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 2020-03-31 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 2014-09-30 2014-06-30 2014-03-31 2013-12-31 2013-09-30 2013-06-30 2013-03-31 2012-12-31 2011-03-31 2010-12-31 2010-09-30 2010-06-30 2010-03-31 2009-12-31 2009-09-30 2009-06-30 2009-03-31 2008-09-30 2008-06-30 2008-03-31 2007-12-31 2007-09-30 2007-06-30 2007-03-31 2006-12-31 2006-09-30 2006-06-30 2006-03-31 2002-06-30 2002-03-31 
      
    		                                                                      
      operating activities
    		                                                                      
      net income
    		1,446,000 21,921,000 -5,822,000 16,169,000 16,441,000 15,508,000 4,626,000 6,377,000 -49,434,000 10,627,000 -6,174,000 13,942,000 -9,125,000 -1,659,000 -3,560,000 32,140,000 12,199,000 92,050,000 7,735,000 14,305,000 -21,954,000 11,536,000 31,650,000 -24,450,000 31,228,000 28,423,000 11,856,000 17,342,000 28,949,000 19,518,000 41,455,000 54,848,000 33,834,000 43,082,000 19,317,000 34,949,000 10,276,000 33,158,000 37,814,000 65,114,000 34,778,000 49,942,000 46,731,000 70,865,000 63,357,000 50,451,000 112,850,000 101,266,000 47,693,000 102,053,000 51,052,000 40,381,000 38,112,000 84,577,000 55,201,000 53,882,000 28,366,000 22,247,000 43,318,000 35,868,000 51,363,000 43,112,000   35,790,000      
      adjustments to reconcile net income to net cash provided (used) by operating activities:
    		                                                                      
      depreciation and amortization, net of accretion
    		3,308,000 3,541,000 3,822,000 4,106,000 3,880,000 4,433,000 5,332,000 5,930,000 6,454,000 5,954,000 7,677,000 8,017,000 9,637,000 10,059,000 10,350,000 10,681,000 10,246,000 9,598,000 6,722,000 5,207,000 4,734,000 4,617,000 5,036,000 4,711,000 5,508,000 4,957,000 6,079,000 7,772,000 7,075,000 6,146,000 7,803,000  8,538,000 8,118,000 8,853,000  4,581,000 11,582,000 12,086,000  12,312,000                              
      increase in cash surrender value of boli
    		-928,000 -621,000 -618,000 -229,000 -1,101,000 -534,000 -452,000 -703,000 3,428,000 1,472,000 -656,000 -507,000 -421,000 61,000 888,000 -946,000 -623,000 -685,000 915,000 -454,000 -457,000 -459,000 -453,000 -458,000 -621,000 -455,000 -449,000 -461,000 -621,000 -442,000 -455,000    -460,000                                    
      gain on sale of intangible assets
    		0                                                                      
      gain on sale of capital assets
    		0                                                                      
      net investment (gains) losses
    		-840,000 -227,000 1,693,000 3,243,000 -2,251,000 -3,163,000 268,000 -10,672,000 2,702,000 -2,946,000 -2,912,000 -12,495,000 8,262,000 23,884,000 13,506,000                                                        
      share-based compensation
    		2,059,000 2,077,000 1,788,000 2,210,000 1,713,000 1,335,000 945,000 1,430,000 1,443,000 1,228,000 1,146,000 1,148,000 1,289,000 1,049,000 1,343,000 1,072,000 1,134,000 1,153,000 1,031,000 788,000 1,011,000 1,092,000 1,228,000 1,176,000 1,628,000 1,615,000 902,000 3,505,000 1,018,000 2,746,000 3,346,000 4,997,000 1,645,000 3,098,000 2,715,000 1,528,000 2,672,000 2,263,000 2,703,000 2,034,000 2,381,000 2,401,000 3,240,000 2,312,000 2,222,000 2,426,000 2,282,000 2,258,000 1,737,000 1,629,000 1,568,000 1,541,000 1,400,000 1,360,000 1,691,000 1,845,000 1,314,000 1,806,000 2,105,000 2,440,000           
      deferred income tax expense
    		2,667,000 5,992,000 10,000 5,952,000 3,775,000 1,841,000 1,253,000 1,680,000 -3,427,000 2,609,000 -2,630,000 1,413,000 -4,626,000 -1,998,000 -1,410,000 7,094,000 -3,962,000 459,000 -2,272,000 852,000 -10,224,000 -1,784,000 6,618,000 -12,025,000                                               
      policy acquisition costs, net of amortization
    		-16,000 1,362,000 -2,100,000 4,801,000 -2,786,000 2,578,000 -3,283,000 6,921,000 -4,258,000 979,000 -5,830,000 6,869,000 -1,904,000 2,378,000 -6,551,000 -1,011,000 -5,827,000 -4,486,000 -420,000 5,842,000 -599,000 1,052,000 -2,807,000 2,134,000 -4,057,000 -1,428,000 -504,000 1,430,000                                           
      equity in (earnings) loss of unconsolidated subsidiaries
    		-4,731,000 -4,584,000 -4,015,000 -5,820,000 -4,767,000 -8,653,000 -2,963,000 -1,341,000 61,000 -6,632,000 1,121,000 1,060,000 6,851,000 -5,179,000 -7,620,000 -15,015,000 -15,244,000 -11,927,000 -6,788,000 -10,144,000 1,562,000 5,152,000 810,000 3,299,000 -5,228,000 -5,379,000 -1,640,000 456,000 -4,165,000 -2,516,000 -1,808,000                                        
      distributed earnings from unconsolidated subsidiaries
    		4,998,000 3,930,000 4,867,000 8,396,000 6,639,000 4,343,000 1,778,000 8,327,000 2,370,000 1,502,000 3,176,000 1,778,000 9,260,000 5,064,000 14,176,000 14,243,000 7,566,000 7,697,000 5,658,000 6,828,000 1,585,000 5,360,000 1,938,000 7,313,000 19,311,000 -2,423,000 7,018,000                                            
      other
    		3,105,000 -1,981,000 1,421,000 -908,000 -37,000 1,587,000 -962,000 63,000 -29,000 948,000 -35,000 -37,000 -27,000 549,000 -1,056,000 -207,000 -392,000 859,000 -661,000 -196,000 -703,000 306,000 1,337,000 678,000 -306,000 44,000 752,000 656,000 -110,000 -271,000 -167,000 3,998,000 -80,000 -3,117,000 971,000 1,075,000 -149,000 4,182,000 -4,856,000 -2,804,000 400,000 -8,437,000 2,057,000 5,353,000 -2,311,000 248,000 -6,304,000 -84,000 -757,000 -13,794,000 2,320,000 7,817,000 -2,905,000 10,187,000 2,247,000 -12,751,000 -218,000 -30,748,000 10,287,000 1,135,000 2,345,000 14,909,000 -10,683,000 -11,410,000 5,336,000 6,190,000 -17,973,000 6,963,000 -4,078,000 408,000 
      change in:
    		                                                                      
      premiums receivable
    		-3,204,000 -5,471,000 -18,640,000 36,081,000 -16,609,000 13,898,000 -26,701,000 43,562,000 -20,264,000 7,764,000 -20,537,000 25,823,000 -26,867,000 15,879,000 -19,834,000 47,723,000 -229,000 32,876,000 -9,165,000 36,499,000 -22,442,000 10,298,000 -27,660,000 22,221,000 -4,042,000 -32,001,000 -9,559,000 24,601,000 -27,569,000 -10,399,000 -1,238,000 17,427,000 -12,882,000 -8,142,000 -2,849,000 22,873,000 -19,914,000 -10,721,000 -6,744,000 27,270,000 -14,620,000 -11,088,000 -16,698,000 15,776,000 -11,318,000 2,535,000 -13,098,000 21,478,000 -2,678,000 9,428,000 -13,174,000 11,012,000 950,000 9,802,000 -16,962,000 9,721,000 -13,603,000 3,782,000 11,266,000 -7,293,000 11,739,000 -4,112,000 16,884,000 -10,181,000 13,464,000 -6,888,000 18,451,000 -7,159,000   
      reinsurance related assets and liabilities
    		-3,111,000 9,641,000 8,181,000 40,802,000 -11,021,000 2,507,000 10,908,000 -22,568,000 8,097,000 11,001,000 -22,547,000 27,009,000 9,366,000 2,214,000 -18,113,000 21,716,000 4,422,000 3,077,000 -12,290,000 9,032,000 -4,623,000 4,747,000 -27,283,000 -1,044,000 -6,239,000 2,329,000 9,651,000 -11,048,000 -38,110,000 -9,719,000 2,428,000  -8,263,000    -1,798,000 2,115,000 -1,346,000  -2,701,000 -4,519,000 -12,609,000  -3,322,000 -7,287,000 9,099,000  -9,242,000  -835,000 2,910,000 5,083,000  -15,753,000 2,374,000 -2,284,000 25,296,000 50,971,000 -7,743,000  9,519,000 36,412,000 1,756,000  1,626,000 -587,000 -745,000   
      other assets
    		2,302,000 1,566,000 11,966,000 -3,697,000 -1,474,000 -2,070,000 -2,183,000 -10,334,000 5,648,000 -491,000 163,000 -4,430,000 5,750,000 -1,611,000 12,367,000 -8,645,000 10,531,000 -2,324,000 13,151,000 -424,000 14,268,000 -1,110,000 -1,447,000 -2,245,000 -2,930,000 -5,285,000 6,254,000 -1,980,000 3,801,000 2,414,000 -5,027,000 -746,000 392,000 237,000 15,782,000 -15,649,000 11,100,000 -1,990,000 -3,919,000 3,101,000 39,840,000 -4,214,000 -1,803,000 43,598,000 8,049,000 -15,946,000 -26,119,000 -7,598,000 650,000 16,676,000 -861,000                    
      reserve for losses and loss adjustment expenses
    		-15,967,000 -45,863,000 -3,362,000 -81,987,000 -27,857,000 -14,972,000 -18,769,000 5,630,000 -25,274,000 -48,354,000 -1,868,000 -73,781,000 -27,934,000 -30,384,000 23,306,000 -52,746,000 10,855,000 1,136,000 21,071,000 9,691,000 -15,478,000 36,465,000 39,148,000 20,020,000 21,010,000 22,016,000 8,420,000 7,683,000 48,833,000 -5,124,000 3,561,000 -4,591,000 5,218,000 -12,969,000 444,000 -16,935,000 -4,436,000 -17,533,000 -14,036,000 -89,189,000 -28,274,000 -30,054,000 -20,230,000 -75,290,000 -43,089,000 -24,234,000 -37,064,000 -123,876,000 -2,742,000 -79,830,000 -6,515,000 -10,969,000 1,082,000 -55,889,000 -36,197,000 -22,075,000 -12,496,000 -25,257,000 -48,742,000 -4,304,000 -37,178,000 -5,852,000 -30,888,000 26,477,000 15,630,000 49,116,000 37,267,000 52,261,000   
      unearned premiums
    		32,825,000 -38,143,000 44,892,000 -59,138,000 40,203,000 -39,250,000 43,226,000 -59,235,000 53,394,000 -34,140,000 50,746,000 -53,320,000 25,699,000 -36,122,000 52,732,000 -75,356,000 10,664,000 -54,993,000 13,699,000 -53,637,000 30,202,000 -15,684,000 42,396,000 -29,787,000 23,933,000 -5,562,000 27,743,000 -23,125,000 24,514,000 356,000 24,576,000 -33,921,000 21,270,000 -1,871,000 25,019,000 -39,930,000 31,537,000 -2,992,000 27,623,000 -45,468,000 28,124,000 -2,998,000 30,439,000 -25,314,000 21,105,000 -17,556,000 20,025,000 -28,425,000 19,548,000 -19,513,000 18,470,000 -36,804,000 23,572,000 -22,759,000 25,196,000 -27,375,000 38,959,000 2,413,000 -38,247,000 27,994,000 -30,015,000 1,860,000 -42,812,000 35,222,000 -34,672,000 206,000 -43,165,000 29,501,000   
      other liabilities
    		3,285,000 19,745,000 -53,480,000 29,781,000 9,274,000 7,762,000 -24,672,000 21,689,000 -9,820,000 16,480,000 -30,683,000 20,997,000 5,134,000 -2,120,000 -56,259,000 27,962,000 -2,462,000 13,066,000 -837,000 10,509,000 -17,604,000 -7,657,000 504,000 -6,811,000 12,575,000 -12,708,000 -3,592,000 12,396,000 17,299,000 -1,337,000 -7,393,000 6,025,000 11,430,000 11,205,000 -14,339,000 5,757,000 -2,622,000 10,357,000 -12,835,000 15,759,000 -4,643,000 8,754,000 -13,938,000 -6,725,000 -3,197,000 9,673,000 -36,320,000 20,684,000 -48,245,000 27,020,000 -4,233,000 13,271,000 -34,340,000 22,904,000 -14,944,000 -21,184,000 -46,393,000              
      net cash from operating activities
    		                                               29,894,000 24,861,000 30,565,000 32,707,000 28,143,000 47,776,000 59,468,000 3,867,000 4,042,000 8,032,000 43,053,000 39,458,000 59,500,000  112,487,000 7,702,000 87,022,000   -19,050,000 115,796,000 42,498,000 55,079,000 
      investing activities
    		                                                                      
      purchases of:
    		                                                                      
      fixed maturities, available-for-sale
    		-188,636,000 -160,741,000 -314,842,000 -119,706,000 -186,571,000 -233,506,000 -230,549,000 -157,749,000 -127,262,000 -65,468,000 -68,755,000 -121,660,000 -145,384,000 -109,189,000 -231,557,000 -268,587,000 -404,064,000 -423,321,000 -342,197,000 -227,608,000 -227,503,000                                                  
      equity investments
    		-955,000 -743,000 -1,052,000 -567,000 -1,097,000 -360,000 -80,000 -232,000 -422,000 -762,000 -170,000 -92,000 -4,549,000 -2,137,000 -28,129,000 -16,197,000 -20,889,000 -81,429,000 -38,232,000 -6,020,000 -23,136,000 -13,943,000 -25,016,000 -33,997,000 -78,106,000 -23,925,000 -67,129,000                                            
      other investments
    		-1,900,000 -7,000 -563,000 8,958,000 0 -1,162,000 -17,381,000 -8,950,000 -17,200,000 -2,896,000 -11,749,000 -11,297,000 -10,440,000 -4,379,000 -12,757,000 -12,853,000 -12,583,000 -15,269,000 -33,252,000 -9,184,000 -6,065,000 -9,167,000 -4,602,000 -9,596,000 -7,329,000 -8,120,000 -7,108,000 -14,917,000 -26,566,000 -4,949,000 -3,930,000 -2,781,000 -4,450,000 -1,759,000 -9,623,000 -8,006,000 -9,574,000 -6,498,000 -9,288,000 0 -5,574,000 -14,289,000 -5,246,000 -26,773,000 -4,121,000 -189,000 -3,616,000 -438,000  0 -128,000 -2,608,000 -2,647,000 0 -37,000 -149,000 -106,000 0 -1,000 -277,000 1,000 1,499,000 -480,000 -1,571,000   0 -364,000   
      investment in unconsolidated subsidiaries
    		-5,025,000 -3,619,000 -8,443,000 -8,678,000 -1,204,000 -8,092,000 -7,871,000 -19,065,000 -1,602,000 -6,691,000 -9,381,000 -14,043,000 -5,316,000 -10,444,000 -9,685,000 -34,334,000 -5,840,000 -4,157,000 -5,319,000 -7,325,000 -17,180,000 -10,797,000 -31,150,000 -23,645,000 -26,762,000 -5,749,000 -21,985,000 -11,653,000 -10,743,000 -14,174,000 -5,613,000 -11,839,000 -10,955,000 -7,515,000 -20,581,000 -18,302,000 -16,867,000 -10,859,000 -15,416,000 -21,901,000 -13,791,000 -7,608,000 -8,995,000    -6,614,000                        
      proceeds from sales or maturities of:
    		                                                                      
      net sales or (purchases) of fixed maturities, trading
    		695,000 3,223,000 -294,000 -1,086,000 7,000 -1,721,000 -1,553,000 -2,325,000 -333,000 -858,000 -1,395,000 257,000 1,693,000 3,670,000 -6,119,000 1,301,000 812,000 -1,040,000 3,163,000 4,510,000                                                   
      return of invested capital from unconsolidated subsidiaries
    		2,871,000 9,681,000 10,523,000 18,054,000 10,879,000 8,295,000 6,882,000 32,638,000 7,884,000 3,331,000 12,756,000 11,180,000 5,932,000 10,050,000 17,302,000 17,399,000 10,543,000 19,802,000 17,618,000 13,237,000 1,481,000 5,495,000 5,305,000 35,989,000 12,391,000 24,371,000 11,783,000                                            
      net sales or maturities (purchases) of short-term investments
    		-33,373,000 -12,562,000 11,132,000 -23,958,000 -10,081,000 -34,841,000 54,710,000 13,167,000 68,958,000 -63,495,000 -5,432,000 44,706,000 37,071,000 -92,934,000 -16,632,000 -65,466,000 200,098,000 -9,849,000 56,836,000 39,910,000 -7,441,000 -69,075,000 90,698,000 -103,627,000 8,460,000 136,077,000 82,976,000 -137,371,000 -30,712,000 11,458,000 160,792,000 -187,129,000 -48,226,000 -58,387,000 -29,130,000 38,793,000 -13,731,000 -29,609,000 16,479,000 -36,602,000 77,769,000 -11,599,000 110,843,000 -132,658,000 -28,702,000 61,965,000 -76,697,000 96,795,000   -49,080,000                    
      unsettled security transactions, net change
    		13,204,000 -13,128,000 12,007,000 -2,814,000 -3,397,000 4,976,000 3,077,000 -2,113,000 1,873,000 -968,000 3,407,000 -714,000 -17,095,000 13,583,000 -2,076,000 -20,064,000 10,489,000 12,391,000 27,025,000 -33,978,000 12,937,000 -9,611,000 5,440,000 251,000 -1,229,000 -25,465,000 22,421,000 8,904,000 -23,649,000 6,418,000 6,296,000 -15,277,000 -9,055,000 25,949,000 -229,000 2,812,000 -1,702,000 -8,017,000 9,246,000                                
      purchases of capital assets
    		-3,155,000 -31,000 -350,000 -2,361,000 -3,951,000 -1,743,000 -961,000 -1,445,000 -1,225,000 -1,190,000 -930,000 -869,000 -1,252,000 -1,421,000 -811,000 -640,000 -92,000 -1,865,000 -1,243,000 -813,000 -2,750,000 -2,470,000 -2,572,000 -1,964,000 -2,559,000 -3,277,000 -1,836,000 -1,865,000 -2,027,000 -2,058,000 -4,535,000 -3,125,000    -3,142,000                                   
      proceeds from sale of capital assets
    		0 0 19,308,000                                                                    
      proceeds from sale of intangible assets
    		0                                                                      
      net cash impact of deconsolidation of closed years of account from lloyd's syndicates operations
    		0 0 -11,102,000                                                                    
      net cash from investing activities
    		                                                                      
      continued on the following page.
    		                                                                      
      continued from the previous page.
    		                                                                      
      financing activities
    		                                                                      
      borrowings (repayments) under revolving credit agreement
    		-1,563,000 -1,562,000 -1,563,000 -1,562,000 -1,563,000                   0 0 -83,000,000 -40,000,000                                            
      capital contribution received from (return of capital to) external segregated portfolio cell participants
    		585,000 -1,201,000 -863,000     3,453,000 0 68,000 -18,000 -1,950,000 139,000 -2,032,000 -5,085,000 -1,262,000 -1,050,000 -8,011,000 -53,000 -1,764,000 204,000 -982,000 -562,000                                                
      net cash from financing activities
    		                                                                      
      increase in cash and cash equivalents
    		12,852,000 -1,936,000 -11,340,000 9,583,000 8,421,000 -28,523,000 -498,000 3,788,000 16,076,000 -10,400,000 26,475,000 -11,413,000 6,540,000 -37,269,000 -71,501,000 -59,351,000 42,157,000 -54,039,000 -947,000 -16,166,000 41,800,000 20,049,000 -8,641,000 -7,088,000 20,844,000 23,468,000 -91,248,000 15,490,000 1,542,000 15,545,000 -15,429,000 -11,556,000 -16,266,000 -52,143,000 -43,788,000 39,758,000 49,976,000 -52,210,000 6,536,000 -50,965,000 37,346,000 -85,584,000 166,860,000 -149,668,000 159,817,000 24,404,000 -23,721,000 20,892,000 8,653,000 2,587,000 2,977,000 -3,561,000 8,206,000 19,884,000 7,898,000 -10,272,000 19,673,000 -3,825,000 6,517,000 -28,402,000 36,555,000 -7,208,000 8,266,000 -27,669,000 5,578,000 -3,043,000 -9,539,000 1,644,000 12,072,000 18,366,000 
      cash and cash equivalents at beginning of period
    		0 0 54,881,000 0 0 0 65,898,000 0 0 0 29,959,000 0 0 0 143,602,000 0 0 0 215,782,000 0 175,369,000 0 80,471,000 0 0 0 134,495,000 0 0 0 117,347,000 0 0 0 241,100,000 0 0 0 197,040,000 0 0 0 129,383,000 0 0 0 118,551,000 0 50,851,000 0 0 0 40,642,000  0 0 3,459,000 0 -8,816,000 39,090,000  0 0 29,146,000  0 0 34,506,000 0 53,163,000 
      cash and cash equivalents at end of period
    		12,852,000 -1,936,000 43,541,000 9,583,000 8,421,000 -28,523,000 65,400,000 3,788,000 16,076,000 -10,400,000 56,434,000 -11,413,000 6,540,000 -37,269,000 72,101,000 -59,351,000 42,157,000 -54,039,000 214,835,000 -16,166,000 217,169,000 20,049,000 71,830,000 -7,088,000 20,844,000 23,468,000 43,247,000 15,490,000 1,542,000 15,545,000 101,918,000 -11,556,000 -16,266,000 -52,143,000 197,312,000 39,758,000 49,976,000 -52,210,000 203,576,000 -50,965,000 37,346,000 -85,584,000 296,243,000 -149,668,000 159,817,000 24,404,000 94,830,000 20,892,000 59,504,000 2,587,000 2,977,000 -3,561,000 48,848,000 19,884,000 7,898,000 -10,272,000 23,132,000 -3,825,000 -2,299,000 10,688,000 36,555,000 -7,208,000 8,266,000 1,477,000 5,578,000 -3,043,000 -9,539,000 36,150,000 12,072,000 71,529,000 
      significant non-cash transactions
    		                                                                      
      operating lease liabilities arising from obtaining rou assets
    		   0 188,000 0 1,988,000                                                                
      increase in fair value of contingent consideration issued in norcal acquisition
    		   0 0   -3,000,000 -1,500,000 -2,000,000 -2,000,000                                                            
      net cash provided (used) by operating activities
    		 -28,065,000 -11,609,000 -238,000 14,022,000 -12,850,000 -11,649,000 -3,244,000 15,201,000 -31,999,000 -29,843,000 -36,514,000 10,344,000 -17,936,000 14,265,000 4,607,000 38,348,000 2,315,000 28,700,000 19,170,000 -12,049,000 44,623,000 34,392,000 30,871,000 80,828,000 -7,788,000 73,354,000 50,965,000 44,017,000 -4,465,000 58,479,000 40,128,000 42,761,000   6,437,000 51,771,000 16,909,000 36,843,000 -5,081,000 71,949,000 -1,301,000 30,435,000 14,641,000 36,233,000 835,000 -13,107,000                        
      net cash provided (used) by investing activities
    		 30,123,000 4,110,000 16,396,000 -3,754,000 -14,090,000 12,120,000 3,804,000 31,409,000 46,263,000 59,663,000 29,752,000 -636,000 -13,979,000 -77,134,000 -59,995,000 45,398,000 -44,668,000 -26,261,000 -30,483,000 71,825,000 -6,588,000 3,868,000 -19,886,000 -43,115,000 131,791,000 146,107,000 -27,635,000 -2,769,000 58,497,000 196,574,000 -135,211,000 -47,454,000 -64,439,000 -31,835,000 57,469,000 56,656,000 15,255,000 98,407,000 27,045,000 26,548,000 -25,952,000 239,339,000 -369,530,000 266,507,000 39,032,000 -3,812,000 40,576,000 803,000  27,688,000 5,994,000 -38,392,000  317,000 1,736,000 32,960,000 -15,699,000 -12,530,000 -64,490,000           
      net cash provided (used) by financing activities
    		 -3,994,000 -3,841,000 -6,575,000 -1,847,000 -1,583,000 -969,000 3,228,000 -30,534,000 -24,664,000 -3,345,000 -4,651,000 -3,168,000 -5,354,000 -8,632,000 -3,963,000 -41,589,000 -11,686,000 -3,386,000 -4,853,000 -17,976,000 -17,986,000 -46,901,000 -18,073,000 -16,869,000 -100,535,000 -310,709,000 -7,840,000 -39,706,000 -38,487,000 -270,482,000 83,527,000 -11,573,000 -16,953,000 -68,935,000 -24,148,000 -58,451,000 -84,374,000 -128,714,000 -72,929,000 -61,151,000 -58,331,000 -102,914,000 205,221,000 -142,923,000 -15,463,000 -6,802,000 -49,578,000 -17,011,000  -57,418,000 -37,698,000 -1,178,000  3,714,000 -16,050,000 -21,319,000 -31,179,000 -20,411,000 -23,412,000           
      (gain) loss on sale of property
    		  -2,212,000                                                                    
      goodwill impairment
    		       0            0                                                   
      repayments of senior notes
    		                                                                      
      repurchase of common stock
    		       0 -30,517,000   0                    0 0 -805,000 -1,301,000 -7,594,000 -41,877,000 -66,144,000 -57,157,000 -59,214,000 -43,553,000 -40,617,000 -78,976,000 -27,099,000                           
      dividends to shareholders
    		       0 0 -2,691,000 -2,688,000 -2,688,000 0 -5,389,000 -2,691,000 -2,691,000 -2,691,000 -2,690,000 -2,686,000 -2,686,000 -16,714,000 -16,618,000 -43,338,000 -16,582,000 -16,581,000 -16,579,000 -266,734,000 -16,524,000 -16,524,000 -16,516,000 -265,664,000 -16,458,000 -16,461,000 -16,455,000 -69,438,000 -16,468,000 -16,747,000 -17,200,000 -167,211,000 -17,432,000 -17,597,000 -17,865,000 -18,358,000 -15,533,000 -15,522,000   -177,196,000                       
      supplemental disclosure of cash flow information
    		                                                                      
      cash paid (refunded) during the year for income taxes
    		                                                                      
      cash paid during the year for interest
    		                                                                      
      dividends declared and not yet paid
    		          2,701,000 0   2,702,000 -2,000 0 1,000 2,699,000 0 16,691,000 -4,000 16,660,000 26,824,000 -1,008,000 1,014,000 16,616,000 250,734,000 34,000 8,000 16,516,000 249,197,000 1,000 16,000 16,445,000 52,993,000 -274,000 -462,000 17,190,000                                
      gain on bargain purchase
    		               0 0                                                      
      cash paid for acquisitions, net of cash acquired
    		               0 0                                                      
      borrowings under revolving credit agreement
    		                                                                      
      repayments of mortgage loans
    		               0 -19,745,000 -15,978,000 -390,000 -375,000  -362,000 -362,000  -349,000 -349,000 -349,000                                            
      purchase of non-controlling interest
    		               0                                                       
      operating rou assets obtained in exchange for operating lease liabilities
    		           0    412,000 0   873,000                                                   
      fair value of contribution certificates issued in norcal acquisition
    		               0 0                                                      
      fair value of contingent consideration in norcal acquisition
    		               0 0                                                      
      adjustments to reconcile net income to net cash from operating activities:
    		                                                                      
      adjustments to reconcile income to net cash from operating activities:
    		                                                                      
      repayments (advances) under syndicate credit agreement
    		                     30,002,000 -212,000 694,000 172,000 16,930,000 -17,980,000                                            
      net realized investment (gains) losses
    		                -530,000 -10,833,000 -8,849,000 -15,528,000 28,673,000 -9,308,000 -36,623,000 46,139,000 -12,373,000 -2,795,000 12,517,000 2,401,000 -7,749,000 2,219,000 -13,280,000 -16,561,000 -15,736,000 -10,930,000 8,352,000 6,019,000            -6,515,000 -4,124,000 -8,535,000 -14,712,000 3,501,000 2,404,000 -7,970,000 -7,275,000 -5,084,000 7,537,000 34,236,000 5,349,000 1,426,000 4,375,000 -1,321,000   79,000 510,000     
      other changes in assets and liabilities:
    		                                                                      
      purchases of intangible assets
    		                           0                                           
      funding of qualified affordable housing project tax credit partnerships
    		                   -276,000 -281,000 -75,000 -247,000  0                                              
      repayments under revolving credit agreement
    		                            -26,000,000                                          
      cash paid during the year for income taxes, net of refunds
    		                                                                      
      repayments under syndicate credit agreement
    		                                                                      
      fixed maturities, trading
    		                    -407,000 128,000 -4,614,000 -5,458,000 -3,087,000 -25,837,000 -4,162,000                                            
      proceeds (repayments) of mortgage loans
    		                    -376,000                                                  
      fixed maturities, available for sale
    		                     -171,830,000 -179,107,000 -63,579,000 -164,668,000 -184,579,000 -367,872,000 -164,723,000 -90,637,000 -198,716,000 -160,364,000 -96,007,000 -167,190,000 -173,590,000 -199,590,000 -114,329,000 -90,696,000 -160,430,000 -215,122,000 -133,220,000 -146,473,000 -235,110,000 -130,311,000 -113,009,000 -98,713,000 -206,613,000 -100,826,000 -112,418,000                       
      continued on following page.
    		                                                                      
      capital contribution received from (return of capital to) external segregated portfolio cell owners
    		                        62,000                                              
      deferred income taxes
    		                         864,000 -2,094,000 9,337,000 -7,666,000 -7,032,000 7,054,000 8,484,000 -4,057,000 2,092,000 2,015,000 -1,272,000 -16,155,000 -5,923,000 7,356,000 1,351,000 -3,065,000 1,736,000 6,773,000 1,517,000 10,629,000 -2,046,000 14,559,000 30,277,000 13,906,000 -919,000 -6,811,000 -2,980,000 6,310,000 1,597,000 2,679,000 19,540,000 2,798,000 5,177,000 -142,000 8,046,000           
      external capital contribution received for segregated portfolio cells
    		                          251,000 -53,000 2,827,000 48,000 114,000 249,000 4,963,000 404,000 4,336,000                                    
      equity securities, trading
    		                           -79,941,000 -26,062,000 -66,454,000 -35,400,000 -36,074,000 -17,502,000 -35,590,000 -23,746,000 -60,171,000 -57,827,000 -55,984,000 -97,626,000 -33,879,000 -29,980,000 -35,030,000 -20,976,000 -14,312,000 -19,953,000 -26,356,000 -26,983,000 -36,547,000                       
      distributions from unconsolidated subsidiaries
    		                           9,567,000 13,340,000 16,176,000 17,848,000 9,227,000 2,540,000 3,537,000 1,643,000 4,627,000 9,771,000 9,460,000 4,159,000 1,578,000                               
      proceeds from mortgage loans
    		                                                                      
      funding of qualified affordable housing tax credit limited partnerships
    		                            -74,000 -283,000 -37,000 -56,000 -7,000 -254,000 -702,000 -11,574,000                                   
      policy acquisition costs, net amortization
    		                             -1,024,000 -2,376,000 2,800,000 -1,896,000 -2,755,000 -570,000 3,274,000 -3,264,000 -3,444,000 -2,164,000 5,259,000 -714,000 -2,165,000 -2,370,000 1,246,000 -2,821,000 -1,082,000 -3,163,000                        
      amortization, net of accretion
    		                                                                      
      depreciation
    		                                                                      
      equity in earnings of unconsolidated subsidiaries
    		                               -845,000 3,348,000                                      
      other changes in assets and liabilities, excluding effect of business combinations:
    		                                                                      
      receivable from reinsurers on paid losses and loss adjustment expenses
    		                                                                      
      receivable from reinsurers on unpaid losses and loss adjustment expenses
    		                                                                      
      prepaid reinsurance premiums
    		                                                                      
      reinsurance premiums payable
    		                                                                      
      continued from previous page
    		                                                                      
      cash received in (paid in) acquisition
    		                                                                      
      funds at lloyd's in support of syndicate 1729, returned
    		                                                                      
      increase in restricted cash
    		                                       0 0 0 78,000,000                            
      borrowing under revolving credit agreement
    		                                   0 0 0 100,000,000                                
      excess tax benefit from share-based payment arrangements
    		                                                 1,748,000                     
      deposit transferred as consideration for acquisition
    		                                       0 0 0 205,244,000 0 0 0 153,700,000                        
      equity in earnings of unconsolidated subsidiaries, excluding income distributions received
    		                                  3,411,000 1,011,000                                   
      reinsurance related assets and liabilities*
    		                                  -11,679,000                                    
      net cash provided (used) by operating activities*
    		                                  56,982,000                                    
      gain on acquisition
    		                                           3,672,000 -494,000 0 -35,492,000                        
      deposit made for future acquisition
    		                                                                      
      proceeds from debt
    		                                                                      
      repayment of debt
    		                                                                    -2,500,000 -2,500,000 
      cash received in acquisitions
    		                                        0                              
      net realized investment gains
    		                                     3,828,000 -4,839,000 -6,995,000 8,131,000 -13,046,000 -2,744,000 -20,254,000 -12,499,000 -8,471,000 -26,680,000                        
      equity in earnings of unconsolidated subsidiaries, excluding distributions received and tax credit partnership amortization
    		                                                                      
      funding of tax credit limited partnerships
    		                                     -69,000 -590,000 -172,000 -3,091,000 -3,537,000 -1,811,000 -4,688,000 -26,469,000 -2,165,000 -30,167,000 -6,287,000                       
      gain on extinguishment of debt
    		                                               0                       
      increase in cash surrender value of business owned life insurance
    		                                                                      
      proceeds from long-term debt
    		                                                                      
      repayment of long-term debt
    		                                           -2,183,000                           
      other investment interest converted to equity securities
    		                                                                      
      unsettled security transactions
    		                                        -19,993,000 15,842,000 4,024,000 2,949,000 358,000 -21,580,000 18,478,000 1,453,000 39,092,000 8,038,000 2,746,000                    
      depreciation and amortization
    		                                          11,587,000  9,922,000 12,124,000 12,318,000  9,115,000  6,438,000 7,025,000 6,108,000  5,145,000 5,149,000 4,052,000 4,480,000 3,965,000 3,756,000  3,938,000 3,866,000 3,923,000  4,385,000 5,249,000 5,591,000   
      cash received from acquisitions
    		                                          35,013,000  0 0 22,780,000                        
      (investment in) distributions from unconsolidated subsidiaries
    		                                           -2,188,000 2,117,000                          
      equity securities, available for sale
    		                                                                      
      cash received from (paid for) acquisitions
    		                                                                      
      funding for syndicate 1729
    		                                                                      
      cash received (paid) for other assets
    		                                           -2,991,000 -4,682,000 -2,524,000 -1,047,000 1,241,000 -12,227,000                      
      net cash paid during the year for income taxes
    		                                                                      
      (investments in) distributions from unconsolidated subsidiaries
    		                                               -3,170,000                       
      cash paid for acquisitions, net of cash received
    		                                                     -301,000 287,000 -120,595,000 -3,900,000              
      redemption of business owned life insurance
    		                                                                      
      repayment of long-term debt and related swap
    		                                               0                       
      other investments transferred, at fair value, to fixed maturities
    		                                                                      
      changes in assets and liabilities:
    		                                                                      
      proceeds from sale or maturities of:
    		                                                                      
      policy acquisition costs deferred, net of related amortization
    		                                                                      
      fixed maturities available for sale
    		                                                -252,043,000 -177,025,000 -205,050,000 -219,911,000 -238,380,000 -175,280,000 -324,136,000 -248,561,000 -182,191,000 -164,317,000 -192,186,000 -276,176,000 -331,013,000 -400,195,000 -293,140,000 -370,347,000 -471,200,000 -502,847,000 -642,799,000 -768,140,000   
      equity securities available for sale
    		                                                3,589,000     -580,000 0 -102,000 -38,000 -304,000 0 -2,346,000 -291,000 -439,000 -123,000 -95,000    235,000   
      equity securities trading
    		                                                -15,750,000 -862,000 -5,031,000 -4,486,000 -3,933,000 -9,878,000 -18,392,000 -3,408,000 -1,478,000              
      (investments in) distributions from unconsolidated subsidiaries, net:
    		                                                                      
      tax credit limited partnerships
    		                                                                      
      other partnership investments
    		                                                                      
      net sales or maturities (purchases) of short-term investments, excluding unsettled redemptions
    		                                                22,948,000                      
      dividend to shareholders
    		                                                                      
      changes in assets and liabilities, excluding the effects of business combinations:
    		                                                                      
      cash invested in unconsolidated subsidiaries
    		                                                -15,000,000  9,615,000    0 -407,000 -2,135,000 -935,000 -1,706,000 -20,960,000           
      repurchase of treasury shares
    		                                                -14,993,000           -23,436,000           
      adjustments to reconcile income to net cash from operating activities
    		                                                                      
      changes in assets and liabilities, excluding effect of business combinations:
    		                                                                      
      receivable from reinsurers on paid losses and loss adjustment expense
    		                                                                      
      cash investment in unconsolidated subsidiaries
    		                                                                      
      net sales or maturities of short-term investments, excluding unsettled redemptions
    		                                                                      
      net cash from (used by) investing activities
    		                                                                     -34,213,000 
      book overdraft
    		                                                      12,339,000 -1,000 -2,677,000 -8,163,000             
      net cash from (used by) financing activities
    		                                                                     -2,500,000 
      loss on extinguishment of debt
    		                                                                      
      changes in assets and liabilities due to operating activities:
    		                                                                      
      repurchase of treasury stock
    		                                                  -55,258,000    -2,069,000 -17,432,000 -18,642,000 -17,343,000             
      debt repayment
    		                                                  -76,000                    
      significant non-cash transactions:
    		                                                                      
      common shares issued in acquisition
    		                                                                      
      changes in assets and liabilities, net of the effects of acquisitions:
    		                                                                      
      excess of tax benefit from options exercised
    		                                                                      
      net sales or maturities (purchases) of short-term investments excluding unsettled redemptions
    		                                                    35,252,000                  
      net
    		                                                                      
      cash and cash equivalents at beginning at period
    		                                                                      
      common stock issued in acquisition, from treasury
    		                                                      0                
      unsettled redemption of short-term money market investment
    		                                                                      
      equity increase due to conversion of debt
    		                                                                      
      net increase in short-term investments
    		                                                        81,872,000  -24,278,000 -53,112,000 59,134,000 10,365,000 37,083,000 -142,331,000 55,161,000 -34,084,000 326,662,000 -431,154,000   
      treasury stock issued in acquisition
    		                                                        5,161,000              
      net sales (purchases) of trading portfolio securities
    		                                                         -379,000 -672,000 -1,825,000           
      net increase in short-term investments, excluding unsettled redemptions
    		                                                                      
      excess tax benefit from options exercised
    		                                                         140,000    30,000    217,000     
      fixed maturity securities transferred, at fair value, to other investments
    		                                                               34,732,000       
      equity increase due to conversion of debt— see notes 7 and 8
    		                                                                      
      continuing operations:
    		                                                                      
      income from discontinued operations, net of tax
    		                                                                      
      amortization
    		                                                                      
      net (purchases) sales of trading portfolio securities
    		                                                                      
      taxes paid related to gain on sale of discontinued operations
    		                                                                      
      receivable from reinsurers
    		                                                                      
      net cash from operating activities of continuing operations
    		                                                                48,362,000      
      cash proceeds, net of sales expenses of 4,080, from sale of personal lines operations
    		                                                                      
      net cash used by investing activities of continuing operations
    		                                                               -114,816,000 -43,269,000 -40,982,000 9,479,000 -114,873,000   
      net cash from (used by) financing activities of continuing operations
    		                                                                      
      stock-based compensation
    		                                                             2,635,000 1,489,000 2,253,000 861,000 858,000 955,000 1,995,000   
      proceeds from sale of discontinued operations, net of sales expense paid of 4,080
    		                                                                   371,037,000   
      proceeds from options exercised
    		                                                                      
      treasury stock repurchased
    		                                                                      
      fixed maturities securities received as proceeds from sale of discontinued operations
    		                                                                 0     
      fixed maturity securities, available-for-sale, transferred to other investments, at fair value
    		                                                                      
      common stock issued in acquisition
    		                                                                      
      net purchases of trading portfolio securities
    		                                                                 2,916,000     
      net cash used by investing activities
    		                                                                      
      cash received from options exercised
    		                                                                 0     
      purchases of treasury stock
    		                                                                      
      fixed maturity securities transferred, at fair value, from available-for-sale to other investments
    		                                                                      
      income from continuing operations
    		                                                               36,090,000   29,991,000 27,835,000   
      net realized investment (gains) losses and net purchases of trading portfolio securities
    		                                                               2,892,000    -446,000   
      cash received from options exercises
    		                                                               116,000       
      excess tax benefit from options exercises
    		                                                               9,000       
      net cash from financing activities of continuing operations
    		                                                               125,000 485,000 217,000 32,000 721,000   
      net proceeds from long-term debt
    		                                                                      
      gain on sale of discontinued operations
    		                                                                      
      cash proceeds, net of sale expenses of 4,080 from sale of discontinued operations
    		                                                                      
      discontinued operations:
    		                                                                      
      net cash from operating activities of discontinued operations
    		                                                                      
      net cash from investing activities of discontinued operations
    		                                                                      
      net cash from financing activities of discontinued operations
    		                                                                      
      supplemental disclosure of cash flow information:
    		                                                                      
      taxes paid, net of refunds
    		                                                                      
      cash proceeds, net of sale expenses of 4,080 and taxes of 54,565, from sale of discontinued operations
    		                                                                      
      cash received from option exercises
    		                                                                   119,000   
      excess tax benefits from option exercises
    		                                                                   602,000   
      fixed maturity securities received as proceeds from sale of discontinued operations
    		                                                                   24,819,000   
      trading portfolio securities, excluding net holding gains
    		                                                                      
      business owned life insurance
    		                                                                      
      cash proceeds from sale of discontinued operations
    		                                                                      
      cash acquired in purchase transaction net of cash from transaction of 2,684
    		                                                                      
      purchases of fixed maturities available for sale
    		                                                                    -163,834,000 -234,996,000 
      purchases of equity securities available for sale
    		                                                                    -10,652,000 -4,041,000 
      proceeds from sale or maturities of fixed maturities available for sale
    		                                                                    174,447,000 163,961,000 
      proceeds from sale of equity securities available for sale
    		                                                                    2,874,000 2,906,000 
      net decrease in short-term investments
    		                                                                      
      cash from consolidation with professionals group
    		                                                                      
      cash acquired in consolidation with professionals group
    		                                                                      
      proceeds from long term debt
    		                                                                      
      purchase of treasury stock
    		                                                                      
      net cash used by financing activities
    		                                                                      
      net decrease (increase) in short-term investments
    		                                                                     37,549,000 
    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.