7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-09-30 2019-06-30 2019-03-31 2018-09-30 2018-06-30 2018-03-31 2017-09-30 2017-06-30 2017-03-31 2016-09-30 2016-06-30 2016-03-31 2015-09-30 2015-06-30 2015-03-31 2014-09-30 2014-06-30 2014-03-31 2013-09-30 2013-06-30 2013-03-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 2010-09-30 2010-06-30 2010-03-31 
      
    		                                                      
      cash flows from operating activities
    		                                                      
      net income
    		280,402,000 166,472,000 -108,327,000 101,067,000 230,856,000 62,568,000 73,462,000 191,394,000 -8,227,000 -41,543,000 -45,288,000 -6,770,000 -98,303,000 -210,682,000 -196,917,000 30,473,000 1,288,000 109,181,000 106,995,000 166,743,000 118,857,000 228,211,000 -139,204,000 69,282,000 83,250,000 135,867,000 58,578,000 60,180,000 -42,607,000 46,485,000 51,633,000 26,980,000 26,930,000 48,873,000 23,323,000 15,270,000 9,639,000 26,165,000 31,296,000 94,960,000 72,649,000 39,570,000 -9,264,000 66,461,000 66,201,000 -5,264,000 73,356,000 79,469,000 -3,782,000 57,251,000 58,226,000 96,849,000 17,817,000 61,179,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                                      
      depreciation and amortization
    		18,774,000 17,702,000 17,244,000 19,589,000 19,106,000 17,401,000 17,337,000 18,086,000 18,237,000 18,506,000 17,411,000 17,743,000 18,948,000 23,446,000 22,253,000 22,192,000 20,022,000 19,262,000 17,580,000 17,846,000 17,635,000 16,956,000 16,026,000 16,248,000 16,079,000 15,085,000 15,158,000 14,424,000 14,148,000 14,092,000 14,260,000 13,265,000 6,844,000 6,501,000 6,357,000 6,217,000 6,643,000 7,107,000 6,751,000 6,634,000 6,760,000 6,796,000 8,102,000 8,817,000 9,203,000 9,184,000 9,516,000 10,061,000 10,022,000 10,154,000 10,420,000 12,591,000 8,519,000 8,562,000 
      net realized investment gains
    		-84,450,000 -23,480,000 -23,321,000   -2,898,000 -38,192,000                       -20,718,000 -21,156,000 -24,460,000         -46,712,000   -44,050,000  23,759,000 -52,663,000    -28,690,000   -22,044,000 
      net gains on sales of fixed assets
    		                                                      
      loss on property held for sale
    		   0 275,000                                                  
      increase in premiums receivable
    		-21,957,000 -4,606,000 -54,872,000 34,503,000 -19,788,000 -28,818,000 -74,948,000 18,028,000 -34,536,000    -7,670,000 7,871,000 -25,403,000 31,859,000 -31,895,000 307,000 -26,941,000    -20,312,000 -37,104,000 -12,770,000 -24,923,000 -30,724,000 -18,103,000 -35,117,000 -16,787,000 9,264,000 -19,193,000                     9,956,000 -19,544,000 
      increase in reinsurance recoverables
    		214,947,000 232,883,000 -594,986,000     -5,501,000 1,092,000 5,188,000 -6,831,000      2,780,000 1,607,000 -5,824,000                                    
      changes in current and deferred income taxes
    		69,849,000 39,934,000 -30,688,000 -28,591,000 36,773,000 -8,545,000 12,355,000 104,341,000 -6,649,000 -19,956,000 -16,791,000 16,095,000 -30,603,000 -60,863,000 -56,129,000 4,357,000 -22,889,000 -24,992,000 25,427,000 25,161,000 10,413,000 37,163,000 -41,501,000 10,359,000 18,329,000 31,338,000 23,182,000 12,364,000 -17,087,000 4,475,000 11,106,000 2,568,000                       
      increase in deferred policy acquisition costs
    		-13,740,000 -12,675,000 -1,139,000 6,074,000 -14,546,000 -18,922,000 -14,094,000 2,728,000 -18,311,000   13,251,000 -6,193,000 -7,612,000 -7,662,000 5,015,000 -12,451,000   4,468,000 -8,722,000 -8,097,000 -1,477,000 -10,527,000 -7,444,000 -4,592,000 -7,204,000 -7,066,000 -4,058,000    -2,764,000 -428,000 -1,803,000 -5,940,000 -204,000 -1,899,000 -2,221,000 2,101,000 -6,852,000 -6,685,000 1,245,000 -4,934,000 -7,198,000 -3,723,000 -3,962,000 3,203,000 -3,081,000 -907,000 -66,000    
      increase in loss and loss adjustment expense reserves
    		-16,188,000 -180,421,000 640,550,000 78,341,000 97,287,000 117,183,000 73,518,000 61,926,000 3,769,000 42,446,000 92,651,000 152,176,000 45,912,000 78,996,000 81,396,000 84,309,000 51,106,000 49,915,000 49,796,000 49,318,000    71,287,000 -3,688,000 -41,800,000 30,204,000 18,877,000 20,360,000 45,201,000 10,030,000 26,685,000                       
      increase in unearned premiums
    		88,685,000 63,603,000 81,413,000 -37,080,000 102,776,000 119,950,000 118,524,000 -12,894,000 116,164,000 81,061,000 5,690,000 -89,820,000 37,519,000 29,754,000 48,387,000 -25,498,000 74,173,000 30,690,000 34,561,000 -26,676,000 42,510,000 5,236,000 29,256,000 68,970,000 41,334,000 37,480,000 50,010,000 40,422,000 48,417,000 26,379,000 -1,208,000 20,365,000 22,014,000 1,566,000 29,258,000 36,709,000 987,000 18,866,000 19,157,000 -60,000 39,995,000 29,208,000 -10,261,000 27,944,000 38,835,000 16,459,000 22,555,000 -22,781,000 18,968,000 -5,874,000 19,735,000 12,093,000 -11,596,000 11,909,000 
      increase in accounts payable and accrued expenses
    		-43,230,000 120,468,000 -70,773,000 10,305,000 27,758,000 25,461,000 3,615,000 7,074,000 1,589,000 14,057,000 442,000   -9,304,000 7,548,000 -13,766,000 -13,333,000 2,798,000 -2,423,000 13,109,000 -9,899,000 39,138,000 9,640,000 8,204,000 9,818,000 22,742,000 6,082,000 785,000 24,761,000 10,192,000 -516,000 9,584,000       21,768,000 7,826,000 -13,626,000 17,078,000 4,011,000 17,660,000 210,000 326,000 6,017,000 -11,952,000 -3,054,000 10,432,000 -5,411,000 9,334,000 11,644,000 5,119,000 
      other
    		3,346,000 -45,584,000 76,170,000 -2,163,000 -29,478,000 -11,757,000 19,066,000 1,961,000 -40,836,000 9,352,000 14,944,000 -11,895,000 -6,304,000 -12,615,000 28,110,000 -15,641,000 -1,592,000 19,810,000 13,747,000 1,641,000 10,070,000 -5,696,000 8,276,000 -38,585,000 11,392,000 7,960,000 -2,534,000 -6,749,000 7,103,000 -1,447,000 26,632,000 17,094,000 -825,000 -12,689,000 13,195,000 951,000 -7,275,000 8,706,000 -687,000 -7,913,000 10,245,000 -2,801,000 -11,360,000 9,480,000 -1,417,000 -7,124,000 5,029,000 -8,546,000 4,279,000 -11,190,000 11,344,000 -1,124,000 -8,037,000 8,188,000 
      net cash from operating activities
    		496,439,000 371,605,000 -68,729,000 248,318,000 318,129,000 278,044,000 192,626,000 225,335,000 122,291,000 87,189,000 18,173,000 67,718,000 89,965,000 88,328,000 106,578,000 73,555,000 110,788,000 142,722,000 174,519,000 162,364,000 183,669,000 162,437,000 97,146,000 147,970,000 90,936,000 174,687,000 141,120,000 105,724,000 78,351,000 101,720,000 100,522,000 74,223,000 107,866,000 56,006,000 45,679,000 75,518,000 61,737,000 11,452,000 71,108,000 78,943,000 49,446,000 73,259,000 38,260,000 58,198,000 63,949,000 14,698,000 34,683,000 -12,227,000 77,694,000 57,482,000 35,576,000 47,380,000 19,163,000 32,881,000 
      cash flows from investing activities
    		                                                      
      fixed maturity securities available for sale in nature:
    		                                                      
      purchases
    		-386,343,000 -632,787,000 -299,354,000 -499,644,000 -431,801,000 -369,778,000 -419,763,000 -325,363,000 -203,501,000 -80,596,000 -175,292,000 -495,386,000 -521,495,000 -439,107,000 -338,829,000 -415,822,000 -470,221,000 -344,560,000 -230,038,000 -191,672,000 -236,900,000 -115,124,000 -334,517,000 -90,430,000 -147,969,000 -146,592,000 -153,487,000 -179,951,000 -213,947,000 -87,124,000 -162,001,000 -278,293,000 -251,440,000 -104,603,000 -386,628,000 -287,813,000 -144,755,000 -374,582,000 -61,770,000 -153,930,000 -177,508,000 -194,342,000 -221,216,000 -209,768,000 -125,636,000 -131,053,000 -129,573,000 -114,315,000 -81,908,000 -126,558,000 -57,182,000 -166,980,000 -76,055,000 -112,172,000 
      sales
    		26,990,000 42,594,000 351,769,000 8,327,000 17,961,000 28,307,000 116,837,000 116,690,000 41,994,000 20,419,000 97,702,000 234,772,000 255,692,000 218,739,000 147,088,000 218,447,000 31,732,000 44,981,000 41,041,000 40,751,000 20,350,000 83,483,000 23,503,000 1,913,000 38,772,000 15,197,000 29,944,000 58,239,000 60,238,000 21,759,000 42,702,000 22,509,000 58,419,000 22,746,000 149,744,000 141,890,000 53,101,000 16,733,000 49,493,000 52,515,000 73,911,000 55,481,000 107,508,000 9,568,000 22,224,000 20,301,000 35,816,000 21,984,000 45,835,000 53,009,000 96,707,000 71,618,000 15,763,000 58,457,000 
      calls or maturities
    		232,475,000 182,339,000 255,122,000 378,726,000 300,852,000 146,980,000 114,300,000 110,271,000 59,496,000 71,644,000 52,898,000 91,602,000 121,620,000 177,402,000 89,399,000 121,033,000 171,874,000 122,640,000 103,010,000 96,698,000 69,942,000 42,595,000 41,643,000 119,964,000 58,747,000 80,099,000 88,368,000 92,941,000 62,673,000 177,697,000 99,629,000 159,153,000 133,480,000 108,132,000 180,125,000 142,167,000 53,779,000 87,365,000 96,761,000 57,471,000 59,633,000 68,692,000 82,193,000 81,541,000 138,820,000 116,480,000 73,292,000 124,386,000 143,251,000 68,054,000 82,925,000 81,638,000 77,499,000 73,137,000 
      equity securities available for sale in nature:
    		                                                      
      calls
    		   0 0 0 7,185,000             0 880,000         0            0 0 0 0 0 923,000 0       
      changes in securities payable and receivable
    		-21,390,000 33,489,000 -31,936,000 18,301,000 -6,581,000 9,824,000 10,783,000 -23,591,000 16,351,000 8,455,000 -37,650,000 33,427,000 -13,997,000 -468,000 3,162,000 -11,940,000 -11,840,000 -11,329,000 43,436,000 -11,050,000 14,142,000 -11,083,000 8,864,000 1,321,000 -13,451,000 15,901,000 1,384,000 -7,274,000 19,537,000 7,200,000 9,590,000 -39,264,000 19,660,000 -1,406,000 -982,000 126,000 -20,422,000 13,638,000 10,708,000 -15,652,000 -678,000 -68,368,000 34,899,000 -10,449,000           
      increase in short-term investments
    		   7,077,000    33,545,000 -18,753,000 -39,803,000 -23,435,000       144,033,000 -145,159,000     -60,008,000 4,917,000 -113,287,000                             
      purchases of fixed assets
    		-16,903,000 -14,370,000 -13,143,000 -12,324,000 -11,957,000 -11,586,000 -10,271,000 -9,825,000 -7,922,000 -10,378,000 -8,685,000 -9,919,000 -8,517,000 -8,799,000 -8,273,000  -11,696,000 -9,873,000 -7,929,000  -9,975,000 -9,484,000 -10,305,000 -10,950,000 -12,444,000 -8,430,000                             
      sales of fixed assets
    		21,420,000   0 12,703,000   3,000 2,000 28,863,000 1,008,000                                            
      net cash from investing activities
    		-348,540,000 -515,988,000 651,602,000 -127,382,000 -293,621,000 -180,774,000 -194,879,000 -110,540,000 -133,284,000 17,887,000 -69,500,000 -120,891,000 -26,290,000 -58,782,000 -110,421,000 -44,384,000 -112,398,000 -67,520,000 -149,368,000 -100,391,000 -88,817,000 -118,245,000 -103,833,000 -38,184,000 -86,125,000 -184,600,000 -88,944,000 -117,460,000 -45,112,000 -45,053,000 -40,621,000 -76,340,000 -77,819,000 -23,577,000 -41,437,000 -21,053,000 11,682,000 -34,093,000 -37,909,000 -25,528,000 -123,395,000 -9,929,000 -10,885,000 2,302,000 -2,766,000 -26,527,000 -9,001,000 44,162,000 -15,269,000 -53,977,000 149,699,000 -59,956,000 -10,183,000 56,234,000 
      cash flows from financing activities
    		                                                      
      dividends paid to shareholders
    		-17,585,000 -17,586,000 -17,586,000 -17,585,000 -17,581,000 -17,580,000 -17,580,000 -17,581,000 -17,581,000 -17,580,000 -17,580,000 -17,580,000 -17,581,000 -35,160,000 -35,161,000 -35,160,000 -35,022,000 -35,022,000 -35,022,000 -35,014,000 -34,876,000 -34,875,000 -34,875,000 -34,736,000 -34,734,000 -34,726,000 -34,587,000 -34,583,000 -34,582,000 -34,444,000 -34,431,000 -34,428,000 -34,268,000 -34,258,000 -34,257,000 -34,063,000 -34,065,000 -34,055,000 -33,837,000 -33,813,000 -33,811,000 -33,664,000 -33,662,000 -33,641,000 -33,496,000 -33,495,000 -33,478,000 -33,462,000 -32,896,000 -32,893,000 -32,891,000 -32,330,000 -32,328,000 -32,323,000 
      payments on finance lease obligations
    		9,000 -569,000 -754,000 -121,000 15,000 -442,000 -985,000 -247,000 -213,000 -153,000 -489,000 -357,000 -210,000 -148,000 -789,000 -60,000 -377,000 5,000 -393,000                                    
      net cash from financing activities
    		-17,576,000 -18,155,000 -18,340,000 -16,954,000 -17,566,000 -18,022,000 -18,565,000 -17,828,000 107,206,000 -17,733,000 31,931,000 7,063,000 -17,791,000 -35,308,000 -35,950,000 -35,220,000 -35,399,000 -35,017,000 -35,200,000 -35,623,000 -34,876,000 -34,875,000 -34,875,000 -34,736,000 -34,596,000 -34,273,000 -34,247,000 -34,583,000 -34,582,000 -33,453,000 -35,060,000 18,383,000 -33,471,000 -34,257,000 -33,354,000 -34,063,000 -33,213,000 -32,690,000 -11,991,000 -33,774,000 46,273,000 6,400,000 -32,086,000 -33,641,000 -33,496,000 -32,385,000 -32,374,000 -30,305,000 -157,719,000 -32,738,000 -32,373,000 -32,096,000 -32,025,000 -32,109,000 
      net increase in cash
    		130,323,000 -162,538,000 564,533,000 103,982,000 6,942,000   96,967,000 96,213,000   -46,110,000 45,884,000   -6,049,000 -37,009,000   26,350,000       17,929,000 -46,319,000 -1,343,000 23,214,000 24,841,000 16,266,000       21,208,000 19,641,000 -27,676,000 69,730,000 -4,711,000 26,859,000 27,687,000 -44,214,000 -6,692,000 1,630,000 -95,294,000 -29,233,000 152,902,000 -44,672,000 -23,045,000 57,006,000 
      cash:
    		                                                      
      beginning of the year
    		0 0 720,257,000  0 0 550,903,000  0 0 289,776,000  0 0 335,557,000  0 0 348,479,000  0 0 294,398,000 0 0 314,291,000 0 0 291,413,000 0 0 220,318,000 0 0 264,221,000 0 0 289,907,000 0 0 266,508,000 0 0 158,183,000 0 0 211,393,000  0 0 181,388,000 0 0 185,505,000 
      end of period
    		130,323,000 -162,538,000 1,284,790,000  6,942,000 79,248,000 530,085,000  96,213,000 87,343,000 270,380,000  45,884,000 -5,762,000 295,764,000  -37,009,000 40,185,000 338,430,000  59,976,000 9,317,000 252,836,000 75,050,000 -29,785,000 270,105,000 17,929,000 -46,319,000 290,070,000 23,214,000 24,841,000 236,584,000 -3,424,000 -1,828,000 235,109,000 20,402,000 40,206,000 234,576,000 21,208,000 19,641,000 238,832,000 69,730,000 -4,711,000 185,042,000 27,687,000 -44,214,000 204,701,000    334,290,000    
      supplemental cash flow disclosure
    		                                                      
      interest paid
    		11,237,000 2,946,000 11,179,000 3,294,000 11,771,000 3,271,000 11,741,000 3,466,000 11,125,000 94,000 8,315,000 53,000 8,287,000 37,000 8,288,000 32,000 8,281,000 28,000 8,275,000 26,000 8,275,000 29,000 8,269,000 8,270,000 29,000 8,268,000 8,250,000 0 8,250,000 8,571,000 0 1,292,000 977,000 942,000 878,000 788,000 748,000 692,000 688,000 675,000 477,000 214,000 214,000 368,000 392,000 388,000 539,000 907,000 2,004,000 1,153,000 2,129,000 2,200,000 1,171,000 2,086,000 
      income taxes (refunded) paid
    		62,000 341,000 -3,280,000     -57,789,000 1,000                    -6,000                          
      premiums written
    		                                                      
      direct
    		77,739,000 38,702,000 1,438,467,000  78,423,000 86,036,000 1,294,475,000  97,808,000 119,978,000 1,012,238,000  23,339,000 14,364,000 1,011,385,000  61,335,000 16,812,000 946,606,000                                    
      ceded
    		-59,528,000 152,856,000 -156,795,000  -11,054,000 -585,000 -31,299,000  -6,705,000 -793,000 -23,391,000  -5,435,000 231,000 -17,601,000  -1,537,000 -142,000 -15,643,000                                    
      assumed
    		827,000 -25,971,000 25,733,000  52,000 -15,074,000 15,159,000  129,000 -14,965,000 15,031,000  -141,000 -9,886,000 10,165,000  -57,000 -12,451,000 12,669,000                                    
      net
    		19,038,000 165,587,000 1,307,405,000  67,421,000 70,377,000 1,278,335,000  91,232,000 104,220,000 1,003,878,000  17,763,000 4,709,000 1,003,949,000  59,741,000 4,219,000 943,632,000                                    
      premiums earned
    		                                                      
      net (gains) losses on sales of fixed assets
    		       -22,000 -2,000                                              
      decrease in short-term investments
    		 -73,622,000 75,683,000         -1,493,000                                           
      net realized investment (gains) losses
    		   66,865,000      19,779,000 -49,008,000      43,543,000 -58,805,000 -41,691,000     -33,323,000 -53,329,000 -111,074,000       15,465,000 -45,381,000 -25,057,000    20,089,000                
      decrease (increase) in reinsurance recoverables
    		   -594,000 1,740,000 205,000 1,983,000      2,398,000 7,399,000 9,894,000                                        
      proceeds from stock options exercised
    		               0 0 0 215,000     0 138,000 453,000    991,000 0 1,171,000    0 828,000 1,283,000 1,682,000 34,000 84,000 58,000 1,324,000 0 0 1,026,000 1,072,000 1,141,000 169,000 143,000 498,000 216,000 286,000 189,000 
      proceeds from bank loan
    		                                    0 0 20,000,000 0 80,000,000           0   
      beginning of year
    		                                                      
      end of year
    		                                                   -44,672,000 -23,045,000 242,511,000 
      income taxes paid (refunded)
    		   51,023,000 19,435,000                                                  
      insurance companies
    		                                                      
      mercury casualty company
    		                                                      
      mercury insurance company
    		                                                      
      california automobile insurance company
    		                                                      
      california general underwriters insurance company, inc.
    		                                                      
      mercury insurance company of illinois
    		                                                      
      mercury insurance company of georgia
    		                                                      
      non-insurance companies
    		                                                      
      mercury select management company, inc.
    		                                                      
      mercury insurance services llc
    		                                                      
      animas funding llc
    		                                                      
      fannette funding llc
    		                                                      
      upper animas holdings llc
    		                                                      
      mercury
    		                                                      
      proceeds from bank borrowing
    		        125,000,000 0 50,000,000                                            
      net incomees (gains) on sales of fixed assets
    		                                                      
      decrease (increase) in short-term investments
    		     25,341,000 16,151,000        5,372,000     -121,843,000 81,561,000 -95,699,000 254,811,000                                
      net incomees on sales of fixed assets
    		          1,784,000                                            
      net decrease in cash
    		      -20,818,000    -19,396,000    -39,793,000    -10,049,000   9,317,000 -41,562,000  -29,785,000 -44,186,000        -1,828,000 -29,112,000  40,206,000 -55,331,000                 
      income taxes paid
    		      3,404,000      4,000    18,223,000             7,287,000 6,012,000 1,051,000 101,000 194,000 79,000 8,738,000 12,849,000 9,798,000 30,000,000 11,312,000 18,737,000 37,000 16,827,000 439,000 403,000 21,973,000 6,954,000 8,000,000   409,000 12,701,000   
      mercury information technology services llc
    		                                                      
      net realized investment losses
    		           -93,157,000 144,213,000 241,938,000 195,086,000      -64,436,000 -158,426,000 251,320,000    3,910,000 -14,290,000 58,735,000       26,286,000 39,348,000 9,961,000    -16,212,000             
      decrease (increase) in premiums receivable
    		          3,085,000                                            
      decrease (increase) in deferred policy acquisition costs
    		          84,000        3,257,000            456,000 1,300,000                       
      income taxes refunded
    		              28,000           36,000                             
      decrease in reinsurance recoverables
    		                    8,675,000 20,169,000 8,397,000 23,123,000 -12,071,000 106,588,000 -5,582,000 4,839,000 3,673,000                          
      mercury indemnity company of georgia
    		                                                      
      decrease in accounts payable and accrued expenses
    		                                3,994,000 -1,038,000 -5,128,000  9,480,000 -38,258,000                 
      share-based compensation
    		            0 0 15,000 35,000 36,000 35,000 35,000 36,000 36,000 35,000 35,000 36,000 36,000 16,000 40,000 41,000 23,000 4,000 21,000 35,000 -31,000 36,000 -3,477,000 550,000 1,353,000 1,043,000 1,672,000 671,000 398,000 316,000 -129,000 29,000 397,000 -180,000 95,000 293,000 292,000 198,000 116,000 408,000 187,000 209,000 
      purchase of fixed assets
    		                          -7,501,000 -6,942,000 -6,206,000 -3,718,000 -7,132,000 -3,425,000 -3,939,000 -4,339,000 -4,596,000 -5,086,000 -5,370,000 -5,928,000 -8,676,000 -5,759,000 -6,445,000 -4,622,000 -3,860,000 -4,501,000 -4,430,000 -3,623,000 -4,152,000 -5,466,000 -3,029,000 -3,628,000 -5,956,000 -6,836,000 -7,876,000 -7,431,000 
      beginning balance
    		                      1,445,000                                
      cumulative effect of adopting asu 2016-13 for premiums receivable
    		                      1,855,000                                
      beginning balance, as adjusted
    		                      3,300,000                                
      provision during the period for expected credit losses
    		                      8,169,000                                
      write-off amounts during the period
    		                      -1,658,000                                
      recoveries during the period of amounts previously written off
    		                      189,000                                
      ending balance
    		                      10,000,000                                
      decrease in loss and loss adjustment expense reserves
    		                     -32,835,000 -23,310,000                                
      assets
    		                                                      
      investments
    		                       53,146,000 103,778,000 4,061,224,000 69,908,000 110,040,000 3,724,116,000 68,174,000 58,660,000 3,600,498,000 66,399,000 54,522,000 3,433,315,000 -11,381,000 -83,596,000 3,443,363,000 18,121,000 72,878,000 3,316,704,000 -49,967,000 -28,460,000 3,204,757,000 47,483,000 -6,116,000 3,119,246,000  -80,041,000 91,748,000 3,025,854,000    
      note receivable
    		                       18,000 47,000 5,588,000 -2,000 -8,000 5,524,000                          
      liabilities
    		                                                      
      total return swap
    		                       -555,000 -590,000 2,312,000 -432,000 592,000 801,000                          
      options sold
    		                       -168,000 -311,000 716,000 -191,000 275,000 505,000 42,000 -181,000 285,000 -187,000 47,000 262,000 215,000 -837,000 888,000                 
      unsecured notes
    		                       9,728,000 11,763,000 372,638,000 -3,618,000 -10,425,000 375,161,000 5,674,000 5,426,000 374,633,000                       
      gain on sale of fixed assets
    		                                                      
      change in short-term investments and purchased options
    		                          7,861,000                            
      sale of fixed assets
    		                                1,000 0 2,000 32,000 46,000 58,000 2,000 56,000 151,000 157,000 306,000 147,000 471,000 560,000 833,000        
      net proceeds from issuance of senior notes
    		                             0 -629,000 371,640,000                       
      payoff of principal on loan and credit facilities
    		                             0 0 -320,000,000                       
      changes in short-term investments and purchased options
    		                            57,110,000                          
      employee taxes paid with shares related to share-based compensation
    		                                                      
      total return swaps
    		                                -4,315,000 -2,197,000 9,797,000 4,495,000 152,000 1,412,000  801,000 1,499,000              
      secured notes
    		                                0 0 140,000,000 0 0 140,000,000 0 0 140,000,000 0 0 140,000,000     196,000 -401,000 138,205,000    
      net decrease in short-term investments and purchased options
    		                              -17,504,000 115,294,000  -27,409,000 29,086,000 -9,211,000 20,865,000 198,620,000 -62,424,000                
      employee taxes paid for withheld shares related to share-based compensation
    		                                                      
      bond amortization
    		                                6,818,000 6,539,000 6,521,000 5,931,000 6,135,000 5,213,000 4,537,000 5,960,000 4,153,000 2,945,000 2,979,000 2,735,000 2,632,000 2,436,000 1,545,000     773,000 -767,000 -434,000 
      excess tax benefit from exercise of stock options
    		                                -91,000 0 -904,000 0 -24,000 -82,000 -164,000   -6,000 -252,000 0 0 -84,000 -32,000 -16,000 -8,000 -12,000 -20,000 -18,000 -17,000 -25,000 
      increase in premiums receivables
    		                                   -28,191,000 3,453,000 -22,214,000 -11,300,000 8,135,000 -26,448,000 -16,757,000 12,242,000 -22,916,000 -28,879,000 -7,528,000 -21,111,000    -15,341,000    
      change in current and deferred income taxes
    		                                4,623,000 15,239,000 2,632,000 -11,742,000 -17,978,000 -6,102,000 -24,176,000 30,165,000 10,643,000 15,187,000 -32,523,000 24,094,000 24,726,000 -35,561,000 21,683,000        
      increase in unpaid losses and loss adjustment expenses
    		                                   17,621,000 8,055,000 -4,597,000 9,883,000 8,985,000 5,061,000              
      changes in other payables
    		                                5,637,000 -4,696,000 1,598,000 587,000 2,125,000 7,543,000 -5,497,000 -2,326,000 -6,820,000 1,122,000             
      fixed maturities available-for-sale in nature:
    		                                                      
      equity securities available-for-sale in nature:
    		                                                      
      business acquisition, net of cash acquired
    		                                   0 0 7,771,000              0   
      unsecured note
    		                                0 0 150,000,000 0 0 150,000,000 20,000,000 0 130,000,000        -125,764,000 -1,630,000 127,394,000    
      increase in premium receivables
    		                                 5,660,000 -29,116,000                    
      increase in losses and loss adjustment expense reserves
    		                                 35,824,000 28,280,000                    
      equity contracts
    		                                      -287,000 209,000 426,000 -331,000 -297,000 628,000 -472,000 238,000 405,000  -1,424,000 -1,100,000 3,149,000    
      net decrease in short-term investments
    		                                        12,206,000 -85,668,000 -14,086,000 142,368,000  47,245,000 9,056,000   -27,934,000 31,760,000  29,871,000 21,872,000 
      decrease in unpaid losses and loss adjustment expenses
    		                                         3,498,000 -2,382,000 -26,705,000 99,000 23,935,000 -30,893,000 6,554,000 -2,259,000 -9,735,000 -43,486,000 -14,628,000 -22,944,000 -30,613,000 
      interest rate swap
    		                                                      
      interest rate swap agreements
    		                                          0 0 -139,000 -147,000 546,000  446,000 -1,708,000 2,610,000    
      change in other payables
    		                                           -417,000           
      increase in other payables
    		                                            8,892,000 -1,937,000 3,548,000  22,546,000 -7,082,000 9,195,000    
      net decrease in payable for securities
    		                                                      
      net decrease (increase) in short-term investments
    		                                                      
      payment to retire senior notes
    		                                               0       
      secured notes payable
    		                                            0 0 140,000,000        
      net increase in payable for securities
    		                                             -3,623,000 275,000 -4,015,000 -19,717,000 17,859,000 -3,264,000 4,053,000 -11,372,000 11,507,000 
      decrease in current and deferred income taxes
    		                                               23,222,000 -23,337,000 27,269,000 18,277,000 26,289,000   
      decrease in trading securities in nature, net of realized gains and losses
    		                                                   0   
      decrease in other payables
    		                                                   4,590,000 -1,380,000 -24,315,000 
      fixed maturities available for sale in nature:
    		                                                      
      net increase in short-term investments
    		                                               15,438,000       
      payoff bank loan
    		                                                      
      american mercury mga, inc.
    		                                                      
      concord insurance services, inc.
    		                                                      
      bond amortization (accretion)
    		                                                1,367,000 1,427,000 1,277,000    
      sale and write-off of fixed assets
    		                                                -4,183,000 1,899,000 554,000 104,000 56,000 10,000 
      net realized gains from sale of investments
    		                                                -3,785,000 3,537,000 7,776,000 -47,000 1,800,000 3,178,000 
      income taxes (received) paid
    		                                                     -8,757,000 
      decrease (increase) in premium notes receivable
    		                                                      
      decrease in deferred policy acquisition costs
    		                                                    897,000 1,075,000 
      mercury insurance company california automobile insurance company california general underwriters insurance company, inc. mercury insurance company of illinois mercury insurance company of georgia mercury indemnity company of georgia
    		                                                      
      mercury select management company, inc. american mercury mga, inc. concord insurance services, inc. mercury insurance services llc
    		                                                      
      decrease (increase) in premiums notes receivable
    		                                                     4,749,000 
      increase in liability for taxes
    		                                                     28,866,000 
      decrease in premiums receivable
    		                                                      
      decrease in premiums notes
    		                                                      
      decrease in unearned premiums
    		                                                      
      decrease (increase) in trading securities in nature, net of realized gains and losses
    		                                                      
      repayment of debt
    		                                                      
      california general underwriters insurance company
    		                                                      
      cash flows from operating activities:
    		                                                      
      increase in accrued income taxes payable, excluding deferred tax on change in unrealized gain
    		                                                      
      net increase in trading securities
    		                                                      
      cash flows from investing activities:
    		                                                      
      fixed maturities available for sale:
    		                                                      
      equity securities available for sale:
    		                                                      
      increase in payable for securities
    		                                                      
      cash flows from financing activities:
    		                                                      
      mortgage loan pay-off
    		                                                      
      end of the year
    		                                                      
      •
    		                                                      
      depreciation
    		                                                      
      increase in premium notes receivable
    		                                                      
      decrease (increase) in receivable for securities
    		                                                      
      decrease (increase) in short-term cash investments
    		                                                      
      adjustments to reconcile net income to net cash provided from operating activities:
    		                                                      
      increase in premiums collected in advance
    		                                                      
      increase in loss drafts payable
    		                                                      
      increase in accrued income taxes, excluding deferred tax on change in unrealized gain
    		                                                      
      decrease (increase) in receivable from securities
    		                                                      
      payments on esop loan
    		                                                      
      net income, as reported
    		                                                      
      deduct: total stock based employee compensation expense determined under fair value based method for all awards, net of related tax effect
    		                                                      
      pro forma net income
    		                                                      
      earnings per share:
    		                                                      
      basic—as reported
    		                                                      
      basic—pro forma
    		                                                      
      diluted—as reported
    		                                                      
      diluted—pro forma
    		                                                      
      increase in reinsurance recoveries
    		                                                      
      decrease (increase) in accrued income taxes, excluding deferred tax on change in unrealized gain
    		                                                      
      net cash provided from operating activities
    		                                                      
      increase in receivable from securities
    		                                                      
      increase in short-term cash investments
    		                                                      
      net payments under credit arrangements
    		                                                      
      proforma net income
    		                                                      
      basic–as reported
    		                                                      
      basic–pro forma
    		                                                      
      diluted–as reported
    		                                                      
      diluted–pro forma
    		                                                      
      decrease (increase) in accrued income taxes, excluding deferred tax on change in unrealized gain.
    		                                                      
      interest and dividends on fixed maturities
    		                                                      
      dividends on equity securities
    		                                                      
      interest on short-term cash investments
    		                                                      
      total investment income
    		                                                      
      investment expense
    		                                                      
      net investment income
    		                                                      
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.