat, and umbrella coverage primarily to educational employees and their families in Michigan. ProAssurance is based in Birmingham, Alabama.


JAMES RIVER GROUP INC (JRVR)

James River Group, Inc., an insurance holding company, engages in the ownership and management of specialty property/casualty insurance companies. It operates in two segments, Excess and Surplus Insurance, and Workers' Compensation Insurance. The Excess and Surplus Insurance segment underwrites property/casualty insurance on an excess and surplus lines basis in 48 states and the District of Columbia. This segment covers risks that do not fit the underwriting criteria of standard carriers due to the perceived risk associated with aspects of the insured's business. The Workers' Compensation Insurance segment writes workers' compensation insurance primarily for the residential construction industry. This segment provides coverage to employers to compensate for employees' medical costs, lost wages, vocational rehabilitation, and death benefits for work related injuries or illness. The company sells its policies through a network of independent wholesale and retail brokers, and independent agents throughout the United States. James River Group was founded in 2002 and is based in Chapel Hill, North Carolina.


ACE LIMITED (ACE)

ACE limited, a holding company, provides insurance and reinsurance products worldwide. It operates through four segments: Insurance North American, Insurance Overseas General, Global Reinsurance, and Financial Services. The North American segment primarily provides insurance and reinsurance products to commercial and noncommercial enterprises and consumers. Its products include excess liability, excess property, workers' compensation, general liability, automobile liability, professional lines, aerospace, accident and health coverages, and claim and risk management products. The Insurance Overseas General segment writes various insurance products, including property, casualty, professional lines, marine, energy, aviation, political risk, and consumer-oriented products. The Global Reinsurance segment principally provides property catastrophe reinsurance to insurers of commercial and personal property, marine, general aviation, and medical malpractice worldwide. It also offers treaty and life reinsurance. The Financial Services segment offers structured products, loss portfolio transfers (LPTs), and principal finance products. ACE limited also provides claim management and loss-cost reduction services, including medical managed care, integrated disability services, and preloss control and risk management services, as well as sells salvage and subrogation, and health care recovery services. The company primarily distributes its insurance products through retail and wholesale brokers, as well as through general agents, independent agents, managing general agents, managing general underwriters, direct marketing operations, and Internet distribution channels. ACE Limited was incorporated in 1985 and is headquartered in Hamilton, Bermuda.


NORTH POINTE HOLDINGS CORPORATION (NPTE)

North Pointe Holdings Corporation, through its subsidiaries, provides commercial and personal insurance products in the United States. It underwrites property and casualty insurance. The company operates in two segments, Commercial Line and Personal Line. The Commercial Line segment primarily provides liquor liability, property, general liability, commercial multi-peril, and commercial automobile insurance products. This segment serves owner-operated small and mid-sized restaurants, bars, taverns, small grocery and convenience stores, bowling centers, automobile repair facilities, artisan contractors, and roller skating centers. The Personal Line segment provides non-standard homeowners insurance and dwelling/fire insurance products to individuals in Indiana, Illinois, Iowa, and Tennesse; automobile insurance products; and flood insurance products for homeowner's insurance customers in Florida, Illinois, and Michigan. It also provides administrative, agency, and premium finance services. North Pointe Holdings Corporation markets its products through a network of independent agents. The company was incorporated in 2001 and is based in Southfield, Michigan.


PHILADELPHIA CONSOLIDATED HOLDING CORP (PHLY)

Philadelphia Consolidated Holding Corp. and its subsidiaries engage in the design, marketing, and underwriting of specialty commercial and personal property, and casualty insurance products in the United States. The company operates in three divisions: Commercial Lines Underwriting, Specialty Lines Underwriting, and Personal Lines. The Commercial Lines Underwriting division offers commercial multiperil package, commercial automobile and specialty property, and inland marine insurance products. The Specialty Lines Underwriting division provides professional and management liability insurance products. The Personal Lines division offers personal property and casualty insurance products. The company markets its products primarily through agents to nonprofit organizations, sports and recreation centers, homeowners' associations, condominium associations, private, vocational and specialty schools, mental health facilities, and day care facilities, as well as to the leasing and rent-a-car industries, shopping centers, business parks, and hotels. The company was founded in 1981 and is headquartered in Bala Cynwyd, Pennsylvania.


PMA CAPITAL CORPORATION (PMACA)

PMA Capital Corporation, an insurance holding company, provides specialty risk management products and services in the eastern part of the United States. It offers workers' compensation, integrated disability, and other commercial property and casualty lines of insurance products, including commercial automobile and multiperil coverages, general liability, and related services. The company also offers rent-a-captive products for insureds and associations. In addition, it engages in analyzing and investigating reported claims, establishing individual claim reserves, paying claims, and monitoring the progress and outcome of the excess and surplus lines claims. PMA Capital distributes its products through multiple channels, including national, regional, and local brokers and agents; employee benefits brokers; and direct sales representatives. The company is headquartered in Blue Bell, Pennsylvania.


RLI CORPORATION (RLI)

RLI Corp., through its subsidiaries, underwrites selected property and casualty insurance products. It operates in three segments: Casualty, Property, and Surety. The Casualty segment consists of general liability, transportation, multiperil program, commercial umbrella, personal umbrella, executive products, and other specialty coverages. It also provides employers indemnity and in-home business owner's coverage. The Property segment includes commercial and homeowners/residential property coverages. It primarily underwrites commercial fire, earthquake, builders' risk, difference in conditions, and other inland marine coverages, as well as selected personal lines policies in the state of Hawaii. It also provides coverage for a range of commercial and industrial risks, such as office buildings, apartments, condominiums, industrial and mercantile structures, buildings under construction, and movable equipment. The Surety segment specializes in writing small to large commercial and small contract surety products, as well as those for the energy, petrochemical, and refining industries. It provides products through its branch offices primarily in the United States. The company was founded in 1965 and is headquartered in Peoria, Illinois.


RTW INC (RTWI)

RTW, Inc. and its wholly owned insurance subsidiary, American Compensation Insurance Company, provide disability management products and services to insured and self-insured employers for their workers' compensation programs. It provides workers' compensation management services to employers insured through its insurance subsidiary; to self-insured employers on a fee-for-service basis; and on a consulting basis. The company has developed the RTW SOLUTION, designed to assist in lowering employers' workers' compensation costs and return injured employees to work, as well as ID15 that is designed to identify injured employees, who are likely to get stuck in the workers' compensation system. In addition to standard guaranteed-cost policies, the company offers, on a limited basis, a deductible guaranteed-cost policy, under which the employer is responsible for all medical and indemnity expenses up to a specific dollar amount, while the company is responsible for medical and indemnity expenses over that level. The company caters to employers and associations in manufacturing, retail, wholesale, healthcare, and hospitality industries, as well as to employers for insured business, primarily in Minnesota, Michigan, and Colorado. RTW is headquartered in Bloomington, Minnesota.


EMPLOYERS HOLDINGS INC (EIG)

Employers Holdings, Inc. and its subsidiaries operate in the commercial property and casualty insurance industry. It provides workers' compensation insurance focusing on small businesses engaged in low to medium hazard industries. The company offers workers' compensation coverage primarily to physicians, dentists, restaurants, and retail stores. It also provides medical management services that combine in-house medical care management. Employers Holdings distributes its workers' compensation insurance products through independent agents and brokers, as well as through strategic distribution partners primarily in California, Nevada, Arizona, Colorado, Idaho, Illinois, Montana, Texas, and Utah. It is also licensed to write insurance business in Florida, Georgia, Maryland, Massachusetts, New Mexico, New York, Oregon, and Pennsylvania. The company, formerly known as EIG Mutual Holding Company, was founded in 1999 and is headquartered in Reno, Nevada with additional offices in Glendale, Newbury Park, and San Francisco, California; Denver, Colorado; Henderson, Nevada; Boise, Idaho; Fresno, California; Irving, Texas; Phoenix, Arizona; Salt Lake City, Utah; Schaumburg, Illinois; and Tampa, Florida.


HARTFORD FINANCIAL SERVICES GROUP INC (HIG)

The Hartford Financial Services Group, Inc. provides insurance and financial services in the United States and internationally. It engages in life, and property and casualty insurance (PCI) businesses. The life Insurance business operates in four segments: Retail Products Group (RPG), Institutional Solutions Group (ISG), Individual Life, and Group Benefits. RPG segment offers individual variable and fixed annuities, mutual funds, and retirement plan services. ISG segment offers retirement plan products and services to municipalities, institutional investment products, structured settlements, and private placement life insurance. Individual Life segment sells universal life, whole life, and term life insurance. Group Benefits segment sells group life and disability insurance, stop loss and supplementary medical coverage to employers and employer-sponsored plans, and accidental death and dismemberment and other risk coverages to employers and associations. PCI business operates in four segments: Business Insurance, Personal Lines, Specialty Commercial, and Others. Business Insurance segment provides workers' compensation, property, automobile, liability, umbrella, and marine coverages, as well as commercial risk management products and services. Personal Lines segment provides automobile, homeowners', and home-based coverages. Specialty Commercial segment offers customized insurance products and risk management services, as well as bond, professional liability, specialty casualty, and agricultural coverages. It also provides insurance products and services to captive insurance companies, pools, and self-insurance groups; and third-party administrator services for claims administration, integrated benefits, loss control, and performance measurement. Others segment consists of existing property and casualty insurance operations, including the company's asbestos and environmental exposures. The company was founded in 1810 and is headquartered in Hartford, Connecticut.


HORACE MANN EDUCATORS CORPORATION (HMN)

Horace Mann Educators Corporation, an insurance holding company, engages in marketing and underwriting personal lines of property and casualty, and life insurance, as well as retirement annuities in the United States. Its property and casualty insurance products principally include personal lines automobile and homeowners products. The company's life insurance products primarily comprise interest-sensitive life products. Its annuity products include fixed and variable tax-qualified annuity products. The company offers its products to educators and other employees of public schools. It markets its products in 48 states and the District of Columbia. Horace Mann is headquartered in Springfield, Illinois.


AMERICAN SAFETY INSURANCE HOLDINGS LTD (ASI)

American Safety Insurance Holdings, Ltd., a specialty insurance holding company, through its subsidiaries, provides insurance solutions in the alternative insurance market for environmental remediation, contracting, and other specialty risks in the United States and Bermuda. The company develops, underwrites, manages, and markets property and casualty insurance and reinsurance coverage and services in 50 states. American Safety Insurance operates principally in three segments: Environmental, Excess and Surplus Lines, and Program Business. The Environmental segment provides insurance programs primarily for the environmental risks of environmental contractors, consultants, storage tank owners, commercial real estate owners, manufacturing facilities, hazardous waste facilities, and dry cleaner operators. The Excess and Surplus Lines segment's coverage consist primarily of general liability for construction risks and a mix of habitational and products liability risks. The Program Business segment facilitates the offering of insurance to homogeneous groups of risks. The company offers specialty programs, including customized insurance for varying specialty and homogeneous groups of risks, including commercial business packages for small businesses, pest control operators, lawyers' professional liability, taxicab operators, and bail bonds. It also provides specialized insurance program development, underwriting, reinsurance, program management, brokerage, loss control, claims administration, and marketing services. American Safety Insurance was formed in 1986 and is based in Hamilton, Bermuda.


ST PAUL COMPANIES INC (TRV)

The Travelers Companies, Inc., through its subsidiaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals. The company operates in three segments: Business Insurance; Financial, Professional, and International Insurance; and Personal Insurance. The Business Insurance segment provides property and liability coverage, workers' compensation, commercial automobile, and general liability insurance. This segment distributes its products through approximately 7,100 independent agencies and brokers in the United States. The Financial, Professional, and International Insurance segment provides surety and financial liability coverage, which require primarily a credit-based underwriting process, as well as property and casualty products that are marketed on an international basis. This segment distributes its products in the United States through approximately 6,400 of the same independent agencies and brokers that distribute the Business Insurance segment's products, as well as through its subsidiaries in Mexico, Canada, and the United Kingdom. The Personal Insurance segment provides coverage in personal automobile and homeowners insurance for individuals. This segment distributes its products primarily through approximately 8,700 independent agents, sponsoring organizations, and joint marketing arrangements with other insurers in the United States. The Travelers Companies, formerly known as The St. Paul Travelers Companies, Inc., was founded in 1979 and changed its name to The Travelers Companies, Inc. in February 2007. The company is headquartered in St. Paul, Minnesota.


CHUBB CORPORATION (CB)

The Chubb Corporation, a holding company, provides property and casualty, and specialty insurance to individuals and businesses worldwide. The company operates in three divisions: Commercial Insurance, Specialty Insurance, and Personal Insurance. Commercial Insurance division offers a range of commercial customer insurance products, including coverage for multiple peril, casualty, workers' compensation, and property and marine. Specialty Insurance division offers various specialized executive protection and professional liability products for privately and publicly owned companies, financial institutions, professional firms, and healthcare organizations. It also provides surety and accident products and services. Personal Insurance division offers products for individuals with fine homes and possessions. It primarily provides automobile, homeowners, and other personal coverages. In addition, Chubb provides an array of services designed to enable customers manage and minimize risk. The company provides its products and services through independent insurance agents and brokers principally in the United States, Canada, Europe, Australia, and parts of Latin America and Asia. Chubb was formed in 1967 and is headquartered in Warren, New Jersey.


AMERICAN INTERNATIONAL GROUP INC (AIG)

American International Group, Inc., through its subsidiaries, engages in a range of insurance and insurance-related activities in the United States and internationally. The company operates in four segments: General Insurance, Life Insurance and Retirement Services, Financial Services, and Asset Management. The General Insurance segment offers property and casualty insurance, excess liability, inland marine, environmental, workers compensation, excess and umbrella coverages, aviation, accident and health, equipment breakdown, directors and officers' liability, difference-in-conditions, kidnap-ransom, export credit and political risk, and various types of professional errors and omissions coverages. Life Insurance and Retirement Services segment offers individual and group life, payout annuities, endowment and accident, and health policies. The company also provides investment-oriented products, such as fixed and variable annuities. Financial Services segment engages in financial products and services, including aircraft leasing, capital market transactions, and consumer and insurance premium financing. Its consumer finance products include real estate mortgages, consumer loans, retail sales finance, and credit-related insurance. Asset Management segment's operations comprise various investment-related services and investment products, including institutional and retail asset management, broker dealer services, and spread-based investment business. The company offers its services from approximately 2,200 offices in the United States, 8 offices in Canada, and several offices internationally. American International Group was formed in 1967 and is based in New York City.


WHITE MOUNTAINS INSURANCE GROUP LTD (WTM)

White Mountains Insurance Group, Ltd. (WMIG), through its subsidiaries, engages in the property, and casualty insurance and reinsurance businesses principally in the United States. The company, through OneBeacon Insurance Group LLC, offers a range of specialty, personal, and commercial products and services sold primarily through select independent agents. WMIG, through White Mountains Re Group, Ltd., offers lead capacity for reinsurance on most liability, property, and accident and health exposures. It also provides reinsurance advisory services, specializing in international property and marine excess reinsurance. In addition, the company, through Esurance Holdings, Inc., markets personal auto insurance directly to customers and through select online agents. White Mountains Insurance Group was formed as a Delaware corporation in 1980 and is headquartered in Hamilton, Bermuda.


ZENITH NATIONAL INSURANCE CORPORATION (ZNT)

Zenith National Insurance Corp., through its wholly owned subsidiaries, engages in the property and casualty insurance business in the United States. It offers insurance coverage for the statutorily prescribed benefits that employers are required to provide to their employees, who may be injured in the course of employment. The company's workers' compensation policies provide payments to covered, injured employees of the policyholder for temporary or permanent disability benefits, death benefits, and medical and hospital expenses. Zenith National also focuses on assumed reinsurance of property losses from catastrophes and large property risks, as well as liability insurance, such as general business liability coverage, directors' and officers' liability, and excess or umbrella coverage. In addition, it writes workers' compensation insurance through independent insurance agents and brokers, and reinsurance through brokers and reinsurance intermediaries throughout California, Florida, Texas, and North Carolina. Zenith National was incorporated in 1971 and is headquartered in Woodland Hills, California.


ALFA CORPORATION (ALFA)

Corporation, through its wholly owned subsidiaries, offers property and casualty insurance, life insurance, and financial services products in the United States. The company provides a range of property and casualty insurance products, including automobile, homeowner, farmowner, commercial, and manufactured home products in Georgia and Mississippi; and life insurance products, such as whole life, term life, interest sensitive whole life, and universal life products in Alabama, Georgia, and Mississippi. It also offers consumer financing, commercial leasing, and benefit services. The company is based in Montgomery, Alabama. Alfa Corporation is a subsidiary of the Mutual Group.


MERCURY GENERAL CORPORATION (MCY)

Mercury General Corporation and its subsidiaries offer personal automobile and homeowners insurance in the United States. The company provides a range of coverage, including bodily injury liability, underinsured and uninsured motorist, personal injury protection, property damage liability, comprehensive, collision, and other hazards coverage to automobile policyholders. It also writes homeowners insurance, mechanical breakdown insurance, commercial and dwelling fire insurance, and commercial property insurance. Mercury General sells its policies through independent agents and brokers in the United States, principally in California and Florida. The company was founded in 1960 and is headquartered in Los Angeles, California.


AMCOMP INCORPORATED (AMCP)

AmCOMP Incorporated, through its subsidiaries, operates as a property and casualty insurer in the United States. It specializes in providing workers' compensation insurance products. The company offers insurance coverage for the statutorily prescribed wage replacement and medical care benefits for employees who are injured in the course of their employment. Its loss prevention specialists provide various services, including identifying and eliminating unsafe working conditions, accident and illness prevention, safety awareness training, and sound employee hiring practices. The company's claims management services comprise return-to-work programs, case management by teams of registered nurses and experienced claims adjusters, and management of medical provider services and billings. AmCOMP Incorporated markets and sells its products through independent insurance agents. The company was incorporated in 1995 and is based in North Palm Beach, Florida.


UNICO AMERICAN CORPORATION (UNAM)

Unico American Corporation, a holding company, underwrites property and casualty insurance. It offers commercial multiple peril policies, as well as other policies to insure commercial property and commercial liability risks on a monoline basis. It is licensed as an admitted insurance carrier in the states of Arizona, California, Colorado, Idaho, Montana, Nevada, Ohio, Oregon, and Washington. The company also provides health and life insurance, as well as insurance premium financing and membership association services. Unico was incorporated in 1969 and is based in Woodland Hills, California.


SAFECO CORPORATION (SAF)

Scudder New Asia Fund, Inc. operates as a closed-end, diversified management investment company. The fund invests primarily in the equity securities of Asian companies. Its investment portfolio includes investments in industrials, financials, information technology, materials, consumer discretionary, telecommunication services, energy, consumer staples, and utility sectors. Deutsche Investment Management Americas, Inc. serves as the investment manager of the fund. Scudder New Asia Fund was established in 1986 and is based in New York City.


ODYSSEY RE HOLDINGS CORPORATION (ORH)

Odyssey Re Holdings Corp., through its subsidiaries, operates as an underwriter of property and casualty treaty, program and facultative reinsurance, and specialty insurance worldwide. It offers treaty property, general casualty, specialty casualty, surety, and facultative casualty reinsurance to property and casualty insurers, and reinsurers. The company also writes specialty and nontraditional lines of reinsurance, including professional liability, marine, and aerospace. In addition, it underwrites physicians medical malpractice and hospital professional liability insurance. Odyssey Re Holdings offers its reinsurance products to insurers and reinsurers through brokers in the United States; and directly and through brokers in international markets. The company was founded in 1996 and is based in Stamford, Connecticut. Odyssey Re Holdings Corp. is a subsidiary of Fairfax Financial Holdings Limited.


UNITED AMERICA INDEMNITY LTD (INDM)

United America Indemnity, Ltd., through its wholly owned subsidiaries, operates as a specialty property and casualty insurer in the United States. It operates through two segments, Insurance Operations and Agency Operations. The Insurance Operations segment offers property and general liability insurance products, and nonmedical professional liability insurance products. The Agency Operations segment provides wholesale brokerage of commercial insurance for small and middle-market businesses, public entities, and associations. It specializes in the placement of property; casualty; and liability insurance, including professional liability, property, medical malpractice, and transportation coverages. This segment also provides claims administration services for policies written by professional liability providers and premium financing for insureds of property and casualty agents. The company distributes its insurance products through a group of professional general agencies, which in turn sell them to insureds through retail insurance brokers. United America Indemnity is based in George Town, Cayman Islands.


COMMERCE GROUP INC (CGI)

The Commerce Group, Inc. provides personal and commercial property, and casualty insurance in Massachusetts and in other states. Its core product lines include personal automobile, homeowners, and commercial automobile insurance. The company, through its principal subsidiary, The Commerce Insurance Company, writes private passenger automobile insurance, homeowners insurance, and commercial automobile insurance. It also writes insurance through three other subsidiaries comprising Commerce West Insurance Company, American Commerce Insurance Company (ACIC), and Citation Insurance Company. Commerce West writes private passenger automobile insurance, as well as standard and nonstandard private passenger and commercial automobile business in California, and nonstandard business in Oregon. ACIC predominantly writes private passenger automobile and homeowners insurance in 11 states. Citation offers a preferred risk homeowners product and a separate rating tier for preferred commercial automobile business in Massachusetts. The company markets its products through its network of independent agents. The Commerce Group was founded in 1971 and is based in Webster, Massachusetts.


CNA FINANCIAL CORPORATION (CNA)

CNA Financial Corporation provides commercial insurance, and property and casualty insurance products. The company operates in three segments: Standard Lines, Specialty Lines, and Life and Group Non-Core. The Standard Lines segment includes property and casualty insurance line that provides workers compensation, general and product liability, property and commercial auto coverage to a range of businesses. It also includes excess and surplus line that offers specialized insurance and other financial products for selected commercial risks on an individual customer and program basis; and insurance and risk management products. In addition, this segment provides hull, cargo, primary, and excess marine liability, marine claims, and recovery products and services. The Specialty Lines segment provides management and professional liability insurance and risk management services to various professional firms, including architects and engineers, realtors, accounting firms, law firms, and technology firms. It also offers small, medium, and large contract and commercial surety bonds; and vehicle warranty service contracts. The Life and Group Non-Core segment primarily provides individual term, universal life, and permanent life insurance products; guaranteed investment contracts, and individual and group annuity products; health products, such as group benefits business, group long term care, individual long term care, and specialty medical products; related services; and group reinsurance and life settlement contracts. The company serves a range of customers, including small, medium, and large businesses; associations; professionals; and groups and individuals. CMA markets and services its products and services through independent agents, brokers, managing general agents, and direct sales. The company was founded in 1897 and is based in Chicago, Illinois.


21ST CENTURY HOLDING COMPANY (TCHC)

21st Century Holding Company, through its subsidiaries, underwrites standard and nonstandard personal automobile insurance, flood insurance, general liability insurance, mobile home insurance, and homeowners' property and casualty insurance in the state of Florida. The company underwrites general liability coverage as an admitted carrier in the states of Louisiana, Texas, and Alabama for approximately 300 classes of business, including special events, as well as homeowners' coverage in the state of Louisiana. It also operates as an approved (non-admitted) carrier in the States of Georgia and Kentucky offering the same general liability products. In addition, 21st Century Holding has underwriting authority and processes claims for third party insurance companies. In addition, to insurance services, the company offers premium finance services to its insureds, as well as insureds of certain third party insurance companies. 21st Century Holding was incorporated in 1991 and is headquartered in Lauderdale Lakes, Florida.


STATE AUTO FINANCIAL CORPORATION (STFC)

State Auto Financial Corporation (SAFC), through its subsidiaries, writes personal and commercial lines of insurance in the United States. It offers a line of insurance products, such as standard personal and commercial automobile, nonstandard personal automobile, homeowners, commercial multiperil, workers' compensation, general liability, and fire insurance. The company provides management and operation services under management agreements for various insurance and noninsurance affiliates. In addition, SAFC develops and sells software for the processing of insurance transactions, database management for insurance agents, and electronic interfacing of information between insurance companies and agencies. It markets products through independent insurance agents associated with agencies in 26 central and eastern states, excluding New York, New Jersey, and the New England states. The company is headquartered in Columbus, Ohio. State Auto Financial Corporation is a subsidiary of State Automobile Mutual Insurance Company.


ALLMERICA FINANCIAL CORPORATION (THG)

The Hanover Insurance Group, Inc., through its subsidiaries, provides a range of insurance products and services primarily in the United States. The company primarily offers property and casualty insurance products and services that include personal lines, such as personal automobile, homeowners, and other personal coverages; and commercial lines, including multiple perils, commercial automobile, workers' compensation, and other commercial coverages, such as bonds and inland marine business. It also engages in the business of financing property and casualty insurance premiums to commercial customers; markets management services to institutions, pension funds, and other organizations; and provides traditional life insurance products, group retirement products, as well as owns and operates a guaranteed investment contract business. The company, formerly known as Allmerica Financial Corporation, was founded in 1844. The Hanover Insurance Group is headquartered in Worcester, Massachusetts.


EMC INSURANCE GROUP INC (EMCI)

EMC Insurance Group, Inc., through its subsidiaries, operates in property and casualty insurance, and reinsurance business. It writes property and casualty insurance, including commercial general liability, commercial property, automobile, workers' compensation, and other coverages in commercial and personal lines of insurance. The company also offers property and casualty reinsurance for other insurers and reinsurers. As of March 31, 2004, it operated 16 branches in the United States. The company was incorporated in 1974 and is based in Des Moines, Iowa. EMC Insurance Group, Inc. is a subsidiary of Employers Mutual Casualty Company.


CINCINNATI FINANCIAL CORPORATION (CINF)

Cincinnati Financial Corporation provides commercial, personal, and life insurance products and services in the United States. It offers commercial multiperil, workers compensation, commercial automobile, and other liability insurance products; personal lines automobile and homeowners insurance products, as well as dwelling fire, inland marine, umbrella liability, and watercraft coverages; and various worksite products, including term insurance, whole life insurance, and universal life insurance policies. The company also provides finance/leasing and asset management services. Cincinnati Financial is headquartered in Fairfield, Ohio.


MONTPELIER RE HOLDINGS LTD (MRH)

Montpelier Re Holdings, Ltd., through its wholly owned subsidiary, Montpelier Reinsurance, Ltd. provides property and casualty reinsurance and insurance products worldwide. The company primarily writes three lines of business: Property Specialty, Property Catastrophe, and Other Specialty. The Property Specialty category includes risk excess of loss, property pro-rata and direct insurance, and facultative reinsurance business. The Property Catastrophe category reinsurance contracts provide protection against losses from earthquakes and hurricanes, as well as other natural and man-made catastrophes, such as floods, tornadoes, fires, and storms. Its products include retrocessional contracts, which are reinsurance protections of other reinsurers. The Other Specialty category includes aviation liability, aviation war, marine, personal accident catastrophe, workers compensation, terrorism, other casualty, and other reinsurance business. Montpelier Re Holdings was formed in 2001 and is based in Hamilton, Bermuda.


ALLSTATE CORPORATION (ALL)

The Allstate Corporation operates as the holding company for Allstate Insurance Company. The company, through Allstate Insurance Company, and Allstate Life Insurance Company and affiliates, provides personal property and casualty insurance products and services primarily in the United States. It operates in two segments, Allstate Protection and Allstate Financial. Allstate Protection segment sells private passenger auto and homeowner's insurance. It also sells various personal property and casualty insurance products, including landlords, personal umbrella, renters, condominium, residential fire, manufactured housing, boat owners, and selected commercial property and casualty. Allstate Financial segment provides life insurance, retirement, and investment products to individual and institutional customers. Its products include traditional life, interest-sensitive life, variable life, and single premium life; fixed annuities, including traditional deferred annuities, market value adjusted annuities, equity-indexed annuities, and immediate annuities; variable annuities; other protection products, such as long-term care, accidental death, hospital indemnity, structured settlement annuities, and disability income insurance; and institutional products, such as funding agreements sold to investors. In addition, it offers various bank products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, first mortgage loans, and home equity loans. The company distributes its products through independent agents, Allstate exclusive agencies, financial institutions, and broker dealers. The Allstate Corporation was founded in 1931 and is headquartered in Northbrook, Illinois.


PHOENIX COMPANIES INC (PNX)

The Phoenix Companies, Inc. engages in the manufacture of insurance, annuity, and asset management products for the accumulation, preservation, and transfer of wealth. The company operates in two segments, Life and Annuity, and Asset Management. The Life and Annuity segment provides individual life insurance and annuity products, including participating whole life, universal life, variable universal life, term life, and variable annuities. The Asset Management segment serves the needs of individual and institutional investors with a portfolio of investment products and services, including managed accounts, open-end mutual funds, and closed-end funds. The Phoenix Companies offers its products and services to individuals, corporations, multiemployer retirement funds, and foundations, as well as to endowment and special purpose funds, through national and regional broker-dealers, institutional asset management consultants, financial planning firms, advisor groups, insurance companies, and banks in the United States. The company was founded in 1851 and is headquartered in Hartford, Connecticut.


HCC INSURANCE HOLDINGS INC (HCC)

HCC Insurance Holdings, Inc. provides property and casualty, surety, group life, and accident and health insurance products; and related agency and reinsurance brokerage services in the United States, the United Kingdom, Spain, and Bermuda. It operates through five divisions: Group Life, Accident, and Health (GAH); Diversified Financial Products (DFP); London Market Account (LMA); Aviation; and Other Specialty Lines of insurance (OSL). The GAH division writes medical stop-loss business for employer-sponsored and self-insured health plans. The DFP division underwrites financial insurance risks in its diversified financial product line of business. These risks include directors' and officers' liability, employment practices liability, and errors and omissions or professional indemnity and surety. The LMA division includes marine, energy, property, and accident and health business, which are underwritten by Houston Casualty Company's London branch office. It underwrites marine risks for ocean-going vessels, including hull, liabilities, protection and indemnity, and marine cargo. It also underwrites onshore and offshore energy risks that include drilling rigs, natural gas facilities, petrochemical plants, pipelines, gas production and gathering platforms, and refineries; and property risks of multinational corporations, covering commercial properties, including factories, hotels, industrial plants, office buildings, retail locations, and utilities. The Aviation division insures aviation risks, including antique and vintage military aircraft, cargo operations, commuter airlines, corporate aircraft, fixed base operations, military and law enforcement aircraft, private aircraft owners and pilots, and rotor wing aircraft. It offers products that include hulls, engines, avionics, and other systems, liabilities, cargo, and other ancillary coverages. The OSL division underwrites various specialty lines of businesses. The company is based in Houston, Texas.


HARLEYSVILLE GROUP INC (HGIC)

Harleysville Group, Inc., through its subsidiaries, underwrites property and casualty insurance in the personal and commercial lines of insurance. The company's personal lines of insurance include automobile, homeowners, and other personal; and commercial lines of insurance comprise auto, commercial multiperil, and workers compensation. It markets products through independent agents to small and midsized businesses, as well as for individuals in the eastern and midwestern United States. The company is headquartered in Harleysville, Pennsylvania. Harleysville Group Inc. is a subsidiary of Harleysville Mutual Insurance Company.


INFINITY PROPERTY AND CASUALTY CORPORATION (IPCC)

Infinity Property and Casualty Corporation, a holding company, primarily provides personal automobile insurance products with emphasis on nonstandard auto insurance in the United States. It provides personal automobile coverage to individuals and nonstandard commercial automobile insurance to businesses. The company's personal automobile products provides coverage to individuals for liability to others for bodily injury and property damage, as well as for physical damage to an insured's own vehicle from collision and various other perils. Its nonstandard commercial automobile insurance products provide coverage to businesses for liability to others for bodily injury and property damage, as well as for physical damage to businesses' vehicles from collision and various other perils. Infinity Property also writes insurance for classic collectible automobiles. The company was formed in 2002 and is headquartered in Birmingham, Alabama.


AMERICAN FINANCIAL GROUP INC (AFG)

American Financial Group, Inc. (AFG), through its subsidiaries, engages in property and casualty insurance business in the United States. The company primarily offers property and transportation insurance that comprise inland and ocean marine products, agricultural-related products, and commercial automobile insurance; specialty casualty products, which consist of executive and professional liability, umbrella and excess liability, and excess and surplus; and specialty financial products that include fidelity and surety bonds, and collateral protection, as well as and workers' compensation. The company's other activities include the sale of retirement annuities, life, and supplemental health insurance products. AFG is headquartered in Cincinnati, Ohio.


W.R. BERKLEY CORPORATION (BER)

W. R. Berkley Corporation operates as an insurance holding company that offers property casualty insurance business in the United States and internationally. The company operates through five segments: Specialty Insurance, Regional, Reinsurance, Alternative Markets, and International. The Specialty Insurance segment underwrites third-party liability risks, principally within excess and surplus lines, which include premises operations, professional liability, commercial automobile, products liability, and property lines. The Regional segment provides commercial insurance products to small-to-mid-sized businesses, and state and local governmental entities. The Reinsurance segment offers underwriting property casualty reinsurance services on a treaty and a facultative basis. Its Alternative Markets segment engages in developing, insuring, reinsuring, and administering self-insurance programs and other alternative risk transfer mechanisms to employers, employer groups, insurers, and alternative market funds. In addition, it provides various fee-based services, including consulting and administrative services. The International segment offers commercial and personal property casualty insurance in Argentina and savings and life products in the Philippines. W. R. Berkley was founded in 1967 and is headquartered in Greenwich, Connecticut.


PROCENTURY CORPORATION (PROS)

ProCentury Corporation, through its subsidiary, Century Surety Company, offers property and casualty insurance products in the United States. It markets and underwrites general liability, commercial property, multiperil insurance, and garage liability products. The company primarily writes excess and surplus lines insurance, as well as markets its products through a network of general agents and brokers. ProCentury's clients include various small and midsized businesses, such as hospitality businesses, artisan contractors, daycare facilities, retail and wholesale stores, fitness centers, and special event providers. The company is headquartered in Westerville, Ohio.


DONEGAL GROUP INC (DGICA)

No description available.


TOWER GROUP INC (TWGP)

Tower Group, Inc. provides specialized property and casualty insurance products and services to small to mid-sized businesses and individuals in New York City and the adjacent areas of New York State. Tower Group operates in three segments: Insurance, Reinsurance, and Insurance Services. In Insurance segment, its insurance subsidiary, Tower Insurance Company of New York (TICNY) provides commercial and personal lines insurance policies to businesses and individuals. TICNY's commercial lines products include commercial multiple-peril, monoline general liability, commercial umbrella, monoline property, workers' compensation, and commercial automobile policies. It offers these services to businesses, such as retail and wholesale stores, grocery stores, restaurants, artisan contractors, and residential and commercial buildings. Its personal lines products consist of homeowners, dwelling, and other liability policies. In Reinsurance segment, TICNY assumes reinsurance directly from the insurance companies for which its insurance service subsidiary, Tower Risk Management Corporation (TRM) produces insurance premiums or indirectly from reinsurers that provide reinsurance coverage directly to these companies. In Insurance Services segment, TRM provides general underwriting, claims administration, and reinsurance intermediary services. The company was founded by Michael H. Lee in 1990 and is based in New York City.


SCPIE HOLDINGS INC (SKP)

SCPIE Holdings, Inc., through its subsidiaries, provides insurance and reinsurance products in the United States. The company primarily offers medical malpractice insurance and related liability insurance products to physicians, oral surgeons, healthcare facilities, and others operating in the healthcare industry in California and Delaware. It operates in two segments, Direct Healthcare Liability Insurance (DHLI) and Assumed Reinsurance. The DHLI segment underwrites professional and related liability policy coverages for physicians, oral and maxillofacial surgeons, physician medical groups, clinics, hospitals, dentists, managed care organizations, and other providers in the healthcare industry. The Assumed Reinsurance segment offers reinsurance of professional, commercial, and personal liability coverages; commercial and residential property risks; accident and health, and workers' compensation; and marine coverages. SCPIE Holdings also offers a policy for managed care organizations that provides coverage for liability arising from covered managed care incidents or vicarious liability for medical services rendered by nonemployed physicians. Its covered services include peer review, healthcare expense review, utilization management, utilization review, and claims and benefit handling in the operation of the managed care organizations. The company was founded in 1976 and is headquartered in Los Angeles, California.


SELECTIVE INSURANCE GROUP INC (SIGI)

Selective Insurance Group, Inc. operates as a holding company that offers property and casualty insurance products and diversified insurance services products. It also offers commercial and personal insurance products through its subsidiaries. The company's activities are categorized into Insurance Operations, including commercial lines and personal lines underwriting; investments; and Diversified Insurance Services segments. Insurance Operations segment sells and services property and casualty insurance products. The activities covered under the purview of commercial lines underwriting division include fire/inland marine, workers' compensation, general liability, automobile, business owners' policy and bonds. The personal lines underwriting activities include automobile and homeowners' insurance coverage. As of December 31, 2004, Selective's investment portfolio included 83% of fixed maturity securities, 12% of equity securities, 4% of short-term investments, and 1% of other investments. Diversified Insurance Services segment provides human resource administration outsourcing products and services; managed care products and services; and federal flood insurance. Selective Insurance Group markets its insurance products in northeastern, mid-Atlantic, southeastern, and midwestern states. It offers various commercial insurance and alternative risk management products to small and medium sized businesses, and government entities. The company was founded in 1925 and is headquartered in Branchville, New Jersey.


KINGSWAY FINANCIAL SERVICES INC (KFS)

Kingsway Financial Services, Inc., through its subsidiaries, provides personal and commercial lines of property and casualty insurance in the United States and Canada. The company also offers nonstandard automobile and trucking insurance. Nonstandard automobile insurance covers drivers, who do not qualify for standard automobile insurance coverage. It also provides standard automobile insurance, as well as insurance for commercial and public vehicles, including taxis. In addition, Kingsway Financial Services offers motorcycle insurance; specialized commercial and personal property coverages; and other specialty coverages, such as customs, bail, and surety bonds. Further, the company purchases reinsurance from third parties. Kingsway Financial Services was incorporated in 1989 and is based in Mississauga, Canada.


PROGRESSIVE CORPORATION (PGR)

Progressive Corporation serves as an insurance holding company in the United States. The company operates through three segments: Personal Lines, Commercial Auto, and Other. Personal Lines segment writes insurance for private passenger automobiles, recreation, and other vehicles through both an independent agency channel and a direct channel. The Personal Lines agency channel includes business written by the company's network of approximately 30,000 independent insurance agencies, brokers, and strategic alliance business relationships. The Commercial Auto segment writes primary liability, physical damage, and other auto-related insurance for automobiles and trucks owned by businesses, primarily through the independent agency channel. Other segment includes the Professional Liability Group (PLG) and the Motor Carrier units. PLG's principal products are liability insurance for directors and officers, and financial institution bonds. Its main product is employee dishonesty insurance. PLG's principal customers are community banks. The Motor Carrier unit provides insurance-related services, such as policy issuance and claims adjusting services for the commercial auto insurance procedures/plans in 25 states. The company was formed in 1965 and is headquartered in Mayfield Village, Ohio.


MEADOWBROOK INSURANCE GROUP INC (MIG)

Meadowbrook Insurance Group, Inc., a holding company, provides risk management solutions for agents, professional, and trade associations in the United States. The company operates through two segments, Specialty Risk Management and Agency Operations. The Specialty Risk Management segment focuses on specialty insurance operations. Its services include risk management consulting, claims administration and handling, loss control and prevention, and reinsurance placement, as well as various types of property and casualty insurance coverage, including workers' compensation, commercial multiple peril, general liability, commercial auto liability, and inland marine. The Agency Operations segment operates as a retail property and casualty insurance agency. It produces commercial, personal lines, life, and accident and health insurance for unaffiliated insurance carriers. It provides various traditional and alternative risk management services. Alternative risk management services include: public entity management; risk analysis; program and product design; sales, marketing, and public relations; education and training; formation and management of risk-bearing entities, such as mutual insurance companies, captives, rent-a-captives, public entity pools, and risk retention and risk purchasing groups; underwriting/risk selection; policy issuance; information technology and processing; accounting and financial statement preparation; regulatory compliance; actuarial and loss reserve analysis; loss prevention and control; and audit support. It offers its services to public entities, professional and trade associations, businesses, and individuals. The company was founded in 1955 as Meadowbrook Insurance Agency and changed its name to Meadowbrook Insurance Group, Inc. in 1985. Meadowbrook Insurance Group is headquartered in Southfield, Michigan.


MERCER INSURANCE GROUP INC (MIGP)

Mercer Insurance Group, Inc. and its subsidiaries provide property and casualty insurance products in located in New Jersey and Pennsylvania. Its insurance products include commercial multiperil, other liability, commercial automobile, workers compensation, homeowners, fire and inland marine, and personal automobile coverage. The company's principal subsidiaries include Mercer Insurance Company, a Pennsylvania property and casualty stock insurance company offering insurance coverage to businesses and individuals in New Jersey and Pennsylvania; Mercer Insurance Company of New Jersey, Inc., a New Jersey property and casualty stock insurance company offering insurance coverage to businesses and individuals in New Jersey; and Franklin Insurance Company, a property and casualty stock insurance company offering private passenger automobile and homeowners insurance to individuals located in Pennsylvania. Mercer Insurance Group markets both the commercial and personal insurance products through independent producers. It invests in equities, and its fixed maturity investments include U.S. government bonds, securities issued by government agencies, obligations of state and local governments and governmental authorities, corporate bonds, and mortgage-backed securities. Mercer was incorporated in 1844 and is based in Pennington, New Jersey.


NATIONAL ATLANTIC HOLDINGS CORPORATION (NAHC)

National Atlantic Holdings Corporation (NAHC), through its principal subsidiary, Proformance Insurance Company, provides personal lines property and casualty insurance, predominantly automobile insurance in New Jersey, the United States. The company also provides reinsurance, case management, and medical cost containment services. NAHC was incorporated in 1994 and is based in Freehold, New Jersey.


ONEBEACON INSURANCE GROUP LTD (OB)

OneBeacon Insurance Group, Ltd., through its subsidiaries, provides property and casualty insurance services for businesses in the United States. It offers a range of specialty products, including media liability and lawyers' professional liability insurance, marine insurance, tuition reimbursement insurance, community banking professional liability, and accident insurance coverage; and commercial line products consisting of multi-peril, automobile, workers compensation, general liability, umbrella, property, excess and surplus property, and package. The company also provides various personal line products for individuals comprising physical damage and liability, homeowners, and package coverage. It offers its products through a network of independent agents, and regional and national brokers and wholesalers. The company was founded in 1831 and is headquartered in Canton, Massachusetts. OneBeacon Insurance Group, Ltd. is a subsidiary of White Mountains Insurance Group, Ltd.


SPECIALTY UNDERWRITERS ALLIANCE INC (SUAI)

Specialty Underwriters' Alliance, Inc., through its wholly owned subsidiary, SUA Insurance Company, offers commercial property and casualty insurance in the United States. It also provides workers' compensation, general liability, property, inland marine, garage, and automobile coverages through various partner agents. The company also offers casualty reinsurance, including general liability, auto liability, and incidental professional liability. It offers its products to professional employer organizations, professional towing operators, artisan contractors, and general contractors, as well as public entities, including schools, municipalities, and special districts in 41 states and the District of Columbia. The company was founded in 1982. It was formerly known as UAI Holdings, Inc. and changed its name to Specialty Underwriters' Alliance, Inc. in 2003.The company is headquartered in Chicago, Illinois.


NYMAGIC INC (NYM)

NYMAGIC, INC., a holding company, primarily operates as an insurance company in the United States. The company's domestic insurance/agency companies underwrite ocean marine, inland marine/fire, nonmarine liability, and aircraft lines of insurance. Ocean marine insurance is written on a direct and assumed reinsurance basis, and covers hull and machinery, cargo, hull and machinery war risk, cargo war risk insurance, charters' legal liability, marine contractor's, maritime employers, and onshore and offshore oil and gas exploration and production exposures. Inland marine includes insurance for motor truck cargo and transit shipments, equipment floaters, and miscellaneous property floaters. Nonmarine liability insurance includes coverage for manufacturers and contractors risks, building owners and commercial stores, products liability exposures, employment practices liability, surety, excess workers compensation, miscellaneous errors, and omissions/professional liabilities, and other casualty excess and surplus line risks. Aircraft insurance activity comprises insurance primarily for commercial aircraft and includes hull and engine insurance. The company was formed in 1964 and is based in New York City.


SAFETY INSURANCE GROUP INC (SAFT)

Safety Insurance Group, Inc. provides private passenger automobile insurance in Massachusetts. It also offers a portfolio of personal lines property and casualty insurance products, including commercial automobile, homeowners, dwelling fire, umbrella, and business owner policies. Its private passenger automobile policies provides coverage for bodily injury and property damage to others, no-fault personal injury coverage for the insured/insured's car occupants, and physical damage coverage for an insured's own vehicle for collision or other perils. Its homeowners policies provides coverage for losses to a dwelling and its contents from various perils, and coverage for liability to others arising from ownership or occupancy. The company underwrites dwelling fire insurance, which is a limited form of a homeowner's policy for nonowner occupied residences. Umbrella policies offer personal and commercial excess liability coverage above the limits of individual automobile, watercraft, and homeowner's insurance, as well as commercial automobile and business owner policies to clients. Its business owner policies provide liability and property coverage for perils, including business interruption from a covered loss. Safety Insurance Group was founded in 1979 and is headquartered in Boston, Massachusetts.


GAINSCO INC (GAN)

GAINSCO, INC., through its subsidiaries, engages in the property and casualty insurance business focusing on the nonstandard personal auto market. Its products include coverage for third party liability for bodily injury and physical damage, as well as collision and coverage for theft, physical damage, and other perils for an insured's vehicle. It underwrites nonstandard auto insurance in Arizona, Florida, Nevada, New Mexico, South Carolina, Texas, and California. The company also provides claims adjusting, settlement, and management of claims. It markets its nonstandard personal auto products through independent retail agencies in Arizona, Florida, Nevada, New Mexico, South Carolina, Texas, and California. The company was founded in 1978 and is headquartered in Dallas, Texas.


CRM HOLDINGS LTD (CRMH)

CRM Holdings, Ltd. provides a range of products and services for workers' compensation risk management in the United States. Its subsidiary, Majestic Insurance Company, provides workers' compensation insurance through independent insurance brokers and agents to medium and large size businesses primarily in California, as well as has operations in New York, Alaska, Arizona, Nevada, Oregon, and Washington. The company also forms and manages self-insured groups in New York, California, and Texas, which cover healthcare, contracting, transportation, wholesale and retail, manufacturing, public entities, real estate, cemetery management, new vehicle franchise auto dealerships, banking, winery, and publishing and printing industries. CRM Holdings offers these groups with various services, including assistance in their formation, underwriting, risk assessment, safety and loss control services, medical bill review and case management, general management and recordkeeping, regulatory compliance, and claims management services. It also acts as a broker by placing excess coverage insurance and various surety bonds for the groups, as well as reinsures a portion of this excess coverage. As of December 31, 2006, the company managed 14 self-insured groups. CRM Holdings was founded in 1999 and is based in Hamilton, Bermuda.


AFFIRMATIVE INSURANCE HOLDINGS INC (AFFM)

Affirmative Insurance Holdings, Inc., an insurance holding company, engages in underwriting, servicing, and distributing nonstandard automobile insurance policies, and related products and services to individual consumers in the United States. The company, through its insurance companies, offers liability-only policies, such as bodily injury liability coverage, personal injury protection coverage and medical payment coverage, uninsured/underinsured motorist coverage, and property damage liability coverage; and full coverage policies, which include collision coverage and comprehensive coverage for damage to the insured vehicle. It also offers third-party nonstandard personal automobile insurance policies, complementary insurance products, and ancillary noninsurance products and services. Affirmative's underwriting agencies supply centralized infrastructure and personnel required to design and service insurance policies that are distributed through retail agencies. The company's retail agencies provide multiple points of sale under established local brands with personnel licensed and trained to sell insurance policies to individual consumers. As of December 31, 2004, its subsidiaries comprised of 2 insurance companies, 4 underwriting agencies, and 5 retail agencies with 169 owned retail store locations and 42 franchised retail store locations serving 7 states. Affirmative was formerly known as Instant Insurance Holdings, Inc. The company was formed in 1998 and is headquartered in Addison, Texas.