Safety Insurance Group, Inc
(NASDAQ:SAFT)

Safety Insurance Group, Inc. provides private passenger and commercial automobile, and homeowner insurance in the United States. The company's private passenger automobile policies offer coverage for bodily injury and property damage to others, no-fault personal injury coverage for the insured/insur...

Website: http://www.safetyinsurance.com

Founded: 1979

Full Time Employees: 609

Sector: Financial Services

Industry: Insurance-Property & Casualty

Insurance

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2019-12-31	2019-09-30	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	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-09-30	2004-06-30	2004-03-31

net earned premiums	290,986,000	293,187,000	291,021,000	282,113,000	272,690,000	269,050,000	258,657,000	246,944,000	236,053,000	226,029,000	214,425,000	202,225,000	191,735,000	193,153,000	189,931,000	188,333,000	187,088,000	192,786,000	194,395,000	194,297,000	192,850,000	196,438,000	194,843,000	181,902,000	197,895,000	199,450,000	198,410,000	196,426,000	194,491,000	198,461,000	196,968,000	194,125,000	192,033,000	-577,284,580	195,524,000	192,824,000	189,711,000	192,001,000	190,712,000	187,393,000	185,654,000	186,571,000	186,582,000	182,447,000	182,564,000	182,478,000	180,277,000	178,150,000	175,970,000	172,246,000	169,550,000	166,439,000	162,493,000	159,070,000	155,536,000	151,254,000	148,720,000	144,646,000	139,190,000	136,143,000	133,157,000	133,059,000	131,306,000	135,350,000	141,251,000	147,002,000	150,748,000	153,925,000	153,590,000	154,146,000	156,748,000	156,261,000	157,778,000	152,380,000	157,521,000	156,514,000	156,416,000	149,473,000	146,584,000	143,926,000
net investment income	17,038,000	16,899,000	15,535,000	15,724,000	14,574,000	14,779,000	12,210,000	13,500,000	15,231,000	14,882,000	14,005,000	13,836,000	13,654,000	13,388,000	11,112,000	11,635,000	10,590,000	11,717,000	11,112,000	9,774,000	11,532,000	10,701,000	9,718,000	9,916,000	10,710,000	12,393,000	11,947,000	10,574,000	11,751,000	11,949,000	11,120,000	10,188,000	10,531,000	-28,274,242	9,503,000	9,715,000	9,095,000	10,178,000	8,967,000	9,641,000	9,627,000	9,710,000	9,950,000	10,317,000	10,557,000	11,012,000	10,809,000	9,909,000	10,573,000	10,023,000	9,727,000	10,387,000	10,142,000	10,500,000	9,909,000	10,081,000	9,470,000	10,165,000	10,108,000	10,857,000	10,792,000	11,093,000	10,706,000	10,422,000	11,710,000	11,207,000	11,528,000	10,780,000	11,039,000	10,737,000	10,344,000	9,834,000	9,378,000	5,762,750	7,939,000	7,653,000	7,459,000
earnings from partnership investments	3,905,000	3,074,000	2,929,000	346,000	2,112,000	1,674,000	4,345,000	2,480,000	1,772,000	394,000	2,427,000	553,000	2,166,000	2,809,000	876,000	5,967,000	2,832,000	7,204,000	5,720,000	2,614,000	4,291,000	4,312,000	4,699,000	-3,449,000	1,339,000	506,000	-139,000	735,000	835,000	376,000	1,188,000	487,000	4,864,000	-1,230,918	351,000	769,000	113,000	96,000	802,000	1,409,000	878,000	951,000	859,000	577,000
net realized gains on investments	6,631,000	10,250,000	1,338,000	2,131,000	4,263,000	3,199,000	1,314,000	2,715,000	492,000	216,000	270,000	108,000	733,000	577,000	1,251,000	3,152,000	4,210,000	6,378,000	2,226,000	3,406,000	2,875,000	1,640,000	669,000	-721,000		1,463,000	1,194,000	483,000	-164,000	278,000	53,000	1,589,000	1,306,000	-4,819,964	2,717,000	567,000	1,542,000	631,000	4,891,000	360,000	-323,000	-397,000	-310,000	-173,000	411,000	-486,000	284,000	379,000	20,000	657,000	140,000	402,000	153,000	617,000	456,000	1,844,000	1,277,000		363,000		110,000		1,000			2,072,000	31,000		71,000					113,500	58,000		407,000	712,000	87,000	517,000
change in net unrealized gains on equity securities	-11,497,000	-14,035,000	6,310,000	7,194,000	-271,000	-10,929,000	10,698,000	-3,483,000	7,665,000	-537,000	-9,184,000	6,266,000	770,000	-14,070,750	-14,364,000	-28,885,000	-13,034,000	2,853,500	-3,447,000	8,654,000
credit loss benefit	-348,000	966,000	487,000			346,000	-158,000							221,000	-207,000			38,000	-49,000	193,000	181,000	-572,250	182,000
commission income	2,150,000	2,703,000	2,415,000	2,285,000	2,095,000	2,144,000	1,963,000	2,027,000	1,808,000	1,773,000	1,918,000	1,758,000	1,483,000
finance and other service income	5,801,000	6,291,000	6,589,000	6,485,000	6,287,000	6,456,000	6,253,000	5,637,000	5,354,000	5,428,000	5,094,000	4,732,000	4,140,000	3,992,000	3,749,000	3,403,000	3,317,000	3,581,000	3,751,000	3,937,000	3,972,000	4,620,000	4,768,000	3,255,000	4,229,000	4,293,000	4,371,000	4,084,000	4,085,000	4,412,000	4,362,000	4,292,000	4,467,000	-13,354,927	4,690,000	4,374,000	4,309,000	4,421,000	4,713,000	4,284,000	4,285,000	4,569,000	4,623,000	4,434,000	4,507,000	4,763,000	4,749,000	4,508,000	4,524,000	4,768,000	4,584,000	4,568,000	4,743,000	4,521,000	4,505,000	4,856,000	4,470,000	4,405,000	4,770,000	4,576,000	4,296,000	4,197,000	4,293,000	4,088,000	4,584,000	4,515,000	4,498,000	3,995,000	3,993,000	3,812,000	3,737,000	3,720,000	3,859,000	4,480,000	4,322,000	3,977,000	3,969,000	4,098,000	3,855,000	3,745,000
total revenue	314,666,000	319,335,000	326,624,000	316,344,000	301,429,000	286,719,000	295,282,000	269,783,000	268,233,000	258,396,000	229,358,000	229,443,000	213,759,000	226,603,000	192,348,000	183,605,000	195,003,000	226,420,000	213,708,000	222,875,000	221,908,000	235,034,000	222,400,000	207,770,000	181,044,000	223,899,000	215,273,000	216,002,000	222,579,000	202,901,000	215,907,000	207,970,000	209,719,000	-624,708,887	212,529,000	208,249,000	204,770,000	206,958,000	210,085,000	202,950,000	199,829,000	201,042,000	201,270,000	197,602,000	198,039,000	198,645,000	196,119,000	192,946,000	191,087,000	187,694,000	184,001,000	181,796,000	177,531,000	174,708,000	170,406,000	168,035,000	163,937,000	158,797,000	154,431,000	151,398,000	148,355,000	148,329,000	146,306,000	149,542,000	156,498,000	164,796,000	166,805,000	168,538,000	168,693,000	169,314,000	170,829,000	169,628,000	170,941,000	165,233,000	169,840,000	168,133,000	168,251,000	161,149,000	157,159,000	155,011,000
yoy	4.39%	11.38%	10.61%	17.26%	12.38%	10.96%	28.74%	17.58%	25.48%	14.03%	19.24%	24.97%	9.62%	0.08%	-9.99%	-17.62%	-12.12%	-3.67%	-3.91%	7.27%	22.57%	4.97%	3.31%	-3.81%	-18.66%	10.35%	-0.29%	3.86%	6.13%	-132.48%	1.59%	-0.13%	2.42%	-401.85%	1.16%	2.61%	2.47%	2.94%	4.38%	2.71%	0.90%	1.21%	2.63%	2.41%	3.64%	5.83%	6.59%	6.13%	7.64%	7.43%	7.98%	8.19%	8.29%	10.02%	10.34%	10.99%	10.50%	7.06%	5.55%	1.24%	-5.20%	-9.99%	-12.29%	-11.27%	-7.23%	-2.67%	-2.36%	-0.64%	-1.32%	2.47%	0.58%	0.89%	1.60%	2.53%	8.07%	8.47%
qoq	-1.46%	-2.23%	3.25%	4.95%	5.13%	-2.90%	9.45%	0.58%	3.81%	12.66%	-0.04%	7.34%	-5.67%	17.81%	4.76%	-5.85%	-13.88%	5.95%	-4.11%	0.44%	-5.58%	5.68%	7.04%	14.76%	-19.14%	4.01%	-0.34%	-2.95%	9.70%	-6.02%	3.82%	-0.83%	-133.57%	-393.94%	2.06%	1.70%	-1.06%	-1.49%	3.52%	1.56%	-0.60%	-0.11%	1.86%	-0.22%	-0.31%	1.29%	1.64%	0.97%	1.81%	2.01%	1.21%	2.40%	1.62%	2.52%	1.41%	2.50%	3.24%	2.83%	2.00%	2.05%	0.02%	1.38%	-2.16%	-4.44%	-5.04%	-1.20%	-1.03%	-0.09%	-0.37%	-0.89%	0.71%	-0.77%	3.45%	-2.71%	1.02%	-0.07%	4.41%	2.54%	1.39%
losses and loss adjustment expenses	247,490,000	207,678,000	204,982,000	194,232,000	190,290,000	193,007,000	182,489,000	172,742,000	168,399,000	172,105,000	159,521,000	143,523,000	167,153,000	132,029,000	124,069,000	112,715,000	123,166,000	120,942,000	119,129,000	110,161,000	111,495,000	95,782,000	97,054,000	90,974,000	120,746,000	126,460,000	134,966,000	122,393,000	126,027,000	117,949,000	116,693,000	113,227,000	137,644,000	-368,767,113	123,792,000	117,049,000	128,430,000	127,349,000	124,961,000	115,144,000	125,979,000	128,288,000	128,931,000	147,026,000	208,324,000	127,186,000	119,742,000	108,550,000	120,888,000	109,183,000	106,976,000	112,145,000	106,445,000	102,695,000	98,044,000	111,545,000	114,184,000	121,630,000	88,455,000	87,776,000	88,674,000	82,280,000	86,393,000	92,882,000	87,702,000	91,078,000	95,870,000	92,769,000	92,558,000	94,722,000	88,829,000	84,604,000	85,751,000	73,430,000	89,748,000	93,802,000	110,170,000	103,282,000	105,615,000	111,312,000
underwriting, operating and related expenses	82,281,000	83,722,000	83,027,000	82,796,000	80,851,000	81,266,000	77,868,000	73,921,000	72,267,000	68,748,000	65,217,000	62,582,000	60,033,000	62,306,000	60,373,000	60,872,000	61,594,000	64,988,000	63,291,000	65,089,000	65,024,000	71,290,000	68,596,000	63,514,000	63,082,000	61,949,000	60,845,000	60,908,000	60,434,000	61,718,000	62,496,000	61,573,000	60,856,000	-183,394,564	62,994,000	60,979,000	59,670,000	61,141,000	58,406,000	57,513,000	55,957,000	56,020,000	53,624,000	52,198,000	52,097,000	56,820,000	54,378,000	54,418,000	53,407,000	52,940,000	51,467,000	50,098,000	50,054,000	48,010,000	48,538,000	45,453,000	44,071,000	42,629,000	44,229,000	42,257,000	41,868,000	42,061,000	39,548,000	41,072,000	43,130,000	44,474,000	44,465,000	43,021,000	40,698,000	40,646,000	39,422,000	41,757,000	40,395,000	33,334,000	36,769,000	39,975,000	36,591,000	36,209,000	36,454,000	33,986,000
other expense	2,137,000	1,961,000	1,979,000	2,047,000	1,954,000	2,203,000	1,896,000	1,747,000	1,837,000	1,638,000	2,005,000	1,523,000	1,670,000
interest expense	618,000	558,000	426,000	442,000	104,000	124,000	124,000	138,000	123,000	121,000	139,000	348,000	210,000	132,000	132,000	131,000	129,000	132,000	131,000	130,000	129,000	132,000	131,000	130,000	47,000	23,000	22,000	23,000	22,000	23,000	22,000	23,000	22,000	-66,910	22,000	23,000	22,000	23,000	22,000	23,000	22,000	23,000	22,000	23,000	22,000	23,000	22,000	23,000	22,000	23,000	21,000	22,000	22,000	22,000	22,000	23,000	21,000	22,000	22,000	22,000
total expenses	332,526,000	293,919,000	290,414,000	279,517,000	273,199,000	276,600,000	262,377,000	248,548,000	242,626,000	242,612,000	226,882,000	207,976,000	229,066,000	194,797,000	184,574,000	173,718,000	184,889,000	186,062,000	182,551,000	175,380,000	176,648,000	167,204,000	165,781,000	154,618,000	183,875,000	188,432,000	195,833,000	183,324,000	186,483,000	179,690,000	179,211,000	174,823,000	198,522,000	-552,228,587	186,808,000	178,051,000	188,122,000	188,513,000	183,389,000	172,680,000	181,958,000	184,331,000	182,577,000	199,247,000	260,443,000	184,029,000	174,142,000	162,991,000	174,317,000	162,146,000	158,464,000	162,265,000	156,521,000	150,727,000	146,604,000	157,021,000	158,276,000	164,281,000	132,706,000	130,055,000	130,564,000	124,364,000	125,962,000	133,976,000	130,854,000	135,570,000	140,354,000	135,809,000	133,278,000	135,389,000	128,272,000	126,381,000	126,170,000	125,445,000	126,779,000	134,002,000	146,984,000	139,659,000	142,228,000	145,451,000
income before income taxes	-17,860,000	25,416,000	36,210,000	36,827,000	28,230,000	10,119,000	32,905,000	21,235,000	25,607,000	15,784,000	2,476,000	21,467,000	-15,307,000	31,806,000	7,774,000	9,887,000	10,114,000	40,358,000	31,157,000	47,495,000	45,260,000	67,830,000	56,619,000	53,152,000	-2,831,000	35,467,000	19,440,000	32,678,000	36,096,000	23,211,000	36,696,000	33,147,000	11,197,000	-72,480,300	25,721,000	30,198,000	16,648,000	18,445,000	26,696,000	30,270,000	17,871,000	16,711,000	18,693,000	-1,645,000	-62,404,000	14,616,000	21,977,000	29,955,000	16,770,000	25,548,000	25,537,000	19,531,000	21,010,000	23,981,000	23,802,000	11,014,000	5,661,000		21,725,000	21,343,000	17,791,000	23,965,000	20,344,000	15,566,000	25,644,000	29,226,000	26,451,000	32,729,000	35,415,000	33,925,000	42,557,000	43,247,000	44,771,000	39,788,000	43,061,000	34,131,000	21,267,000	21,490,000	14,931,000	9,560,000
income tax expense	-3,537,000	5,304,000	7,900,000	7,890,000	6,334,000	1,988,000	7,016,000	4,599,000	5,529,000	3,522,000	527,000	4,466,000	-2,970,000	7,176,000	1,582,000	1,986,000	2,276,000	8,309,000	6,337,000	9,828,000	9,086,000	14,865,000	11,877,000	10,658,000	-841,000	7,365,000	3,821,000	6,744,000	6,150,000	4,865,000	7,788,000	6,331,000	2,072,000	-21,464,687	7,767,000	9,093,000	4,629,000	6,492,000	8,099,000	8,905,000	5,201,000					4,246,000	6,541,000	8,532,000	4,645,000	7,892,000	7,478,000	5,547,000	6,676,000	7,025,000	6,593,000	2,204,000	1,576,000		6,258,000	6,254,000	5,017,000	6,941,000	5,329,000	3,722,000	7,286,000	8,295,000	7,406,000	9,813,000	10,766,000	11,030,000	13,452,000	14,109,000	13,969,000	12,829,000	12,586,000	10,885,000	6,765,000	6,313,000	4,651,000	3,190,000
net income	-14,323,000	20,112,000	28,310,000	28,937,000	21,896,000	8,131,000	25,889,000	16,636,000	20,078,000	12,262,000	1,949,000	17,001,000	-12,337,000	24,630,000	6,192,000	7,901,000	7,838,000	32,049,000	24,820,000	37,667,000	36,174,000	52,965,000	44,742,000	42,494,000	-1,990,000	28,102,000	15,619,000	25,934,000	29,946,000	18,346,000	28,908,000	26,816,000	9,125,000	-51,015,613	17,954,000	21,105,000	12,019,000	11,953,000	18,597,000	21,365,000	12,670,000	10,290,000	11,981,000	-1,053,000	-35,071,000	10,370,000	15,436,000	21,423,000	12,125,000	17,656,000	18,059,000	13,984,000	14,334,000	16,956,000	17,209,000	8,810,000	4,085,000	-3,954,000	15,467,000	15,089,000	12,774,000	17,024,000	15,015,000	11,844,000	18,358,000	20,931,000	19,045,000	22,916,000	24,649,000	22,895,000	29,105,000	29,138,000	30,802,000	17,055,750	30,475,000	23,246,000	14,502,000	15,177,000	10,280,000	6,370,000
yoy	-165.41%	147.35%	9.35%	73.94%	9.05%	-33.69%	1228.32%	-2.15%	-262.75%	-50.22%	-68.52%	115.18%	-257.40%	-23.15%	-75.05%	-79.02%	-78.33%	-39.49%	-44.53%	-11.36%	-1917.79%	88.47%	186.46%	63.85%	-106.65%	53.18%	-45.97%	-3.29%	228.18%	-135.96%	61.01%	27.06%	-24.08%	-526.80%	-3.46%	-1.22%	-5.14%	16.16%	55.22%	-2128.96%	-136.13%	-0.77%	-22.38%	-104.92%	-389.25%	-41.27%	-14.52%	53.20%	-15.41%	4.13%	4.94%	58.73%	250.89%	-528.83%	11.26%	-41.61%	-68.02%	-123.23%	3.01%	27.40%	-30.42%	-18.67%	-21.16%	-48.32%	-25.52%	-8.58%	-34.56%	-21.35%	-19.98%	34.24%	-4.50%	25.35%	112.40%	12.38%	196.45%	264.93%
qoq	-171.22%	-28.96%	-2.17%	32.16%	169.29%	-68.59%	55.62%	-17.14%	63.74%	529.14%	-88.54%	-237.80%	-150.09%	297.77%	-21.63%	0.80%	-75.54%	29.13%	-34.11%	4.13%	-31.70%	18.38%	5.29%	-2235.38%	-107.08%	79.92%	-39.77%	-13.40%	63.23%	-36.54%	7.80%	193.87%	-117.89%	-384.15%	-14.93%	75.60%	0.55%	-35.73%	-12.96%	68.63%	23.13%	-14.11%	-1237.80%	-97.00%	-438.20%	-32.82%	-27.95%	76.68%	-31.33%	-2.23%	29.14%	-2.44%	-15.46%	-1.47%	95.33%	115.67%	-203.31%	-125.56%	2.51%	18.12%	-24.96%	13.38%	26.77%	-35.48%	-12.29%	9.90%	-16.89%	-7.03%	7.66%	-21.34%	-0.11%	-5.40%	80.60%	-44.03%	31.10%	60.30%	-4.45%	47.64%	61.38%
net income margin %	-4.55%	6.30%	8.67%	9.15%	7.26%	2.84%	8.77%	6.17%	7.49%	4.75%	0.85%	7.41%	-5.77%	10.87%	3.22%	4.30%	4.02%	14.15%	11.61%	16.90%	16.30%	22.54%	20.12%	20.45%	-1.10%	12.55%	7.26%	12.01%	13.45%	9.04%	13.39%	12.89%	4.35%	8.17%	8.45%	10.13%	5.87%	5.78%	8.85%	10.53%	6.34%	5.12%	5.95%	-0.53%	-17.71%	5.22%	7.87%	11.10%	6.35%	9.41%	9.81%	7.69%	8.07%	9.71%	10.10%	5.24%	2.49%	-2.49%	10.02%	9.97%	8.61%	11.48%	10.26%	7.92%	11.73%	12.70%	11.42%	13.60%	14.61%	13.52%	17.04%	17.18%	18.02%	10.32%	17.94%	13.83%	8.62%	9.42%	6.54%	4.11%
earnings per weighted-average common share:
basic	-990	1,370	1,910	1,950	1,480	550	1,740	1,130	1,360	830	130	1,150	-840	1,680	420	540	530	2,220	1,650	2,500	2,440	3,630	2,990	2,800	-130	1,840	1,020	1,700	1,970	1,200	1,900	1,770	600	-3,375.87	1,190	1,400	800	790	1,240	1,420	840	690	800	-70	-2,370	700	1,030	1,400	790	1,150	1,170	910	940	1,110	1,130	580	270	-260	1,030	1,000	850	1,110	960	730	1,140	1,310	1,190	1,430	1,540	1,440	1,830	1,840	1,960	1,097.5	1,950	1,490	940	990	670	420
diluted	-990	1,370	1,910	1,950	1,480	540	1,730	1,130	1,360	830	130	1,150	-840	1,670	420	530	530	2,220	1,640	2,490	2,420	3,600	2,960	2,780	-130	1,820	1,010	1,680	1,950	1,190	1,880	1,750	600	-3,355.9	1,180	1,390	790	790	1,230	1,410	840	690	800	-70	-2,370	700	1,030	1,400	790	1,140	1,170	910	940	1,110	1,130	580	270	-260	1,030	1,000	850	1,110	960	730	1,140	1,300	1,180	1,420	1,530	1,420	1,810	1,810	1,940	1,072.5	1,920	1,460	920	980	660	410
cash dividends paid per common share	920	920	920	900	900	900	900	900	900	900	900	900	900	900	900	900	900	900	900	900	900	900	900	900	900	900	900	800	800	800	800	800	800	-2,197	800	700	700	700	700	700	700	700	700	700	700	700	700	600	600	600	600	600	600	500	500	500	500	500	500	400	400	400	400	400	400	400	400	250	250	250	250	180	180	180	180	120	120	120	100	100
number of shares used in computing earnings per share:
basic	14,498,177	-24,337	14,745,008	14,744,968	14,718,572	3,064	14,838,584	14,698,770	14,667,107	-5,979	14,645,988	14,681,034	14,682,507	-1,108	14,599,136	14,599,057	14,627,898	2,221	14,982,405	14,983,365	14,790,125	-83,159	14,907,809	15,120,039	15,230,784	6,663	15,220,902	15,220,822	15,140,804	4,055	15,091,754	15,090,435	15,045,962	3,530	15,021,189	15,020,028	14,980,005	4,721	14,960,516	14,960,516	14,903,958	5,074	14,880,796	14,879,047	14,824,132	-66,076	14,941,685	15,271,200	15,359,989	15,369,285	15,380,053	15,339,690	15,312,178	15,302,801	15,217,360	15,187,430	15,184,605	15,100,293	15,018,988	15,113,357	15,085,096	15,296,221	15,629,005
diluted	14,498,177	-23,433	14,778,416	14,782,244	14,745,015	1,624	14,865,211	14,722,209	14,696,590	-10,932	14,682,082	14,720,520	14,761,861	-2,941	14,711,737	14,702,627	14,727,707	2,856	15,080,029	15,079,495	14,886,494	-85,128	15,030,277	15,237,295	15,347,083	476	15,360,908	15,346,234	15,305,785	11,971	15,250,332	15,213,414	15,191,139	11,304	15,161,962	15,114,284	15,096,728	14,139	15,076,635	15,041,077	14,936,017	5,074	14,907,672	14,879,047	14,824,132	-41,855	15,047,044	15,352,692	15,421,159	15,429,809	15,421,300	15,356,754	15,319,885	15,309,012	15,225,852	15,195,819	15,198,804	15,100,293	15,036,656	15,130,393	15,102,105	15,314,552	15,648,355
credit loss expense				66,000	-321,000			-37,000	-142,000	-138,500	403,000	-35,000	-922,000											39,000	-2,510,000
change in net unrealized gains on equity investments																					6,207,000	-1,409,750	7,521,000	16,828,000	-29,988,000	3,792,000	-387,000	3,754,000	11,801,000	-937,250	2,444,000	-2,711,000	-3,482,000
net impairment losses on investments																										-492,000	-123,000	-54,000	-220,000		-228,000			255,744	-256,000			-369,000		-137,000	-292,000	-362,000	-434,000
(a) no portion of the other-than-temporary impairments recognized in the period indicated were included in other comprehensive income for the period ended september 30, 2019.
(a) no portion of the other-than-temporary impairments recognized in the period indicated were included in other comprehensive income for the period ended june 30, 2019.
net realized losses on investments																									-631,000
(a) no portion of the other-than-temporary impairments recognized in the period indicated were included in other comprehensive income for the period ended march 31, 2019.
(a) no portion of the other-than-temporary impairments recognized in the period indicated were included in other comprehensive income.
income tax (credit) expense																																										6,421,000	6,712,000	-592,000	-27,333,000
(a) no portion of the other-than-temporary impairments recognized in the periods were included in other comprehensive income.
earnings per weighted average common share:
basic	-990	1,370	1,910	1,950	1,480	550	1,740	1,130	1,360	830	130	1,150	-840	1,680	420	540	530	2,220	1,650	2,500	2,440	3,630	2,990	2,800	-130	1,840	1,020	1,700	1,970	1,200	1,900	1,770	600	-3,375.87	1,190	1,400	800	790	1,240	1,420	840	690	800	-70	-2,370	700	1,030	1,400	790	1,150	1,170	910	940	1,110	1,130	580	270	-260	1,030	1,000	850	1,110	960	730	1,140	1,310	1,190	1,430	1,540	1,440	1,830	1,840	1,960	1,097.5	1,950	1,490	940	990	670	420
diluted	-990	1,370	1,910	1,950	1,480	540	1,730	1,130	1,360	830	130	1,150	-840	1,670	420	530	530	2,220	1,640	2,490	2,420	3,600	2,960	2,780	-130	1,820	1,010	1,680	1,950	1,190	1,880	1,750	600	-3,355.9	1,180	1,390	790	790	1,230	1,410	840	690	800	-70	-2,370	700	1,030	1,400	790	1,140	1,170	910	940	1,110	1,130	580	270	-260	1,030	1,000	850	1,110	960	730	1,140	1,300	1,180	1,420	1,530	1,420	1,810	1,810	1,940	1,072.5	1,920	1,460	920	980	660	410
interest expenses																																																													22,000	23,000	21,000	22,000	22,000	18,000	19,000	19,000	22,000	21,000	21,000	20,000	24,000	238,000	262,000	225,000	223,000	168,000	159,000	153,000
weighted average number of common shares outstanding:
basic																																																																	16,079,387,000	16,033,785,000	16,024,794,000	16,052,236,000	15,992,229,000	15,838,335,000	15,887,574,000		15,710,587,000				15,439,974,000			15,260,283,000
diluted																																																																	16,170,042,000	16,103,949,000	16,082,162,000	16,127,154,000	16,064,746,000	16,005,913,000	16,051,606,000		15,894,797,000				15,742,717,000			15,417,307,000
net realized (losses) gains on investments
weighted-average number of common shares outstanding:
basic																																																																								15,826,992,000		15,578,039,000	15,630,838,000	15,583,473,000		15,318,862,000	15,269,475,000
diluted																																																																								16,056,362,000		15,953,737,000	15,878,212,000	15,874,315,000		15,521,420,000	15,467,370,000
investment income																																																																														6,866,000	6,633,000	6,823,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2019-12-31	2019-09-30	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	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-09-30	2004-06-30	2004-03-31	2003-09-30	2003-03-31	2002-12-31

assets
investments:
fixed maturities, available for sale, at fair value	1,315,300,000	1,315,548,000	1,256,620,000	1,188,337,000	1,140,093,000	1,115,218,000	1,098,984,000	1,043,097,000	1,043,556,000	1,052,145,000	1,005,225,000	1,017,467,000	1,048,449,000	1,050,155,000	1,039,102,000	1,072,241,000	1,136,068,000	1,218,279,000	1,277,402,000	1,235,680,000	1,237,181,000	1,256,653,000	1,225,157,000	1,219,714,000	1,165,455,000	1,228,040,000	1,207,829,000	1,178,251,000	1,173,384,000	1,161,862,000	1,131,133,000	1,145,335,000	1,155,123,000
equity securities, at fair value	194,798,000	220,953,000	243,341,000	235,352,000	222,516,000	221,422,000	226,340,000	216,434,000	216,598,000	238,022,000	223,152,000	230,056,000	245,872,000	240,155,000	225,967,000	234,697,000	258,699,000	264,945,000	252,623,000	233,114,000	216,226,000	205,254,000	192,240,000	178,347,000	149,888,000	177,637,000	167,061,000	165,659,000	160,471,000	148,011,000	158,434,000	134,764,000	116,601,000		105,987,000	111,413,000	108,120,000		100,621,000	116,961,000	111,122,000	110,204,000	103,672,000	110,926,000	109,756,000	109,153,000	106,730,000	97,540,000	93,739,000	57,362,000	46,511,000	45,069,000	22,833,000	22,303,000	22,493,000	20,079,000	21,446,000	16,398,000	13,958,000	13,361,000	12,430,000	9,806,000	9,558,000	9,405,000	8,315,000	8,603,000	8,619,000	6,848,000	6,628,000	4,325,000	4,126,000	3,983,000	4,006,000		2,157,000	2,076,000	2,029,000
other invested assets	156,519,000	151,020,000	152,884,000	156,419,000	158,574,000	156,444,000	157,883,000	154,195,000	138,270,000	133,946,000	129,739,000	125,943,000	121,318,000	112,850,000	107,070,000	103,634,000	91,460,000	87,911,000	66,323,000	52,580,000	52,148,000	45,239,000	42,603,000	35,526,000	41,881,000	37,278,000	34,206,000	30,124,000	26,238,000	23,481,000	25,961,000	23,074,000	24,883,000		27,893,000	27,492,000	24,025,000		21,622,000	19,304,000	17,572,000	17,602,000	15,319,000	15,692,000	11,794,000	11,657,000	8,650,000	7,552,000	6,471,000
total investments	1,666,617,000	1,687,521,000	1,652,845,000	1,580,108,000	1,521,183,000	1,513,059,000	1,502,936,000	1,413,726,000	1,398,424,000	1,424,113,000	1,358,116,000	1,373,545,000	1,415,718,000	1,403,160,000	1,372,139,000	1,410,577,000	1,486,232,000	1,571,135,000	1,596,348,000	1,521,374,000	1,506,002,000	1,507,587,000	1,460,000,000	1,433,587,000	1,357,224,000	1,442,955,000	1,409,096,000	1,374,034,000	1,360,093,000	1,333,354,000	1,315,528,000	1,303,173,000	1,296,607,000		1,311,511,000	1,287,564,000	1,271,933,000		1,274,526,000	1,248,542,000	1,219,957,000	1,209,443,000	1,190,158,000	1,206,783,000	1,254,422,000	1,256,261,000	1,245,240,000	1,216,340,000	1,225,716,000	1,182,344,000	1,164,539,000	1,187,475,000	1,194,297,000	1,137,810,000	1,065,322,000	1,101,078,000	1,060,585,000	1,043,407,000
cash and cash equivalents	54,831,000	73,901,000	56,233,000	49,409,000	64,708,000	58,974,000	62,598,000	44,579,000	30,801,000	38,152,000	30,894,000	25,388,000	15,316,000	25,300,000	33,635,000	39,083,000	35,231,000	63,603,000	44,703,000	82,364,000	51,563,000	53,769,000	59,749,000	44,757,000	41,567,000	44,407,000	47,482,000	37,968,000	22,892,000	37,582,000	51,317,000	18,722,000	24,830,000		31,934,000	34,297,000	32,241,000		52,277,000	44,053,000	35,940,000	47,494,000	43,243,000	21,293,000	25,272,000	42,455,000	28,373,000	37,740,000	15,670,000	38,305,000	35,788,000	39,704,000	33,697,000	87,991,000	84,770,000	44,266,000	55,511,000	55,428,000	90,883,000	40,043,000	39,060,000	73,698,000	57,276,000	30,604,000	107,782,000	64,115,000	28,050,000	92,451,000	66,140,000	26,283,000	23,551,000	31,543,000	94,376,000		181,574,000	170,002,000	137,796,000	128,737,000	89,455,000	43,567,000	25,001,000
accounts receivable	313,428,000	320,187,000	333,178,000	333,014,000	306,408,000	306,465,000	311,443,000	312,361,000	269,491,000	256,687,000	258,267,000	238,563,000	205,560,000	192,542,000	187,973,000	182,835,000	167,096,000	170,953,000	183,774,000	183,222,000	170,915,000	179,147,000	193,967,000	199,356,000	189,671,000	193,369,000	209,906,000	209,658,000	188,654,000	190,062,000	209,470,000	209,468,000	193,213,000		205,835,000	201,881,000	183,945,000		199,655,000	195,509,000	178,671,000	178,567,000	193,768,000	192,054,000	177,168,000	175,532,000	191,127,000	191,149,000	175,120,000	185,546,000	189,256,000	173,330,000	180,333,000	175,996,000	159,721,000	164,203,000	160,434,000	146,878,000	158,352,000	154,596,000	141,175,000	148,353,000	147,197,000	138,079,000	156,811,000	163,843,000	160,279,000	175,475,000	171,994,000	158,190,000	164,120,000	162,075,000	156,159,000		167,167,000	170,622,000	161,563,000	160,004,000	159,072,000	148,918,000	143,843,000
receivable for securities sold	564,000	4,269,000	1,927,000	315,000	496,000	568,000	2,000	2,908,000	322,000	124,000	845,000	607,000	1,895,000	877,000	3,289,000	872,000	7,774,000	9,256,000	7,113,000	12,598,000	10,950,000	1,311,000	862,000	2,523,000	1,067,000	1,784,000	702,000	964,000	1,079,000	1,039,000	984,000	2,673,000	1,048,000		2,495,000	834,000	4,850,000		647,000	518,000	89,000	260,000	795,000	939,000	806,000		886,000	660,000	1,423,000	3,441,000	250,000	1,582,000	866,000	41,000		2,511,000	10,675,000	7,539,000		19,099,000								5,582,000
accrued investment income	11,396,000	12,169,000	9,434,000	8,682,000	7,866,000	7,426,000	7,646,000	7,281,000	8,012,000	7,261,000	7,688,000	7,200,000	7,716,000	8,212,000	8,371,000	7,100,000	7,692,000	7,401,000	9,289,000	7,307,000	9,328,000	8,045,000	9,144,000	8,000,000	9,152,000	8,404,000	9,475,000	8,304,000	9,450,000	8,420,000	9,137,000	8,847,000	10,032,000		9,674,000	8,471,000	9,559,000		9,602,000	8,469,000	9,374,000	8,922,000	9,394,000	9,335,000	10,060,000	10,295,000	9,977,000	9,813,000	10,275,000	10,251,000	10,366,000	10,087,000	10,092,000	10,657,000	9,594,000	8,620,000	9,558,000	8,985,000	9,223,000	9,695,000	9,919,000	10,027,000	10,100,000	9,827,000	10,345,000	10,404,000	10,533,000	9,765,000	9,919,000	9,776,000	9,610,000	9,046,000	8,930,000		8,052,000	7,228,000	7,907,000	7,580,000	6,927,000	7,756,000	7,527,000
taxes recoverable	7,810,000			1,701,000			2,233,000	2,233,000		623,000	7,286,000	3,129,000	4,835,000		17,550,000	16,153,000	4,525,000	1,508,000				279,000		411,000		1,003,000	1,454,000	1,671,000			170,000	2,735,000	2,568,000		3,849,000	4,082,000				17,037,000	14,182,000	15,497,000	23,929,000	29,129,000	25,815,000		2,009,000	566,000	5,474,000	151,000	125,000		3,551,000	1,814,000	3,990,000	9,652,000	11,719,000	8,949,000	2,695,000	3,514,000			2,404,000	4,224,000						1,781,000	120,000	1,339,000
receivable from reinsurers related to paid loss and loss adjustment expenses	12,145,000	9,433,000	30,777,000	32,234,000	35,103,000	26,386,000	26,880,000	27,187,000	15,359,000	13,129,000	30,006,000	27,494,000	11,024,000	12,988,000	18,316,000	10,738,000	8,687,000	18,234,000	11,269,000	10,389,000	7,666,000	13,432,000	17,880,000	16,018,000	14,039,000	11,319,000	33,209,000	28,819,000	29,881,000	13,691,000	24,340,000	24,073,000	27,348,000		42,865,000	42,337,000	31,572,000		34,614,000	26,444,000	27,807,000	40,972,000	42,092,000	39,265,000	6,764,000	6,267,000	7,178,000	11,943,000	5,782,000	12,092,000	12,183,000	6,113,000	8,762,000	8,606,000	4,011,000	8,432,000	8,419,000	4,306,000	6,700,000	5,495,000	7,427,000	9,773,000	9,602,000	10,057,000	13,571,000	24,283,000	12,444,000	13,976,000	13,363,000	13,282,000	17,403,000	17,382,000	17,553,000		21,595,000	20,778,000	20,309,000	24,352,000	21,563,000	41,851,000	25,297,000
receivable from reinsurers related to unpaid loss and loss adjustment expenses	151,810,000	149,441,000	141,895,000	135,626,000	136,510,000	130,792,000	131,596,000	126,747,000	121,504,000	112,623,000	106,708,000	96,780,000	95,900,000	93,394,000	92,026,000	88,538,000	90,656,000	90,667,000	99,248,000	101,107,000	108,178,000	106,311,000	107,783,000	116,378,000	121,337,000	122,372,000	117,884,000	112,228,000	109,200,000	108,398,000	100,565,000	96,577,000	87,067,000		92,942,000	88,637,000	87,246,000		80,632,000	78,043,000	77,075,000	68,261,000	74,078,000	87,396,000	111,472,000	61,245,000	59,879,000	58,823,000	60,610,000	58,568,000	57,459,000	53,426,000	52,115,000	51,820,000	51,163,000	52,579,000	52,475,000	52,168,000	56,726,000	58,834,000	60,634,000	67,443,000	69,034,000	72,635,000	77,805,000	78,396,000	79,818,000	79,457,000	79,806,000	78,464,000	78,279,000	76,068,000	76,445,000		81,293,000	83,957,000	85,854,000	81,077,000	80,461,000	76,498,000	74,716,000
ceded unearned premiums	40,744,000	39,674,000	39,716,000	41,508,000	41,553,000	41,413,000	37,682,000	35,969,000	34,029,000	32,346,000	29,819,000	29,973,000	28,918,000	28,453,000	26,560,000	26,407,000	24,792,000	23,795,000	22,567,000	23,725,000	21,524,000	22,406,000	22,309,000	26,073,000	30,191,000	35,182,000	35,105,000	35,900,000	33,537,000	33,974,000	34,414,000	36,950,000	33,170,000		30,578,000	30,432,000	27,704,000		26,600,000	28,886,000	24,345,000	23,222,000	22,214,000	21,202,000	21,388,000	19,638,000	18,441,000	18,649,000	18,675,000	17,226,000	17,750,000	16,534,000	15,012,000	15,455,000	14,563,000	12,634,000	11,552,000	12,478,000	11,892,000	12,954,000	13,385,000	14,688,000	17,498,000	21,203,000	24,005,000	27,447,000	30,287,000	33,135,000	33,760,000	33,042,000
deferred policy acquisition costs	108,515,000	111,791,000	115,735,000	111,481,000	104,902,000	105,474,000	106,517,000	100,599,000	93,711,000	91,917,000	91,613,000	84,423,000	76,919,000	75,582,000	76,662,000	73,518,000	70,812,000	73,024,000	76,445,000	74,432,000	72,303,000	74,962,000	79,779,000	77,350,000	72,132,000	74,287,000	78,344,000	75,670,000	71,905,000	73,355,000	77,533,000	75,223,000	71,217,000		76,458,000	74,410,000	70,568,000		75,099,000	72,386,000	68,404,000	68,937,000	72,976,000	71,273,000	67,275,000	67,329,000	71,179,000	69,110,000	64,812,000	67,088,000	65,751,000	62,057,000	63,905,000	62,026,000	58,627,000	59,507,000	57,979,000	54,598,000	55,579,000	53,351,000	50,068,000	50,755,000	49,630,000	47,656,000	51,377,000	52,185,000	51,271,000	52,367,000	50,579,000	47,404,000	50,905,000	50,500,000	48,767,000		49,763,000	49,599,000	47,252,000	46,062,000	45,872,000	44,169,000	43,434,000
deferred income taxes	4,629,000	4,116,000	4,828,000	6,452,000	7,683,000	11,200,000	4,837,000	14,328,000	14,667,000	12,150,000	21,307,000	20,515,000	17,717,000	21,074,000	11,315,000	1,803,000	4,963,000	15,240,000	11,561,000	11,915,000	11,574,000	17,611,000	8,886,000	4,413,000	6,001,000				2,949,000	8,749,000	3,423,000	2,307,000	714,000				309,000					4,430,000	4,298,000	4,256,000	2,128,000	1,614,000	1,603,000		70,000	4,207,000	4,232,000	5,732,000	9,745,000	5,194,000	3,694,000		1,340,000	4,595,000	4,000	2,624,000	5,798,000	1,780,000	10,582,000	13,456,000	24,359,000	19,029,000	11,847,000	21,132,000	16,176,000	16,868,000	17,909,000	24,694,000	22,117,000		18,825,000	14,943,000	17,322,000	11,293,000	15,078,000	6,804,000	7,654,000
equity and deposits in pools	4,965,000	4,197,000	8,772,000	4,875,000	4,489,000	3,740,000	9,691,000	6,947,000	36,410,000	35,247,000	37,096,000	34,249,000	34,008,000	33,648,000	36,350,000	36,369,000	32,705,000	33,592,000	38,955,000	34,765,000	29,875,000	30,429,000	37,265,000	34,118,000	30,004,000	29,791,000	33,231,000	28,492,000	28,505,000	28,094,000	31,469,000	29,699,000	28,660,000		30,934,000	26,510,000	25,295,000		28,132,000	27,695,000	23,373,000	23,558,000	28,993,000	27,302,000	25,775,000	23,159,000	25,859,000	22,655,000	22,094,000	19,550,000	18,872,000	18,267,000	16,567,000	14,511,000	16,314,000	13,949,000	13,308,000	13,591,000	25,682,000	27,667,000	24,813,000	29,019,000	26,092,000	25,648,000	35,406,000	24,245,000	28,660,000	39,966,000	28,721,000	26,166,000	44,469,000	30,257,000	16,549,000		49,775,000	45,890,000	27,791,000	45,625,000	36,015,000	8,084,000	35,287,000
operating lease right-of-use-assets	11,101,000	11,861,000	12,626,000	13,657,000	14,673,000	15,733,000	16,845,000	17,966,000	19,078,000	19,756,000	20,586,000	21,734,000	22,214,000	23,336,000	24,183,000	25,348,000	26,527,000	27,115,000	27,313,000	28,573,000	29,801,000	31,000,000	32,004,000	33,092,000	34,256,000	33,998,000	35,758,000	36,116,000	36,992,000
goodwill	17,093,000	17,093,000	17,093,000	17,093,000	17,093,000	17,093,000	17,093,000	17,093,000	17,093,000	17,093,000	17,093,000	17,093,000	17,093,000	17,093,000
intangible assets	6,546,000	6,783,000	7,019,000	7,256,000	7,493,000	7,730,000	7,967,000	7,130,000	7,340,000	7,551,000	7,242,000	7,439,000	7,637,000	7,856,000
other assets	22,377,000	18,672,000	17,762,000	20,797,000	21,142,000	24,037,000	24,672,000	24,863,000	27,198,000	25,232,000	27,539,000	27,973,000	27,328,000	29,054,000	25,784,000	28,065,000	27,955,000	27,108,000	27,704,000	28,047,000	27,555,000	25,595,000	26,368,000	27,251,000	24,078,000	23,798,000	22,155,000	23,290,000	22,881,000	19,522,000	20,280,000	19,879,000	20,863,000		15,535,000	15,594,000	15,808,000		13,789,000	16,917,000	15,013,000	14,306,000	13,717,000	14,347,000	13,963,000	13,538,000	14,466,000	15,475,000	16,104,000	15,268,000	15,875,000	16,673,000	14,242,000	15,516,000	16,518,000	11,766,000	13,038,000	13,252,000	10,676,000	11,676,000	12,376,000	13,105,000	14,432,000	14,709,000	14,429,000	12,458,000	11,163,000	9,230,000	5,866,000	3,887,000	3,096,000	3,559,000	2,408,000		2,480,000	2,136,000	2,537,000	3,591,000	3,120,000	3,570,000	1,886,000
total assets	2,434,571,000	2,471,108,000	2,449,840,000	2,364,208,000	2,291,302,000	2,270,090,000	2,270,638,000	2,161,917,000	2,093,439,000	2,094,004,000	2,052,105,000	2,016,105,000	1,989,798,000	1,972,569,000	1,934,153,000	1,947,406,000	1,990,684,000	2,117,391,000	2,144,728,000	2,107,903,000	2,045,660,000	2,054,273,000	2,047,110,000	2,018,914,000	1,930,719,000	2,022,669,000	2,033,801,000	1,973,114,000	1,918,018,000	1,856,240,000	1,878,630,000	1,830,326,000	1,797,337,000	1,807,279	1,854,610,000	1,815,049,000	1,761,030,000	1,758,246	1,795,573,000	1,764,499,000	1,694,230,000	1,703,869,000	1,719,655,000	1,724,574,000	1,742,308,000	1,675,719,000	1,674,614,000	1,652,923,000	1,621,825,000	1,614,037,000	1,592,446,000	1,585,248,000	1,593,439,000	1,582,243,000	1,484,593,000	1,489,197,000	1,466,593,000	1,426,174,000	1,480,109,000	1,441,369,000	1,426,636,000	1,455,265,000	1,417,938,000	1,416,693,000	1,462,269,000	1,464,279,000	1,451,448,000	1,418,489,000	1,396,052,000	1,355,748,000	1,359,489,000	1,303,775,000	1,286,116,000	1,257,675,000	1,318,400,000	1,283,199,000	1,223,586,000	1,207,769,000	1,148,565,000	1,103,208,000	1,061,178,000
liabilities
losses and loss adjustment expense reserves	813,089,000	761,739,000	719,812,000	685,941,000	682,717,000	671,669,000																												574,054				560,321
unearned premium reserves	640,319,000	654,803,000	675,865,000	659,464,000	622,146,000	619,916,000	621,975,000	586,577,000	544,075,000	528,150,000	525,297,000	488,788,000	444,990,000	433,375,000	437,104,000	421,455,000	405,447,000	413,487,000	434,167,000	427,115,000	412,387,000	421,901,000	447,157,000	440,007,000	428,291,000	442,219,000	466,003,000	453,612,000	430,389,000	435,380,000	460,405,000	452,402,000	427,231,000		451,119,000	442,031,000	418,311,000		439,732,000	428,135,000	403,083,000	401,961,000	425,009,000	416,381,000	394,836,000	390,361,000	411,904,000	403,638,000	381,412,000	392,265,000	387,311,000	365,796,000	371,437,000	362,679,000	343,865,000	345,165,000	337,122,000	318,944,000	322,761,000	313,009,000	296,052,000	302,223,000	300,834,000	294,883,000	321,889,000	333,944,000	335,513,000	356,509,000	354,446,000	333,404,000	359,833,000	362,845,000	358,284,000		376,119,000	378,034,000	364,890,000	361,536,000	357,123,000	337,589,000	324,353,000
accounts payable and accrued liabilities	59,120,000	80,461,000	73,122,000	69,568,000	59,524,000	77,276,000	69,039,000	68,301,000	60,615,000	64,235,000	61,757,000	59,557,000	53,252,000	73,875,000	59,293,000	54,663,000	51,160,000	76,598,000	64,413,000	58,247,000	44,944,000	79,486,000	71,315,000	60,518,000	55,911,000	75,016,000	61,515,000	56,799,000	53,875,000	71,896,000	57,857,000	53,269,000	51,275,000		51,290,000	54,078,000	49,051,000		54,382,000	51,762,000	46,593,000	53,722,000	43,073,000	44,783,000	44,945,000	65,863,000	52,623,000	52,685,000	47,053,000	51,246,000	48,515,000	44,622,000	48,720,000	47,831,000	42,581,000	38,972,000	39,286,000	38,075,000	43,516,000	39,170,000	35,407,000	38,903,000	33,719,000	31,749,000	38,043,000	34,926,000	28,024,000	30,169,000	25,688,000	48,666,000	32,257,000	30,063,000	23,597,000		27,672,000	25,637,000	20,409,000	27,809,000	23,173,000	18,820,000	22,944,000
payable for securities purchased	3,302,000	846,000	8,623,000	17,103,000	9,913,000	6,949,000	6,867,000	11,521,000	6,434,000	1,863,000	2,059,000			1,359,000	3,115,000	5,192,000	16,354,000	16,477,000	28,224,000	26,259,000	28,487,000	7,144,000	11,756,000	7,451,000	4,343,000	6,377,000	6,145,000	7,684,000	5,494,000	5,156,000	7,385,000	7,226,000	9,764,000		14,860,000	14,763,000	11,288,000		6,342,000	7,093,000	2,181,000	8,607,000	4,296,000	5,135,000	3,242,000	4,591,000	3,249,000	6,554,000	4,365,000	11,277,000	5,397,000	19,721,000	18,198,000	52,620,000		14,668,000	10,532,000		11,895,000		7,617,000	15,710,000	3,679,000	2,532,000				1,720,000	4,431,000				15,302,000		8,921,000			4,983,000
payable to reinsurers	1,890,000	15,184,000	29,053,000	15,211,000	20,442,000	19,074,000	30,296,000	15,736,000	12,496,000	15,941,000	24,526,000	13,069,000	9,895,000	11,444,000	22,623,000	13,343,000	2,743,000	9,192,000	18,623,000	11,214,000	525,000	8,236,000	19,335,000	11,794,000	2,446,000	12,911,000	33,101,000	21,240,000	18,939,000	12,220,000	33,814,000	22,361,000	19,456,000		29,013,000	17,401,000	5,825,000		30,393,000	23,177,000	11,586,000	11,547,000	26,280,000	17,227,000	9,711,000	7,653,000	18,979,000	12,958,000	7,441,000	17,674,000	12,020,000	6,373,000	14,877,000	10,335,000	4,973,000	10,964,000	7,296,000	4,594,000	10,954,000	8,412,000	5,068,000	14,397,000	11,512,000	7,731,000	26,032,000	18,810,000	11,932,000	23,570,000	14,016,000	11,568,000	37,892,000	27,591,000	14,103,000		43,083,000	30,993,000	17,505,000	48,102,000	35,066,000	26,742,000	36,145,000
taxes payable		3,903,000	1,185,000		1,220,000	1,009,000			780,000					1,729,000					2,643,000	4,965,000	6,055,000		160,000		543,000				8,286,000	6,090,000							1,537,000		421,000							265,000						1,419,000									2,279,000	367,000			671,000	1,385,000	5,284,000	835,000	7,017,000				10,749,000		4,570,000	4,021,000	5,352,000	557,000		626,000
long-term debt	50,000,000	50,000,000	30,000,000	30,000,000	30,000,000
operating lease liabilities	11,101,000	11,861,000	12,626,000	13,657,000	14,673,000	15,733,000	16,845,000	17,966,000	19,078,000	19,756,000	20,586,000	21,734,000	22,214,000	23,336,000	24,183,000	25,348,000	26,527,000	27,115,000	27,313,000	28,573,000	29,801,000	31,000,000	32,004,000	33,092,000	34,256,000	33,998,000	35,758,000	36,116,000	36,992,000
total liabilities	1,578,821,000	1,578,797,000	1,550,286,000	1,490,944,000	1,440,635,000	1,441,626,000	1,419,197,000	1,351,738,000	1,286,368,000	1,289,737,000	1,282,356,000	1,222,355,000	1,186,873,000	1,160,570,000	1,149,788,000	1,128,783,000	1,128,796,000	1,190,218,000	1,216,651,000	1,187,604,000	1,155,407,000	1,169,594,000	1,209,259,000	1,201,936,000	1,168,610,000	1,214,263,000	1,241,724,000	1,190,065,000	1,162,956,000	1,137,596,000	1,166,759,000	1,133,858,000	1,111,692,000	1,106,263	1,151,771,000	1,121,215,000	1,083,181,000	1,087,520	1,108,270,000	1,084,464,000	1,035,899,000	1,059,370,000	1,075,213,000	1,078,232,000	1,075,301,000	967,436,000	968,847,000	949,222,000	915,010,000	920,596,000	908,088,000	888,767,000	897,030,000	900,904,000	815,537,000	833,913,000	820,171,000	783,620,000	820,688,000	797,682,000	793,774,000	835,031,000	816,249,000	811,161,000	867,638,000	875,201,000	866,394,000	888,336,000	876,641,000	859,400,000	884,243,000	868,401,000	875,006,000	869,726,000	953,878,000	941,659,000	911,378,000	913,302,000	877,028,000	826,491,000	795,622,000
commitments and contingencies
shareholders’ equity
common stock: 0.01 par value...	181,000	181,000	181,000	181,000	181,000	180,000	180,000	180,000	180,000	179,000	179,000	179,000	179,000	179,000	179,000	179,000	179,000	178,000	178,000	178,000	178,000	178,000	178,000	177,000	177,000	177,000	177,000	177,000	177,000	176,000	176,000	176,000	176,000		175,000	175,000	175,000		174,000	174,000	174,000	174,000	174,000	174,000	174,000	173,000	173,000	173,000	173,000	172,000	172,000	171,000	170,000	170,000	170,000	169,000	169,000	169,000	168,000	167,000	167,000	166,000	166,000	166,000	165,000	164,000	164,000	162,000	162,000	161,000	160,000	160,000	159,000		157,000	157,000	156,000	155,000	154,000	153,000	153,000
additional paid-in capital	237,129,000	235,693,000	234,547,000	233,391,000	232,264,000	230,864,000	229,891,000	228,817,000	227,820,000	226,380,000	225,301,000	224,476,000	223,304,000	222,049,000	220,755,000	219,453,000	218,152,000	216,070,000	214,576,000	213,079,000	211,638,000	209,779,000	208,113,000	206,130,000	204,064,000	202,321,000	200,836,000	199,644,000	198,014,000	196,292,000	193,991,000	192,495,000	191,328,000		188,576,000	187,262,000	186,071,000		183,397,000	182,278,000	181,173,000	179,896,000	178,716,000	177,565,000	176,597,000	175,583,000	174,302,000	173,177,000	171,989,000	169,154,000	167,757,000	165,074,000	161,726,000	160,116,000	158,991,000	156,079,000	154,991,000	153,700,000	148,800,000	147,325,000	146,108,000	143,527,000	142,357,000	141,242,000	139,177,000	136,748,000	135,210,000	132,297,000	131,086,000	129,785,000	127,062,000	125,537,000	122,078,000		119,015,000	118,004,000	115,859,000	113,385,000	111,464,000	111,132,000	110,632,000
accumulated other comprehensive loss, net of taxes	-27,337,000	-17,133,000	-22,389,000	-32,854,000	-38,771,000	-51,047,000	-32,230,000	-59,843,000	-58,626,000
retained earnings	816,270,000	844,063,000	837,508,000	822,839,000	807,286,000	798,760,000	803,893,000	791,318,000	787,990,000	781,192,000	782,169,000	793,443,000	789,725,000	815,309,000	803,888,000	810,955,000	816,335,000	821,743,000	803,248,000	791,921,000	767,744,000	745,029,000	705,469,000	674,349,000	645,691,000	661,553,000	646,687,000	644,922,000	631,359,000	616,717,000	610,768,000	594,172,000	579,651,000		571,552,000	565,782,000	555,340,000		552,657,000	544,672,000	533,916,000	531,800,000	531,962,000	530,593,000	542,108,000	587,647,000	587,807,000	582,880,000	570,676,000	565,380,000	556,952,000	548,145,000	542,983,000	537,840,000	528,536,000	521,758,000	520,542,000	524,049,000	530,058,000	522,102,000	513,051,000	502,056,000	491,169,000	482,359,000	471,563,000	459,738,000	445,313,000	405,845,000	386,987,000	366,381,000	347,496,000	322,392,000	296,132,000		244,049,000	216,406,000	195,041,000	171,096,000	157,774,000	149,021,000	139,961,000
treasury stock	-170,493,000	-170,493,000	-150,293,000	-150,293,000	-150,293,000	-150,293,000	-150,293,000	-150,293,000	-150,293,000	-150,293,000	-150,293,000	-150,293,000	-145,000,000	-145,000,000	-150,000,000	-150,000,000	-150,000,000	-135,397,000	-123,834,000	-123,834,000	-123,834,000	-123,834,000	-123,834,000	-105,980,000	-94,227,000	-83,835,000	-83,835,000	-83,835,000	-83,835,000	-83,835,000	-83,835,000	-83,835,000	-83,835,000		-83,835,000	-83,835,000	-83,835,000		-83,835,000	-83,835,000	-83,835,000	-83,835,000	-83,835,000	-83,835,000	-83,835,000	-83,835,000	-83,835,000
total shareholders’ equity	855,750,000	892,311,000	899,554,000	873,264,000	850,667,000	828,464,000	851,441,000	810,179,000	807,071,000	804,267,000	769,749,000	793,750,000	802,925,000	811,999,000	784,365,000	818,623,000	861,888,000	927,173,000	928,077,000	920,299,000	890,253,000	884,679,000	837,851,000	816,978,000	762,109,000	808,406,000	792,077,000	783,049,000	755,062,000	718,644,000	711,871,000	696,468,000	685,645,000		702,839,000	693,834,000	677,849,000		687,303,000	680,035,000	658,331,000	644,499,000	644,442,000	646,342,000	667,007,000	708,283,000	705,767,000	703,701,000	706,815,000	693,441,000	684,358,000	696,481,000	696,409,000	681,339,000	669,056,000	655,284,000	646,422,000	642,554,000	659,421,000	643,687,000	632,862,000	620,234,000	601,689,000	605,532,000	594,631,000	589,078,000	585,054,000	530,153,000	519,411,000	496,348,000	475,246,000	435,374,000	411,110,000		364,522,000	341,540,000	312,208,000	294,467,000	271,537,000	276,717,000	265,556,000
total liabilities and shareholders’ equity	2,434,571,000	2,471,108,000	2,449,840,000	2,364,208,000	2,291,302,000	2,270,090,000	2,270,638,000	2,161,917,000	2,093,439,000	2,094,004,000	2,052,105,000	2,016,105,000	1,989,798,000	1,972,569,000	1,934,153,000	1,947,406,000	1,990,684,000	2,117,391,000	2,144,728,000	2,107,903,000	2,045,660,000	2,054,273,000	2,047,110,000	2,018,914,000	1,930,719,000	2,022,669,000	2,033,801,000	1,973,114,000	1,918,018,000	1,856,240,000	1,878,630,000	1,830,326,000	1,797,337,000		1,854,610,000	1,815,049,000	1,761,030,000		1,795,573,000	1,764,499,000	1,694,230,000	1,703,869,000	1,719,655,000	1,724,574,000	1,742,308,000	1,675,719,000	1,674,614,000	1,652,923,000	1,621,825,000	1,614,037,000	1,592,446,000	1,585,248,000	1,593,439,000	1,582,243,000	1,484,593,000	1,489,197,000	1,466,593,000	1,426,174,000	1,480,109,000	1,441,369,000	1,426,636,000	1,455,265,000	1,417,938,000	1,416,693,000	1,462,269,000	1,464,279,000	1,451,448,000	1,418,489,000	1,396,052,000	1,355,748,000	1,359,489,000	1,303,775,000	1,286,116,000		1,318,400,000	1,283,199,000	1,223,586,000	1,207,769,000	1,148,565,000	1,103,208,000	1,061,178,000
short-term investments, at fair value						19,975,000	19,729,000
short-term debt						30,000,000	30,000,000	30,000,000	30,000,000
other liabilities									9,094,000	26,711,000	33,956,000	39,180,000	41,383,000	30,854,000	28,058,000	30,637,000	31,581,000	31,458,000	21,160,000	12,365,000	14,368,000	6,635,000	2,157,000	14,914,000	4,127,000	27,459,000	35,017,000	24,270,000	27,219,000	22,135,000	24,341,000	18,809,000	24,192,000		21,440,000	25,730,000	27,620,000		18,679,000	23,098,000	21,257,000	29,556,000	23,226,000	34,271,000	52,554,000	15,077,000	12,716,000	11,846,000	13,717,000	9,638,000	22,249,000	13,308,000	20,412,000	18,786,000	19,286,000	23,426,000	22,185,000	25,275,000	18,496,000	16,476,000	16,911,000	16,625,000	15,546,000	17,509,000
loss and loss adjustment expense reserves							644,175,000	621,637,000	603,796,000	603,081,000	584,175,000	565,027,000	570,139,000	549,598,000	545,412,000	548,145,000	560,021,000	570,651,000	578,547,000	576,951,000	577,266,000	567,581,000	586,489,000	599,747,000	608,693,000	610,566,000	601,459,000	589,123,000	581,762,000	584,719,000	582,957,000	579,791,000	579,774,000		577,637,000	562,709,000	569,549,000		552,242,000	544,082,000	549,901,000	553,977,000	553,329,000	560,435,000	570,013,000	482,012,000	467,773,000	457,789,000	461,022,000	438,496,000	432,596,000	431,796,000	413,641,000	403,459,000	401,138,000	398,337,000	403,750,000	396,732,000	413,066,000	420,615,000	430,440,000	446,806,000	450,959,000	456,757,000	464,191,000	468,992,000	467,940,000	458,234,000	453,536,000	449,444,000	437,726,000	429,621,000	435,751,000		455,813,000	462,729,000	462,302,000	432,295,000	421,564,000	401,285,000	371,649,000
debt										30,000,000	30,000,000	35,000,000	45,000,000	35,000,000	30,000,000	30,000,000	30,000,000	30,000,000	30,000,000	30,000,000	30,000,000	30,000,000	30,000,000	30,000,000	30,000,000																																																		19,956,000	19,956,000	19,956,000	19,956,000	19,956,000	19,956,000	19,956,000
accumulated other comprehensive income, net of taxes										-53,191,000	-87,607,000	-74,055,000	-65,283,000	-80,538,000	-90,457,000	-61,964,000	-22,778,000	24,579,000	33,909,000	38,955,000	34,527,000	53,527,000	47,925,000	42,302,000	6,404,000	28,190,000	28,212,000	22,141,000	9,347,000	-10,706,000	-9,229,000	-6,540,000	-1,675,000		26,371,000	24,450,000	20,098,000		34,910,000	36,746,000	26,903,000	16,464,000	17,425,000	21,845,000	31,963,000	28,715,000	27,320,000	31,306,000	24,345,000	19,103,000	19,845,000	38,660,000	47,099,000	38,782,000	36,928,000	32,847,000	26,246,000	20,162,000	35,921,000	29,619,000	23,248,000	24,197,000	7,945,000	3,395,000			8,396,000		1,176,000	21,000	528,000				1,301,000	6,973,000	1,152,000	9,831,000	2,145,000	16,411,000	14,904,000
short term investments, at fair value												79,000	79,000			5,000	5,000				447,000	441,000

securities available for sale:
balance sheet data:
total cash and investment securities																																		1,348,763				1,300,558
total shareholders' equity																																		701,016				670,726																																				387,949,000
gaap ratios:
loss ratio																																		65.1				65.3																																				61,900
expense ratio																																		32.1				30.8																																				23,400
combined ratio																																		97.2				96.1																																				85,300
fixed maturities, at fair value																																			1,177,631,000	1,148,659,000	1,139,788,000		1,152,283,000	1,112,277,000	1,091,263,000	1,081,637,000	1,071,167,000	1,080,165,000	1,132,872,000	1,135,451,000	1,129,860,000	1,111,248,000	1,125,506,000	1,124,982,000	1,118,028,000	1,142,406,000	1,171,464,000	1,115,507,000	1,042,829,000	1,073,216,000	1,033,321,000	1,023,661,000	1,037,739,000	1,028,460,000	1,049,551,000	1,026,818,000	994,533,000	951,218,000	938,064,000	979,271,000	1,018,477,000	879,105,000	913,100,000	936,280,000	911,067,000	856,476,000	800,452,000		694,773,000	673,766,000	670,501,000	654,195,000	646,756,000	684,723,000	660,782,000
other invested assets, at cost, which approximates fair value																																																								7,783,000	5,818,000	3,348,000
investment securities available for sale:
total investment securities																																																											1,051,697,000	1,041,821,000	1,061,981,000	1,036,624,000	1,004,091,000	1,028,595,000	946,379,000	987,874,000	1,027,096,000	885,953,000	919,728,000	940,605,000	915,193,000	860,459,000	804,458,000		696,930,000	675,842,000	672,530,000
short-term securities, at amortized cost which approximates fair value
short term securities, at amortized cost which approximates fair value																																																																67,972,000
other liabilites																																																																	16,812,000
outstanding claims drafts																																																																		17,144,000	17,701,000	17,299,000	17,507,000	16,279,000	16,439,000	18,128,000	17,010,000		17,423,000	19,913,000	20,533,000	17,526,000	19,554,000	18,555,000	19,094,000
capital lease obligations																																																																						39,000	96,000	153,000	210,000		321,000	376,000	431,000	538,000	592,000	644,000
prepaid reinsurance premiums																																																																							34,834,000	36,853,000	38,354,000		40,946,000	42,202,000	42,725,000	45,253,000	42,856,000	37,268,000	34,396,000
total cash & investment securities																																																																										877,570,000
losses and loss adjustment expenses reserves																																																																										450,716,000
total debt
mandatorily redeemable preferred stock
statutory data:
policyholders' surplus																																																																										350,833,000
taxes receivable																																																																															1,390,000		1,355,000
promissory notes receivable from management
payable for securities																																																																																2,274,000	1,481,000
shareholders' equity
total liabilities and shareholders' equity
equipment and leasehold improvements
deferred debt issuance costs
total liabilities, mandatorily redeemable preferred stock and shareholders' equity

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2019-12-31	2019-09-30	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	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-09-30	2004-06-30	2004-03-31

cash flows from operating activities:
net income	-14,323,000	20,112,000	28,310,000	28,937,000	21,896,000	8,131,000	25,889,000	16,636,000	20,078,000	12,262,000	1,949,000	17,001,000	-12,337,000	24,630,000	6,192,000	7,901,000	7,838,000	32,049,000	24,820,000	37,667,000	36,174,000	52,965,000	44,742,000	42,494,000	-1,990,000	28,102,000	15,619,000	25,934,000	29,946,000	18,346,000	28,908,000	26,816,000	9,125,000	11,309,000	17,954,000	21,105,000	12,019,000	11,953,000	18,597,000	21,365,000	12,670,000	10,290,000	11,981,000	-1,053,000	-35,071,000	10,370,000	15,436,000	21,423,000	12,125,000	17,656,000	18,059,000	13,984,000	14,334,000	16,956,000	17,209,000	8,810,000	4,086,000	-3,954,000	15,467,000	15,089,000	12,774,000	17,024,000	15,015,000	11,844,000	18,358,000	20,931,000	19,045,000	22,915,000	24,649,000	22,895,000	29,106,000	29,138,000	30,802,000	26,959,000	30,475,000	23,246,000	14,502,000	15,177,000	10,280,000	6,370,000
adjustments to reconcile net income to net cash from operating activities:
investment amortization	-559,000	-454,000	-796,000	-95,000	-226,000	81,000	605,000	74,000	-41,000	-91,000	-26,000	-124,000	-69,000	694,000	553,000	34,000	412,000	779,000	1,398,000	1,324,000	733,000	1,709,000	1,579,000	1,479,000	1,774,000	1,319,000	821,000	2,005,000	777,000	1,330,000	1,085,000	1,615,000	1,243,000	1,893,000
fixed asset depreciation	1,369,000	1,377,000	1,489,000	1,973,000	1,938,000	2,457,000	2,395,000	2,353,000	2,260,000	1,845,000	1,765,000	1,653,000	1,686,000	1,620,000	1,611,000	1,676,000	1,703,000	1,903,000	1,577,000	1,533,000	1,883,000	2,209,000	2,040,000	1,672,000	1,606,000	1,631,000	1,475,000	1,172,000	1,207,000	1,628,000	1,472,000	1,214,000	1,153,000	1,446,000
stock based compensation	1,436,000	1,147,000	1,155,000	1,127,000	1,401,000	973,000	1,073,000	998,000	1,440,000	1,080,000	824,000	1,173,000	1,255,000	1,294,000	1,302,000	1,301,000	2,083,000	1,494,000	1,498,000	1,440,000	1,860,000	1,666,000	1,983,000	2,066,000	1,744,000	1,485,000	1,192,000	1,630,000	1,723,000	2,302,000	1,495,000	1,168,000	1,614,000	1,139,000
credit for deferred income taxes	2,200,000	-685,000	-1,158,000	-342,000	254,000	-1,361,000	2,151,000	662,000	-1,072,000									6,159,000	986,000	-835,000	-987,000
net realized gains on investments	-6,631,000	-9,033,000	-1,338,000	-2,131,000	-4,263,000	-3,199,000	-1,314,000	-2,715,000	-492,000	-216,000	-270,000	-108,000	-733,000	-577,000	-1,251,000	-3,152,000	-4,210,000									-1,463,000	-1,194,000						-1,306,000											173,000	-411,000	486,000
credit loss expense	348,000	-966,000	-487,000	-66,000	321,000	-346,000	158,000	37,000	142,000	-24,000	-403,000	35,000	922,000	-221,000				-38,000	49,000	-193,000	-181,000	-1,235,000	-182,000	-39,000	2,510,000
earnings from partnership investments	-3,905,000	-1,496,000	4,409,000	-301,000	-2,112,000	-1,234,000	-3,872,000	-2,256,000	-226,000	195,000	-2,427,000	-237,000	-2,166,000	-2,809,000	-876,000	-5,967,000	1,264,000				-4,291,000				-1,339,000	100,000	156,000	-325,000	-835,000	2,604,000	-762,000	34,000	-2,526,000	-849,000	-351,000	-769,000	-113,000	-96,000	-802,000	-1,409,000	-878,000	-951,000	-859,000
change in net unrealized gains on equity securities	11,497,000	13,930,000	-6,310,000	-7,194,000	271,000	10,929,000	-10,698,000	3,483,000	-7,665,000	-9,650,000	9,184,000	-6,266,000	-770,000	-11,897,000	14,364,000	28,885,000	13,034,000	-4,716,000	3,447,000
changes in assets and liabilities:
accounts receivable	6,759,000	12,991,000	-164,000	-26,606,000	57,000	4,978,000	918,000	-42,870,000	-12,804,000	1,580,000	-19,704,000	-33,003,000	-13,018,000	-4,569,000	-5,138,000	-15,739,000	3,857,000	12,821,000	-552,000	-12,307,000	8,232,000	14,820,000	5,389,000	-9,685,000	3,698,000	16,537,000	-248,000	-21,004,000	1,408,000	19,408,000	-2,000	-16,255,000	-2,564,000	15,186,000	-3,954,000	-17,936,000	3,751,000	11,959,000	-4,146,000	-16,838,000	-104,000	15,201,000	-1,714,000	-14,886,000	-1,636,000	15,595,000																		713,000
accrued investment income	773,000	-2,735,000	-752,000	-816,000	-440,000	220,000	-365,000	731,000	-751,000	427,000	-488,000	516,000	496,000	159,000	-1,271,000	592,000	-291,000	1,888,000	-1,982,000	2,021,000	-1,283,000	1,099,000	-1,144,000	1,152,000	-748,000	1,071,000	-1,171,000	1,146,000	-1,030,000	717,000	-290,000	1,185,000	-1,156,000	798,000	-1,203,000	1,088,000	-701,000	744,000	-1,133,000	905,000	-452,000	472,000	-59,000	725,000	235,000	-318,000	-164,000	462,000	54,000	115,000	-279,000	500,000			575,000			486,000	472,000	224,000	125,000			130,000	59,000	129,000	439,000
receivable from reinsurers	-5,081,000	13,798,000	-4,812,000	3,753,000	-14,435,000	1,298,000	-4,542,000	-17,071,000	-11,111,000	10,962,000	-12,440,000	-17,350,000	-542,000	3,960,000	-11,066,000	67,000	9,558,000	1,616,000	979,000	4,348,000	3,899,000	5,920,000	6,733,000	2,980,000	-1,685,000	17,402,000	-10,046,000	-1,966,000	-16,992,000	2,816,000	-4,255,000	-6,235,000	-6,554,000	27,946,000	-4,833,000	-12,156,000	-5,590,000	2,018,000	-10,759,000	395,000	4,351,000	6,937,000	10,491,000	-8,425,000	-50,724,000	-455,000									126,000			1,252,000	903,000	3,732,000	3,664,000	1,420,000	4,056,000	4,632,000			5,075,000			3,936,000	-2,232,000	548,000	5,302,000	3,588,000				-3,405,000	16,325,000	2,693,000
ceded unearned premiums	-1,070,000	42,000	1,792,000	45,000	-140,000	-3,731,000	-1,713,000	-1,940,000	-1,683,000	-2,527,000	154,000	-1,055,000	-465,000	-1,893,000	-153,000	-1,615,000	-997,000	-1,228,000	1,158,000	-2,201,000	882,000	-97,000	3,764,000	4,118,000	4,991,000	-77,000	795,000	-2,363,000	437,000	440,000	2,536,000	-3,780,000	-995,000	-1,597,000	-146,000	-2,728,000	881,000	-1,985,000	2,286,000	-4,541,000	-1,123,000	-1,008,000	-1,012,000	186,000	-1,750,000	-1,197,000													1,062,000	431,000	313,000	2,810,000	3,705,000	417,000	3,442,000
deferred policy acquisition costs	3,276,000	3,944,000	-4,254,000	-6,579,000	572,000	1,043,000	-5,918,000	-6,888,000	-1,794,000	-304,000	-7,190,000	-7,504,000	-1,337,000	1,080,000	-3,144,000	-2,706,000	2,212,000	3,421,000	-2,013,000	-2,129,000	2,659,000	4,817,000	-2,429,000	-5,218,000	2,155,000	4,057,000	-2,674,000	-3,765,000	1,450,000	4,178,000	-2,310,000	-4,006,000	985,000	4,256,000	-2,048,000	-3,842,000	428,000	4,103,000	-2,713,000	-3,982,000	533,000	4,039,000	-1,703,000	-3,998,000	54,000	3,850,000
taxes payable	-11,713,000	2,718,000	2,886,000	-2,921,000	211,000																6,055,000				543,000	0	0	-8,286,000	2,196,000					0	0	-1,537,000	427,000
other assets	-3,763,000	4,632,000	-2,114,000	-1,708,000	776,000	4,520,000	-4,117,000	15,268,000	-2,112,000	2,893,000	-3,131,000	-2,324,000	434,000	-1,575,000	1,520,000	-5,451,000	-971,000	5,427,000	-3,993,000	-4,364,000	-416,000	7,222,000	-1,505,000	-6,609,000	877,000	3,404,000	-1,049,000	-370,000	-3,849,000	3,175,000	5,815,000	-772,000	-5,653,000	1,854,000	-3,914,000	-223,000	-3,117,000	4,346,000	2,330,000	-6,655,000	327,000	4,801,000	-985,000	-1,614,000	-2,928,000	4,759,000				182,000	219,000	3,128,000	-2,624,000					1,349,000																						19,891,000
losses and loss adjustment expense reserves	51,350,000	41,927,000	33,871,000	3,224,000	11,048,000
unearned premium reserves	-14,484,000	-21,062,000	16,401,000	37,318,000	2,230,000	-2,059,000	35,398,000	42,502,000	15,925,000	2,853,000	36,509,000	43,798,000	11,615,000	-3,729,000	15,649,000	16,008,000	-8,040,000	-20,680,000	7,052,000	14,728,000	-9,514,000	-25,256,000	7,150,000	11,716,000	-13,928,000	-23,784,000	12,391,000	23,223,000	-4,991,000	-25,025,000	8,003,000	25,171,000	-1,026,000	-22,862,000	9,088,000	23,720,000	278,000	-21,699,000	11,597,000	25,052,000	1,122,000	-23,048,000	8,628,000	21,545,000	4,475,000	-21,543,000	8,266,000	22,226,000	10,829,000	4,954,000	21,515,000	12,577,000	8,758,000	18,814,000	14,303,000	8,043,000	18,178,000	12,891,000	9,752,000	16,957,000	13,618,000	1,389,000	5,951,000	5,188,000	-12,055,000	-1,569,000	14,968,000	2,063,000	21,042,000		-3,012,000	4,561,000	16,722,000	-34,558,000	-1,914,000	13,144,000	27,104,000	4,413,000	19,534,000	36,362,000
accounts payable and accrued liabilities	-21,219,000	7,232,000	3,482,000	9,936,000	-17,554,000	8,205,000	669,000	7,611,000	-3,285,000	2,418,000	2,161,000	6,203,000	-20,123,000	14,514,000	4,509,000	3,364,000	-25,067,000	11,994,000	6,038,000	13,178,000	-34,086,000	8,067,000	10,605,000	4,386,000	-18,748,000	13,377,000	4,605,000	2,770,000	-17,357,000	13,788,000	4,425,000	1,877,000	-9,412,000	9,336,000	-2,880,000	4,942,000	-17,731,000	13,035,000	2,969,000	5,099,000	-7,035,000	10,687,000	-1,825,000	-131,000	-21,154,000	13,437,000
payable to reinsurers	-13,294,000	-13,869,000	13,842,000	-5,231,000	1,368,000	-11,222,000	14,560,000	3,240,000	-3,445,000	-8,585,000	11,457,000	3,174,000	-1,549,000	-11,179,000	9,280,000	10,600,000	-6,449,000	-9,431,000	7,409,000	10,689,000	-7,711,000	-11,099,000	7,541,000	9,348,000	-10,465,000	-20,190,000	11,861,000	2,301,000	6,719,000	-21,594,000	11,453,000	2,905,000	5,655,000	-15,212,000	11,612,000	11,576,000	-7,677,000	-16,891,000	7,216,000	11,591,000	39,000	-14,733,000	9,053,000	7,516,000	2,058,000	-11,326,000	6,021,000	5,517,000	347,000	5,654,000			4,542,000			3,668,000			2,542,000	3,344,000	394,000	2,885,000			7,222,000	6,878,000	1,270,000	9,554,000	2,448,000		10,301,000	13,488,000	1,118,000		12,090,000	13,488,000	515,000
net cash from operating activities	-17,034,000	73,550,000	85,452,000	32,323,000	3,173,000	50,419,000	73,815,000	25,589,000	-21,135,000	35,051,000	30,501,000	-546,000	-12,892,000	20,960,000	23,641,000	15,001,000	-15,276,000	30,810,000	47,994,000	50,067,000	12,523,000	33,348,000	50,883,000	53,744,000	-28,515,000	42,805,000	56,234,000	21,429,000	-8,012,000	37,294,000	66,165,000	26,226,000	-1,994,000	31,955,000	32,904,000	16,305,000	876,000		45,898,000	27,760,000	2,153,000		24,657,000	-25,366,000	-10,073,000	31,959,000	40,987,000			30,007,000	30,237,000	4,858,000	35,375,000	29,581,000	11,444,000	14,426,000			28,671,000			28,975,000							18,991,000	31,790,000	31,046,000			35,312,000	36,869,000			31,369,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0	0	0		0	0	0	0	0			0	0	0	0	0	0	0			0			0							0	0	0			0	0			0
free cash flows	-17,034,000	73,550,000	85,452,000	32,323,000	3,173,000	50,419,000	73,815,000	25,589,000	-21,135,000	35,051,000	30,501,000	-546,000	-12,892,000	20,960,000	23,641,000	15,001,000	-15,276,000	30,810,000	47,994,000	50,067,000	12,523,000	33,348,000	50,883,000	53,744,000	-28,515,000	42,805,000	56,234,000	21,429,000	-8,012,000	37,294,000	66,165,000	26,226,000	-1,994,000	31,955,000	32,904,000	16,305,000	876,000		45,898,000	27,760,000	2,153,000		24,657,000	-25,366,000	-10,073,000	31,959,000	40,987,000			30,007,000	30,237,000	4,858,000	35,375,000	29,581,000	11,444,000	14,426,000			28,671,000			28,975,000							18,991,000	31,790,000	31,046,000			35,312,000	36,869,000			31,369,000
cash flows from investing activities:
fixed maturities purchased	-69,092,000	-248,373,000	-171,609,000	-79,229,000	-38,170,000	-101,795,000	-96,743,000	-40,526,000	-30,825,000	-31,989,000	-29,559,000	-7,598,000	-22,528,000	-64,585,000	-37,082,000	-49,153,000	-64,272,000	-83,004,000	-108,778,000	-95,912,000	-67,867,000	-93,820,000	-40,277,000	-50,843,000	-32,329,000	-71,251,000	-68,733,000	-48,502,000	-31,389,000	-68,537,000	-95,054,000	-86,496,000	-54,567,000	-63,174,000	-59,038,000	-49,853,000	-33,161,000	-85,148,000	-92,385,000	-57,161,000	-60,517,000	-69,508,000	-62,442,000	-30,873,000	-64,505,000	-66,037,000
equity securities purchased	-30,311,000	-67,880,000	-16,985,000	-18,559,000	-18,650,000	-16,201,000	-15,425,000	-10,574,000	-13,720,000	-16,606,000	-12,861,000	-9,100,000	-12,282,000	-10,383,000	-15,132,000	-10,944,000	-15,733,000	-10,700,000	-26,623,000	-12,163,000	-9,810,000	-7,940,000	-10,775,000	-18,516,000	-12,095,000	-10,256,000	-4,609,000	-8,552,000	-5,169,000	-5,259,000	-23,083,000	-25,826,000	-12,664,000	-6,790,000	-8,619,000	-4,068,000	-7,963,000	-11,690,000	-7,665,000	-6,780,000	-3,925,000	-2,933,000	-3,623,000	-3,749,000	-16,353,000	-6,825,000
other invested assets purchased	-1,779,000	-1,871,000	-1,667,000	-1,843,000	-2,563,000	-1,556,000	-2,861,000	-1,281,000	-5,654,000	-4,991,000	-1,293,000	-4,300,000	-8,482,000	-5,341,000	-3,065,000	-6,838,000	-4,960,000	-17,593,000	-8,532,000	-3,927,000	-2,762,000	-4,176,000	-2,401,000	-1,902,000	-3,389,000	-4,588,000	-4,355,000	-4,101,000	-1,750,000	-3,315,000	-2,339,000	-865,000	-129,000	-1,811,000	0	-2,708,000	-2,973,000	-1,723,000	-1,512,000	-283,000	-1,730,000	-1,390,000	-30,000
proceeds from sales and paydowns of fixed maturities	51,733,000	165,546,000	83,705,000	27,563,000	17,255,000	45,956,000	55,373,000	24,391,000	25,500,000	17,945,000	20,955,000	26,425,000	36,818,000	48,124,000	22,502,000	32,544,000	51,321,000	84,072,000	53,769,000	44,251,000	31,573,000	29,057,000	34,270,000	29,795,000	33,433,000	20,743,000	28,161,000	52,628,000	33,587,000	20,074,000	101,015,000	60,885,000	35,247,000	37,031,000	22,951,000	43,554,000	47,535,000	22,168,000	34,429,000	27,596,000	15,489,000	41,586,000	38,914,000	51,954,000	18,478,000	34,350,000	26,625,000	64,525,000	28,201,000	53,992,000	37,776,000	48,202,000	44,469,000	36,100,000	52,007,000	77,197,000	75,263,000	48,190,000
proceeds from maturities, redemptions, and calls of fixed maturities	11,650,000	14,553,000	22,959,000	18,772,000	13,747,000	14,646,000	17,261,000	17,570,000	11,147,000	9,663,000	4,559,000	2,188,000	3,132,000	17,932,000	5,914,000	26,197,000	36,363,000	31,382,000	13,424,000	56,283,000	43,821,000	34,035,000	11,989,000	11,457,000	28,909,000	27,400,000	16,433,000	7,583,000	7,260,000	12,473,000	4,657,000	23,226,000	23,272,000	13,230,000	5,672,000	8,476,000	10,490,000	21,888,000	13,533,000	23,419,000	41,043,000	12,786,000	30,375,000	16,548,000	50,480,000	27,753,000	1,252,000	7,132,000	16,116,000	13,559,000	6,636,000	14,069,000	15,980,000	18,642,000	13,392,000	42,174,000
proceeds from maturities of short-term investments		0	0	0	20,000,000
proceed from sales of equity securities	50,968,000	93,395,000	17,574,000	15,060,000	22,347,000	13,915,000	18,422,000	9,717,000	43,435,000	12,967,000	12,086,000	31,328,000	8,310,000	9,450,000	11,497,000	9,533,000	12,868,000	9,614,000	5,370,000	5,010,000	6,730,000	13,420,000	5,364,000	7,120,000	8,638,000	7,617,000	4,026,000	7,449,000	4,874,000	3,355,000	2,636,000	6,752,000	5,911,000	5,336,000	17,676,000	3,015,000	8,637,000	9,134,000	27,336,000	4,813,000	5,337,000			2,678,000	15,996,000	5,441,000	2,346,000	2,382,000	3,928,000	5,143,000	1,625,000	1,820,000	1,900,000	3,195,000	2,844,000	2,069,000	1,084,000	3,082,000	0	1,279,000	800,000			1,064,000		1,000,000	560,000		979,000	0	0	256,000	229,000
proceeds from other invested assets redeemed	229,000	4,308,000	964,000	3,958,000	2,495,000	4,230,000	2,819,000	2,666,000	1,583,000	890,000	73,000	113,000	2,301,000	1,800,000	246,000	654,000	233,000	615,000	510,000	3,109,000	374,000	5,659,000	22,000	52,000	106,000	1,437,000	128,000			2,996,000	205,000	2,665,000	944,000	7,386,000	0	0	203,000	2,336,000	0	0	2,656,000	0
fixed assets purchased	-1,842,000	-2,108,000	0	-68,000	-332,000	-155,000	-603,000	-541,000	-3,067,000	-381,000	-850,000	-17,000	-535,000	-570,000	-831,000	0	-691,000	-1,370,000	-1,430,000	-2,552,000	-2,873,000	-1,821,000	-2,799,000	-2,349,000	-2,977,000	-3,239,000	-4,028,000	-1,200,000	-1,127,000	-670,000	-9,458,000	-497,000	-558,000	-1,296,000	-1,817,000	-2,087,000	-758,000	-1,665,000	-870,000	-711,000	-1,664,000	-901,000	-1,001,000	-1,324,000	-815,000	-170,000
net cash from investing activities	11,556,000	-42,430,000	-65,059,000	-34,346,000	16,129,000	-40,811,000	-42,551,000	1,422,000	27,399,000	-14,614,000	-6,811,000	39,039,000	6,655,000	-21,154,000	-15,951,000	1,993,000	15,124,000	13,016,000	-72,290,000	-5,901,000	-814,000	-26,027,000	-4,607,000	-25,186,000	20,296,000	-32,137,000	-32,977,000	5,864,000	6,286,000	-38,883,000	-21,421,000	-20,156,000	-2,544,000	-10,088,000	-23,175,000	-3,671,000	22,010,000	-44,700,000				-19,012,000	7,746,000	31,837,000	3,274,000	-7,564,000						8,127,000		-18,771,000	42,654,000	-18,039,000	-1,695,000	24,570,000				3,251,000						5,513,000	24,728,000									8,368,000
cash flows from financing activities:
proceeds from citizens loan		20,000,000	0	0	30,000,000
payments on fhlb loan		0	0	0	-30,000,000	0	0			0	-5,000,000
dividends paid to shareholders	-13,592,000	-13,452,000	-13,569,000	-13,276,000	-13,568,000	-13,232,000	-13,245,000	-13,233,000	-13,615,000	-13,179,000	-13,184,000	-13,181,000	-13,747,000	-13,141,000	-13,138,000	-13,142,000	-13,617,000	-13,363,000	-13,365,000	-13,365,000	-13,915,000	-13,301,000	-13,430,000	-13,615,000	-14,229,000	-13,743,000	-13,743,000	-12,217,000	-12,964,000	-12,146,000	-12,149,000	-12,178,000	-12,340,000	-12,093,000	-12,092,000	-10,578,000	-10,697,000	-10,538,000	-10,540,000	-10,540,000	-10,647,000	-10,494,000	-10,496,000	-10,493,000	-10,493,000	-10,462,000
net cash from financing activities	-13,592,000	-13,452,000	-13,569,000	-13,276,000	-13,568,000	-13,232,000	-13,245,000	-13,233,000	-13,615,000	-13,179,000	-18,184,000	-28,421,000	-3,747,000	-8,141,000	-13,138,000	-13,142,000	-28,220,000	-24,926,000	-13,365,000	-13,365,000	-13,915,000	-13,301,000	-31,284,000	-25,368,000	5,379,000	-13,743,000	-13,743,000	-12,217,000	-12,964,000	-12,146,000	-12,149,000	-12,178,000	-12,340,000	-12,093,000	-12,092,000	-10,578,000	-10,697,000	-10,538,000	-10,540,000	-10,540,000	-10,396,000	-10,410,000	-10,453,000	-10,450,000	-10,384,000	-10,313,000
net increase in cash and cash equivalents	-19,070,000	17,668,000	6,824,000	-15,299,000	5,734,000	-3,624,000	18,019,000	13,778,000	-7,351,000	7,258,000	5,506,000					3,852,000	-28,372,000	18,900,000	-37,661,000			-5,980,000	14,992,000			-3,075,000	9,514,000			-13,735,000	32,595,000	-6,108,000	-16,878,000	9,774,000	-2,363,000	2,056,000	12,189,000	-32,225,000				4,251,000				14,082,000				2,517,000	-3,916,000	4,321,000		3,221,000	46,880,000	-11,245,000	83,000	15,137,000							43,667,000			26,311,000	39,857,000					-18,547,000	11,572,000			39,282,000	45,888,000	17,283,000
cash and cash equivalents at beginning of year	73,901,000	0	0	0	58,974,000	0	0	0	38,152,000	0	0	0	25,300,000	0	0	0	63,603,000	0	0	0	53,769,000	0	0	0	44,407,000	0	0	0	37,582,000	0	0	0	41,708,000	0	0	0	20,052,000	0	0	0	47,494,000	0	0	0	42,455,000	0	0	0	55,877,000	0	0	35,383,000	0	0	37,890,000	0	0	40,291,000	0	0	74,470,000	0	0	60,451,000	0	0	46,311,000	0	26,283,000		0	0	163,027,000		0	0	155,673,000	0	0	26,284,000
cash and cash equivalents at end of period	54,831,000	17,668,000	6,824,000	-15,299,000	64,708,000	-3,624,000	18,019,000	13,778,000	30,801,000	7,258,000	5,506,000	10,072,000	15,316,000	-8,335,000	-5,448,000	3,852,000	35,231,000	18,900,000	-37,661,000	30,801,000	51,563,000	-5,980,000	14,992,000	3,190,000	41,567,000	-3,075,000	9,514,000	15,076,000	22,892,000	-13,735,000	32,595,000	-6,108,000	24,830,000	9,774,000	-2,363,000	2,056,000	32,241,000		8,224,000	8,113,000	35,940,000		21,950,000	-3,979,000	25,272,000	14,082,000	-9,367,000	22,070,000	15,670,000	2,517,000	-3,916,000	39,704,000	-54,294,000	3,221,000	84,770,000	-11,245,000	83,000	55,428,000	50,840,000	983,000	39,060,000	16,422,000	26,672,000	30,604,000	43,667,000	36,065,000	28,050,000	26,311,000	66,140,000		-7,992,000	-62,833,000	94,376,000		11,572,000	32,206,000	137,796,000	39,282,000	45,888,000	43,567,000
other liabilities						0	0	-9,094,000	-16,617,000	-5,644,000	-5,224,000	-2,203,000	10,529,000	389,000	-2,579,000	-944,000	123,000	10,298,000	8,795,000	-2,003,000	7,733,000	4,478,000	-12,757,000	10,787,000	-23,332,000	-7,558,000	10,747,000	-2,949,000	5,084,000	-2,206,000	5,532,000	-5,383,000	1,847,000	905,000	-4,290,000	-1,890,000	5,435,000	3,506,000	-4,419,000	1,841,000	-8,299,000	6,330,000	-11,045,000	-18,283,000	37,477,000	2,361,000										1,241,000	-3,090,000	9,553,000								-4,455,000	4,821,000	-6,108,000	8,131,000				8,416,000	-1,636,000	-1,437,000	-1,384,000	6,131,000
short-term investments purchased						149,000
acquisition, net of cash received						0	-1,065,000	0	-1,000,000
proceeds from fhlb loan						0	0			0	0	10,000,000	10,000,000
acquisition of treasury stock										0	0			0	0	0	-14,603,000					0	-17,854,000	-11,753,000	-10,392,000																					0
supplemental disclosure of cash flow information:
cash paid during the year for:
federal and state income taxes, net of refunds
interest																		183,000	71,000
taxes recoverable/payable						3,242,000	0	-3,013,000	1,403,000	6,663,000	-4,157,000	1,653,000	-6,564,000	19,279,000	-1,397,000	-11,628,000	-3,017,000	-4,151,000	-2,322,000
loss and loss adjustment expense reserves						27,494,000	22,538,000	17,841,000	715,000	18,906,000	19,148,000	-5,112,000	20,541,000	4,186,000	-2,733,000	-11,876,000	-10,630,000	-7,896,000	1,596,000	-315,000	9,685,000	-18,908,000	-13,258,000	-8,946,000	-1,873,000	9,107,000	12,336,000	7,361,000	-2,957,000	1,762,000	3,166,000	17,000	5,720,000	-3,583,000	14,928,000	-6,840,000	9,228,000	8,079,000	8,160,000	-5,819,000	-4,076,000	648,000	-7,106,000	-9,578,000	88,001,000	14,239,000	9,984,000	-3,233,000	6,008,000	5,900,000	800,000	7,954,000																4,698,000	4,092,000						-6,916,000	427,000	11,405,000	10,731,000	20,279,000	17,734,000
federal and state income taxes																		9,000,000	8,000,000
short term investments purchased												0	-79,000		0	0	-5,000
provision for deferred income taxes										8,000																			469,000		-402,000	-300,000	34,000			2,468,000	483,000								-5,492,000	-740,000	-2,000	73,000	67,000	425,000	166,000	59,000	72,000			167,000	-21,000	22,000			178,000								71,000
(credit) provision for deferred income taxes												-466,000	-697,000										2,950,000	899,000	-5,927,000																		1,674,000
net decrease in cash and cash equivalents													-9,984,000	-8,335,000							-2,206,000				-2,840,000				-14,690,000											8,113,000	-11,554,000			-3,979,000	-17,183,000
provision (credit) for deferred income taxes															-1,938,000	3,651,000	2,312,000									3,628,000	-109,000											1,104,000	-49,000	519,000	107,000

net impairment losses on investments																										492,000	123,000	54,000	220,000	0				0				369,000	0	137,000	292,000	362,000
net realized losses on investments																			-2,226,000	-3,406,000	-2,875,000		-669,000	721,000	631,000				164,000								-1,542,000	-631,000			323,000	397,000																419,000				20,000	-1,000	318,000							0	187,000	74,000
losses from partnership investments																			-5,720,000				-4,699,000
change in net unrealized gains on equity investments																					-6,207,000	-16,088,000	-7,521,000	-16,828,000	29,988,000	-6,286,000	387,000	-3,754,000	-11,801,000	12,575,000	-2,444,000	2,711,000	3,482,000
taxes recoverable																					279,000	-279,000	411,000	-411,000	1,003,000	451,000	217,000			170,000	2,565,000	-167,000	-1,660,000	2,941,000	233,000			0	17,037,000	-2,855,000	1,315,000	8,432,000	5,200,000	-3,314,000	-25,815,000
debt																							0	0	30,000,000
proceeds from stock options exercised																																						0	0	0	257,000	85,000	43,000	43,000	107,000	150,000	0	86,000	61,000	255,000	1,705,000	519,000	587,000	61,000	380,000	3,000	212,000	685,000
excess tax expense from stock options exercised
net realized (gains) on investments																															-53,000				-2,717,000
benefit from deferred income taxes																																		-1,741,000
net realized (gains) losses on investments
depreciation and amortization																																				3,976,000	4,417,000	3,099,000	4,618,000	3,315,000	3,041,000	3,768,000	3,194,000	3,027,000	2,608,000	3,319,000	3,202,000	3,257,000	3,345,000	3,812,000	3,799,000	3,474,000	3,408,000	3,483,000	3,800,000	2,944,000	3,085,000	3,167,000	3,107,000	3,016,000	3,104,000	2,893,000	3,093,000	3,144,000	2,709,000	2,887,000	2,842,000	2,472,000	2,201,000	2,124,000	2,083,000	2,189,000	2,097,000	1,994,000	2,141,000	2,160,000	2,017,000	1,886,000	2,192,000	1,849,000
net cash provided by operating activities																																																																	24,843,000	22,741,000	4,755,000						19,737,000				15,147,000			22,995,000
excess tax benefit from stock options exercised																																										-1,000	0	0	2,000	-1,000	0	-5,000	9,000			17,000
cash and cash equivalents at end of year
net cash (used for) provided by investing activities																																								-9,107,000	-3,311,000
proceeds from sales of equity securities																																																														1,400,000													99,000	0	134,000
other invested assets purchase																																														-2,076,000
adjustments to reconcile net income to net cash provided by operating activities:
gains on sale of fixed assets
fixed assets sold																																																		0
gains on sales of fixed assets
proceeds from maturities of other invested assets
proceeds from sales of fixed assets																																																																														0	0	4,000
proceeds from sales of other invested assets																																																									30,000	29,000
excess tax benefits from stock options exercised
proceeds from maturities, redemptions and calls of fixed maturities																																																										1,257,000
proceeds from sales, paydowns and calls of fixed maturities																																																											101,705,000	34,092,000	53,564,000	31,431,000	29,395,000	22,003,000
proceeds from maturities of fixed maturities																																																											15,024,000	0	25,500,000	4,700,000	5,000,000	322,000	3,481,000	11,000,000	6,675,000	6,000,000	5,000,000	1,850,000	250,000	3,200,000	9,000,000	6,150,000	0			0	2,520,000	5,000,000
proceed from maturities of short-term securities
proceeds and excess tax benefits from exercise of stock options																																																											394,000	146,000	68,000	96,000	54,000	121,000	1,432,000	545,000	88,000	248,000	181,000	1,955,000	799,000
provision (benefit) for deferred income taxes																																																														52,000	423,000	187,000
proceeds from maturities of short-term securities
proceeds from maturities of short term securities
net cash (used for) provided by operating activities
proceed from maturities of short term securities																																																																15,000,000
net cash used for investing activities
net cash used for financing activities
(benefit) provision for deferred income taxes
proceeds from sales of fixed maturities																																																																		61,859,000	23,897,000	13,568,000	138,817,000	13,359,000	7,051,000	79,367,000	13,787,000	21,825,000	15,867,000	13,005,000	12,668,000	48,350,000	24,756,000	18,748,000
net cash provided by investing activities
benefit for deferred income taxes
payments on revolving credit facility
payments on promissory notes from management																																																																														0	0	34,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
prepaid reinsurance premiums																																																																							2,019,000			3,772,000	1,256,000	523,000	677,000
proceeds from exercise of stock options																																																																									438,000				886,000	1,400,000	234,000	53,000
proceeds from exercises of stock options																																																																											203,000
payment of promissory notes from management
dividend paid to shareholders
payment of long-term debt

Safety Insurance Group, Inc(NASDAQ:SAFT)

Safety Insurance Group, Inc
(NASDAQ:SAFT)