| PREPARED FOR US 1 INDUSTRIES, INC. |
| VALUATION OF AMERICAN INTER-FIDELITY EXCHANGE |
| GUIDELINE COMPANIES METHOD - SELECTED COMPANY DESCRIPTIONS |
| Company | Ticker | Headquarters | Description | Exclusions | ||||
| BALDWIN & LYONS B | BWINB | Indianapolis, IN | The company through its divisions and subsidiaries, specializes in marketing and underwriting property and casualty insurance and the assumption of property reinsurance mainly insuring against catastrophes. | |||||
| FIRST ACCEPTANCE | FAC | Nashville, TN | First Acceptance Corporation is a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. It writes non-standard personal automobile insurance in 12 states. | |||||
| PROGRESSIVE | PGR | Mayfield Village, OH | Progressive Corporation is an insurance holding company, whose subsidiaries provides personal and commercial automobile insurance and other property-casualty insurance and related services throughout the United States. | |||||
| MERCURY GENERAL | MCY | Los Angeles, CA | Mercury General Corporation and its subsidiaries are engaged in writing automobile insurance in a number of states, mainly California. It also writes homeowners, mechanical breakdown, fire, umbrella, and commercial automobile and property insurance. | |||||
| GAINSCO | GAN | Dallas, TX | Gainsco, Inc., through its subsidiaries, is engaged in the property and casualty insurance business focusing on the nonstandard personal auto market. | |||||
| ASSURANCEAMERICA | ASAM | Atlanta, GA | An insurance holding company underwrites and distributes nonstandard private passenger automobile insurance. | |||||
| SAFETY INSURANCE GROUP | SAFT | Boston, MA | The Company is a provider of private passenger automobile insurance in Massachusetts. It also offers a portfolio of property and casualty insurance products, including commercial automobile, homeowners, dwelling fire, umbrella and business owner policies. | |||||
| INFINITY PROPERTY | IPCC | Birmingham, AL | A holding company which through subsidiaries provides personal automobile insurance with a concentration on nonstandard auto insurance. | |||||
| AFFIRMATIVE INS HOLDINGS | AFFM | Addison, TX | The Company is a distributor and producer of non-standard personal automobile insurance policies and related products and services for individual consumers in targeted geographic areas. | |||||
| 21ST CENTURY HOLDING | TCHC | 21st Century Holding Company is an insurance holding company, which, through its subsidiaries & its contractual relationships with its independent agents, controls substantially all aspects of the insurance underwriting, distribution and claims processes. | Core business not related to automobile insurance | |||||
| ACE | ACE | ACE Ltd is a Swiss-incorporated holding company with its subsidiaries, is a global insurance and reinsurance organization and serve the property and casualty insurance needs of businesses of all sizes in a range of industries. | Core business not related to automobile insurance | |||||
| ALLEGHANY | Y | Alleghany Corporation is engaged, through Alleghany Insurance Holdings LLC and its subsidiaries, RSUI, CATA, Darwin and EDC, in the property and casualty and surety insurance business. | Core business not related to automobile insurance | |||||
| ALLIED WORLD ASSURANCE | AWH | Allied World Assurance Holdings Ltd, through its wholly-owned subsidiaries provides property and casualty insurance and reinsurance on a worldwide basis through operations in Bermuda, the United States, Ireland, Switzerland and the United Kingdom. | Core business not related to automobile insurance | |||||
| ALLSTATE | ALL | The Allstate Corporation is engaged in the personal property and casualty insurance business and the life insurance, retirement and investment products business. | Core business not related to automobile insurance | |||||
| ALTERRA CAPITAL HOLDINGS | ALTE | Alterra Capital Holdings Limited provides diversified specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers, and life and health insurers. | Core business not related to automobile insurance | |||||
| AMERICAN FINANCIAL GROUP | AFG | American Financial Group, Inc. is a holding company which through its subsidiaries, is engaged mainly in property and casualty insurance. | Core business not related to automobile insurance | |||||
| AMERICAN INTL GROUP | AIG | American International Group is a holding company, through its subsidiaries, is engaged in insurance and insurance related activities in the United States and abroad. | Core business not related to automobile insurance |
| ISSUE 28-4 |
| PREPARED FOR US 1 INDUSTRIES, INC. |
| VALUATION OF AMERICAN INTER-FIDELITY EXCHANGE |
| GUIDELINE COMPANIES METHOD - SELECTED COMPANY DESCRIPTIONS |
| Company | Ticker | Headquarters | Description | Exclusions | ||||
| AMERICAN SAFETY INSURANCE | ASI | American Safety Insurance Holdings Ltd is an insurance and reinsurance company which provides customized products and solutions to small and medium-sized businesses in industries. | Core business not related to automobile insurance | |||||
| AMERISAFE | AMSF | Amerisafe Inc. is a holding Company which markets and underwrites workers' compensation insurance through its insurance subsidiaries. | Core business not related to automobile insurance | |||||
| AMTRUST FINANCIAL SVCS | AFSI | An insurance holding company through its subsidiaries provides specialty property and casualty insurance. | Core business not related to automobile insurance | |||||
| ASPEN INSURANCE HOLDINGS | AHL | Aspen Insurance Holdings Ltd is a Bermuda holding company which operates in the global markets for property and casualty insurance and reinsurance. | Core business not related to automobile insurance | |||||
| ASSURED GUARANTY | AGO | Assured Guaranty, Ltd. is a holding company, which through its operating subsidiaries provides credit enhancement products to the public finance, structured finance and mortgage markets. | Core business not related to automobile insurance | |||||
| AXIS CAPITAL HOLDINGS | AXS | Axis Capital Holdings Ltd through its subsidiaries, provides a range of insurance and reinsurance products to insureds and reinsureds worldwide operations with main locations in Bermuda, the United States and Europe. | Core business not related to automobile insurance | |||||
| BALDWIN & LYONS A | BWINA | Baldwin & Lyons, Inc. through its divisions and subsidiaries, specializes in marketing and underwriting property and casualty insurance and the assumption of property reinsurance mainly insuring against catastrophes. | Core business not related to automobile insurance | |||||
| BANCINSURANCE | BCIS | N/A | Core business not related to automobile insurance | |||||
| BERKSHIRE HATHAWAY A | BRKA | Berkshire Hathaway Inc. is a holding company, whose subsidiaries are engaged in a number of business activities, including property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, service and retailing. | Core business not related to automobile insurance | |||||
| BERKSHIRE HATHAWAY B | BRKB | Berkshire Hathaway Inc. is a holding company, whose subsidiaries are engaged in a number of business activities, including property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, service and retailing. | Core business not related to automobile insurance | |||||
| CHUBB | CB | The Chubb Corporation is a holding company with subsidiaries mainly engaged in the property and casualty insurance business. | Core business not related to automobile insurance | |||||
| CINCINNATI FINANCIAL CORP | CINF | Cincinnati Financial Corporation's main business is property casualty insurance marketed through independent insurance agents in 37 states. It has four segments Commercial lines property casualty,Life, personal lines property casualty and Investments. | Core business not related to automobile insurance | |||||
| CNA FINANCIAL | CNA | CNA Financial Corporation serves a variety of customers, including small, medium and large businesses; associations; professionals; and groups and individuals with a range of insurance and risk management products and services. | Core business not related to automobile insurance | |||||
| CNA SURETY | SUR | CNA Surety Corporation is an insurance holding company which provides surety and surety-related products in North America and to be the surety of choice for its customers, independent agents and brokers. | Core business not related to automobile insurance | |||||
| DONEGAL GROUP A | DGICA | Donegal Group, Inc. is an insurance holding company whose insurance subsidiaries offer personal and commercial lines of property and casualty insurance to businesses and individuals in 18 Mid-Atlantic, Midwestern and Southeastern states. | Core business not related to automobile insurance | |||||
| DONEGAL GROUP B | DGICB | Donegal Group, Inc. is an insurance holding company whose insurance subsidiaries offer personal and commercial lines of property and casualty insurance to businesses and individuals in 18 Mid-Atlantic, Midwestern and Southeastern states. | Core business not related to automobile insurance | |||||
| EMC INSURANCE GROUP | EMCI | EMC Insurance Group Inc. conducts operations in property and casualty insurance and reinsurance through its subsidiaries. It focuses on the sale of commercial lines of property and casualty insurance to small and medium-sized businesses. | Core business not related to automobile insurance |
| ISSUE 28-4 |
| PREPARED FOR US 1 INDUSTRIES, INC. |
| VALUATION OF AMERICAN INTER-FIDELITY EXCHANGE |
| GUIDELINE COMPANIES METHOD - SELECTED COMPANY DESCRIPTIONS |
| Company | Ticker | Headquarters | Description | Exclusions | ||||
| EMPLOYERS HOLDINGS | EIG | The Company is a provider of worker's compensation insurance focused on select small businesses engaged in low to medium hazard industries. | Core business not related to automobile insurance | |||||
| ENDURANCE SPECIALTY HLDGS | ENH | Endurance Specialty Holdings, Ltd. is a holding company through its subsidiary provides property and casualty insurance and reinsurance on a worldwide basis. | Core business not related to automobile insurance | |||||
| ENSTAR GROUP | ESGR | Enstar Group Ltd was formed to acquire and manage insurance and reinsurance companies in run-off, and to provide management, consulting and other services to the insurance and reinsurance industry. | Core business not related to automobile insurance | |||||
| ERIE INDEMNITY A | ERIE | Erie Indemnity Company provides sales, underwriting and policy issuance services to the policyholders of Erie Insurance Exchange. It also operates as a property/casualty insurer through its three wholly-owned subsidiaries. | Core business not related to automobile insurance | |||||
| FIRST MERCURY FINANCIAL | FMR | N/A | Core business not related to automobile insurance | |||||
| FPIC INSURANCE GROUP | FPIC | FPIC Insurance Group, Inc. operates in the medical professional liability insurance sector of the property and casualty insurance industry as an insurance carrier that bears underwriting risks. | Core business not related to automobile insurance | |||||
| FREMONT MICH INSURACORP | FMMH | N/A | Core business not related to automobile insurance | |||||
| HANOVER INSURANCE GROUP | THG | Hanover Insurance Group, Inc. is a holding company, whose main business operations include insurance products and services in three property and casualty operating segments. | Core business not related to automobile insurance | |||||
| HARLEYSVILLE GROUP | HGIC | Harleysville Group Inc. is an insurance holding company, which through its subsidiaries, engages in the property and casualty insurance business on a regional basis. | Core business not related to automobile insurance | |||||
| HARTFORD FIN SRVCS GRP | HIG | Hartford Financial Services Group, Inc. is an insurance and financial services company providing investment products, individual life, group life and group disability insurance products and property and casualty insurance products in the United States. | Core business not related to automobile insurance | |||||
| HCC INSURANCE | HCC | HCC Insurance Holdings Inc. provides property and casualty, surety, and group life, accident and health insurance coverages and related agency and reinsurance brokerage services to commercial customers and individuals. | Core business not related to automobile insurance | |||||
| HILLTOP HOLDINGS | HTH | Hilltop Holdings Inc. provides fire and homeowners insurance to low value dwellings and manufactured homes in Texas and other areas of the south, southeastern and southwestern United States through its casualty insurance holding company, NLASCO, Inc. | Core business not related to automobile insurance | |||||
| HOMEOWNERS CHOICE | HCII | Homeowners Choice, Inc. through its subsidiaries provides property and casualty homeowners insurance, condominium-owners insurance, and tenants insurance to individuals owning property in Florida. | Core business not related to automobile insurance | |||||
| HORACE MANN EDUCATORS | HMN | Horace Mann Educators is an insurance holding company through its subsidiaries markets and underwrites personal lines of property and casualty insurance, retirement annuities and life insurance in the United States of America. | Core business not related to automobile insurance | |||||
| KINGSWAY FINANCIAL SVCS | KFS | Kingsway Financial Services, Inc. provides innovative insurance solutions to manage speciality risks for individuals and businesses in the United States and, until the disposition of JEVCO, in Canada. | Core business not related to automobile insurance | |||||
| LOEWS | L | Loews Corporation through its subsidiaries is engaged in commercial property & casualty insurance, operation of offshore oil & gas drilling rigs, production of natural gas and liquids, operation of interstate natural gas pipeline and operation of hotels. | Core business not related to automobile insurance | |||||
| MAJESTIC CAPITAL LTD | MAJC | Majestic Capital Ltd is engaged in underwriting primary workers' compensation policies, underwriting workers' compensation reinsurance and excess insurance policies, and providing fee-based management and other services to self-insured entities. | Core business not related to automobile insurance |
| ISSUE 28-4 |
| PREPARED FOR US 1 INDUSTRIES, INC. |
| VALUATION OF AMERICAN INTER-FIDELITY EXCHANGE |
| GUIDELINE COMPANIES METHOD - SELECTED COMPANY DESCRIPTIONS |
| Company | Ticker | Headquarters | Description | Exclusions | ||||
| MARKEL CORP | MKL | Markel Corporation markets and underwrites specialty insurance products and programs to a number of niche markets. It operates in three markets: excess and surplus lines, specialty admitted, and the London markets. | Core business not related to automobile insurance | |||||
| MBIA | MBI | MBIA Incorporated operates the financial guarantee insurance business in the industry and is a provider of asset management advisory services. | Core business not related to automobile insurance | |||||
| MEADOWBROOK INSURANCE GRP | MIG | Meadowbrook Insurance Group, Inc. offers a full range of insurance products and services, focused on niche and specialty program business, which we believe is under served by the standard insurance market. | Core business not related to automobile insurance | |||||
| MERCER INSURANCE GROUP | MIGP | N/A | Core business not related to automobile insurance | |||||
| MGIC INVESTMENT | MTG | MGIC Investment Corporation is a holding company, which through its wholly owned subsidiary Mortgage Guaranty Insurance Corporation is a provider of private mortgage insurance in the United States. | Core business not related to automobile insurance | |||||
| MONTPELIER RE HOLDINGS | MRH | Montpelier Re Holdings, Ltd. through its subsidiaries provides customized and innovative insurance and reinsurance solutions to the global market. | Core business not related to automobile insurance | |||||
| NATIONAL INTERSTATE | NATL | National Interstate Corporation and its subsidiaries operate as an insurance holding company group which underwrites and sells traditional and alternative risk transfer property and casualty insurance products. | Core business not related to automobile insurance | |||||
| NATIONAL SECURITY GROUP | NSEC | National Security Group, Inc. through its subsidiaries, provides property and casualty, and life insurance products and services in the United States. | Core business not related to automobile insurance | |||||
| NAVIGATORS GROUP | NAVG | Navigators Group is an international insurance holding company focusing on specialty products within the overall property/casualty insurance market. | Core business not related to automobile insurance | |||||
| OLD REPUBLIC INTERNAT | ORI | Old Republic International is an insurance holding company, which is engaged in the single business of insurance underwriting. It conducts its business through regulated insurance company subsidiaries organized into three segments. | Core business not related to automobile insurance | |||||
| ONEBEACON INSURANCE GROUP | OB | OneBeacon Insurance Group is a specialty lines insurer with roots dating back to 1831.Through its subsidiaries, OneBeacon offers a range of specialty insurance products sold through independent agents,brokers, and wholesalers throughout the United States. | Core business not related to automobile insurance | |||||
| PENN MILLERS HLD | PMIC | Penn Millers Holding Corporation through its subsidiaries, provides various property and casualty insurance products for agricultural and small commercial business customers. | Core business not related to automobile insurance | |||||
| PMI GROUP | PMI | PMI Group, Inc. provides residential mortgage insurance products designed to promote homeownership and strengthen communities. | Core business not related to automobile insurance | |||||
| PROASSURANCE | PRA | Proassurance Corporation is an insurance holding company for wholly-owned specialty property and casualty insurance companies that provide professional liability insurance for providers of health care services. | Core business not related to automobile insurance | |||||
| RADIAN GROUP | RDN | Radian Group, Inc. through its subsidiaries and affiliates, provides credit-related insurance coverage and financial services to mortgage lenders and other financial institutions. | Core business not related to automobile insurance | |||||
| RENAISSANCERE HOLDINGS | RNR | Renaissance Re Holdings, Ltd is the provider of reinsurance and insurance coverages and related services. Its business consists of two segments, Reinsurance and Individual Risk. | Core business not related to automobile insurance | |||||
| RLI CORP | RLI | RLI Corporation underwrites selected property and casualty insurance through its subsidiaries, collectively known as RLI Insurance Group. | Core business not related to automobile insurance |
| ISSUE 28-4 |
| PREPARED FOR US 1 INDUSTRIES, INC. |
| VALUATION OF AMERICAN INTER-FIDELITY EXCHANGE |
| GUIDELINE COMPANIES METHOD - SELECTED COMPANY DESCRIPTIONS |
| Company | Ticker | Headquarters | Description | Exclusions | ||||
| SEABRIGHT HOLDINGS INC | SBX | SeaBright Holdings Inc. is a specialty provider of multi-jurisdictional workers' compensation insurance and, on a limited basis, general liability insurance. | Core business not related to automobile insurance | |||||
| SELECTIVE INSURANCE | SIGI | Selective Insurance Group is a holding company for seven insurance subsidiaries that offers property and casualty insurance products and services in the East and Midwest of the United States. | Core business not related to automobile insurance | |||||
| STATE AUTO FINANCIAL CP | STFC | State Auto Financial is a property and casualty insurance holding company, which is engaged in writing both personal and business lines of insurance. | Core business not related to automobile insurance | |||||
| THE TRAVELERS COMPANIES | TRV | The Travelers Companies, Inc. is a holding company, which through its subsidiaries is engaged in providing commercial and personal property and casualty insurance products and services to businesses, government units, associations and individuals. | Core business not related to automobile insurance | |||||
| TOWER GROUP | TWGP | Tower Group, Inc. through its subsidiaries offers property and casualty insurance products and insurance services and products. | Core business not related to automobile insurance | |||||
| TRANSATLANTIC HLDGS | TRH | Transatlantic Holdings Inc. through its operating subsidiaries offers reinsurance capacity for a full range of property and casualty products to insurers and reinsures on a treaty and facultative basis. | Core business not related to automobile insurance | |||||
| TRIAD GUARANTY | TGIC | Triad Guaranty Inc. is a holding company which, through its wholly-owned subsidiary, Triad Guaranty Insurance Corporation (TGIC), provides mortgage insurance coverage in the United States. | Core business not related to automobile insurance | |||||
| UNICO AMERICAN | UNAM | Unico American Corporation underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty, and health insurance through its agency subsidiaries; and provides insurance financing services. | Core business not related to automobile insurance | |||||
| UNITED FIRE & CASUALTY | UFCS | United Fire & Casualty CO. is engaged in the business of writing property and casualty insurance and life insurance. | Core business not related to automobile insurance | |||||
| UNITED INSURANCE HOLDINGS | UIHC | The Company together its subsidiaries is engaged in the property and casualty insurance business in Florida. | Core business not related to automobile insurance | |||||
| UNITRIN INC | UTR | Unitrin, Inc. serves the basic financial needs of individuals, families and small businesses by providing property and casualty insurance, life and health insurance, and automobile finance services. | Core business not related to automobile insurance | |||||
| UNIVERSAL INSURANCE | UVE | Universal Insurance Holdings, Inc. is a vertically integrated insurance holding company, which through its various subsidiaries, covers substantially all aspects of insurance underwriting, distribution, claims processing and exposure management. | Core business not related to automobile insurance | |||||
| W.R. BERKLEY | WRB | W.R. Berkley Corporation is an insurance holding company in the United States which operates in five business segments: specialty insurance, regional property casualty insurance, alternative markets, reinsurance and international. | Core business not related to automobile insurance | |||||
| WHITE MOUNTAINS INSURANCE | WTM | White Mountains Insurance Group Ltd. is a Bermuda limited liability company whose main businesses are conducted through its property and casualty insurance and reinsurance subsidiaries and affiliates. | Core business not related to automobile insurance | |||||
| XL GROUP | XL | XL Group plc, through its subsidiaries, is a provider of global insurance and reinsurance coverages to industrial, commercial and professional service firms, insurance companies and other enterprises. | Core business not related to automobile insurance |
