page:  72

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS



             SCHEDULE P - ANALYSIS OF LOSSES AND LOSS EXPENSES

  Notes to Schedule P
 (1) The Parts of Schedule P:
    Part 1 - detailed information on losses and loss expenses.
    Part 2 - history of incurred losses and allocated expenses.
    Part 3 - history of loss and allocated expense payments.
    Part 4 - history of bulk and incurred-but-not reported reserves.
    Part 5 - history of claims.
    Part 6 - history of premiums earned.
    Schedule P Interrogatories

 (2) Lines of business A through M, R, and S are groupings of the lines of business used on Page 14, the state page.

 (3) Reinsurance A, B, C, and D (lines N to Q) are:
  Reinsurance A =  nonproportional property (1988 and subsequent)
  Reinsurance B =  nonproportional liability (1988 and subsequent)
  Reinsurance C =  financial lines (1988 and subsequent)
  Reinsurance D =  old Schedule O line 30 (1987 and prior)









                  SCHEDULE P - PART 1 - SUMMARY

                                                                                         (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|             |             Premiums Earned             |                                     Loss and Loss Expense Payments
|      1      |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |      155,501 |       79,683 |       32,973 |        9,413 |       13,655 |
|`2.`1985`    |   3,142,333 |     416,447 |   2,725,886 |    2,581,423 |      435,556 |      202,820 |       19,090 |      111,857 |
|`3.`1986`    |   3,844,761 |     469,224 |   3,375,537 |    2,301,124 |      307,045 |      188,480 |       12,758 |      100,918 |
|`4.`1987`    |   4,131,013 |     563,250 |   3,567,763 |    2,301,288 |      397,943 |      175,280 |       16,957 |       92,051 |
|`5.`1988`    |   4,332,667 |     758,689 |   3,573,978 |    2,374,890 |      502,526 |      173,030 |       14,977 |       92,367 |
|`6.`1989`    |   4,327,680 |     986,791 |   3,340,889 |    2,594,939 |      638,705 |      165,360 |       14,897 |       87,770 |
|`7.`1990`    |   4,261,322 |     927,403 |   3,333,919 |    2,327,777 |      582,202 |      173,440 |       17,499 |      101,952 |
|`8.`1991`    |   3,682,715 |     699,588 |   2,983,127 |    1,847,732 |      366,876 |      125,042 |        9,496 |       63,135 |
|`9.`1992`    |   3,156,709 |     696,137 |   2,460,572 |    1,669,771 |      541,097 |       77,066 |       12,531 |       43,069 |
|10.`1993`    |   2,959,792 |     883,225 |   2,076,567 |    1,007,460 |      260,425 |       38,862 |        2,732 |       29,836 |
|11.`1994`    |   2,777,987 |     580,355 |   2,197,632 |      603,794 |       78,874 |       12,763 |        1,136 |       15,278 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |   19,765,699 |    4,190,932 |    1,365,116 |      131,486 |      751,888 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- -----------------------------#--------------#
                             |              |
- --------------#--------------|      12      |
      10      |      11      |              |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
                         
              |              |              |
        5,446 |      104,824 |   X X X X    |
      112,309 |    2,441,906 |   X X X X    |
      119,988 |    2,289,789 |   X X X X    |
      114,732 |    2,176,400 |   X X X X    |
      120,047 |    2,150,464 |   X X X X    |
      128,757 |    2,235,454 |   X X X X    |
      137,076 |    2,038,592 |   X X X X    |
      140,908 |    1,737,310 |   X X X X    |
      124,108 |    1,317,317 |   X X X X    |
       90,734 |      873,899 |   X X X X    |
       60,424 |      596,971 |   X X X X    |
- --------------|--------------|--------------|
    1,154,529 |   17,962,926 |   X X X X    |
              |              |              |
- -------------->-------------->-------------->


!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |     544,838 |     143,827 |     338,296 |       94,079 |            0 |            0 |      126,377 |        4,395 |
|`2.`1985`    |     109,149 |      32,599 |      68,584 |        5,432 |            0 |            0 |       25,388 |          603 |
|`3.`1986`    |      91,771 |      13,181 |      75,594 |        7,854 |            0 |            0 |       29,089 |          865 |
|`4.`1987`    |     111,895 |      23,986 |      97,978 |        8,233 |            0 |            0 |       33,924 |          911 |
|`5.`1988`    |     201,044 |      85,800 |     126,336 |       22,834 |            0 |            0 |       42,893 |          843 |
|`6.`1989`    |     243,972 |     106,256 |     156,573 |       21,289 |            0 |            0 |       52,313 |        1,842 |
|`7.`1990`    |     317,483 |     131,161 |     173,442 |       28,067 |            0 |            0 |       75,681 |        2,959 |
|`8.`1991`    |     257,242 |      48,058 |     221,390 |       59,033 |            0 |            0 |       93,811 |        4,456 |
|`9.`1992`    |     324,903 |      77,703 |     237,659 |       92,249 |            0 |            0 |      102,866 |        3,573 |
|10.`1993`    |     339,617 |      92,041 |     359,893 |      141,266 |            0 |            0 |      120,130 |        4,438 |
|11.`1994`    |     513,478 |     106,694 |     627,315 |      152,685 |            0 |            0 |      150,211 |       14,255 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   3,055,392 |     861,306 |   2,483,060 |      633,021 |            0 |            0 |      852,683 |       39,140 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses |   Direct    |
 Anticipated  |    Unpaid    |    Unpaid    | and Assumed |
- --------------|--------------|--------------|-------------|
                                    
              |              |              |             |
       (8,018)|       24,885 |      792,095 |   X X X X   |
       (4,216)|        6,218 |      170,705 |   X X X X   |
       (3,939)|        6,479 |      181,033 |   X X X X   |
       (4,819)|        7,829 |      218,496 |   X X X X   |
       (7,517)|       10,059 |      270,855 |   X X X X   |
       (8,062)|       13,054 |      336,525 |   X X X X   |
      (11,079)|       17,291 |      421,710 |   X X X X   |
      (13,101)|       20,254 |      481,150 |   X X X X   |
      (13,231)|       24,800 |      516,703 |   X X X X   |
      (15,175)|       30,825 |      612,720 |   X X X X   |
      (26,958)|       48,288 |    1,065,658 |   X X X X   |
- --------------|--------------|--------------|-------------|
     (116,115)|      209,982 |    5,067,650 |   X X X X   |
              |              |              |             |
- -------------->-------------->-------------->------------->


!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |            Total Losses and             |      Loss and Loss Expense Percentage      |      Discount for Time      |
|             |         Loss Expenses Incurred          |         (Incurred/Premiums Earned)         |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |    X X X X  |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |       81,517 |        6,514 |
|`2.`1985`    |   3,105,891 |     493,280 |   2,612,611 |         98.8 |        118.4 |         95.8 |       16,254 |        2,413 |
|`3.`1986`    |   2,812,525 |     341,703 |   2,470,822 |         73.2 |         72.8 |         73.2 |       14,468 |        2,416 |
|`4.`1987`    |   2,842,926 |     448,030 |   2,394,896 |         68.8 |         79.5 |         67.1 |       14,149 |        2,722 |
|`5.`1988`    |   3,048,299 |     626,980 |   2,421,319 |         70.4 |         82.6 |         67.7 |       16,986 |        3,243 |
|`6.`1989`    |   3,354,968 |     782,989 |   2,571,979 |         77.5 |         79.3 |         77.0 |       19,732 |        3,958 |
|`7.`1990`    |   3,222,190 |     761,888 |   2,460,302 |         75.6 |         82.2 |         73.8 |       18,967 |        4,228 |
|`8.`1991`    |   2,706,379 |     487,919 |   2,218,460 |         73.5 |         69.7 |         74.4 |       15,658 |        3,972 |
|`9.`1992`    |   2,561,173 |     727,153 |   1,834,020 |         81.1 |        104.5 |         74.5 |        9,678 |        3,995 |
|10.`1993`    |   1,987,521 |     500,902 |   1,486,619 |         67.2 |         56.7 |         71.6 |        5,243 |        3,449 |
|11.`1994`    |   2,016,273 |     353,644 |   1,662,629 |         72.6 |         60.9 |         75.7 |            0 |        1,088 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |    X X X X   |    X X X X   |    X X X X   |      212,652 |       37,998 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
Inter-Company |--------------#--------------|
   Pooling    |      34      |      35      |
Participation |    Losses    |Loss Expenses |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|---------------
                         
              |              |              |
    X X X X   |      563,711 |      140,353 |
          0.0 |      123,448 |       28,590 |
          0.0 |      131,862 |       32,287 |
          0.0 |      163,505 |       38,120 |
          0.0 |      201,760 |       48,866 |
          0.0 |      253,268 |       59,567 |
          0.0 |      312,730 |       85,785 |
          0.0 |      355,883 |      105,637 |
          0.0 |      382,932 |      120,098 |
          0.0 |      460,960 |      143,068 |
          0.0 |      881,414 |      183,156 |
- --------------|--------------|--------------|
    X X X X   |    3,831,473 |      985,527 |
              |              |              |
- -------------->-------------->-------------->


Page      73

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




                       SCHEDULE P - PART 2 - SUMMARY


!-------------------#---------------------------------------------------------------------------------------------------------------
|         1         |                                Incurred Losses and Allocated Expenses Reported At Year End (000 omitted)
|   Years in Which  |---------------------------#-------------#-------------#-------------#-------------#-------------#-------------
|    Losses Were    |      2      |      3      |      4      |      5      |      6      |      7      |      8      |      9
|     Incurred      |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |    1992
|-------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------
|                   |             |             |             |             |             |             |             |
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |   2,020,586 |   2,118,881 |   2,263,719 |   2,437,117 |   2,583,202 |   2,757,848 |   2,879,831 |   2,966,543
|``2.```1985`       |   2,142,607 |   2,245,106 |   2,282,630 |   2,361,121 |   2,417,339 |   2,482,675 |   2,504,166 |   2,516,665
|``3.```1986`       |   X X X X   |   2,411,082 |   2,341,214 |   2,318,178 |   2,279,204 |   2,330,633 |   2,349,777 |   2,367,338
|``4.```1987`       |   X X X X   |   X X X X   |   2,438,545 |   2,317,450 |   2,230,906 |   2,284,996 |   2,261,356 |   2,286,080
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |   2,331,366 |   2,272,482 |   2,393,038 |   2,294,603 |   2,326,986
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   2,484,773 |   2,462,974 |   2,513,285 |   2,469,398
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   2,436,245 |   2,427,489 |   2,403,989
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   2,286,833 |   2,214,445
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   1,837,632
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
|------------------->--------------------------->------------->------------->------------->------------->------------->-------------
|
|`12.````Totals
|
<-----------------------------------------------------------------------------------------------------------------------------------



- ----------------------------#-----------------------------#
                            |        Development          |
#-------------#-------------|--------------#--------------|
|     10      |     11      |      12      |      13      |
|    1993     |    1994     |   One Year   |   Two Year   |
|-------------|-------------|--------------|--------------|
|             |             |              |              |
                                   
|             |             |              |              |
|   3,094,660 |   3,121,383 |       26,723 |      154,840 |
|   2,508,329 |   2,509,119 |          790 |       (7,546)|
|   2,361,246 |   2,359,673 |       (1,573)|       (7,665)|
|   2,290,880 |   2,286,866 |       (4,014)|          786 |
|   2,308,609 |   2,307,955 |         (654)|      (19,031)|
|   2,467,653 |   2,449,162 |      (18,491)|      (20,236)|
|   2,342,293 |   2,323,317 |      (18,976)|      (80,672)|
|   2,090,395 |   2,069,306 |      (21,089)|     (145,139)|
|   1,741,753 |   1,692,589 |      (49,164)|     (145,043)|
|   1,407,819 |   1,368,982 |      (38,837)|   X X X X    |
|   X X X X   |   1,554,294 |   X X X X    |   X X X X    |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
                            |     (125,285)|     (269,706)|
                            |              |              |
- ---------------------------->-------------->-------------->



                       SCHEDULE P - PART 3 - SUMMARY


!-------------------#---------------------------------------------------------------------------------------------------------------
|                   |
|         1         |                                  Cumulative Paid Losses and Allocated Expenses At Year End (000 omitted)
|   Years in Which  |-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
|    Losses Were    |      2      |      3      |      4      |      5      |      6      |      7      |      8      |      9
|     Incurred      |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |    1992
|                   |             |             |             |             |             |             |             |
|-------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |     000     |     610,747 |   1,060,513 |   1,369,338 |   1,618,387 |   1,833,740 |   1,970,743 |   2,079,921
|``2.```1985`       |     877,117 |   1,477,411 |   1,772,308 |   1,966,184 |   2,105,231 |   2,197,999 |   2,252,315 |   2,279,081
|``3.```1986`       |   X X X X   |     823,675 |   1,342,052 |   1,633,087 |   1,829,361 |   1,964,805 |   2,053,589 |   2,110,387
|``4.```1987`       |   X X X X   |   X X X X   |     623,238 |   1,087,547 |   1,349,137 |   1,725,565 |   1,892,354 |   1,971,535
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |     729,935 |   1,260,773 |   1,543,332 |   1,756,160 |   1,896,074
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     770,924 |   1,361,936 |   1,687,467 |   1,885,933
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     751,137 |   1,301,579 |   1,578,159
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     726,068 |   1,175,879
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     612,444
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------



- ---------------------------#--------------#--------------#
                            |      12      |      13      |
                            |  Number of   |  Number of   |
#-------------#-------------|    Claims    |    Claims    |
|     10      |     11      | Closed With  |    Closed    |
|    1993     |    1994     |     Loss     | Without Loss |
|             |             |   Payment    |   Payment    |
|-------------|-------------|--------------|--------------|
                                   
|             |             |              |              |
|   2,185,750 |   2,285,128 |   X X X X    |   X X X X    |
|   2,309,398 |   2,329,598 |   X X X X    |   X X X X    |
|   2,142,303 |   2,169,800 |   X X X X    |   X X X X    |
|   2,025,215 |   2,061,668 |   X X X X    |   X X X X    |
|   1,971,662 |   2,030,417 |   X X X X    |   X X X X    |
|   2,016,227 |   2,106,696 |   X X X X    |   X X X X    |
|   1,776,001 |   1,901,516 |   X X X X    |   X X X X    |
|   1,427,667 |   1,596,402 |   X X X X    |   X X X X    |
|     998,141 |   1,193,210 |   X X X X    |   X X X X    |
|     489,488 |     783,165 |   X X X X    |   X X X X    |
|   X X X X   |     536,548 |   X X X X    |   X X X X    |
|             |             |              |              |
>------------->------------->-------------->-------------->


                       SCHEDULE P - PART 4 - SUMMARY


              !-------------------#-------------------------------------------------------------------------------------------------
              |         1         |                  Bulk and Incurred But Not Reported Reserves on Losses and Allocated Expenses at
              |   Years in Which  |-------------#-------------#-------------#-------------#-------------#-------------#-------------
              |      Losses       |      2      |      3      |      4      |      5      |      6      |      7      |      8
              |   Were Incurred   |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991
              |-------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------
                                                                                                 
              |                   |             |             |             |             |             |             |
  ````````````|``1.`````Prior`    |     708,173 |     420,833 |     271,261 |     225,629 |     222,807 |     280,654 |     301,982
``````````````|``2.`````1985`     |     713,681 |     358,461 |     191,786 |     136,709 |     105,938 |     124,537 |     119,515
``````````````|``3.`````1986`     |   X X X X   |   1,047,584 |     608,162 |     377,661 |     212,452 |     178,951 |     132,433
``````````````|``4.`````1987`     |   X X X X   |   X X X X   |   1,143,801 |     651,481 |     386,088 |     315,649 |     175,577
``````````````|``5.`````1988`     |   X X X X   |   X X X X   |   X X X X   |   1,043,348 |     588,535 |     504,699 |     257,546
``````````````|``6.`````1989`     |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   1,092,267 |     644,732 |     460,780
``````````````|``7.`````1990`     |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   1,070,045 |     665,496
``````````````|``8.`````1991`     |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     953,453
``````````````|``9.`````1992`     |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
``````````````|`10.`````1993`     |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
``````````````|`11.`````1994`     |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
              |                   |             |             |             |             |             |             |
              <------------------->------------->------------->------------->------------->------------->------------->-------------


- -------------------------------------------#
 Year End (000 omitted)                    |
#-------------#-------------#--------------|
|      9      |     10      |      11      |
|    1992     |    1993     |    1994      |
|-------------|-------------|--------------|
                       
|             |             |              |
|     356,040 |     442,702 |      374,296 |
|     129,659 |     126,504 |       94,371 |
|     125,429 |     132,241 |      101,637 |
|     168,827 |     164,297 |      129,230 |
|     223,953 |     183,152 |      150,266 |
|     312,733 |     250,602 |      195,553 |
|     477,407 |     320,209 |      227,926 |
|     641,678 |     373,665 |      258,749 |
|     724,041 |     418,843 |      248,869 |
|   X X X X   |     555,438 |      337,379 |
|   X X X X   |   X X X X   |      610,587 |
|             |             |              |
>------------->------------->-------------->


 Page:     Page 74

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




               SCHEDULE P - PART 1A - HOMEOWNERS/FARMOWNERS



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                                        |
|             |             |             |             |              |              |              |              |              |
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |          163 |            0 |           57 |            0 |            8 |
|`2.`1985`    |     227,650 |      16,606 |     211,044 |      182,072 |       22,379 |        4,625 |          (97)|        1,585 |
|`3.`1986`    |     246,295 |      15,410 |     230,885 |      140,046 |        4,910 |        4,053 |         (103)|        2,178 |
|`4.`1987`    |     244,766 |       5,446 |     239,320 |      121,500 |          444 |        3,808 |           62 |        1,507 |
|`5.`1988`    |     228,322 |       4,738 |     223,584 |      120,628 |           11 |        3,999 |           66 |        2,356 |
|`6.`1989`    |     221,373 |       4,005 |     217,368 |      154,552 |        8,744 |        4,437 |          274 |        2,235 |
|`7.`1990`    |     221,970 |       6,038 |     215,932 |      132,800 |          (49)|        5,383 |           51 |        1,599 |
|`8.`1991`    |     223,033 |       5,060 |     217,973 |      157,115 |          351 |        4,459 |          104 |        1,769 |
|`9.`1992`    |     205,577 |       9,150 |     196,427 |      246,509 |       72,430 |        3,547 |        2,692 |        1,024 |
|10.`1993`    |     174,684 |      19,202 |     155,482 |      102,058 |        7,802 |        1,290 |           73 |          499 |
|11.`1994`    |     165,494 |      31,054 |     134,440 |       98,769 |        7,540 |          587 |           37 |          254 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |    1,456,212 |      124,562 |       36,245 |        3,159 |       15,014 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
           |           |           |
              |              |              |
              |              |              |
            8 |          228 |   X X X X    |
       11,819 |      176,234 |       84,681 |
       15,286 |      154,578 |       67,406 |
       13,886 |      138,688 |       62,506 |
       12,647 |      137,197 |       59,153 |
       15,946 |      165,917 |       75,045 |
       16,787 |      154,968 |       66,752 |
       18,261 |      179,380 |       74,331 |
       18,718 |      193,652 |       65,183 |
       15,490 |      110,963 |       54,836 |
       13,216 |      104,995 |       56,371 |
- --------------|--------------|--------------|
      152,064 |    1,516,800 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                             
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |          90 |          12 |          (6)|            0 |            0 |            0 |           65 |            0 |
|`2.`1985`    |          66 |           0 |          88 |            1 |            0 |            0 |          102 |            1 |
|`3.`1986`    |         461 |           0 |         211 |            0 |            0 |            0 |          108 |            0 |
|`4.`1987`    |         763 |           0 |       1,038 |            0 |            0 |            0 |          192 |            0 |
|`5.`1988`    |         628 |           0 |         570 |            1 |            0 |            0 |          269 |            1 |
|`6.`1989`    |         996 |           0 |         672 |           57 |            0 |            0 |          437 |            1 |
|`7.`1990`    |       2,183 |          10 |         459 |            1 |            0 |            0 |          886 |            2 |
|`8.`1991`    |       3,352 |           0 |         956 |            0 |            0 |            0 |        1,291 |            0 |
|`9.`1992`    |       5,990 |         537 |       1,007 |            2 |            0 |            0 |        2,125 |            3 |
|10.`1993`    |       5,866 |         608 |       1,651 |            9 |            0 |            0 |        2,272 |           59 |
|11.`1994`    |      25,575 |       2,329 |       8,612 |        1,908 |            0 |            0 |        3,196 |           77 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |      45,970 |       3,496 |      15,258 |        1,979 |            0 |            0 |       10,943 |          144 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->




- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                     
              |              |              |             |
           (6)|            4 |          141 |           8 |
           (6)|            9 |          263 |           3 |
           (9)|           21 |          801 |           5 |
          (23)|           21 |        2,014 |           8 |
          (42)|           28 |        1,493 |          19 |
          (85)|           54 |        2,101 |          35 |
         (268)|          133 |        3,648 |          72 |
         (285)|          217 |        5,816 |         145 |
         (540)|          404 |        8,984 |         267 |
         (744)|          495 |        9,608 |         421 |
         (970)|        2,053 |       35,122 |       3,931 |
- --------------|--------------|--------------|-------------|
       (2,978)|        3,439 |       69,991 |       4,914 |
              |              |              |             |
- -------------->-------------->-------------->------------->


!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                             
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |     198,781 |      22,284 |     176,497 |         87.3 |        134.2 |         83.6 |            0 |            0 |
|`3.`1986`    |     160,186 |       4,807 |     155,379 |         65.0 |         31.2 |         67.3 |            0 |            0 |
|`4.`1987`    |     141,208 |         506 |     140,702 |         57.7 |          9.3 |         58.8 |            0 |            0 |
|`5.`1988`    |     138,769 |          79 |     138,690 |         60.8 |          1.7 |         62.0 |            0 |            0 |
|`6.`1989`    |     177,094 |       9,076 |     168,018 |         80.0 |        226.6 |         77.3 |            0 |            0 |
|`7.`1990`    |     158,631 |          15 |     158,616 |         71.5 |          0.2 |         73.5 |            0 |            0 |
|`8.`1991`    |     185,651 |         455 |     185,196 |         83.2 |          9.0 |         85.0 |            0 |            0 |
|`9.`1992`    |     278,300 |      75,664 |     202,636 |        135.4 |        826.9 |        103.2 |            0 |            0 |
|10.`1993`    |     129,122 |       8,551 |     120,571 |         73.9 |         44.5 |         77.5 |            0 |            0 |
|11.`1994`    |     152,008 |      11,891 |     140,117 |         91.9 |         38.3 |        104.2 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                         
              |              |              |
    X X X X   |           72 |           69 |
          0.0 |          153 |          110 |
          0.0 |          672 |          129 |
          0.0 |        1,801 |          213 |
          0.0 |        1,197 |          296 |
          0.0 |        1,611 |          490 |
          0.0 |        2,631 |        1,017 |
          0.0 |        4,308 |        1,508 |
          0.0 |        6,458 |        2,526 |
          0.0 |        6,900 |        2,708 |
          0.0 |       29,950 |        5,172 |
- --------------|--------------|--------------|
    X X X X   |       55,753 |       14,238 |
              |              |              |
- -------------->-------------->-------------->


 Page:     Page 75

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




      SCHEDULE P - PART 1B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                             
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |        3,066 |        1,465 |          250 |            8 |          477 |
|`2.`1985`    |     362,303 |      27,468 |     334,835 |      339,473 |       25,932 |       17,495 |          577 |        5,783 |
|`3.`1986`    |     375,875 |      28,452 |     347,423 |      331,212 |       28,071 |       17,240 |          905 |        6,292 |
|`4.`1987`    |     384,704 |      37,207 |     347,497 |      327,861 |       38,085 |       15,423 |        1,137 |        5,821 |
|`5.`1988`    |     398,017 |      55,787 |     342,230 |      329,104 |       48,134 |       16,477 |        1,578 |        6,276 |
|`6.`1989`    |     416,775 |      61,260 |     355,515 |      343,253 |       50,673 |       16,467 |        2,007 |        6,976 |
|`7.`1990`    |     440,104 |      57,837 |     382,267 |      324,557 |       44,253 |       16,961 |        1,900 |        8,621 |
|`8.`1991`    |     450,711 |      26,970 |     423,741 |      296,820 |       15,872 |       18,116 |          745 |        7,227 |
|`9.`1992`    |     366,643 |       8,381 |     358,262 |      187,730 |        3,875 |        8,869 |          103 |        5,857 |
|10.`1993`    |     337,348 |       5,911 |     331,437 |      136,947 |        2,720 |        5,627 |           26 |        3,049 |
|11.`1994`    |     275,727 |       4,647 |     271,080 |       65,832 |          803 |        1,821 |            8 |        1,134 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |    2,685,855 |      259,883 |      134,746 |        8,994 |       57,513 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
                         

           63 |        1,906 |   X X X X    |
       16,852 |      347,311 |      158,056 |
       17,480 |      336,956 |      147,546 |
       15,655 |      319,717 |      133,532 |
       13,047 |      308,916 |      126,177 |
       14,795 |      321,835 |      123,081 |
       18,304 |      313,669 |      114,717 |
       23,506 |      321,825 |      103,349 |
       26,702 |      219,323 |       80,781 |
       21,273 |      161,101 |       63,294 |
       12,583 |       79,425 |       53,346 |
- --------------|--------------|--------------|
      180,260 |    2,731,984 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->




!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                             
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |      27,845 |      10,606 |       1,308 |           15 |            0 |            0 |        1,856 |          319 |
|`2.`1985`    |       2,752 |       2,618 |       1,747 |           16 |            0 |            0 |          161 |            1 |
|`3.`1986`    |       1,186 |         361 |       1,582 |           86 |            0 |            0 |          219 |           11 |
|`4.`1987`    |       1,391 |          37 |       1,663 |          116 |            0 |            0 |          301 |           14 |
|`5.`1988`    |       3,066 |         139 |       1,325 |          199 |            0 |            0 |          605 |           52 |
|`6.`1989`    |       6,622 |         639 |       1,882 |          287 |            0 |            0 |        1,211 |          131 |
|`7.`1990`    |      11,914 |         869 |       3,481 |          361 |            0 |            0 |        3,056 |          242 |
|`8.`1991`    |      22,865 |         982 |       7,046 |          258 |            0 |            0 |        5,257 |          240 |
|`9.`1992`    |      36,232 |         386 |      10,376 |          144 |            0 |            0 |        6,847 |          102 |
|10.`1993`    |      61,108 |         752 |      20,555 |          241 |            0 |            0 |        9,423 |          153 |
|11.`1994`    |      77,667 |         753 |      57,575 |          748 |            0 |            0 |       11,391 |          135 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |     252,648 |      18,142 |     108,540 |        2,471 |            0 |            0 |       40,327 |        1,400 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
                                     
              |              |              |             |
          (84)|          762 |       20,831 |         183 |
           23 |          117 |        2,142 |          46 |
          123 |          170 |        2,699 |          33 |
          132 |          197 |        3,385 |          50 |
           92 |          245 |        4,851 |         125 |
           16 |          410 |        9,068 |         234 |
         (182)|          811 |       17,790 |         475 |
         (651)|        1,568 |       35,256 |       1,151 |
       (1,113)|        2,363 |       55,186 |       1,903 |
       (1,849)|        3,931 |       93,871 |       3,439 |
       (3,005)|        7,260 |      152,257 |      12,199 |
- --------------|--------------|--------------|-------------|
       (6,498)|       17,834 |      397,336 |      19,838 |
              |              |              |             |
- -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |     378,597 |      29,144 |     349,453 |        104.5 |        106.1 |        104.4 |            0 |            0 |
|`3.`1986`    |     369,089 |      29,434 |     339,655 |         98.2 |        103.5 |         97.8 |            0 |            0 |
|`4.`1987`    |     362,491 |      39,389 |     323,102 |         94.2 |        105.9 |         93.0 |            0 |            0 |
|`5.`1988`    |     363,869 |      50,102 |     313,767 |         91.4 |         89.8 |         91.7 |            0 |            0 |
|`6.`1989`    |     384,640 |      53,737 |     330,903 |         92.3 |         87.7 |         93.1 |            0 |            0 |
|`7.`1990`    |     379,084 |      47,625 |     331,459 |         86.1 |         82.3 |         86.7 |            0 |            0 |
|`8.`1991`    |     375,178 |      18,097 |     357,081 |         83.2 |         67.1 |         84.3 |            0 |            0 |
|`9.`1992`    |     279,119 |       4,610 |     274,509 |         76.1 |         55.0 |         76.6 |            0 |            0 |
|10.`1993`    |     258,864 |       3,892 |     254,972 |         76.7 |         65.8 |         76.9 |            0 |            0 |
|11.`1994`    |     234,129 |       2,447 |     231,682 |         84.9 |         52.7 |         85.5 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
                         

    X X X X   |       18,532 |        2,299 |
          0.0 |        1,865 |          277 |
          0.0 |        2,321 |          378 |
          0.0 |        2,901 |          484 |
          0.0 |        4,053 |          798 |
          0.0 |        7,578 |        1,490 |
          0.0 |       14,165 |        3,625 |
          0.0 |       28,671 |        6,585 |
          0.0 |       46,078 |        9,108 |
          0.0 |       80,670 |       13,201 |
          0.0 |      133,741 |       18,516 |
- --------------|--------------|--------------|
    X X X X   |      340,575 |       56,761 |
              |              |              |
- -------------->-------------->-------------->



Page:     Page 76

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




      SCHEDULE P - PART 1C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            
|
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |          701 |           32 |        1,365 |            0 |           12 |
|`2.`1985`    |     347,749 |      43,409 |     304,340 |      353,597 |       46,101 |       24,288 |          279 |        4,132 |
|`3.`1986`    |     451,376 |      29,279 |     422,097 |      305,136 |       21,605 |       22,930 |          356 |        3,982 |
|`4.`1987`    |     504,537 |      27,137 |     477,400 |      298,947 |       26,203 |       25,610 |        1,679 |        3,158 |
|`5.`1988`    |     461,136 |      39,794 |     421,342 |      290,842 |       34,360 |       23,736 |        2,505 |        4,374 |
|`6.`1989`    |     424,657 |      43,290 |     381,367 |      278,210 |       37,292 |       22,195 |        3,370 |        2,997 |
|`7.`1990`    |     419,676 |      42,803 |     376,873 |      246,464 |       33,944 |       21,102 |        2,743 |        3,645 |
|`8.`1991`    |     384,380 |      39,874 |     344,506 |      184,253 |       17,341 |       16,021 |        1,661 |        2,688 |
|`9.`1992`    |     319,764 |      39,044 |     280,720 |      125,676 |       16,583 |       10,257 |        1,338 |        2,271 |
|10.`1993`    |     259,903 |      30,644 |     229,259 |       68,978 |       11,020 |        4,536 |          425 |        1,336 |
|11.`1994`    |     232,561 |      29,388 |     203,173 |       29,478 |        4,000 |        1,877 |           89 |          747 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |    2,182,282 |      248,481 |      173,917 |       14,445 |       29,342 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
                         

           40 |        2,074 |   X X X X    |
       15,925 |      347,430 |       92,814 |
       13,371 |      319,476 |       79,779 |
       12,742 |      309,417 |       73,859 |
       13,319 |      291,032 |       66,851 |
       12,758 |      272,501 |       61,475 |
       13,501 |      244,380 |       56,559 |
       13,062 |      194,334 |       46,838 |
       14,064 |      132,076 |       40,575 |
       11,489 |       73,558 |       33,124 |
        6,617 |       33,883 |       27,677 |
- --------------|--------------|--------------|
      126,888 |    2,220,161 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |       4,373 |           0 |         270 |            3 |            0 |            0 |        1,419 |            0 |
|`2.`1985`    |       5,513 |       7,442 |         553 |            4 |            0 |            0 |          653 |          231 |
|`3.`1986`    |       1,738 |         719 |       1,093 |           15 |            0 |            0 |          564 |           13 |
|`4.`1987`    |       2,814 |          99 |       4,537 |           35 |            0 |            0 |        1,281 |           23 |
|`5.`1988`    |       7,606 |       1,444 |       1,920 |           69 |            0 |            0 |        1,551 |          258 |
|`6.`1989`    |      10,777 |       2,785 |       3,575 |          126 |            0 |            0 |        2,420 |          644 |
|`7.`1990`    |      22,609 |       5,772 |       3,735 |          231 |            0 |            0 |        3,685 |          982 |
|`8.`1991`    |      30,978 |       4,518 |       8,242 |          522 |            0 |            0 |        6,071 |        1,072 |
|`9.`1992`    |      53,453 |       7,284 |      11,242 |          805 |            0 |            0 |        8,325 |        1,309 |
|10.`1993`    |      53,625 |       6,765 |      31,672 |        1,536 |            0 |            0 |       10,002 |        1,155 |
|11.`1994`    |      57,020 |       8,326 |      51,751 |        3,937 |            0 |            0 |       10,472 |        1,005 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |     250,506 |      45,154 |     118,590 |        7,283 |            0 |            0 |       46,443 |        6,692 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


 --------------#--------------#--------------#-------------#
               |              |              |             |
       21      |      22      |      23      |     24      |
               |              |              |  Number of  |
    Salvage    | Unallocated  |    Total     |   Claims    |
      and      |     Loss     |  Net Losses  |Outstanding -|
  Subrogation  |   Expenses   | and Expenses | Direct and  |
  Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
 --------------|--------------|--------------|-------------|
                                       

           (10)|           33 |        6,092 |          42 |
            (9)|           33 |         (925)|          23 |
           (43)|           79 |        2,727 |          30 |
           (42)|          220 |        8,695 |          65 |
          (189)|          294 |        9,600 |         133 |
          (178)|          528 |       13,745 |         217 |
          (255)|          929 |       23,973 |         425 |
          (290)|        1,512 |       40,691 |         777 |
          (494)|        2,582 |       66,204 |       1,435 |
          (691)|        3,455 |       89,298 |       1,907 |
          (834)|        4,847 |      110,822 |       5,772 |
 --------------|--------------|--------------|-------------|
        (3,035)|       14,512 |      370,922 |      10,826 |
               |              |              |             |
 -------------->-------------->-------------->------------->


!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            

|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |     400,562 |      54,057 |     346,505 |        115.2 |        124.5 |        113.9 |            0 |            0 |
|`3.`1986`    |     344,911 |      22,708 |     322,203 |         76.4 |         77.6 |         76.3 |            0 |            0 |
|`4.`1987`    |     346,151 |      28,039 |     318,112 |         68.6 |        103.3 |         66.6 |            0 |            0 |
|`5.`1988`    |     339,268 |      38,636 |     300,632 |         73.6 |         97.1 |         71.4 |            0 |            0 |
|`6.`1989`    |     330,463 |      44,217 |     286,246 |         77.8 |        102.1 |         75.1 |            0 |            0 |
|`7.`1990`    |     312,025 |      43,672 |     268,353 |         74.3 |        102.0 |         71.2 |            0 |            0 |
|`8.`1991`    |     260,139 |      25,114 |     235,025 |         67.7 |         63.0 |         68.2 |            0 |            0 |
|`9.`1992`    |     225,599 |      27,319 |     198,280 |         70.6 |         70.0 |         70.6 |            0 |            0 |
|10.`1993`    |     183,757 |      20,901 |     162,856 |         70.7 |         68.2 |         71.0 |            0 |            0 |
|11.`1994`    |     162,062 |      17,357 |     144,705 |         69.7 |         59.1 |         71.2 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
                         

    X X X X   |        4,640 |        1,452 |
          0.0 |       (1,380)|          455 |
          0.0 |        2,097 |          630 |
          0.0 |        7,217 |        1,478 |
          0.0 |        8,013 |        1,587 |
          0.0 |       11,441 |        2,304 |
          0.0 |       20,341 |        3,632 |
          0.0 |       34,180 |        6,511 |
          0.0 |       56,606 |        9,598 |
          0.0 |       76,996 |       12,302 |
          0.0 |       96,508 |       14,314 |
- --------------|--------------|--------------|
    X X X X   |      316,659 |       54,263 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 77

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




               SCHEDULE P - PART 1D - WORKERS' COMPENSATION



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            

|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |       71,585 |       18,779 |        2,020 |           31 |       10,023 |
|`2.`1985`    |     598,607 |     100,934 |     497,673 |      600,628 |      105,844 |       26,558 |          616 |       22,533 |
|`3.`1986`    |     618,623 |      67,684 |     550,939 |      538,112 |       74,226 |       23,720 |          323 |       17,665 |
|`4.`1987`    |     622,801 |      81,301 |     541,500 |      568,719 |      123,782 |       22,322 |          381 |       15,171 |
|`5.`1988`    |     747,889 |     111,269 |     636,620 |      597,833 |      125,538 |       25,677 |          254 |       15,153 |
|`6.`1989`    |     791,969 |     158,717 |     633,252 |      653,511 |      143,446 |       27,907 |          306 |       14,256 |
|`7.`1990`    |     883,078 |     188,951 |     694,127 |      588,409 |      165,657 |       27,258 |          403 |       11,812 |
|`8.`1991`    |     754,958 |     251,311 |     503,647 |      456,809 |      168,607 |       21,996 |          378 |        6,687 |
|`9.`1992`    |     625,431 |     305,456 |     319,975 |      314,188 |      153,071 |       14,238 |          166 |        2,504 |
|10.`1993`    |     457,088 |     306,269 |     150,819 |      159,274 |      104,036 |        6,947 |          106 |          653 |
|11.`1994`    |     351,303 |     224,832 |     126,471 |       54,612 |       34,684 |        1,991 |           32 |          257 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |    4,603,680 |    1,217,670 |      200,634 |        2,996 |      116,714 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------
                          
              |              |              |
        3,167 |       57,962 |   X X X X    |
       11,438 |      532,164 |       51,673 |
       10,690 |      497,973 |       47,306 |
        9,229 |      476,107 |       43,931 |
       12,727 |      510,445 |       47,184 |
       12,467 |      550,133 |       49,722 |
       12,315 |      461,922 |       46,529 |
       12,954 |      322,774 |       40,842 |
       (9,597)|      165,592 |       32,214 |
      (17,419)|       44,660 |       21,352 |
      (12,252)|        9,635 |       14,939 |
- --------------|--------------|--------------|
       45,719 |    3,629,367 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            

|`1.`Prior`   |     426,921 |     120,081 |     161,821 |       10,885 |            0 |            0 |       16,891 |           10 |
|`2.`1985`    |      83,836 |      19,513 |      49,064 |        5,515 |            0 |            0 |        4,871 |            5 |
|`3.`1986`    |      64,727 |      10,768 |      56,418 |        7,818 |            0 |            0 |        5,096 |            0 |
|`4.`1987`    |      84,022 |      22,779 |      61,135 |        7,936 |            0 |            0 |        6,093 |            0 |
|`5.`1988`    |      81,747 |       8,755 |      82,454 |       22,310 |            0 |            0 |        7,548 |            2 |
|`6.`1989`    |     110,776 |      28,269 |      99,954 |       19,907 |            0 |            0 |        9,867 |           13 |
|`7.`1990`    |     119,363 |      39,095 |     110,960 |       25,947 |            0 |            0 |       11,507 |            6 |
|`8.`1991`    |     100,133 |      28,616 |     127,003 |       54,176 |            0 |            0 |       11,757 |            1 |
|`9.`1992`    |     125,661 |      60,046 |     130,256 |       85,587 |            0 |            0 |       14,016 |            3 |
|10.`1993`    |     100,376 |      64,119 |     149,569 |      116,498 |            0 |            0 |       13,614 |           21 |
|11.`1994`    |     113,558 |      66,419 |     150,635 |      109,708 |            0 |            0 |       14,354 |          730 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   1,411,120 |     468,460 |   1,179,269 |      466,287 |            0 |            0 |      115,614 |          791 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                    

       (6,857)|       12,323 |      486,980 |       3,096 |
       (3,033)|        4,208 |      116,946 |         423 |
       (3,056)|        4,220 |      111,875 |         478 |
       (3,337)|        4,773 |      125,308 |         499 |
       (4,492)|        5,547 |      146,229 |         697 |
       (5,667)|        7,070 |      179,478 |         944 |
       (6,530)|        7,663 |      184,445 |       1,295 |
       (5,669)|        7,477 |      163,577 |       1,799 |
       (4,165)|        8,470 |      132,767 |       2,444 |
       (2,194)|        8,740 |       91,661 |       3,016 |
       (1,786)|        9,658 |      111,348 |       6,318 |
- --------------|--------------|--------------|-------------|
      (46,786)|       80,149 |    1,850,614 |      21,009 |
              |              |              |             |
- -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |       81,517 |        6,514 |
|`2.`1985`    |     780,603 |     131,493 |     649,110 |        130.4 |        130.3 |        130.4 |       16,254 |        2,413 |
|`3.`1986`    |     702,983 |      93,135 |     609,848 |        113.6 |        137.6 |        110.7 |       14,468 |        2,416 |
|`4.`1987`    |     756,293 |     154,878 |     601,415 |        121.4 |        190.5 |        111.1 |       14,149 |        2,722 |
|`5.`1988`    |     813,533 |     156,859 |     656,674 |        108.8 |        141.0 |        103.2 |       16,986 |        3,243 |
|`6.`1989`    |     921,552 |     191,941 |     729,611 |        116.4 |        120.9 |        115.2 |       19,732 |        3,958 |
|`7.`1990`    |     877,475 |     231,108 |     646,367 |         99.4 |        122.3 |         93.1 |       18,967 |        4,228 |
|`8.`1991`    |     738,129 |     251,778 |     486,351 |         97.8 |        100.2 |         96.6 |       15,658 |        3,972 |
|`9.`1992`    |     597,232 |     298,873 |     298,359 |         95.5 |         97.8 |         93.2 |        9,678 |        3,995 |
|10.`1993`    |     421,101 |     284,780 |     136,321 |         92.1 |         93.0 |         90.4 |        5,243 |        3,449 |
|11.`1994`    |     332,556 |     211,573 |     120,983 |         94.7 |         94.1 |         95.7 |            0 |        1,088 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |      212,652 |       37,998 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |
                         

    X X X X   |      376,259 |       22,690 |
          0.0 |       91,618 |        6,661 |
          0.0 |       88,091 |        6,900 |
          0.0 |      100,293 |        8,144 |
          0.0 |      116,150 |        9,850 |
          0.0 |      142,822 |       12,966 |
          0.0 |      146,314 |       14,936 |
          0.0 |      128,686 |       15,261 |
          0.0 |      100,606 |       18,488 |
          0.0 |       64,085 |       18,884 |
          0.0 |       88,066 |       22,194 |
- --------------|--------------|--------------|
    X X X X   |    1,442,990 |      156,974 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 78

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




             SCHEDULE P - PART 1E - COMMERCIAL MULTIPLE PERIL



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |        2,422 |           (1)|        1,603 |           29 |           76 |
|`2.`1985`    |     286,242 |      28,453 |     257,789 |      178,839 |       10,391 |       28,478 |          536 |        7,804 |
|`3.`1986`    |     387,822 |      37,262 |     350,560 |      156,188 |       11,053 |       32,585 |          352 |        5,906 |
|`4.`1987`    |     387,310 |      18,374 |     368,936 |      156,259 |          592 |       24,960 |          102 |        5,516 |
|`5.`1988`    |     650,932 |      26,143 |     624,789 |      242,635 |        6,281 |       41,560 |          128 |       11,826 |
|`6.`1989`    |     738,672 |      18,418 |     720,254 |      323,724 |       20,979 |       46,661 |          365 |       10,564 |
|`7.`1990`    |     731,950 |      13,795 |     718,155 |      289,835 |        4,235 |       54,685 |          125 |        8,970 |
|`8.`1991`    |     674,236 |       4,649 |     669,587 |      243,601 |        8,184 |       34,880 |          311 |        6,249 |
|`9.`1992`    |     608,782 |       4,166 |     604,616 |      245,624 |       44,420 |       23,249 |        3,407 |        5,039 |
|10.`1993`    |     601,391 |       5,797 |     595,594 |      179,717 |        9,355 |        9,639 |          211 |        4,158 |
|11.`1994`    |     636,937 |       5,964 |     630,973 |      134,723 |        5,967 |        2,533 |          239 |        2,838 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |    2,153,567 |      121,456 |      300,833 |        5,805 |       68,946 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                         
              |              |              |
           25 |        4,022 |   X X X X    |
       10,613 |      207,003 |       45,195 |
       11,231 |      188,599 |       37,058 |
       13,103 |      193,628 |       33,836 |
       27,972 |      305,758 |       59,664 |
       35,388 |      384,429 |       79,725 |
       35,772 |      375,932 |       78,761 |
       31,888 |      301,874 |       74,750 |
       35,242 |      256,288 |       68,667 |
       34,291 |      214,081 |       72,256 |
       23,820 |      154,870 |       72,121 |
- --------------|--------------|--------------|
      259,345 |    2,586,484 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |       7,273 |          20 |       2,759 |            3 |            0 |            0 |        7,560 |            3 |
|`2.`1985`    |       1,927 |           0 |       1,484 |            3 |            0 |            0 |        2,071 |            2 |
|`3.`1986`    |       5,242 |           0 |       1,177 |            2 |            0 |            0 |        3,176 |            2 |
|`4.`1987`    |       4,449 |           0 |       1,730 |            1 |            0 |            0 |        5,275 |            0 |
|`5.`1988`    |      12,727 |           0 |      10,911 |            2 |            0 |            0 |       14,563 |            2 |
|`6.`1989`    |      21,821 |           0 |      18,173 |           19 |            0 |            0 |       23,353 |            3 |
|`7.`1990`    |      49,075 |       1,068 |      22,992 |            5 |            0 |            0 |       35,660 |            3 |
|`8.`1991`    |      55,132 |         169 |      35,437 |            4 |            0 |            0 |       46,066 |            4 |
|`9.`1992`    |      65,419 |         537 |      40,854 |            9 |            0 |            0 |       50,857 |           21 |
|10.`1993`    |      64,106 |         867 |      69,096 |           31 |            0 |            0 |       59,072 |           25 |
|11.`1994`    |     101,631 |       2,652 |     119,055 |           79 |            0 |            0 |       69,564 |           15 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |     388,802 |       5,313 |     323,668 |          158 |            0 |            0 |      317,217 |           80 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                    

         (120)|          509 |       18,075 |         190 |
         (178)|          117 |        5,594 |          56 |
         (184)|          195 |        9,786 |          94 |
         (665)|          187 |       11,640 |         120 |
       (1,375)|        1,747 |       39,944 |         303 |
       (1,265)|        3,031 |       66,356 |         568 |
       (1,597)|        5,023 |      111,674 |       1,111 |
       (2,190)|        6,221 |      142,679 |       1,602 |
       (2,626)|        8,181 |      164,744 |       2,403 |
       (3,332)|       10,918 |      202,269 |       3,684 |
       (5,510)|       17,410 |      304,914 |      12,961 |
- --------------|--------------|--------------|-------------|
      (19,042)|       53,539 |    1,077,675 |      23,092 |
              |              |              |             |
- -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |     223,529 |      10,932 |     212,597 |         78.1 |         38.4 |         82.5 |            0 |            0 |
|`3.`1986`    |     209,794 |      11,409 |     198,385 |         54.1 |         30.6 |         56.6 |            0 |            0 |
|`4.`1987`    |     205,963 |         695 |     205,268 |         53.2 |          3.8 |         55.6 |            0 |            0 |
|`5.`1988`    |     352,115 |       6,413 |     345,702 |         54.1 |         24.5 |         55.3 |            0 |            0 |
|`6.`1989`    |     472,151 |      21,366 |     450,785 |         63.9 |        116.0 |         62.6 |            0 |            0 |
|`7.`1990`    |     493,042 |       5,436 |     487,606 |         67.4 |         39.4 |         67.9 |            0 |            0 |
|`8.`1991`    |     453,225 |       8,672 |     444,553 |         67.2 |        186.5 |         66.4 |            0 |            0 |
|`9.`1992`    |     469,426 |      48,394 |     421,032 |         77.1 |      1,161.6 |         69.6 |            0 |            0 |
|10.`1993`    |     426,839 |      10,489 |     416,350 |         71.0 |        180.9 |         69.9 |            0 |            0 |
|11.`1994`    |     468,736 |       8,952 |     459,784 |         73.6 |        150.1 |         72.9 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                         
              |              |              |
    X X X X   |       10,009 |        8,066 |
          0.0 |        3,408 |        2,186 |
          0.0 |        6,417 |        3,369 |
          0.0 |        6,178 |        5,462 |
          0.0 |       23,636 |       16,308 |
          0.0 |       39,975 |       26,381 |
          0.0 |       70,994 |       40,680 |
          0.0 |       90,396 |       52,283 |
          0.0 |      105,727 |       59,017 |
          0.0 |      132,304 |       69,965 |
          0.0 |      217,955 |       86,959 |
- --------------|--------------|--------------|
    X X X X   |      706,999 |      370,676 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 79

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




    SCHEDULE P - PART 1F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE



                                                                                (000 omitted)

!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            

|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |          866 |            0 |          965 |            0 |          318 |
|`2.`1985`    |       6,544 |          97 |       6,447 |        3,398 |          500 |        1,657 |            0 |          959 |
|`3.`1986`    |          97 |          38 |          59 |            1 |            0 |            3 |            0 |            8 |
|`4.`1987`    |         660 |           0 |         660 |            9 |            0 |            8 |            0 |            0 |
|`5.`1988`    |         548 |           0 |         548 |          143 |            0 |           33 |            0 |            0 |
|`6.`1989`    |          88 |           0 |          88 |          140 |            0 |           27 |            0 |            0 |
|`7.`1990`    |          84 |           0 |          84 |          377 |            0 |           51 |            0 |            0 |
|`8.`1991`    |          56 |           0 |          56 |          113 |            0 |           19 |            0 |            0 |
|`9.`1992`    |          60 |           0 |          60 |            1 |            0 |           14 |            0 |            0 |
|10.`1993`    |           1 |           0 |           1 |            0 |            0 |            0 |            0 |            0 |
|11.`1994`    |           1 |           0 |           1 |            0 |            0 |            0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |        5,048 |          500 |        2,777 |            0 |        1,285 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
           42 |        1,873 |   X X X X    |
          602 |        5,157 |          301 |
            6 |           10 |            2 |
           78 |           95 |            5 |
           15 |          191 |            4 |
            8 |          175 |            4 |
           10 |          438 |            4 |
           10 |          142 |            1 |
            8 |           23 |            0 |
            0 |            0 |            1 |
            0 |            0 |            0 |
- --------------|--------------|--------------|
          779 |        8,104 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->




!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |       6,267 |           0 |       1,393 |            0 |            0 |            0 |        4,436 |            0 |
|`2.`1985`    |         100 |           0 |         177 |            0 |            0 |            0 |          236 |            0 |
|`3.`1986`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`4.`1987`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`5.`1988`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`6.`1989`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`7.`1990`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`8.`1991`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`9.`1992`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|10.`1993`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|11.`1994`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |       6,367 |           0 |       1,570 |            0 |            0 |            0 |        4,672 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->




- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                   
              |              |              |             |
            0 |          630 |       12,726 |          85 |
            0 |           32 |          545 |           7 |
            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 |          662 |       13,271 |          92 |
              |              |              |             |
- -------------->-------------->-------------->------------->




!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |       6,202 |         500 |       5,702 |         94.8 |        515.5 |         88.4 |            0 |            0 |
|`3.`1986`    |          10 |           0 |          10 |         10.3 |          0.0 |         16.9 |            0 |            0 |
|`4.`1987`    |          95 |           0 |          95 |         14.4 |          0.0 |         14.4 |            0 |            0 |
|`5.`1988`    |         191 |           0 |         191 |         34.9 |          0.0 |         34.9 |            0 |            0 |
|`6.`1989`    |         175 |           0 |         175 |        198.9 |          0.0 |        198.9 |            0 |            0 |
|`7.`1990`    |         438 |           0 |         438 |        521.4 |          0.0 |        521.4 |            0 |            0 |
|`8.`1991`    |         142 |           0 |         142 |        253.6 |          0.0 |        253.6 |            0 |            0 |
|`9.`1992`    |          23 |           0 |          23 |         38.3 |          0.0 |         38.3 |            0 |            0 |
|10.`1993`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|11.`1994`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->




- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
    X X X X   |        7,660 |        5,066 |
          0.0 |          277 |          268 |
          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 |
- --------------|--------------|--------------|
    X X X X   |        7,937 |        5,334 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 80

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




   SCHEDULE P - PART 1F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS-MADE



                                                                                (000 omitted)

!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |            0 |            0 |            0 |            0 |            0 |
|`2.`1985`    |           0 |           0 |           0 |          801 |            0 |          144 |            0 |           93 |
|`3.`1986`    |           0 |           0 |           0 |            7 |            0 |           25 |            0 |            0 |
|`4.`1987`    |         117 |           0 |         117 |           19 |            0 |            5 |            0 |            0 |
|`5.`1988`    |         219 |           0 |         219 |           99 |            0 |           42 |            0 |            0 |
|`6.`1989`    |         228 |           0 |         228 |          203 |            0 |           52 |            0 |            0 |
|`7.`1990`    |         256 |           0 |         256 |          230 |            0 |           36 |            0 |            0 |
|`8.`1991`    |         299 |           0 |         299 |            1 |            0 |            9 |            0 |            0 |
|`9.`1992`    |         255 |           0 |         255 |            0 |            0 |            3 |            0 |            0 |
|10.`1993`    |          66 |           0 |          66 |            0 |            0 |            0 |            0 |            0 |
|11.`1994`    |          (2)|           0 |          (2)|            0 |            0 |            0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |        1,360 |            0 |          316 |            0 |           93 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        

            0 |            0 |   X X X X    |
            0 |          945 |           20 |
            0 |           32 |            8 |
            0 |           24 |            0 |
            0 |          141 |            0 |
            0 |          255 |            2 |
            0 |          266 |            0 |
            0 |           10 |            0 |
            0 |            3 |            0 |
            0 |            0 |            0 |
            0 |            0 |            0 |
- --------------|--------------|--------------|
            0 |        1,676 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`2.`1985`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`3.`1986`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`4.`1987`    |           0 |           0 |          64 |            0 |            0 |            0 |            0 |            0 |
|`5.`1988`    |         100 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`6.`1989`    |          34 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`7.`1990`    |          11 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`8.`1991`    |           4 |           0 |         125 |            0 |            0 |            0 |            0 |            0 |
|`9.`1992`    |         170 |           0 |           2 |            0 |            0 |            0 |            0 |            0 |
|10.`1993`    |          12 |           0 |          36 |            0 |            0 |            0 |            0 |            0 |
|11.`1994`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |         331 |           0 |         227 |            0 |            0 |            0 |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- ---------------#--------------#--------------#-------------#
               |              |              |             |
       21      |      22      |      23      |     24      |
               |              |              |  Number of  |
    Salvage    | Unallocated  |    Total     |   Claims    |
      and      |     Loss     |  Net Losses  |Outstanding -|
  Subrogation  |   Expenses   | and Expenses | Direct and  |
  Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
 --------------|--------------|--------------|-------------|
                                    

             0 |            0 |            0 |           0 |
             0 |            0 |            0 |           0 |
             0 |            0 |            0 |           0 |
             0 |            0 |           64 |           0 |
             0 |            0 |          100 |           0 |
             0 |            0 |           34 |           0 |
             0 |            0 |           11 |           0 |
             0 |            0 |          129 |           0 |
             0 |            0 |          172 |           0 |
             0 |            0 |           48 |           0 |
             0 |            0 |            0 |           0 |
 --------------|--------------|--------------|-------------|
             0 |            0 |          558 |           0 |
               |              |              |             |
 -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |         945 |           0 |         945 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`3.`1986`    |          32 |           0 |          32 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`4.`1987`    |          88 |           0 |          88 |         75.2 |          0.0 |         75.2 |            0 |            0 |
|`5.`1988`    |         241 |           0 |         241 |        110.0 |          0.0 |        110.0 |            0 |            0 |
|`6.`1989`    |         289 |           0 |         289 |        126.8 |          0.0 |        126.8 |            0 |            0 |
|`7.`1990`    |         277 |           0 |         277 |        108.2 |          0.0 |        108.2 |            0 |            0 |
|`8.`1991`    |         139 |           0 |         139 |         46.5 |          0.0 |         46.5 |            0 |            0 |
|`9.`1992`    |         175 |           0 |         175 |         68.6 |          0.0 |         68.6 |            0 |            0 |
|10.`1993`    |          48 |           0 |          48 |         72.7 |          0.0 |         72.7 |            0 |            0 |
|11.`1994`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        

    X X X X   |            0 |            0 |
          0.0 |            0 |            0 |
          0.0 |            0 |            0 |
          0.0 |           64 |            0 |
          0.0 |          100 |            0 |
          0.0 |           34 |            0 |
          0.0 |           11 |            0 |
          0.0 |          129 |            0 |
          0.0 |          172 |            0 |
          0.0 |           48 |            0 |
          0.0 |            0 |            0 |
- --------------|--------------|--------------|
    X X X X   |          558 |            0 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 81

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




          SCHEDULE P - PART 1G - SPECIAL LIABILITY (OCEAN MARINE,

               AIRCRAFT (ALL PERILS), BOILER AND MACHINERY)

                                                                                (000 omitted)

!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |          234 |           97 |          294 |          214 |            0 |
|`2.`1985`    |      51,313 |      26,552 |      24,761 |       46,120 |       28,361 |        3,686 |        2,366 |          966 |
|`3.`1986`    |     105,321 |      55,944 |      49,377 |       58,774 |       31,467 |        4,568 |        2,684 |          402 |
|`4.`1987`    |     123,309 |      70,752 |      52,557 |       67,292 |       40,026 |        6,172 |        4,050 |        1,103 |
|`5.`1988`    |     103,314 |      60,212 |      43,102 |       60,714 |       38,694 |        5,375 |        3,738 |          242 |
|`6.`1989`    |      69,557 |      42,614 |      26,943 |       51,906 |       30,622 |        4,252 |        2,599 |          827 |
|`7.`1990`    |      63,446 |      36,143 |      27,303 |       47,531 |       29,527 |        4,339 |        3,017 |          146 |
|`8.`1991`    |      42,601 |      31,190 |      11,411 |       49,758 |       33,311 |        3,757 |        2,698 |          213 |
|`9.`1992`    |      41,704 |      26,431 |      15,273 |       23,990 |       15,387 |        1,779 |        1,068 |           56 |
|10.`1993`    |      49,333 |      34,173 |      15,160 |       18,029 |        9,988 |        1,233 |          661 |           40 |
|11.`1994`    |      55,170 |      32,328 |      22,842 |       14,409 |        5,649 |          657 |          444 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |      438,757 |      263,129 |       36,112 |       23,539 |        3,995 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
            0 |          217 |   X X X X    |
          261 |       19,340 |   X X X X    |
          102 |       29,293 |   X X X X    |
           88 |       29,476 |   X X X X    |
           72 |       23,729 |   X X X X    |
           72 |       23,009 |   X X X X    |
           90 |       19,416 |   X X X X    |
           77 |       17,583 |   X X X X    |
           95 |        9,409 |   X X X X    |
          224 |        8,837 |   X X X X    |
           22 |        8,995 |   X X X X    |
- --------------|--------------|--------------|
        1,103 |      189,304 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            

|`1.`Prior`   |       3,941 |       3,319 |          54 |           54 |            0 |            0 |          240 |          229 |
|`2.`1985`    |         446 |         367 |           1 |            1 |            0 |            0 |            5 |            4 |
|`3.`1986`    |         809 |         384 |         190 |            5 |            0 |            0 |           25 |           22 |
|`4.`1987`    |       1,402 |         485 |         778 |           11 |            0 |            0 |           46 |           46 |
|`5.`1988`    |      11,924 |      10,581 |       1,048 |           14 |            0 |            0 |           68 |           64 |
|`6.`1989`    |       2,200 |       1,245 |         584 |           38 |            0 |            0 |          169 |          159 |
|`7.`1990`    |       4,779 |       3,767 |         234 |           97 |            0 |            0 |          443 |          410 |
|`8.`1991`    |       3,007 |       2,017 |         188 |           69 |            0 |            0 |          302 |          197 |
|`9.`1992`    |       3,309 |       2,162 |         331 |          125 |            0 |            0 |          265 |          222 |
|10.`1993`    |       6,839 |       4,277 |       1,084 |          271 |            0 |            0 |          772 |          537 |
|11.`1994`    |      13,599 |       5,565 |       5,611 |          315 |            0 |            0 |        7,042 |        5,949 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |      52,255 |      34,169 |      10,103 |        1,000 |            0 |            0 |        9,377 |        7,839 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- ---------------#--------------#--------------#-------------#
               |              |              |             |
       21      |      22      |      23      |     24      |
               |              |              |  Number of  |
    Salvage    | Unallocated  |    Total     |   Claims    |
      and      |     Loss     |  Net Losses  |Outstanding -|
  Subrogation  |   Expenses   | and Expenses | Direct and  |
  Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
 --------------|--------------|--------------|-------------|
               |              |              |             |
                                    

             0 |            0 |          633 |           0 |
             0 |            0 |           80 |           0 |
             0 |            0 |          613 |           0 |
             0 |           12 |        1,696 |           2 |
             0 |            2 |        2,383 |           1 |
             0 |            2 |        1,513 |           1 |
             0 |            1 |        1,183 |           3 |
             0 |            2 |        1,216 |           1 |
             0 |            6 |        1,402 |           2 |
             0 |           22 |        3,632 |          11 |
             0 |           21 |       14,444 |          18 |
 --------------|--------------|--------------|-------------|
             0 |           68 |       28,795 |          39 |
               |              |              |             |
 -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                             
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |      50,519 |      31,099 |      19,420 |         98.5 |        117.1 |         78.4 |            0 |            0 |
|`3.`1986`    |      64,468 |      34,562 |      29,906 |         61.2 |         61.8 |         60.6 |            0 |            0 |
|`4.`1987`    |      75,790 |      44,618 |      31,172 |         61.5 |         63.1 |         59.3 |            0 |            0 |
|`5.`1988`    |      79,203 |      53,091 |      26,112 |         76.7 |         88.2 |         60.6 |            0 |            0 |
|`6.`1989`    |      59,185 |      34,663 |      24,522 |         85.1 |         81.3 |         91.0 |            0 |            0 |
|`7.`1990`    |      57,417 |      36,818 |      20,599 |         90.5 |        101.9 |         75.4 |            0 |            0 |
|`8.`1991`    |      57,091 |      38,292 |      18,799 |        134.0 |        122.8 |        164.7 |            0 |            0 |
|`9.`1992`    |      29,775 |      18,964 |      10,811 |         71.4 |         71.7 |         70.8 |            0 |            0 |
|10.`1993`    |      28,203 |      15,734 |      12,469 |         57.2 |         46.0 |         82.2 |            0 |            0 |
|11.`1994`    |      41,361 |      17,922 |      23,439 |         75.0 |         55.4 |        102.6 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        

    X X X X   |          622 |           11 |
          0.0 |           79 |            1 |
          0.0 |          610 |            3 |
          0.0 |        1,684 |           12 |
          0.0 |        2,377 |            6 |
          0.0 |        1,501 |           12 |
          0.0 |        1,149 |           34 |
          0.0 |        1,109 |          107 |
          0.0 |        1,353 |           49 |
          0.0 |        3,375 |          257 |
          0.0 |       13,330 |        1,114 |
- --------------|--------------|--------------|
    X X X X   |       27,189 |        1,606 |
              |              |              |
- -------------->-------------->-------------->



Page:     Page 82

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




     SCHEDULE P - PART 1H - SECTION 1 - OTHER LIABILITY - OCCURRENCE



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |       33,335 |       18,298 |       21,359 |        3,179 |          423 |
|`2.`1985`    |     269,235 |      21,900 |     247,335 |      182,201 |       18,459 |       48,292 |          887 |        5,334 |
|`3.`1986`    |     435,955 |      15,114 |     420,841 |      165,485 |        8,959 |       42,532 |          718 |        4,940 |
|`4.`1987`    |     624,510 |     133,069 |     491,441 |      240,651 |       80,902 |       40,350 |        1,698 |        4,966 |
|`5.`1988`    |     526,043 |     132,411 |     393,632 |      159,813 |       63,632 |       29,606 |        1,136 |        3,674 |
|`6.`1989`    |     290,819 |      66,258 |     224,561 |      107,049 |       44,335 |       18,589 |          725 |        2,791 |
|`7.`1990`    |     261,224 |      55,253 |     205,971 |      102,416 |       42,444 |       17,026 |        1,656 |          983 |
|`8.`1991`    |     177,601 |      27,428 |     150,173 |       39,682 |        8,105 |       10,306 |          442 |        1,190 |
|`9.`1992`    |     116,299 |      28,885 |      87,414 |       14,142 |          794 |        3,472 |          169 |          210 |
|10.`1993`    |      99,208 |      (1,216)|     100,424 |        8,194 |          397 |        1,368 |           98 |           85 |
|11.`1994`    |     102,421 |      17,926 |      84,495 |        4,453 |          167 |          253 |           30 |          111 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |    1,057,421 |      286,492 |      233,153 |       10,738 |       24,707 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- ------------------------------#--------------#
                              |              |
 --------------#--------------|              |
       10      |      11      |      12      |
               |              |  Number of   |
  Unallocated  |    Total     |    Claims    |
      Loss     |   Net Paid   |  Reported -  |
    Expense    |  (5 - 6 + 7  |  Direct and  |
    Payments   |  - 8 + 10)   |   Assumed    |
 --------------|--------------|--------------|
               |              |              |
                         
               |              |              |
           405 |       33,622 |   X X X X    |
        12,202 |      223,349 |       39,924 |
        11,882 |      210,222 |       32,195 |
        11,549 |      209,950 |       28,470 |
         8,292 |      132,943 |       21,232 |
         5,745 |       86,323 |       14,612 |
         5,923 |       81,265 |       15,425 |
         4,820 |       46,261 |       10,898 |
         3,991 |       20,642 |        6,377 |
         2,284 |       11,351 |        4,371 |
         1,324 |        5,833 |        3,516 |
 --------------|--------------|--------------|
        68,417 |    1,061,761 |    X X X X   |
               |              |              |
 -------------->-------------->-------------->


!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            
|             |             |             |             |              |              |              |              |              |
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |      49,038 |       8,350 |      74,077 |          437 |            0 |            0 |       73,321 |        2,808 |
|`2.`1985`    |      11,240 |       2,552 |      11,957 |          120 |            0 |            0 |       15,072 |          138 |
|`3.`1986`    |      10,088 |         822 |      11,055 |          110 |            0 |            0 |       15,772 |          150 |
|`4.`1987`    |       9,155 |         367 |      16,515 |          131 |            0 |            0 |       15,964 |          114 |
|`5.`1988`    |      10,842 |         179 |      18,541 |          237 |            0 |            0 |       14,386 |           73 |
|`6.`1989`    |      10,467 |       1,345 |      21,790 |          379 |            0 |            0 |       11,521 |          242 |
|`7.`1990`    |      20,445 |         651 |      25,256 |        1,130 |            0 |            0 |       15,192 |          284 |
|`8.`1991`    |      20,102 |       2,655 |      30,466 |        2,955 |            0 |            0 |       16,990 |        1,920 |
|`9.`1992`    |      14,662 |       1,316 |      24,724 |        2,253 |            0 |            0 |       12,231 |          408 |
|10.`1993`    |      14,121 |       2,102 |      27,528 |        2,856 |            0 |            0 |       13,778 |          619 |
|11.`1994`    |       6,243 |         241 |      38,116 |        4,873 |            0 |            0 |       14,514 |        1,102 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |     176,403 |      20,580 |     300,025 |       15,481 |            0 |            0 |      218,741 |        7,858 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- ---------------#--------------#--------------#-------------#
               |              |              |             |
       21      |      22      |      23      |     24      |
               |              |              |  Number of  |
    Salvage    | Unallocated  |    Total     |   Claims    |
      and      |     Loss     |  Net Losses  |Outstanding -|
  Subrogation  |   Expenses   | and Expenses | Direct and  |
  Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
 --------------|--------------|--------------|-------------|
                                    
               |              |              |             |
          (694)|        7,668 |      192,509 |         717 |
          (305)|        1,226 |       36,685 |         135 |
          (365)|        1,168 |       37,001 |         143 |
          (523)|        1,631 |       42,653 |         164 |
          (451)|        1,700 |       44,980 |         168 |
          (345)|        1,643 |       43,455 |         238 |
          (346)|        2,206 |       61,034 |         371 |
          (310)|        2,514 |       62,542 |         459 |
          (224)|        2,017 |       49,657 |         418 |
          (217)|        2,320 |       52,170 |         407 |
          (303)|        2,817 |       55,474 |         816 |
 --------------|--------------|--------------|-------------|
        (4,083)|       26,910 |      678,160 |       4,036 |
               |              |              |             |
 -------------->-------------->-------------->------------->


!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            
|             |             |             |             |              |              |              |              |              |
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |     282,190 |      22,156 |     260,034 |        104.8 |        101.2 |        105.1 |            0 |            0 |
|`3.`1986`    |     257,982 |      10,759 |     247,223 |         59.2 |         71.2 |         58.7 |            0 |            0 |
|`4.`1987`    |     335,815 |      83,212 |     252,603 |         53.8 |         62.5 |         51.4 |            0 |            0 |
|`5.`1988`    |     243,180 |      65,257 |     177,923 |         46.2 |         49.3 |         45.2 |            0 |            0 |
|`6.`1989`    |     176,804 |      47,026 |     129,778 |         60.8 |         71.0 |         57.8 |            0 |            0 |
|`7.`1990`    |     188,464 |      46,165 |     142,299 |         72.1 |         83.6 |         69.1 |            0 |            0 |
|`8.`1991`    |     124,880 |      16,077 |     108,803 |         70.3 |         58.6 |         72.5 |            0 |            0 |
|`9.`1992`    |      75,239 |       4,940 |      70,299 |         64.7 |         17.1 |         80.4 |            0 |            0 |
|10.`1993`    |      69,593 |       6,072 |      63,521 |         70.1 |       (499.3)|         63.3 |            0 |            0 |
|11.`1994`    |      67,720 |       6,413 |      61,307 |         66.1 |         35.8 |         72.6 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
                        
              |              |              |
              |              |              |
    X X X X   |      114,328 |       78,181 |
          0.0 |       20,525 |       16,160 |
          0.0 |       20,211 |       16,790 |
          0.0 |       25,172 |       17,481 |
          0.0 |       28,967 |       16,013 |
          0.0 |       30,533 |       12,922 |
          0.0 |       43,920 |       17,114 |
          0.0 |       44,958 |       17,584 |
          0.0 |       35,817 |       13,840 |
          0.0 |       36,691 |       15,479 |
          0.0 |       39,245 |       16,229 |
- --------------|--------------|--------------|
    X X X X   |      440,367 |      237,793 |
              |              |              |
- -------------->-------------->-------------->



Page:     Page 83

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




     SCHEDULE P - PART 1H - SECTION 2 - OTHER LIABILITY - CLAIMS-MADE



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            
|             |             |             |             |              |              |              |              |              |
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |            0 |            0 |            0 |            0 |            0 |
|`2.`1985`    |           0 |           0 |           0 |          143 |           16 |           27 |            9 |           11 |
|`3.`1986`    |           0 |           0 |           0 |          895 |          516 |           53 |           (2)|            5 |
|`4.`1987`    |          68 |           0 |          68 |            0 |            0 |           (6)|            0 |            0 |
|`5.`1988`    |       1,993 |           0 |       1,993 |          609 |           28 |           50 |            6 |           13 |
|`6.`1989`    |       2,406 |           0 |       2,406 |          626 |            0 |          136 |            0 |           18 |
|`7.`1990`    |       2,190 |         286 |       1,904 |          872 |            0 |          112 |            0 |           11 |
|`8.`1991`    |       3,137 |          42 |       3,095 |          314 |            0 |          156 |            0 |           17 |
|`9.`1992`    |       2,122 |         270 |       1,852 |          757 |            0 |          158 |            0 |            6 |
|10.`1993`    |       1,550 |         517 |       1,033 |           79 |            0 |           62 |            0 |           17 |
|11.`1994`    |       1,834 |         480 |       1,354 |           83 |            0 |           41 |            0 |            3 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |        4,378 |          560 |          789 |           13 |          101 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
        1,562 |        1,562 |   X X X X    |
          119 |          264 |            5 |
          222 |          656 |            6 |
          230 |          224 |            2 |
          198 |          823 |          114 |
          185 |          947 |          191 |
          189 |        1,173 |          155 |
          247 |          717 |          160 |
          545 |        1,460 |          137 |
          356 |          497 |          103 |
          102 |          226 |           63 |
- --------------|--------------|--------------|
        3,955 |        8,549 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |           0 |           0 |           0 |            0 |            0 |            0 |           76 |            0 |
|`2.`1985`    |          84 |           0 |           0 |            0 |            0 |            0 |           58 |           55 |
|`3.`1986`    |         178 |           0 |           0 |            0 |            0 |            0 |          186 |           98 |
|`4.`1987`    |           0 |           0 |           0 |            0 |            0 |            0 |          187 |            0 |
|`5.`1988`    |           0 |           0 |           0 |            0 |            0 |            0 |           30 |            0 |
|`6.`1989`    |          81 |           0 |           0 |            0 |            0 |            0 |           44 |            0 |
|`7.`1990`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`8.`1991`    |         150 |           0 |           0 |            0 |            0 |            0 |           80 |            0 |
|`9.`1992`    |          80 |           0 |           0 |            0 |            0 |            0 |          164 |            0 |
|10.`1993`    |         119 |           0 |           0 |            0 |            0 |            0 |          127 |            0 |
|11.`1994`    |         358 |           0 |           0 |            0 |            0 |            0 |          521 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |       1,050 |           0 |           0 |            0 |            0 |            0 |        1,473 |          153 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- ----------------#--------------#--------------#-------------#
                |              |              |             |
        21      |      22      |      23      |     24      |
                |              |              |  Number of  |
     Salvage    | Unallocated  |    Total     |   Claims    |
       and      |     Loss     |  Net Losses  |Outstanding -|
   Subrogation  |   Expenses   | and Expenses | Direct and  |
   Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
  --------------|--------------|--------------|-------------|
                                     
                |              |              |             |
                |              |              |             |
              0 |           26 |          102 |           0 |
              0 |            5 |           92 |           1 |
              0 |           13 |          279 |           2 |
              0 |           12 |          199 |           0 |
              0 |            2 |           32 |           0 |
              0 |            0 |          125 |           1 |
              0 |            2 |            2 |           0 |
              0 |           10 |          240 |           2 |
              0 |           13 |          257 |           4 |
              0 |            4 |          250 |          26 |
              0 |            2 |          881 |          27 |
  --------------|--------------|--------------|-------------|
              0 |           89 |        2,459 |          63 |
                |              |              |             |
  -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |         436 |          80 |         356 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`3.`1986`    |       1,547 |         612 |         935 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`4.`1987`    |         423 |           0 |         423 |        622.1 |          0.0 |        622.1 |            0 |            0 |
|`5.`1988`    |         889 |          34 |         855 |         44.6 |          0.0 |         42.9 |            0 |            0 |
|`6.`1989`    |       1,072 |           0 |       1,072 |         44.6 |          0.0 |         44.6 |            0 |            0 |
|`7.`1990`    |       1,175 |           0 |       1,175 |         53.7 |          0.0 |         61.7 |            0 |            0 |
|`8.`1991`    |         957 |           0 |         957 |         30.5 |          0.0 |         30.9 |            0 |            0 |
|`9.`1992`    |       1,717 |           0 |       1,717 |         80.9 |          0.0 |         92.7 |            0 |            0 |
|10.`1993`    |         747 |           0 |         747 |         48.2 |          0.0 |         72.3 |            0 |            0 |
|11.`1994`    |       1,107 |           0 |       1,107 |         60.4 |          0.0 |         81.8 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
                        
              |              |              |
              |              |              |
    X X X X   |            0 |          102 |
          0.0 |           84 |            8 |
          0.0 |          178 |          101 |
          0.0 |            0 |          199 |
          0.0 |            0 |           32 |
          0.0 |           81 |           44 |
          0.0 |            0 |            2 |
          0.0 |          150 |           90 |
          0.0 |           80 |          177 |
          0.0 |          119 |          131 |
          0.0 |          358 |          523 |
- --------------|--------------|--------------|
    X X X X   |        1,050 |        1,409 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 84

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




SCHEDULE P - PART 1I - SPECIAL PROPERTY (FIRE, ALLIED LINES, INLAND MARINE,

                  EARTHQUAKE, GLASS, BURGLARY AND THEFT)


                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            
|             |             |             |             |              |              |              |              |              |
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |       18,835 |        5,089 |        1,836 |          607 |        1,160 |
|`2.`1993`    |     164,585 |      47,656 |     116,929 |       76,700 |        7,482 |        1,516 |          109 |        1,442 |
|`3.`1994`    |     188,550 |      50,671 |     137,879 |       57,803 |        3,190 |        1,114 |           60 |          284 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |   X X X X   |   X X X X   |   X X X X   |      153,338 |       15,761 |        4,466 |          776 |        2,886 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- ------------------------------#--------------#
                              |              |
 --------------#--------------|              |
       10      |      11      |      12      |
               |              |  Number of   |
  Unallocated  |    Total     |    Claims    |
      Loss     |   Net Paid   |  Reported -  |
    Expense    |  (5 - 6 + 7  |  Direct and  |
    Payments   |  - 8 + 10)   |   Assumed    |
 --------------|--------------|--------------|
               |              |              |
                        
               |              |              |
            57 |       15,032 |   X X X X    |
         5,576 |       76,201 |   X X X X    |
         2,753 |       58,420 |   X X X X    |
 --------------|--------------|--------------|
         8,386 |      149,653 |    X X X X   |
               |              |              |
 -------------->-------------->-------------->


!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |      16,640 |       1,416 |      10,973 |           75 |            0 |            0 |        1,383 |          127 |
|`2.`1993`    |      10,384 |       5,145 |         884 |           66 |            0 |            0 |          627 |           89 |
|`3.`1994`    |      36,689 |       8,490 |       7,654 |        1,580 |            0 |            0 |        3,360 |        1,803 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |      63,713 |      15,051 |      19,511 |        1,721 |            0 |            0 |        5,370 |        2,019 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                   
              |              |              |             |
       (1,168)|          152 |       27,530 |           0 |
         (555)|           81 |        6,676 |           0 |
         (921)|        1,023 |       36,853 |           0 |
- --------------|--------------|--------------|-------------|
       (2,644)|        1,256 |       71,059 |           0 |
              |              |              |             |
- -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1993`    |      95,768 |      12,891 |      82,877 |         58.2 |         27.1 |         70.9 |            0 |            0 |
|`3.`1994`    |     110,396 |      15,123 |      95,273 |         58.5 |         29.8 |         69.1 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
    X X X X   |       26,122 |        1,408 |
          0.0 |        6,057 |          619 |
          0.0 |       34,273 |        2,580 |
- --------------|--------------|--------------|
    X X X X   |       66,452 |        4,607 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 85

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




                SCHEDULE P - PART 1J - AUTO PHYSICAL DAMAGE



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |          950 |          (49)|          989 |           83 |        3,147 |
|`2.`1993`    |     251,550 |      16,407 |     235,143 |      126,133 |       10,649 |        1,882 |          136 |       16,687 |
|`3.`1994`    |     231,922 |      25,976 |     205,946 |      109,029 |        6,117 |        1,291 |           56 |        9,604 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |   X X X X   |   X X X X   |   X X X X   |      236,112 |       16,717 |        4,162 |          275 |       29,438 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
           37 |        1,942 |   X X X X    |
       14,358 |      131,588 |      109,016 |
       11,409 |      115,556 |       95,929 |
- --------------|--------------|--------------|
       25,804 |      249,086 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->


!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |       4,532 |          74 |       6,240 |           19 |            0 |            0 |        1,396 |           63 |
|`2.`1993`    |       1,100 |          59 |      (1,084)|            8 |            0 |            0 |          720 |           11 |
|`3.`1994`    |      16,799 |         673 |       1,013 |          367 |            0 |            0 |        1,260 |           33 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |      22,431 |         806 |       6,169 |          394 |            0 |            0 |        3,376 |          107 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- ---------------#--------------#--------------#-------------#
               |              |              |             |
       21      |      22      |      23      |     24      |
               |              |              |  Number of  |
    Salvage    | Unallocated  |    Total     |   Claims    |
      and      |     Loss     |  Net Losses  |Outstanding -|
  Subrogation  |   Expenses   | and Expenses | Direct and  |
  Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
 --------------|--------------|--------------|-------------|
                                    
               |              |              |             |
               |              |              |             |
        (2,932)|           36 |       12,048 |          62 |
        (2,333)|           41 |          699 |         103 |
        (8,845)|        1,222 |       19,221 |       4,020 |
 --------------|--------------|--------------|-------------|
       (14,110)|        1,299 |       31,968 |       4,185 |
               |              |              |             |
 -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1993`    |     143,150 |      10,863 |     132,287 |         56.9 |         66.2 |         56.3 |            0 |            0 |
|`3.`1994`    |     142,023 |       7,246 |     134,777 |         61.2 |         27.9 |         65.4 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
    X X X X   |       10,679 |        1,369 |
          0.0 |          (51)|          750 |
          0.0 |       16,772 |        2,449 |
- --------------|--------------|--------------|
    X X X X   |       27,400 |        4,568 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 86

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS AFFI
AFFILIATED FIRE AND CASUALTY INSURERS




                  SCHEDULE P - PART 1K - FIDELITY/SURETY



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |       20,430 |       10,572 |       10,094 |        2,317 |        8,740 |
|`2.`1993`    |     142,388 |      27,994 |     114,394 |       36,725 |       12,656 |        4,004 |          969 |        1,868 |
|`3.`1994`    |     156,346 |      32,641 |     123,705 |        8,554 |        1,569 |          440 |           68 |           41 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |   X X X X   |   X X X X   |   X X X X   |       65,709 |       24,797 |       14,538 |        3,354 |       10,649 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
                        
              |              |              |
              |              |              |
        2,730 |       20,365 |   X X X X    |
        2,619 |       29,723 |   X X X X    |
          806 |        8,163 |   X X X X    |
- --------------|--------------|--------------|
        6,155 |       58,251 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            
|             |             |             |             |              |              |              |              |              |
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |      17,641 |       2,413 |     (11,658)|       (4,858)|            0 |            0 |       18,741 |        5,091 |
|`2.`1993`    |       7,952 |       3,069 |      (6,091)|       (1,400)|            0 |            0 |        7,571 |        1,565 |
|`3.`1994`    |       7,166 |       1,655 |       8,539 |        1,379 |            0 |            0 |       11,420 |        2,526 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |      32,759 |       7,137 |      (9,210)|       (4,879)|            0 |            0 |       37,732 |        9,182 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                   
              |              |              |             |
       (8,449)|        1,162 |       23,240 |       1,436 |
       (3,241)|          469 |        6,667 |         832 |
       (4,762)|        1,607 |       23,172 |         609 |
- --------------|--------------|--------------|-------------|
      (16,452)|        3,238 |       53,079 |       2,877 |
              |              |              |             |
- -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1993`    |      53,249 |      16,859 |      36,390 |         37.4 |         60.2 |         31.8 |            0 |            0 |
|`3.`1994`    |      38,532 |       7,197 |      31,335 |         24.6 |         22.0 |         25.3 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
                        
              |              |              |
              |              |              |
    X X X X   |        8,428 |       14,812 |
          0.0 |          192 |        6,475 |
          0.0 |       12,671 |       10,501 |
- --------------|--------------|--------------|
    X X X X   |       21,291 |       31,788 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 87

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




   SCHEDULE P - PART 1L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |           35 |           17 |            1 |            0 |            2 |
|`2.`1993`    |          14 |           5 |           9 |            0 |            0 |            0 |            0 |            0 |
|`3.`1994`    |          15 |           6 |           9 |            0 |            0 |            0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |   X X X X   |   X X X X   |   X X X X   |           35 |           17 |            1 |            0 |            2 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
            0 |           19 |   X X X X    |
            0 |            0 |   X X X X    |
            0 |            0 |   X X X X    |
- --------------|--------------|--------------|
            0 |           19 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |         212 |         133 |           0 |            0 |            0 |            0 |           17 |           13 |
|`2.`1993`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`3.`1994`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |         212 |         133 |           0 |            0 |            0 |            0 |           17 |           13 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                   
              |              |              |             |
            0 |           24 |          107 |           5 |
            0 |            0 |            0 |           0 |
            0 |            0 |            0 |           0 |
- --------------|--------------|--------------|-------------|
            0 |           24 |          107 |           5 |
              |              |              |             |
- -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            
|             |             |             |             |              |              |              |              |              |
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1993`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`3.`1994`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
    X X X X   |           79 |           28 |
          0.0 |            0 |            0 |
          0.0 |            0 |            0 |
- --------------|--------------|--------------|
    X X X X   |           79 |           28 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 88

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




                   SCHEDULE P - PART 1M - INTERNATIONAL



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |            0 |            0 |            0 |            0 |            0 |
|`2.`1985`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`3.`1986`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`4.`1987`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`5.`1988`    |      19,649 |         337 |      19,312 |       13,707 |           90 |          390 |            1 |            0 |
|`6.`1989`    |      14,651 |         122 |      14,529 |       10,250 |           24 |          329 |            0 |            0 |
|`7.`1990`    |      12,386 |          63 |      12,323 |       10,451 |          212 |          339 |            0 |            0 |
|`8.`1991`    |       9,982 |          69 |       9,913 |        7,316 |           46 |          223 |           (2)|            0 |
|`9.`1992`    |       4,683 |          39 |       4,644 |        3,248 |           11 |           45 |           (8)|            0 |
|10.`1993`    |      12,988 |           0 |      12,988 |        4,207 |            1 |            3 |            0 |            0 |
|11.`1994`    |      77,224 |           0 |      77,224 |       11,021 |            0 |            7 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |       60,200 |          384 |        1,336 |           (9)|            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->




- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
            0 |            0 |   X X X X    |
            0 |            0 |   X X X X    |
            0 |            0 |   X X X X    |
            0 |            0 |   X X X X    |
            0 |       14,006 |   X X X X    |
            0 |       10,555 |   X X X X    |
            0 |       10,578 |   X X X X    |
            0 |        7,495 |   X X X X    |
            0 |        3,290 |   X X X X    |
            0 |        4,209 |   X X X X    |
            0 |       11,028 |   X X X X    |
- --------------|--------------|--------------|
            0 |       61,161 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->


!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`2.`1985`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`3.`1986`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`4.`1987`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`5.`1988`    |         551 |           0 |       1,280 |            0 |            0 |            0 |            0 |            0 |
|`6.`1989`    |         697 |           0 |       1,383 |            0 |            0 |            0 |            0 |            0 |
|`7.`1990`    |         310 |           0 |         840 |            0 |            0 |            0 |            0 |            0 |
|`8.`1991`    |         408 |           0 |       1,573 |            0 |            0 |            0 |            0 |            0 |
|`9.`1992`    |         191 |           0 |         893 |            0 |            0 |            0 |            0 |            0 |
|10.`1993`    |       2,537 |           0 |       3,344 |            0 |            0 |            0 |            0 |            0 |
|11.`1994`    |      17,127 |           0 |      31,206 |            0 |            0 |            0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |      21,821 |           0 |      40,519 |            0 |            0 |            0 |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                   
              |              |              |             |
            0 |            0 |            0 |           0 |
            0 |            0 |            0 |           0 |
            0 |            0 |            0 |           0 |
            0 |            0 |            0 |           0 |
            0 |            0 |        1,831 |           0 |
            0 |            0 |        2,080 |           0 |
            0 |            0 |        1,150 |           0 |
            0 |            0 |        1,981 |           0 |
            0 |            0 |        1,084 |           0 |
            0 |            0 |        5,881 |           0 |
            0 |            0 |       48,333 |           0 |
- --------------|--------------|--------------|-------------|
            0 |            0 |       62,340 |           0 |
              |              |              |             |
- -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`3.`1986`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`4.`1987`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`5.`1988`    |      15,928 |          91 |      15,837 |         81.1 |         27.0 |         82.0 |            0 |            0 |
|`6.`1989`    |      12,659 |          24 |      12,635 |         86.4 |         19.7 |         87.0 |            0 |            0 |
|`7.`1990`    |      11,940 |         212 |      11,728 |         96.4 |        336.5 |         95.2 |            0 |            0 |
|`8.`1991`    |       9,520 |          44 |       9,476 |         95.4 |         63.8 |         95.6 |            0 |            0 |
|`9.`1992`    |       4,377 |           3 |       4,374 |         93.5 |          7.7 |         94.2 |            0 |            0 |
|10.`1993`    |      10,091 |           1 |      10,090 |         77.7 |          0.0 |         77.7 |            0 |            0 |
|11.`1994`    |      59,361 |           0 |      59,361 |         76.9 |          0.0 |         76.9 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
    X X X X   |            0 |            0 |
          0.0 |            0 |            0 |
          0.0 |            0 |            0 |
          0.0 |            0 |            0 |
          0.0 |        1,831 |            0 |
          0.0 |        2,080 |            0 |
          0.0 |        1,150 |            0 |
          0.0 |        1,981 |            0 |
          0.0 |        1,084 |            0 |
          0.0 |        5,881 |            0 |
          0.0 |       48,333 |            0 |
- --------------|--------------|--------------|
    X X X X   |       62,340 |            0 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 89

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




                   SCHEDULE P - PART 1N - REINSURANCE A



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`1988`    |      34,707 |       1,738 |      32,969 |       11,995 |          955 |          389 |           86 |            0 |
|`2.`1989`    |      25,922 |       2,056 |      23,866 |       13,940 |        1,859 |          438 |         (188)|            0 |
|`3.`1990`    |      79,740 |      60,145 |      19,595 |       51,663 |       42,048 |          945 |           85 |            0 |
|`4.`1991`    |      60,073 |      34,454 |      25,619 |       24,959 |       19,098 |          383 |          (67)|            0 |
|`5.`1992`    |      56,589 |      10,089 |      46,500 |       20,693 |       17,353 |          265 |          137 |            0 |
|`6.`1993`    |      61,844 |      10,382 |      51,462 |        4,384 |        1,727 |           76 |           17 |            0 |
|`7.`1994`    |      54,527 |      18,639 |      35,888 |        2,699 |        1,204 |           77 |           19 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`8.`Totals`  |   X X X X   |   X X X X   |   X X X X   |      130,333 |       84,244 |        2,573 |           89 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
            0 |       11,343 |   X X X X    |
            0 |       12,707 |   X X X X    |
            0 |       10,475 |   X X X X    |
            0 |        6,311 |   X X X X    |
            0 |        3,468 |   X X X X    |
            0 |        2,716 |   X X X X    |
            0 |        1,553 |   X X X X    |
- --------------|--------------|--------------|
            0 |       48,573 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`1988`    |       1,288 |           8 |       3,223 |            9 |            0 |            0 |           55 |            0 |
|`2.`1989`    |       1,943 |           6 |       2,995 |           21 |            0 |            0 |           99 |            0 |
|`3.`1990`    |         708 |          58 |       2,653 |           19 |            0 |            0 |           16 |            0 |
|`4.`1991`    |       3,270 |       1,323 |       4,634 |           82 |            0 |            0 |           48 |           (1)|
|`5.`1992`    |       3,140 |         827 |       8,826 |          823 |            0 |            0 |           43 |            0 |
|`6.`1993`    |       3,941 |       1,146 |      37,911 |        8,490 |            0 |            0 |           66 |            1 |
|`7.`1994`    |       4,380 |       1,242 |      53,355 |       13,507 |            0 |            0 |          106 |            8 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`8.`Totals`  |      18,670 |       4,610 |     113,597 |       22,951 |            0 |            0 |          433 |            8 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                   
              |              |              |             |
            0 |            0 |        4,549 |   X X X X   |
            0 |            0 |        5,010 |   X X X X   |
            0 |            0 |        3,300 |   X X X X   |
            0 |            0 |        6,548 |   X X X X   |
            0 |            0 |       10,359 |   X X X X   |
            0 |            0 |       32,281 |   X X X X   |
            0 |            0 |       43,084 |   X X X X   |
- --------------|--------------|--------------|-------------|
            0 |            0 |      105,131 |   X X X X   |
              |              |              |             |
- -------------->-------------->-------------->------------->


!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            
|             |             |             |             |              |              |              |              |              |
|             |             |             |             |              |              |              |              |              |
|`1.`1988`    |      16,950 |       1,058 |      15,892 |         48.8 |         60.9 |         48.2 |            0 |            0 |
|`2.`1989`    |      19,415 |       1,698 |      17,717 |         74.9 |         82.6 |         74.2 |            0 |            0 |
|`3.`1990`    |      55,985 |      42,210 |      13,775 |         70.2 |         70.2 |         70.3 |            0 |            0 |
|`4.`1991`    |      33,294 |      20,435 |      12,859 |         55.4 |         59.3 |         50.2 |            0 |            0 |
|`5.`1992`    |      32,967 |      19,140 |      13,827 |         58.3 |        189.7 |         29.7 |            0 |            0 |
|`6.`1993`    |      46,378 |      11,381 |      34,997 |         75.0 |        109.6 |         68.0 |            0 |            0 |
|`7.`1994`    |      60,617 |      15,980 |      44,637 |        111.2 |         85.7 |        124.4 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`8.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
          0.0 |        4,494 |           55 |
          0.0 |        4,911 |           99 |
          0.0 |        3,284 |           16 |
          0.0 |        6,499 |           49 |
          0.0 |       10,316 |           43 |
          0.0 |       32,216 |           65 |
          0.0 |       42,986 |           98 |
- --------------|--------------|--------------|
    X X X X   |      104,706 |          425 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 90

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




                   SCHEDULE P - PART 1O - REINSURANCE B



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`1988`    |     155,207 |     139,405 |      15,802 |      103,094 |       97,106 |        1,093 |          170 |            0 |
|`2.`1989`    |     443,293 |     419,913 |      23,380 |      234,747 |      223,086 |        2,527 |           85 |            0 |
|`3.`1990`    |     321,700 |     308,404 |      13,296 |      173,624 |      167,731 |        1,962 |          339 |            0 |
|`4.`1991`    |     150,161 |     142,532 |       7,629 |       70,243 |       68,453 |          927 |          193 |            0 |
|`5.`1992`    |     193,065 |     175,005 |      18,060 |      188,468 |      177,590 |          204 |           88 |            0 |
|`6.`1993`    |     331,591 |     372,114 |     (40,523)|       83,995 |       82,410 |          174 |         (151)|            0 |
|`7.`1994`    |     238,226 |     101,075 |     137,151 |       12,234 |        8,007 |           65 |           16 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`8.`Totals`  |   X X X X   |   X X X X   |   X X X X   |      866,405 |      824,383 |        6,952 |          740 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
            0 |        6,911 |   X X X X    |
            0 |       14,103 |   X X X X    |
            0 |        7,516 |   X X X X    |
            0 |        2,524 |   X X X X    |
            0 |       10,994 |   X X X X    |
            0 |        1,910 |   X X X X    |
            0 |        4,276 |   X X X X    |
- --------------|--------------|--------------|
            0 |       48,234 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`1988`    |      65,170 |      64,409 |       1,713 |          178 |            0 |            0 |           46 |            0 |
|`2.`1989`    |      72,460 |      71,078 |       1,999 |          405 |            0 |            0 |           88 |            0 |
|`3.`1990`    |      79,018 |      78,761 |       1,316 |          352 |            0 |            0 |           14 |            0 |
|`4.`1991`    |       6,764 |       5,874 |       4,294 |        1,555 |            0 |            0 |           44 |            1 |
|`5.`1992`    |       3,696 |       3,046 |       7,301 |        2,405 |            0 |            0 |           40 |            2 |
|`6.`1993`    |       4,179 |       2,203 |      21,377 |       12,540 |            0 |            0 |           56 |            2 |
|`7.`1994`    |      35,007 |       8,144 |      90,857 |       12,849 |            0 |            0 |           89 |            6 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`8.`Totals`  |     266,294 |     233,515 |     128,857 |       30,284 |            0 |            0 |          377 |           11 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                   
              |              |              |             |
            0 |            0 |        2,342 |   X X X X   |
            0 |            0 |        3,064 |   X X X X   |
            0 |            0 |        1,235 |   X X X X   |
            0 |            0 |        3,672 |   X X X X   |
            0 |            0 |        5,584 |   X X X X   |
            0 |            0 |       10,867 |   X X X X   |
            0 |            0 |      104,954 |   X X X X   |
- --------------|--------------|--------------|-------------|
            0 |            0 |      131,718 |   X X X X   |
              |              |              |             |
- -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`1988`    |     171,116 |     161,863 |       9,253 |        110.3 |        116.1 |         58.6 |            0 |            0 |
|`2.`1989`    |     311,821 |     294,654 |      17,167 |         70.3 |         70.2 |         73.4 |            0 |            0 |
|`3.`1990`    |     255,934 |     247,183 |       8,751 |         79.6 |         80.1 |         65.8 |            0 |            0 |
|`4.`1991`    |      82,272 |      76,076 |       6,196 |         54.8 |         53.4 |         81.2 |            0 |            0 |
|`5.`1992`    |     199,709 |     183,131 |      16,578 |        103.4 |        104.6 |         91.8 |            0 |            0 |
|`6.`1993`    |     109,781 |      97,004 |      12,777 |         33.1 |         26.1 |        (31.5)|            0 |            0 |
|`7.`1994`    |     138,252 |      29,022 |     109,230 |         58.0 |         28.7 |         79.6 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`8.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
          0.0 |        2,296 |           46 |
          0.0 |        2,976 |           88 |
          0.0 |        1,221 |           14 |
          0.0 |        3,629 |           43 |
          0.0 |        5,546 |           38 |
          0.0 |       10,813 |           54 |
          0.0 |      104,871 |           83 |
- --------------|--------------|--------------|
    X X X X   |      131,352 |          366 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 91

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




                   SCHEDULE P - PART 1P - REINSURANCE C



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`1988`    |       1,548 |          (3)|       1,551 |          387 |            0 |            7 |            0 |            0 |
|`2.`1989`    |       1,673 |           0 |       1,673 |            0 |            0 |            0 |            0 |            0 |
|`3.`1990`    |         365 |         330 |          35 |            0 |            0 |            0 |            0 |            0 |
|`4.`1991`    |       1,068 |       1,068 |           0 |            0 |            0 |            0 |            0 |            0 |
|`5.`1992`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`6.`1993`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`7.`1994`    |          16 |           0 |          16 |            0 |            0 |            0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`8.`Totals`  |   X X X X   |   X X X X   |   X X X X   |          387 |            0 |            7 |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- -------------------------------#--------------#
                               |              |
  --------------#--------------|              |
        10      |      11      |      12      |
                |              |  Number of   |
   Unallocated  |    Total     |    Claims    |
       Loss     |   Net Paid   |  Reported -  |
     Expense    |  (5 - 6 + 7  |  Direct and  |
     Payments   |  - 8 + 10)   |   Assumed    |
  --------------|--------------|--------------|
                |              |              |
                         
                |              |              |
              0 |          394 |   X X X X    |
              0 |            0 |   X X X X    |
              0 |            0 |   X X X X    |
              0 |            0 |   X X X X    |
              0 |            0 |   X X X X    |
              0 |            0 |   X X X X    |
              0 |            0 |   X X X X    |
  --------------|--------------|--------------|
              0 |          394 |    X X X X   |
                |              |              |
  -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`1988`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`2.`1989`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`3.`1990`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`4.`1991`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`5.`1992`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`6.`1993`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`7.`1994`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`8.`Totals`  |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- ----------------#--------------#--------------#-------------#
                |              |              |             |
        21      |      22      |      23      |     24      |
                |              |              |  Number of  |
     Salvage    | Unallocated  |    Total     |   Claims    |
       and      |     Loss     |  Net Losses  |Outstanding -|
   Subrogation  |   Expenses   | and Expenses | Direct and  |
   Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
  --------------|--------------|--------------|-------------|
                |              |              |             |
                                     
                |              |              |             |
              0 |            0 |            0 |   X X X X   |
              0 |            0 |            0 |   X X X X   |
              0 |            0 |            0 |   X X X X   |
              0 |            0 |            0 |   X X X X   |
              0 |            0 |            0 |   X X X X   |
              0 |            0 |            0 |   X X X X   |
              0 |            0 |            0 |   X X X X   |
  --------------|--------------|--------------|-------------|
              0 |            0 |            0 |   X X X X   |
                |              |              |             |
  -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`1988`    |         394 |           0 |         394 |         25.5 |          0.0 |         25.4 |            0 |            0 |
|`2.`1989`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`3.`1990`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`4.`1991`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`5.`1992`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`6.`1993`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`7.`1994`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`8.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->


- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
          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 |
- --------------|--------------|--------------|
    X X X X   |            0 |            0 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 92

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




                   SCHEDULE P - PART 1Q - REINSURANCE D



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |       39,389 |       39,389 |            0 |            0 |            0 |
|`2.`1985`    |      48,980 |      27,823 |      21,157 |       26,546 |        8,386 |          284 |          (34)|            0 |
|`3.`1986`    |     101,003 |      61,408 |      39,595 |       54,136 |       25,703 |          681 |          221 |            0 |
|`4.`1987`    |      49,262 |       5,704 |      43,558 |       33,524 |        4,128 |          851 |         (169)|            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`5.`Totals`  |   X X X X   |   X X X X   |   X X X X   |      153,595 |       77,606 |        1,816 |           18 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
            0 |            0 |   X X X X    |
            0 |       18,478 |   X X X X    |
            0 |       28,893 |   X X X X    |
            0 |       30,416 |   X X X X    |
- --------------|--------------|--------------|
            0 |       77,787 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |           0 |           0 |      85,945 |       85,945 |            0 |            0 |            0 |            0 |
|`2.`1985`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`3.`1986`    |         466 |           0 |         332 |            0 |            0 |            0 |            0 |            0 |
|`4.`1987`    |       1,381 |           6 |       1,960 |            0 |            0 |            0 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`5.`Totals`  |       1,847 |           6 |      88,237 |       85,945 |            0 |            0 |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                   
              |              |              |             |
            0 |            0 |            0 |   X X X X   |
            0 |            0 |            0 |   X X X X   |
            0 |            0 |          798 |   X X X X   |
            0 |            0 |        3,335 |   X X X X   |
- --------------|--------------|--------------|-------------|
            0 |            0 |        4,133 |   X X X X   |
              |              |              |             |
- -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |      26,830 |       8,352 |      18,478 |         54.8 |         30.0 |         87.3 |            0 |            0 |
|`3.`1986`    |      55,615 |      25,924 |      29,691 |         55.1 |         42.2 |         75.0 |            0 |            0 |
|`4.`1987`    |      37,716 |       3,965 |      33,751 |         76.6 |         69.5 |         77.5 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`5.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
    X X X X   |            0 |            0 |
          0.0 |            0 |            0 |
          0.0 |          798 |            0 |
          0.0 |        3,335 |            0 |
- --------------|--------------|--------------|
    X X X X   |        4,133 |            0 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 93

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




    SCHEDULE P - PART 1R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |        3,852 |        1,406 |        4,247 |        5,797 |           82 |
|`2.`1985`    |      29,241 |       6,615 |      22,626 |       18,434 |        2,001 |        9,790 |          678 |          745 |
|`3.`1986`    |      58,624 |      17,080 |      41,544 |       18,685 |        2,323 |        9,848 |          898 |          337 |
|`4.`1987`    |      69,307 |      20,533 |      48,774 |       23,571 |        7,040 |       12,466 |        2,514 |          984 |
|`5.`1988`    |      45,670 |      15,513 |      30,157 |       12,086 |        2,020 |        6,842 |          622 |          430 |
|`6.`1989`    |      29,430 |      10,438 |      18,992 |       12,424 |        3,691 |        5,731 |        1,604 |          313 |
|`7.`1990`    |      24,424 |       8,559 |      15,865 |        7,013 |        1,997 |        2,758 |          688 |           43 |
|`8.`1991`    |      17,168 |       5,206 |      11,962 |        5,552 |        1,300 |        3,092 |          713 |           81 |
|`9.`1992`    |      12,044 |       3,459 |       8,585 |        1,420 |          278 |          726 |          144 |          124 |
|10.`1993`    |      11,626 |       5,243 |       6,383 |        1,709 |          183 |          275 |           51 |            4 |
|11.`1994`    |       8,042 |       3,169 |       4,873 |           68 |           11 |            9 |           12 |            5 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |      104,814 |       22,250 |       55,784 |       13,721 |        3,148 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- ------------------------------#--------------#
                              |              |
 --------------#--------------|              |
       10      |      11      |      12      |
               |              |  Number of   |
  Unallocated  |    Total     |    Claims    |
      Loss     |   Net Paid   |  Reported -  |
    Expense    |  (5 - 6 + 7  |  Direct and  |
    Payments   |  - 8 + 10)   |   Assumed    |
 --------------|--------------|--------------|
               |              |              |
                         
               |              |              |
            30 |          926 |   X X X X    |
         1,282 |       26,827 |        1,546 |
         1,169 |       26,481 |        1,442 |
         1,253 |       27,736 |        1,251 |
           822 |       17,108 |          901 |
           585 |       13,445 |          975 |
           521 |        7,607 |          948 |
           520 |        7,151 |          623 |
           579 |        2,303 |          459 |
           191 |        1,941 |          231 |
            24 |           78 |           89 |
 --------------|--------------|--------------|
         6,976 |      131,603 |    X X X X   |
               |              |              |
 -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |      15,136 |         134 |      13,687 |          229 |            0 |            0 |       19,525 |          844 |
|`2.`1985`    |         907 |         102 |       3,666 |            8 |            0 |            0 |        1,542 |           14 |
|`3.`1986`    |       3,593 |          46 |       2,651 |            6 |            0 |            0 |        2,375 |            7 |
|`4.`1987`    |       1,728 |          55 |       3,576 |            3 |            0 |            0 |        2,541 |            6 |
|`5.`1988`    |       3,862 |         194 |       2,116 |            6 |            0 |            0 |        2,597 |           24 |
|`6.`1989`    |       2,106 |         540 |       1,217 |           17 |            0 |            0 |        1,276 |           65 |
|`7.`1990`    |       2,429 |         705 |       1,256 |           23 |            0 |            0 |        1,449 |           76 |
|`8.`1991`    |       5,516 |       1,210 |       2,143 |           51 |            0 |            0 |        1,799 |          106 |
|`9.`1992`    |       2,905 |         611 |       1,849 |           49 |            0 |            0 |        1,565 |           48 |
|10.`1993`    |       1,899 |         929 |       2,362 |          121 |            0 |            0 |        1,134 |           79 |
|11.`1994`    |         636 |         202 |       1,955 |           95 |            0 |            0 |        2,798 |          742 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |      40,717 |       4,728 |      36,478 |          608 |            0 |            0 |       38,601 |        2,011 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                   
              |              |              |             |
          (75)|        2,828 |       49,969 |         485 |
          (30)|          436 |        6,427 |          50 |
          (36)|          541 |        9,101 |          68 |
          (80)|          549 |        8,330 |          98 |
          (56)|          469 |        8,820 |          57 |
          (46)|          227 |        4,204 |          27 |
          (41)|          259 |        4,589 |          42 |
          (50)|          544 |        8,635 |          67 |
          (34)|          346 |        5,957 |          56 |
          (20)|          292 |        4,558 |          18 |
          (23)|          222 |        4,572 |          32 |
- --------------|--------------|--------------|-------------|
         (491)|        6,713 |      115,162 |       1,000 |
              |              |              |             |
- -------------->-------------->-------------->------------->


!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |      36,057 |       2,803 |      33,254 |        123.3 |         42.4 |        147.0 |            0 |            0 |
|`3.`1986`    |      38,862 |       3,280 |      35,582 |         66.3 |         19.2 |         85.6 |            0 |            0 |
|`4.`1987`    |      45,684 |       9,618 |      36,066 |         65.9 |         46.8 |         73.9 |            0 |            0 |
|`5.`1988`    |      28,794 |       2,866 |      25,928 |         63.0 |         18.5 |         86.0 |            0 |            0 |
|`6.`1989`    |      23,566 |       5,917 |      17,649 |         80.1 |         56.7 |         92.9 |            0 |            0 |
|`7.`1990`    |      15,685 |       3,489 |      12,196 |         64.2 |         40.8 |         76.9 |            0 |            0 |
|`8.`1991`    |      19,166 |       3,380 |      15,786 |        111.6 |         64.9 |        132.0 |            0 |            0 |
|`9.`1992`    |       9,390 |       1,130 |       8,260 |         78.0 |         32.7 |         96.2 |            0 |            0 |
|10.`1993`    |       7,862 |       1,363 |       6,499 |         67.6 |         26.0 |        101.8 |            0 |            0 |
|11.`1994`    |       5,712 |       1,062 |       4,650 |         71.0 |         33.5 |         95.4 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
    X X X X   |       28,460 |       21,509 |
          0.0 |        4,463 |        1,964 |
          0.0 |        6,192 |        2,909 |
          0.0 |        5,246 |        3,084 |
          0.0 |        5,778 |        3,042 |
          0.0 |        2,766 |        1,438 |
          0.0 |        2,957 |        1,632 |
          0.0 |        6,398 |        2,237 |
          0.0 |        4,094 |        1,863 |
          0.0 |        3,211 |        1,347 |
          0.0 |        2,294 |        2,278 |
- --------------|--------------|--------------|
    X X X X   |       71,859 |       43,303 |
              |              |              |
- -------------->-------------->-------------->


Page:     Page 94

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




    SCHEDULE P - PART 1R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS-MADE



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |            0 |            0 |            0 |            0 |            0 |
|`2.`1985`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`3.`1986`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`4.`1987`    |          14 |           0 |          14 |            0 |            0 |            0 |            0 |            0 |
|`5.`1988`    |         234 |           0 |         234 |            6 |            0 |            7 |            0 |            1 |
|`6.`1989`    |         310 |           0 |         310 |            9 |            0 |           10 |            0 |            0 |
|`7.`1990`    |         294 |           0 |         294 |           82 |            0 |          345 |            0 |            0 |
|`8.`1991`    |         285 |           0 |         285 |          102 |            0 |           74 |            0 |            9 |
|`9.`1992`    |         104 |           0 |         104 |            8 |            0 |           24 |            0 |            1 |
|10.`1993`    |         118 |           0 |         118 |          331 |            0 |          229 |            0 |            0 |
|11.`1994`    |          62 |           0 |          62 |           26 |            0 |            1 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |   X X X X   |   X X X X   |          564 |            0 |          690 |            0 |           11 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
            0 |            0 |   X X X X    |
            0 |            0 |            0 |
            0 |            0 |            0 |
            2 |            2 |            0 |
           11 |           24 |            6 |
           15 |           34 |            2 |
           40 |          467 |            8 |
           44 |          220 |           13 |
          201 |          233 |            6 |
            2 |          562 |           81 |
            0 |           27 |           56 |
- --------------|--------------|--------------|
          315 |        1,569 |    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`2.`1985`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`3.`1986`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`4.`1987`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`5.`1988`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`6.`1989`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`7.`1990`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`8.`1991`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|`9.`1992`    |           0 |           0 |           0 |            0 |            0 |            0 |            0 |            0 |
|10.`1993`    |       1,452 |           0 |           0 |            0 |            0 |            0 |          767 |            0 |
|11.`1994`    |          25 |           0 |           0 |            0 |            0 |            0 |           17 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |       1,477 |           0 |           0 |            0 |            0 |            0 |          784 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->




- ---------------#--------------#--------------#-------------#
               |              |              |             |
       21      |      22      |      23      |     24      |
               |              |              |  Number of  |
    Salvage    | Unallocated  |    Total     |   Claims    |
      and      |     Loss     |  Net Losses  |Outstanding -|
  Subrogation  |   Expenses   | and Expenses | Direct and  |
  Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
 --------------|--------------|--------------|-------------|
               |              |              |             |
                                     
               |              |              |             |
             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 |            1 |            1 |           0 |
             0 |           47 |           47 |           0 |
             0 |           55 |        2,274 |          38 |
             0 |            0 |           42 |          33 |
 --------------|--------------|--------------|-------------|
             0 |          103 |        2,364 |          71 |
               |              |              |             |
 -------------->-------------->-------------->------------->




!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1985`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`3.`1986`    |           0 |           0 |           0 |          0.0 |          0.0 |          0.0 |            0 |            0 |
|`4.`1987`    |           2 |           0 |           2 |         14.3 |          0.0 |         14.3 |            0 |            0 |
|`5.`1988`    |          24 |           0 |          24 |         10.3 |          0.0 |         10.3 |            0 |            0 |
|`6.`1989`    |          34 |           0 |          34 |         11.0 |          0.0 |         11.0 |            0 |            0 |
|`7.`1990`    |         467 |           0 |         467 |        158.8 |          0.0 |        158.8 |            0 |            0 |
|`8.`1991`    |         221 |           0 |         221 |         77.5 |          0.0 |         77.5 |            0 |            0 |
|`9.`1992`    |         280 |           0 |         280 |        269.2 |          0.0 |        269.2 |            0 |            0 |
|10.`1993`    |       2,836 |           0 |       2,836 |      2,403.4 |          0.0 |      2,403.4 |            0 |            0 |
|11.`1994`    |          69 |           0 |          69 |        111.3 |          0.0 |        111.3 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|12.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->




- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
    X X X X   |            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 |            1 |
          0.0 |            0 |           47 |
          0.0 |        1,452 |          822 |
          0.0 |           25 |           17 |
- --------------|--------------|--------------|
    X X X X   |        1,477 |          887 |
              |              |              |
- -------------->-------------->-------------->



Page:     Page 95

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




        SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY



                                                                                (000 omitted)
!-------------#-----------------------------------------#---------------------------------------------------------------------------
|      1      |             Premiums Earned             |                                    Loss and Loss Expense Payments
|             |-------------#-------------#-------------|-----------------------------#-----------------------------#--------------#
|    Years    |      2      |      3      |      4      |         Loss Payments       |         Allocated Loss      |      9       |
|   in Which  |             |             |             |                             |        Expense Payments     |              |
|Premiums Were|             |             |             |--------------#--------------|--------------#--------------|   Salvage    |
|  Earned and |   Direct    |             |     Net     |      5       |      6       |      7       |      8       |     and      |
| Losses Were |     and     |    Ceded    |   (2 - 3)   |    Direct    |              |    Direct    |              | Subrogation  |
|   Incurred  |   Assumed   |             |             | and Assumed  |    Ceded     | and Assumed  |    Ceded     |   Received   |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |   X X X X   |   X X X X   |   X X X X   |       (1,052)|         (539)|          271 |           89 |        1,040 |
|`2.`1993`    |       2,518 |       2,127 |         391 |            0 |            0 |            0 |            1 |            0 |
|`3.`1994`    |       1,611 |       1,558 |          53 |            0 |          (33)|            0 |           24 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |   X X X X   |   X X X X   |   X X X X   |       (1,052)|         (572)|          271 |          114 |        1,040 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- -----------------------------#--------------#
                             |              |
- --------------#--------------|              |
      10      |      11      |      12      |
              |              |  Number of   |
 Unallocated  |    Total     |    Claims    |
     Loss     |   Net Paid   |  Reported -  |
   Expense    |  (5 - 6 + 7  |  Direct and  |
   Payments   |  - 8 + 10)   |   Assumed    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
            0 |         (331)|   X X X X    |
            0 |           (1)|   X X X X    |
            0 |            9 |   X X X X    |
- --------------|--------------|--------------|
            0 |         (323)|    X X X X   |
              |              |              |
- -------------->-------------->-------------->



!-------------#--------------------------------------------------------#-----------------------------------------------------------#
|             |                      Losses Unpaid                     |               Allocated Loss Expenses Unpaid              |
|             |---------------------------#----------------------------|-----------------------------#-----------------------------|
|             |          Case Basis       |          Bulk + IBNR       |          Case Basis         |          Bulk + IBNR        |
|             |-------------#-------------|-------------#--------------|--------------#--------------|--------------#--------------|
|             |     13      |     14      |     15      |      16      |      17      |      18      |      19      |      20      |
|             |   Direct    |             |   Direct    |              |    Direct    |              |    Direct    |              |
|             | and Assumed |    Ceded    | and Assumed |    Ceded     | and Assumed  |    Ceded     | and Assumed  |    Ceded     |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|             |             |             |             |              |              |              |              |              |
                                                                                            
|             |             |             |             |              |              |              |              |              |
|`1.`Prior`   |           0 |           3 |         275 |            0 |            0 |            0 |          952 |          583 |
|`2.`1993`    |           0 |           0 |           0 |            0 |            0 |            0 |          128 |          120 |
|`3.`1994`    |           0 |           0 |       1,382 |        1,340 |            0 |            0 |          107 |          123 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |           0 |           3 |       1,657 |        1,340 |            0 |            0 |        1,187 |          826 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#--------------#--------------#-------------#
              |              |              |             |
      21      |      22      |      23      |     24      |
              |              |              |  Number of  |
   Salvage    | Unallocated  |    Total     |   Claims    |
     and      |     Loss     |  Net Losses  |Outstanding -|
 Subrogation  |   Expenses   | and Expenses | Direct and  |
 Anticipated  |    Unpaid    |    Unpaid    |   Assumed   |
- --------------|--------------|--------------|-------------|
              |              |              |             |
                                   
              |              |              |             |
            0 |            0 |          641 |           0 |
            0 |            0 |            8 |           0 |
            0 |          148 |          174 |           0 |
- --------------|--------------|--------------|-------------|
            0 |          148 |          823 |           0 |
              |              |              |             |
- -------------->-------------->-------------->------------->



!-------------#-----------------------------------------#--------------------------------------------#-----------------------------#
|             |             Total Losses and            |       Loss and Loss Expense Percentage     |      Discount for Time      |
|             |           Loss Expenses Incurred        |          (Incurred/Premiums Earned)        |       Value of Money        |
|             |-------------#-------------#-------------|--------------#--------------#--------------|--------------#--------------|
|             |     25      |     26      |     27      |      28      |      29      |      30      |      31      |      32      |
|             |             |             |             |              |              |              |              |              |
|             |   Direct    |             |             |    Direct    |              |              |              |     Loss     |
|             | and Assumed |    Ceded    |     Net     | and Assumed  |    Ceded     |     Net      |     Loss     |   Expense    |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
                                                                                            

|`1.`Prior`   |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|`2.`1993`    |         128 |         121 |           7 |          5.1 |          5.7 |          1.8 |            0 |            0 |
|`3.`1994`    |       1,637 |       1,454 |         183 |        101.6 |         93.3 |        345.3 |            0 |            0 |
|-------------|-------------|-------------|-------------|--------------|--------------|--------------|--------------|--------------|
|`4.`Totals`  |   X X X X   |    X X X X  |    X X X X  |    X X X X   |    X X X X   |    X X X X   |            0 |            0 |
|             |             |             |             |              |              |              |              |              |
<------------->------------->------------->------------->-------------->-------------->-------------->-------------->-------------->



- --------------#-----------------------------#
              |  Net Balance Sheet Reserves |
      33      |        After Discount       |
              |--------------#--------------|
Inter-Company |      34      |      35      |
   Pooling    |              |     Loss     |
Participation |    Losses    |   Expenses   |
  Percentage  |    Unpaid    |    Unpaid    |
- --------------|--------------|--------------|
              |              |              |
                        
              |              |              |
    X X X X   |          272 |          369 |
          0.0 |            0 |            8 |
          0.0 |           42 |          132 |
- --------------|--------------|--------------|
    X X X X   |          314 |          509 |
              |              |              |
- -------------->-------------->-------------->


Page      96

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




               SCHEDULE P - PART 2A - HOMEOWNERS/FARMOWNERS




!-------------------#---------------------------------------------------------------------------------------------------------------
|         1         |                                Incurred Losses and Allocated Expenses Reported at Year End (000 omitted)
|                   |-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
|   Years in Which  |      2      |      3      |      4      |      5      |      6      |      7      |      8      |      9
|    Losses Were    |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |    1992
|     Incurred      |             |             |             |             |             |             |             |
|-------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |      23,305 |      21,759 |      23,102 |      23,070 |      23,086 |      23,328 |      23,328 |      23,286
|``2.```1985`       |     163,293 |     161,780 |     163,183 |     163,943 |     163,699 |     163,870 |     163,968 |     164,046
|``3.```1986`       |   X X X X   |     150,891 |     140,466 |     141,188 |     141,094 |     140,779 |     140,166 |     140,140
|``4.```1987`       |   X X X X   |   X X X X   |     145,362 |     133,500 |     131,436 |     129,910 |     126,780 |     126,913
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |     136,735 |     127,851 |     127,629 |     126,023 |     125,826
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     161,136 |     152,034 |     150,820 |     151,861
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     148,750 |     139,518 |     140,024
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     177,601 |     165,548
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     193,601
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------




- -----------------------------#-----------------------------#
                             |        Development          |
 #-------------#-------------|--------------#--------------|
 |     10      |     11      |      12      |      13      |
 |    1993     |    1994     |   One Year   |   Two Year   |
 |             |             |              |              |
 |-------------|-------------|--------------|--------------|
                                   
 |             |             |              |              |
 |      23,271 |      23,452 |          181 |          166 |
 |     164,437 |     164,668 |          231 |          622 |
 |     140,049 |     140,071 |           22 |          (69)|
 |     126,790 |     126,794 |            4 |         (119)|
 |     125,748 |     126,015 |          267 |          189 |
 |     151,951 |     152,018 |           67 |          157 |
 |     140,055 |     141,695 |        1,640 |        1,671 |
 |     165,009 |     166,717 |        1,708 |        1,169 |
 |     181,168 |     183,515 |        2,347 |      (10,086)|
 |     110,806 |     104,587 |       (6,219)|    X X X X   |
 |   X X X X   |     124,849 |    X X X X   |    X X X X   |
 |             |             |              |              |
 >------------->-------------|--------------|--------------|
                             |              |              |
 ````````````````12.`Totals``|          248 |       (6,300)|
                             |              |              |
                             >----------------------------->


      SCHEDULE P - PART 2B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL



!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |     172,717 |     182,800 |     189,612 |     197,948 |     202,658 |     203,200 |     211,649 |     212,965
|``2.```1985`       |     281,456 |     314,605 |     322,512 |     328,421 |     332,819 |     333,041 |     332,261 |     337,846
|``3.```1986`       |   X X X X   |     310,271 |     313,575 |     321,444 |     317,969 |     320,962 |     320,731 |     325,471
|``4.```1987`       |   X X X X   |   X X X X   |     301,420 |     306,677 |     308,344 |     308,884 |     304,696 |     308,511
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |     285,941 |     302,310 |     303,811 |     299,676 |     305,696
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     309,260 |     321,455 |     312,009 |     315,294
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     339,210 |     327,128 |     307,879
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     374,565 |     349,433
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     272,009
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------



#-------------#-------------#--------------#--------------#
                                  
|             |             |              |              |
|     219,885 |     217,015 |       (2,870)|        4,050 |
|     334,839 |     332,484 |       (2,355)|       (5,362)|
|     323,967 |     322,005 |       (1,962)|       (3,466)|
|     309,930 |     307,251 |       (2,679)|       (1,260)|
|     304,813 |     300,476 |       (4,337)|       (5,220)|
|     315,019 |     315,698 |          679 |          404 |
|     312,942 |     312,341 |         (601)|        4,462 |
|     338,548 |     332,008 |       (6,540)|      (17,425)|
|     265,017 |     245,444 |      (19,573)|      (26,565)|
|     235,858 |     229,769 |       (6,089)|    X X X X   |
|   X X X X   |     211,838 |    X X X X   |    X X X X   |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
````````````````12.`Totals``|      (46,327)|      (50,382)|
                            |              |              |
                            <-------------->-------------->


      SCHEDULE P - PART 2C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL



!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |     226,923 |     231,812 |     230,935 |     240,577 |     246,221 |     246,033 |     251,129 |     254,805
|``2.```1985`       |     262,315 |     299,226 |     303,712 |     312,550 |     323,355 |     329,849 |     331,349 |     331,925
|``3.```1986`       |   X X X X   |     344,128 |     333,515 |     315,451 |     302,275 |     320,045 |     308,836 |     310,490
|``4.```1987`       |   X X X X   |   X X X X   |     391,334 |     355,821 |     314,506 |     308,358 |     303,308 |     302,538
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |     283,122 |     291,544 |     301,662 |     286,355 |     285,382
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     302,863 |     269,923 |     282,409 |     279,507
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     272,448 |     282,049 |     267,172
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     263,709 |     247,952
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     205,427
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------



 #-------------#-------------#--------------#--------------#
                                   
 |             |             |              |              |
 |     254,102 |     254,488 |          386 |         (317)|
 |     333,115 |     330,546 |       (2,569)|       (1,379)|
 |     309,908 |     308,753 |       (1,155)|       (1,737)|
 |     305,408 |     305,149 |         (259)|        2,611 |
 |     284,706 |     287,019 |        2,313 |        1,637 |
 |     274,040 |     272,961 |       (1,079)|       (6,546)|
 |     259,560 |     253,921 |       (5,639)|      (13,251)|
 |     228,224 |     220,450 |       (7,774)|      (27,502)|
 |     185,499 |     181,633 |       (3,866)|      (23,794)|
 |     155,709 |     147,911 |       (7,798)|    X X X X   |
 |   X X X X   |     133,240 |    X X X X   |    X X X X   |
 |             |             |              |              |
 >------------->-------------|--------------|--------------|
                             |              |              |
 ````````````````12.`Totals``|      (27,440)|      (70,278)|
                             |              |              |
                             <-------------->-------------->


               SCHEDULE P - PART 2D - WORKERS' COMPENSATION



!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |     851,261 |     870,163 |     940,574 |   1,024,362 |   1,110,025 |   1,235,167 |   1,276,206 |   1,302,228
|``2.```1985`       |     470,321 |     502,002 |     519,924 |     557,240 |     582,918 |     631,717 |     648,866 |     662,460
|``3.```1986`       |   X X X X   |     557,300 |     549,438 |     542,840 |     557,319 |     590,557 |     613,819 |     615,083
|``4.```1987`       |   X X X X   |   X X X X   |     528,390 |     535,709 |     533,025 |     582,277 |     591,055 |     593,104
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |     547,255 |     566,395 |     649,353 |     662,294 |     665,861
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     610,914 |     666,961 |     748,530 |     730,721
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     657,094 |     646,861 |     664,560
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     516,236 |     523,835
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     323,139
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------



#-------------#-------------#--------------#--------------#
                                  
|             |             |              |              |
|   1,331,317 |   1,309,710 |      (21,607)|        7,482 |
|     651,880 |     648,496 |       (3,384)|      (13,964)|
|     609,692 |     610,259 |          567 |       (4,824)|
|     600,640 |     601,945 |        1,305 |        8,841 |
|     659,412 |     655,142 |       (4,270)|      (10,719)|
|     741,083 |     729,070 |      (12,013)|       (1,651)|
|     654,378 |     643,773 |      (10,605)|      (20,787)|
|     479,995 |     477,928 |       (2,067)|      (45,907)|
|     314,115 |     306,960 |       (7,155)|      (16,179)|
|     155,557 |     148,923 |       (6,634)|    X X X X   |
|   X X X X   |     123,952 |    X X X X   |    X X X X   |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
````````````````12.`Totals``|      (65,863)|      (97,708)|
                            |              |              |
                            <-------------->-------------->


             SCHEDULE P - PART 2E - COMMERCIAL MULTIPLE PERIL



!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |     123,599 |     135,641 |     146,664 |     157,748 |     157,295 |     169,143 |     173,987 |     172,838
|``2.```1985`       |     162,765 |     172,620 |     174,674 |     185,429 |     195,720 |     196,477 |     202,923 |     200,964
|``3.```1986`       |   X X X X   |     170,445 |     155,001 |     161,660 |     172,818 |     174,757 |     179,701 |     183,294
|``4.```1987`       |   X X X X   |   X X X X   |     169,796 |     146,449 |     152,706 |     182,449 |     183,979 |     192,505
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |     328,658 |     307,656 |     304,487 |     303,271 |     312,866
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     458,116 |     435,566 |     420,114 |     404,101
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     444,097 |     466,286 |     456,981
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     432,035 |     417,797
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     417,018
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------



#-------------#-------------#--------------#--------------#
                                  
|             |             |              |              |
|     177,209 |     184,216 |        7,007 |       11,378 |
|     201,185 |     201,868 |          683 |          904 |
|     184,509 |     186,960 |        2,451 |        3,666 |
|     193,336 |     191,978 |       (1,358)|         (527)|
|     312,959 |     315,982 |        3,023 |        3,116 |
|     414,981 |     412,365 |       (2,616)|        8,264 |
|     446,101 |     446,810 |          709 |      (10,171)|
|     413,224 |     406,445 |       (6,779)|      (11,352)|
|     383,326 |     377,610 |       (5,716)|      (39,408)|
|     376,986 |     371,140 |       (5,846)|    X X X X   |
|   X X X X   |     418,555 |    X X X X   |    X X X X   |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
````````````````12.`Totals``|       (8,442)|      (34,130)|
                            |              |              |
                            <-------------->-------------->


Page      97

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




    SCHEDULE P - PART 2F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE



!-------------------#---------------------------------------------------------------------------------------------------------------
|         1         |                                Incurred Losses and Allocated Expenses Reported at Year End (000 omitted)
|                   |-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
|   Years in Which  |      2      |      3      |      4      |      5      |      6      |      7      |      8      |      9
|    Losses Were    |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |    1992
|     Incurred      |             |             |             |             |             |             |             |
|-------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |      55,188 |      54,264 |      64,354 |      72,219 |      72,424 |      72,811 |      66,528 |      64,771
|``2.```1985`       |      10,272 |      11,890 |       8,598 |       6,936 |       7,529 |       6,006 |       5,202 |       4,754
|``3.```1986`       |   X X X X   |         120 |           2 |           8 |          13 |           4 |           4 |           4
|``4.```1987`       |   X X X X   |   X X X X   |           7 |         123 |          15 |          17 |          17 |          17
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |         164 |          13 |          37 |          38 |          43
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |          10 |          20 |          24 |          24
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |          10 |           0 |         356
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           3 |           0
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------



- -----------------------------#-----------------------------#
                             |        Development          |
 #-------------#-------------|--------------#--------------|
 |     10      |     11      |      12      |      13      |
 |    1993     |    1994     |   One Year   |   Two Year   |
 |             |             |              |              |
 |-------------|-------------|--------------|--------------|
                                   
 |             |             |              |              |
 |      68,997 |      71,684 |        2,687 |        6,913 |
 |       5,158 |       5,068 |          (90)|          314 |
 |           4 |           4 |            0 |            0 |
 |          17 |          17 |            0 |            0 |
 |          43 |         176 |          133 |          133 |
 |          24 |         168 |          144 |          144 |
 |         358 |         429 |           71 |           73 |
 |          35 |         132 |           97 |          132 |
 |           0 |          16 |           16 |           16 |
 |           0 |           0 |            0 |   X X X X    |
 |   X X X X   |           0 |   X X X X    |   X X X X    |
 |             |             |              |              |
 >------------->-------------|--------------|--------------|
                             |              |              |
 ````````````````12.`Totals``|        3,058 |        7,725 |
                             |              |              |
                             <-------------->-------------->

   SCHEDULE P - PART 2F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS-MADE



!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |           0 |           0 |           0 |           0 |           0 |           0 |           0 |           0
|``2.```1985`       |           0 |           0 |       1,178 |       1,020 |       1,037 |       1,037 |         945 |         945
|``3.```1986`       |   X X X X   |           0 |          23 |          30 |          32 |          32 |          32 |          32
|``4.```1987`       |   X X X X   |   X X X X   |           0 |           0 |          95 |         112 |          88 |          88
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |           0 |         198 |         409 |         236 |         231
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         176 |         197 |         210 |         378
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |          80 |         191 |         333
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         224 |         224
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         191
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------



 #-------------#-------------#--------------#--------------#
                                   
 |             |             |              |              |
 |           0 |           0 |            0 |            0 |
 |         945 |         945 |            0 |            0 |
 |          32 |          32 |            0 |            0 |
 |          48 |          88 |           40 |            0 |
 |         295 |         241 |          (54)|           10 |
 |         424 |         290 |         (134)|          (88)|
 |         304 |         277 |          (27)|          (56)|
 |         224 |         139 |          (85)|          (85)|
 |         191 |         175 |          (16)|          (16)|
 |          40 |          48 |            8 |   X X X X    |
 |   X X X X   |           0 |   X X X X    |   X X X X    |
 |             |             |              |              |
 >------------->-------------|--------------|--------------|
                             |              |              |
 ````````````````12.`Totals``|         (268)|         (235)|
                             |              |              |
                             <-------------->-------------->


     SCHEDULE P - PART 2G - SPECIAL LIABILITY (OCEAN MARINE, AIRCRAFT

                    (ALL PERILS), BOILER AND MACHINERY)



!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |       9,490 |       8,631 |       8,467 |       9,189 |       9,469 |       8,731 |       8,583 |       8,605
|``2.```1985`       |      19,026 |      18,592 |      18,763 |      19,218 |      19,379 |      19,455 |      19,406 |      19,177
|``3.```1986`       |   X X X X   |      32,710 |      31,068 |      31,472 |      31,574 |      31,264 |      30,183 |      30,036
|``4.```1987`       |   X X X X   |   X X X X   |      34,199 |      33,346 |      33,152 |      31,094 |      30,500 |      31,021
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |      33,994 |      27,941 |      26,529 |      25,407 |      25,698
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      28,336 |      25,561 |      24,421 |      24,419
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      24,440 |      21,880 |      21,355
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      21,188 |      20,078
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      14,494
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------




#-------------#-------------#--------------#--------------#
                                  
|             |             |              |              |
|       8,604 |       8,757 |          153 |          152 |
|      19,176 |      19,159 |          (17)|          (18)|
|      29,880 |      29,804 |          (76)|         (232)|
|      31,097 |      31,072 |          (25)|           51 |
|      25,583 |      26,038 |          455 |          340 |
|      24,753 |      24,449 |         (304)|           30 |
|      20,838 |      20,508 |         (330)|         (847)|
|      19,310 |      18,720 |         (590)|       (1,358)|
|      11,410 |      10,709 |         (701)|       (3,785)|
|      13,251 |      12,223 |       (1,028)|   X X X X    |
|   X X X X   |      23,396 |   X X X X    |   X X X X    |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
````````````````12.`Totals``|       (2,463)|       (5,667)|
                            |              |              |
                            <-------------->-------------->

      SCHEDULE P - PART 2H - SECTION 1 - OTHER LIABILITY - OCCURRENCE



!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |     408,244 |     458,263 |     488,572 |     523,214 |     573,203 |     594,111 |     647,566 |     699,577
|``2.```1985`       |     196,505 |     192,845 |     198,323 |     213,753 |     221,417 |     231,058 |     237,991 |     239,717
|``3.```1986`       |   X X X X   |     257,917 |     270,026 |     260,207 |     226,968 |     224,648 |     236,206 |     241,842
|``4.```1987`       |   X X X X   |   X X X X   |     304,479 |     290,562 |     251,419 |     237,160 |     243,973 |     257,103
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |     221,807 |     186,050 |     223,022 |     170,605 |     182,232
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     148,722 |     146,744 |     144,171 |     131,353
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     158,238 |     162,112 |     159,602
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     117,006 |     118,491
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      76,240
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------

````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````
 #-------------#-------------#--------------#--------------#
                                      
 |                           |              |              |
 |     769,470       810,029 |       40,559 |      110,452 |
 |     243,285       246,607 |        3,322 |        6,890 |
 |     239,809       234,174 |       (5,635)|       (7,668)|
 |     244,529       239,423 |       (5,106)|      (17,680)|
 |     166,662       167,931 |        1,269 |      (14,301)|
 |     123,285       122,390 |         (895)|       (8,963)|
 |     135,630       134,170 |       (1,460)|      (25,432)|
 |      99,979       101,468 |        1,489 |      (17,023)|
 |      67,663        64,290 |       (3,373)|      (11,950)|
 |      57,671        58,917 |        1,246 |   X X X X    |
 |   X X X X          57,164 |   X X X X    |   X X X X    |
 |             |             |              |              |
 >------------->-------------|--------------|--------------|
                             |              |              |
 ````````````````12.`Totals``|       31,416 |       14,325 |
                             |              |              |
                             <-------------->-------------->


     SCHEDULE P - PART 2H - SECTION 2 - OTHER LIABILITY - CLAIMS-MADE

!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |           0 |           0 |           0 |           0 |           0 |           0 |           0 |           0
|``2.```1985`       |           0 |           0 |         (62)|         (73)|         (28)|         (77)|          58 |        (113)
|``3.```1986`       |   X X X X   |           0 |         325 |         268 |         207 |        (380)|          64 |         435
|``4.```1987`       |   X X X X   |   X X X X   |           8 |           0 |           0 |          (6)|          (6)|          (6)
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |         205 |         216 |         295 |         813 |         626
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         652 |         729 |         754 |         756
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         481 |         433 |         443
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         945 |         576
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       1,305
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------

````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````
#-------------#-------------#--------------#--------------#
                                  
|             |             |              |              |
|          53 |          76 |           23 |           76 |
|         (39)|         231 |          270 |          344 |
|         456 |         699 |          243 |          264 |
|          (3)|         182 |          185 |          188 |
|         629 |         656 |           27 |           30 |
|         742 |         887 |          145 |          131 |
|       1,068 |         984 |          (84)|          541 |
|         749 |         699 |          (50)|          123 |
|       1,148 |       1,159 |           11 |         (146)|
|         312 |         388 |           76 |   X X X X    |
|   X X X X   |       1,002 |   X X X X    |   X X X X    |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
````````````````12.`Totals``|          846 |        1,551 |
                            |              |              |
                            <-------------->-------------->


Page       98

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




SCHEDULE P - PART 2I - SPECIAL PROPERTY (FIRE, ALLIED LINES, INLAND MARINE,

                  EARTHQUAKE, GLASS, BURGLARY AND THEFT)



!-------------------#---------------------------------------------------------------------------------------------------------------
|         1         |                                 Incurred Losses and Allocated Expenses Reported at Year End (000 omitted)
|                   |-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
|  Years in Which   |      2      |      3      |      4      |      5      |      6      |      7      |      8      |      9
|   Losses Were     |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |    1992
|     Incurred      |             |             |             |             |             |             |             |
|                   |             |             |             |             |             |             |             |
|-------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      87,450
|``2.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|``3.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------

````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````


- -----------------------------#-----------------------------#
                             |        Development          |
 #-------------#-------------|--------------#--------------|
 |     10      |     11      |      12      |      13      |
 |    1993     |    1994     |   One Year   |   Two Year   |
 |             |             |              |              |
 |             |             |              |              |
 |-------------|-------------|--------------|--------------|
                                   
 |             |             |              |              |
 |      74,114 |      75,648 |        1,534 |      (11,802)|
 |      76,206 |      77,219 |        1,013 |   X X X X    |
 |   X X X X   |      91,497 |   X X X X    |   X X X X    |
 |             |             |              |              |
 >------------->-------------|--------------|--------------|
                             |              |              |
 `````````````````4.`Totals``|        2,547 |      (11,802)|
                             |              |              |
                             <-------------->-------------->


                SCHEDULE P - PART 2J - AUTO PHYSICAL DAMAGE


!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      45,030
|``2.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|``3.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------

````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````
#-------------#-------------#--------------#--------------#
                                  
|             |             |              |              |
|      31,687 |      31,786 |           99 |      (13,244)|
|     126,922 |     117,889 |       (9,033)|   X X X X    |
|   X X X X   |     122,144 |   X X X X    |   X X X X    |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
`````````````````4.`Totals``|       (8,934)|      (13,244)|
                            |              |              |
                            <-------------->-------------->                  SCHEDULE P - PART 2K - FIDELITY/SURETY


!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      50,303
|``2.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|``3.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------

````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````

   #-------------#-------------#--------------#--------------#
   |             |             |              |              |
   |      76,192 |      83,025 |        6,833 |       32,722 |
   |      28,121 |      33,301 |        5,180 |   X X X X    |
   |   X X X X   |      28,921 |   X X X X    |   X X X X    |
   |             |             |              |              |
   >------------->-------------|--------------|--------------|
                               |              |              |
   `````````````````4.`Totals``|       12,013 |       32,722 |
                               |              |              |
                               <-------------->-------------->


   SCHEDULE P - PART 2L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)


!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         149
|``2.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|``3.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------

````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````

#-------------#-------------#--------------#--------------#
                                  
|             |             |              |              |
|         170 |         141 |          (29)|           (8)|
|           0 |           0 |            0 |   X X X X    |
|   X X X X   |           0 |   X X X X    |   X X X X    |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
`````````````````4.`Totals``|          (29)|           (8)|
                            |              |              |
                            <-------------->-------------->


                   SCHEDULE P - PART 2M - INTERNATIONAL


!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |           0 |           0 |           0 |           0 |           0 |           0 |           0 |           0
|``2.```1985`       |           0 |           0 |           0 |           0 |           0 |           0 |           0 |           0
|``3.```1986`       |   X X X X   |           0 |           0 |           0 |           0 |           0 |           0 |           0
|``4.```1987`       |   X X X X   |   X X X X   |           0 |           0 |           0 |           0 |           0 |           0
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |      18,581 |      18,142 |      17,663 |      15,821 |      16,002
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      13,397 |      13,678 |      13,166 |      12,957
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      13,549 |      14,227 |      13,373
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      12,266 |      11,005
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       4,919
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------


#-------------#-------------#--------------#--------------#
                                  
|             |             |              |              |
|           0 |           0 |            0 |            0 |
|           0 |           0 |            0 |            0 |
|           0 |           0 |            0 |            0 |
|           0 |           0 |            0 |            0 |
|      16,042 |      15,837 |         (205)|         (165)|
|      12,682 |      12,634 |          (48)|         (323)|
|      11,855 |      11,729 |         (126)|       (1,644)|
|       9,587 |       9,475 |         (112)|       (1,530)|
|       5,134 |       4,373 |         (761)|         (546)|
|      10,048 |      10,090 |           42 |   X X X X    |
|   X X X X   |      59,360 |   X X X X    |   X X X X    |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
````````````````12.`Totals``|       (1,210)|       (4,208)|
                            |              |              |
                            <-------------->-------------->


Page       99

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




                   SCHEDULE P - PART 2N - REINSURANCE A



!-------------------#---------------------------------------------------------------------------------------------------------------
|         1         |                                 Incurred Losses and Allocated Expenses Reported at Year End (000 omitted)
|                   |-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
|  Years in Which   |      2      |      3      |      4      |      5      |      6      |      7      |      8      |      9
|   Losses Were     |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |    1992
|     Incurred      |             |             |             |             |             |             |             |
|-------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```1988`       |   X X X X   |   X X X X   |   X X X X   |      34,100 |      28,393 |      25,499 |      15,105 |      14,671
|``2.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      24,435 |      26,489 |      25,917 |      25,756
|``3.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      26,318 |      27,156 |      26,452
|``4.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      36,977 |      30,203
|``5.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      30,035
|``6.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|``7.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------



- -----------------------------#-----------------------------#
                             |        Development          |
 #-------------#-------------|--------------#--------------|
 |     10      |     11      |      12      |      13      |
 |    1993     |    1994     |   One Year   |   Two Year   |
 |             |             |              |              |
 |-------------|-------------|--------------|--------------|
                                   
 |             |             |              |              |
 |      15,673 |      15,892 |          219 |        1,221 |
 |      19,376 |      17,716 |       (1,660)|       (8,040)|
 |      15,630 |      13,776 |       (1,854)|      (12,676)|
 |      14,467 |      12,857 |       (1,610)|      (17,346)|
 |      25,947 |      13,826 |      (12,121)|      (16,209)|
 |      39,518 |      34,997 |       (4,521)|    X X X X   |
 |   X X X X   |      44,637 |    X X X X   |    X X X X   |
 |             |             |              |              |
 >------------->-------------|--------------|--------------|
                             |              |              |
 `````````````````8.`Totals``|      (21,547)|      (53,050)|
                             |              |              |
                             <-------------->-------------->


                   SCHEDULE P - PART 2O - REINSURANCE B




!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```1988`       |   X X X X   |   X X X X   |   X X X X   |      21,132 |      18,019 |      15,891 |       8,671 |       8,506
|``2.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      20,774 |      20,740 |      19,070 |      19,009
|``3.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      11,804 |      12,076 |      12,087
|``4.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      13,076 |      12,136
|``5.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      24,264
|``6.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|``7.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------

````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````

#-------------#-------------#--------------#--------------#
                                  
|             |             |              |              |
|       9,222 |       9,254 |           32 |          748 |
|      17,682 |      17,168 |         (514)|       (1,841)|
|       9,180 |       8,751 |         (429)|       (3,336)|
|       6,998 |       6,196 |         (802)|       (5,940)|
|      21,065 |      16,580 |       (4,485)|       (7,684)|
|      12,666 |      12,777 |          111 |    X X X X   |
|   X X X X   |     109,229 |    X X X X   |    X X X X   |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
`````````````````8.`Totals``|       (6,087)|      (18,053)|
                            |              |              |
                            <-------------->-------------->


                   SCHEDULE P - PART 2P - REINSURANCE C




!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```1988`       |   X X X X   |   X X X X   |   X X X X   |           0 |         200 |         200 |         200 |         200
|``2.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0 |           0 |           0 |           0
|``3.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0 |           0 |           0
|``4.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0 |           0
|``5.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0
|``6.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|``7.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------

````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````

#-------------#-------------#--------------#--------------#
                                  
|             |             |              |              |
|         401 |         394 |           (7)|          194 |
|           0 |           0 |            0 |            0 |
|           0 |           0 |            0 |            0 |
|           0 |           0 |            0 |            0 |
|           0 |           0 |            0 |            0 |
|           0 |           0 |            0 |    X X X X   |
|   X X X X   |           0 |    X X X X   |    X X X X   |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
`````````````````8.`Totals``|           (7)|          194 |
                            |              |              |
                            <-------------->-------------->

                   SCHEDULE P - PART 2Q - REINSURANCE D




!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |      31,384 |      27,864 |      27,904 |      28,059 |      28,058 |      28,115 |      28,131 |      28,076
|``2.```1985`       |      10,843 |      21,295 |      18,969 |      18,942 |      18,927 |      19,225 |      19,028 |      18,879
|``3.```1986`       |   X X X X   |      29,813 |      31,455 |      30,817 |      30,500 |      30,668 |      29,981 |      30,341
|``4.```1987`       |   X X X X   |   X X X X   |      39,253 |      36,884 |      36,116 |      36,095 |      33,673 |      33,196
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->---------------------------------------------------------------------

````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````

#-------------#-------------#--------------#--------------#
                                  
|             |             |              |              |
|      28,074 |      28,074 |            0 |           (2)|
|      18,478 |      18,478 |            0 |         (401)|
|      29,586 |      29,691 |          105 |         (650)|
|      33,746 |      33,752 |            6 |          556 |
|             |             |              |              |
- ----------------------------------------------------------|
                            |              |              |
`````````````````8.`Totals``|          111 |         (497)|
                            |              |              |
                            <-------------->-------------->



Page      100

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




    SCHEDULE P - PART 2R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE




!-------------------#---------------------------------------------------------------------------------------------------------------
|         1         |                                 Incurred Losses and Allocated Expenses Reported at Year End (000 omitted)
|                   |-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
|  Years in Which   |      2      |      3      |      4      |      5      |      6      |      7      |      8      |      9
|   Losses Were     |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |    1992
|     Incurred      |             |             |             |             |             |             |             |
|                   |             |             |             |             |             |             |             |
|-------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |      54,483 |      65,370 |      84,321 |     102,312 |     111,615 |     126,308 |     140,705 |     146,489
|``2.```1985`       |      15,377 |      15,189 |      20,479 |      24,209 |      25,549 |      27,820 |      28,070 |      27,131
|``3.```1986`       |   X X X X   |      38,882 |      30,746 |      31,467 |      26,974 |      25,628 |      27,465 |      26,830
|``4.```1987`       |   X X X X   |   X X X X   |      31,769 |      30,772 |      32,980 |      34,006 |      29,612 |      28,674
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |      21,475 |      22,525 |      28,761 |      18,114 |      19,826
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      18,447 |      19,272 |      14,518 |      14,585
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      13,429 |      11,459 |      11,088
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      10,317 |      11,241
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       7,732
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------



- ----------------------------#-----------------------------#
                            |       Development**         |
#-------------#-------------|--------------#--------------|
|     10      |     11      |      12      |      13      |
|    1993     |    1994     |   One Year   |   Two Year   |
|             |             |              |              |
|             |             |              |              |
|-------------|-------------|--------------|--------------|
                                  
|             |             |              |              |
|     159,296 |     158,715 |         (581)|       12,226 |
|      28,501 |      31,536 |        3,035 |        4,405 |
|      30,128 |      33,872 |        3,744 |        7,042 |
|      32,160 |      34,264 |        2,104 |        5,590 |
|      23,523 |      24,635 |        1,112 |        4,809 |
|      16,861 |      16,836 |          (25)|        2,251 |
|      11,645 |      11,419 |         (226)|          331 |
|      12,329 |      14,724 |        2,395 |        3,483 |
|       6,729 |       7,334 |          605 |         (398)|
|       7,244 |       6,017 |       (1,227)|    X X X X   |
|   X X X X   |       4,402 |    X X X X   |    X X X X   |
|             |             |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
````````````````12.`Totals``|       10,936 |       39,739 |
                            |              |              |
                            <-------------->-------------->



    SCHEDULE P - PART 2R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS-MADE



!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |           0 |           0 |           0 |           0 |           0 |           0 |           0 |           0
|``2.```1985`       |           0 |           0 |           0 |           0 |           0 |           0 |           0 |           0
|``3.```1986`       |   X X X X   |           0 |           0 |           0 |           0 |           0 |           0 |           0
|``4.```1987`       |   X X X X   |   X X X X   |           0 |           0 |           0 |           0 |           0 |           0
|``5.```1988`       |   X X X X   |   X X X X   |   X X X X   |           7 |          12 |          13 |          13 |          13
|``6.```1989`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           1 |          12 |          18 |          18
|``7.```1990`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         120 |         239 |         340
|``8.```1991`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         208 |         164
|``9.```1992`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |          91
|`10.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|`11.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------

````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````

  #-------------#-------------#--------------#--------------#
                                    
  |             |             |              |              |
  |           0 |           0 |            0 |            0 |
  |           0 |           0 |            0 |            0 |
  |           3 |           0 |           (3)|            0 |
  |           0 |           0 |            0 |            0 |
  |          13 |          13 |            0 |            0 |
  |          20 |          18 |           (2)|            0 |
  |         426 |         427 |            1 |           87 |
  |         184 |         176 |           (8)|           12 |
  |         379 |          31 |         (348)|          (60)|
  |         870 |       2,778 |        1,908 |    X X X X   |
  |   X X X X   |          69 |    X X X X   |    X X X X   |
  |             |             |              |              |
  >------------->-------------|--------------|--------------|
                              |              |              |
  ````````````````12.`Totals``|        1,548 |           39 |
                              |              |              |
                              <-------------->-------------->


        SCHEDULE P - PART 2S - FINANCIAL GUARANTY/MORTGAGE GUARANTY


!-------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------
                                                                                              
|                   |             |             |             |             |             |             |             |
|``1.```Prior`      |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         (89)
|``2.```1993`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0
|``3.```1994`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |    X X X X
|                   |             |             |             |             |             |             |             |
<------------------->------------->------------->------------->------------->------------->------------->------------->-------------

````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````

#-------------#-------------#--------------#--------------#
|             |             |              |              |
|      (1,162)|        (521)|          641 |         (432)|
|          36 |           7 |          (29)|    X X X X   |
|           0 |          35 |    X X X X   |    X X X X   |
|             |           0 |              |              |
>------------->-------------|--------------|--------------|
                            |              |              |
`````````````````4.`Totals``|          612 |         (432)|
                            |              |              |
                            <-------------->-------------->


Page      101

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY
AND ITS AFFILIATED FIRE AND CASUALTY INSURERS




               SCHEDULE P - PART 3A - HOMEOWNERS/FARMOWNERS


!--------------------#--------------------------------------------------------------------------------------------------
|         1          |                                    Cumulative Paid Losses and Allocated Expenses at Year End (000
|                    |-------------#-------------#-------------#-------------#-------------#-------------#-------------#
|   Years in Which   |             |             |             |             |             |             |             |
|    Losses Were     |      2      |      3      |      4      |      5      |      6      |      7      |      8      |
|     Incurred       |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |
|                    |             |             |             |             |             |             |             |
|--------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |       9,689 |      17,092 |      19,921 |      21,110 |      21,969 |      22,601 |
|``2.```1985`        |     115,057 |     151,486 |     156,034 |     159,189 |     161,415 |     162,308 |     163,243 |
|``3.```1986`        |   X X X X   |      92,590 |     123,363 |     129,682 |     133,986 |     135,731 |     137,420 |
|``4.```1987`        |   X X X X   |   X X X X   |      81,167 |     110,930 |     116,296 |     119,779 |     121,830 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |      82,160 |     113,632 |     117,560 |     121,324 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      99,281 |     139,429 |     144,266 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      93,167 |     127,235 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     113,582 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->



- ------------------------------------------#-------------#-------------#
  omitted)                                |     12      |     13      |
 -------------#-------------#-------------|  Number of  |  Number of  |
              |             |             |   Claims    |   Claims    |
       9      |     10      |     11      |   Closed    |   Closed    |
     1992     |    1993     |    1994     |  With Loss  |   Without   |
              |             |             |   Payment   |Loss Payment |
 -------------|-------------|-------------|-------------|-------------|
                                             
              |             |             |             |             |
       22,739 |      23,096 |      23,316 |       1,277 |         826 |
      163,510 |     163,780 |     164,415 |      68,943 |      15,735 |
      138,265 |     138,720 |     139,292 |      53,628 |      13,773 |
      123,370 |     124,308 |     124,802 |      48,552 |      13,949 |
      122,770 |     124,064 |     124,549 |      45,342 |      13,793 |
      147,076 |     149,106 |     149,971 |      58,018 |      16,992 |
      132,665 |     135,782 |     138,181 |      50,606 |      16,074 |
      151,510 |     157,213 |     161,119 |      56,158 |      18,028 |
      126,000 |     167,477 |     174,935 |      48,693 |      16,223 |
    X X X X   |      74,300 |      95,473 |      40,108 |      14,307 |
    X X X X   |   X X X X   |      91,779 |      40,322 |      12,118 |
              |             |             |             |             |
 ------------->------------->------------->------------->------------->


      SCHEDULE P - PART 3B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL



!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |      88,243 |     128,085 |     155,770 |     175,752 |     182,652 |     188,795 |
|``2.```1985`        |     103,218 |     214,911 |     267,415 |     296,891 |     317,114 |     325,175 |     328,339 |
|``3.```1986`        |   X X X X   |     105,317 |     207,471 |     258,603 |     289,164 |     306,025 |     314,030 |
|``4.```1987`        |   X X X X   |   X X X X   |     102,959 |     198,718 |     248,056 |     278,173 |     292,406 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |      96,163 |     195,472 |     245,103 |     274,391 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      97,508 |     206,044 |     258,100 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     100,690 |     207,436 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     103,524 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->

- -------------#-------------#-------------#-------------#-------------#
                                            
             |             |             |             |             |
     191,655 |     195,104 |     196,946 |      12,526 |       5,216 |
     329,622 |     330,070 |     330,459 |     114,154 |      43,856 |
     316,518 |     318,243 |     319,477 |     106,242 |      41,271 |
     296,871 |     302,413 |     304,062 |      96,214 |      37,272 |
     285,653 |     291,860 |     295,868 |      91,128 |      34,925 |
     284,531 |     298,685 |     307,040 |      88,966 |      33,881 |
     246,934 |     277,729 |     295,364 |      83,170 |      31,072 |
     208,156 |     267,329 |     298,320 |      73,288 |      28,910 |
      77,150 |     156,696 |     192,621 |      55,934 |      22,944 |
   X X X X   |      72,022 |     139,829 |      42,926 |      16,929 |
   X X X X   |   X X X X   |      66,842 |      28,739 |      12,408 |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->


      SCHEDULE P - PART 3C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |     104,684 |     170,116 |     206,797 |     226,487 |     235,043 |     239,705 |
|``2.```1985`        |      67,128 |     161,406 |     228,393 |     267,725 |     296,309 |     313,989 |     322,448 |
|``3.```1986`        |   X X X X   |      66,520 |     148,007 |     214,438 |     255,656 |     283,055 |     294,455 |
|``4.```1987`        |   X X X X   |   X X X X   |      61,095 |     145,291 |     203,988 |     245,594 |     274,061 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |      60,080 |     139,053 |     201,965 |     243,146 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      51,868 |     127,921 |     193,076 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      51,439 |     132,153 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      43,431 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->

- -------------#-------------#-------------#-------------#-------------#
                                            
             |             |             |             |             |
     244,737 |     246,396 |     248,429 |       7,515 |       3,744 |
     328,062 |     330,234 |     331,504 |      66,464 |      26,327 |
     301,794 |     304,786 |     306,104 |      56,716 |      23,033 |
     285,955 |     292,793 |     296,674 |      52,076 |      21,720 |
     260,397 |     268,986 |     277,713 |      47,311 |      19,408 |
     229,864 |     248,073 |     259,743 |      43,829 |      17,429 |
     177,937 |     211,206 |     230,879 |      39,593 |      16,541 |
     104,451 |     150,229 |     181,271 |      31,592 |      14,469 |
      31,098 |      72,856 |     118,012 |      26,112 |      13,028 |
   X X X X   |      25,501 |      62,068 |      20,629 |      10,588 |
   X X X X   |   X X X X   |      27,266 |      14,524 |       7,381 |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->


               SCHEDULE P - PART 3D - WORKERS' COMPENSATION



!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |     173,395 |     318,268 |     416,100 |     488,894 |     556,002 |     616,342 |
|``2.```1985`        |     125,317 |     272,341 |     352,953 |     405,406 |     438,237 |     463,028 |     482,893 |
|``3.```1986`        |   X X X X   |     129,275 |     256,810 |     336,848 |     385,302 |     419,084 |     444,813 |
|``4.```1987`        |   X X X X   |   X X X X   |     127,476 |     262,831 |     330,325 |     378,370 |     419,643 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |     132,278 |     279,538 |     367,993 |     424,742 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     132,318 |     307,603 |     412,167 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     131,068 |     279,877 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     102,910 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->

 -------------#-------------#-------------#-------------#-------------#
                                            
              |             |             |             |             |
      663,577 |     711,214 |     766,008 |      22,475 |       3,790 |
      497,067 |     510,948 |     520,726 |      47,028 |       4,222 |
      461,871 |     470,818 |     487,284 |      42,810 |       4,019 |
      440,887 |     453,900 |     466,879 |      39,472 |       3,962 |
      461,087 |     481,115 |     497,719 |      42,245 |       4,242 |
      471,076 |     511,904 |     537,667 |      44,004 |       4,774 |
      365,754 |     420,467 |     449,608 |      40,720 |       4,514 |
      208,085 |     270,790 |     309,820 |      34,549 |       4,494 |
       66,055 |     137,483 |     175,188 |      25,529 |       4,241 |
    X X X X   |      30,004 |      62,080 |      15,621 |       2,715 |
    X X X X   |   X X X X   |      21,887 |       7,072 |       1,549 |
              |             |             |             |             |
 ------------->------------->------------->------------->------------->



             SCHEDULE P - PART 3E - COMMERCIAL MULTIPLE PERIL


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |      42,934 |      79,934 |     107,765 |     124,982 |     145,825 |     152,339 |
|``2.```1985`        |      71,158 |     110,772 |     129,654 |     149,909 |     166,634 |     177,366 |     186,848 |
|``3.```1986`        |   X X X X   |      64,384 |      98,950 |     119,499 |     136,584 |     148,644 |     158,824 |
|``4.```1987`        |   X X X X   |   X X X X   |      53,661 |      89,211 |     107,156 |     123,977 |     156,006 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |      76,340 |     144,648 |     174,450 |     214,079 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     107,105 |     191,421 |     249,666 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     118,896 |     204,136 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |     114,986 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->

- -------------#-------------#-------------#-------------#-------------#
                                            
             |             |             |             |             |
     157,988 |     162,654 |     166,651 |       4,285 |       5,732 |
     191,821 |     195,076 |     196,390 |      31,715 |      13,424 |
     170,923 |     175,284 |     177,369 |      24,688 |      12,277 |
     172,963 |     177,270 |     180,526 |      21,699 |      12,020 |
     243,297 |     263,206 |     277,784 |      38,019 |      21,342 |
     292,770 |     326,053 |     349,041 |      51,226 |      27,931 |
     255,940 |     302,906 |     340,160 |      48,770 |      28,880 |
     180,550 |     229,123 |     269,987 |      44,840 |      28,308 |
     102,008 |     180,206 |     221,046 |      39,862 |      26,402 |
   X X X X   |     110,882 |     179,790 |      40,515 |      28,057 |
   X X X X   |   X X X X   |     131,051 |      35,299 |      23,861 |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->


Page      102

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY
AND ITS AFFILIATED FIRE AND CASUALTY INSURERS




    SCHEDULE P - PART 3F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE



!--------------------#--------------------------------------------------------------------------------------------------
|          1         |                                   Cumulative Paid Losses and Allocated Expenses at Year End (000
|                    |-------------#-------------#-------------#-------------#-------------#-------------#-------------#
|    Years in Which  |             |             |             |             |             |             |             |
|     Losses Were    |      2      |      3      |      4      |      5      |      6      |      7      |      8      |
|      Incurred      |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |
|                    |             |             |             |             |             |             |             |
|--------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |      16,673 |      28,952 |      39,094 |      46,444 |      52,343 |      53,376 |
|``2.```1985`        |         146 |         465 |       1,118 |       2,271 |       3,027 |       3,374 |       3,871 |
|``3.```1986`        |   X X X X   |           7 |           6 |           7 |           8 |           4 |           4 |
|``4.```1987`        |   X X X X   |   X X X X   |           7 |           7 |          11 |          17 |          17 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |           0 |           0 |           4 |          38 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           8 |           7 |          24 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0 |           0 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->



 -----------------------------------------#-------------#-------------#
 omitted)                                 |     12      |     13      |
 -------------#-------------#-------------|  Number of  |  Number of  |
              |             |             |   Claims    |   Claims    |
       9      |     10      |     11      |   Closed    |   Closed    |
     1992     |    1993     |    1994     |  With Loss  |Without Loss |
              |             |             |   Payment   |   Payment   |
 -------------|-------------|-------------|-------------|-------------|
                                            
              |             |             |             |             |
       56,399 |      57,756 |      59,587 |         669 |         900 |
        3,969 |       4,538 |       4,555 |         105 |         189 |
            4 |           4 |           4 |           1 |           1 |
           17 |          17 |          17 |           2 |           3 |
           43 |          43 |         176 |           2 |           2 |
           24 |          24 |         167 |           2 |           2 |
           19 |         358 |         428 |           1 |           3 |
            0 |          35 |         132 |           1 |           0 |
            0 |           0 |          15 |           0 |           0 |
    X X X X   |           0 |           0 |           0 |           1 |
    X X X X   |   X X X X   |           0 |           0 |           0 |
              |             |             |             |             |
 ------------->------------->------------->------------->------------->


   SCHEDULE P - PART 3F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS-MADE


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |           0 |           0 |           0 |           0 |           0 |           0 |
|``2.```1985`        |           0 |           0 |         662 |       1,018 |       1,037 |       1,037 |         945 |
|``3.```1986`        |   X X X X   |           0 |          10 |          16 |          32 |          32 |          32 |
|``4.```1987`        |   X X X X   |   X X X X   |           0 |           0 |           0 |          24 |          24 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |           0 |           1 |         101 |         117 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           1 |           9 |          25 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           1 |          10 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->

 -------------#-------------#-------------#-------------#-------------#
                                            
              |             |             |             |             |
            0 |           0 |           0 |           0 |           0 |
          945 |         945 |         945 |          10 |          10 |
           32 |          32 |          32 |           5 |           3 |
           24 |          24 |          24 |           0 |           0 |
          120 |         141 |         141 |           0 |           0 |
          240 |         255 |         255 |           0 |           2 |
           99 |         266 |         266 |           0 |           0 |
            4 |           9 |          10 |           0 |           0 |
            0 |           3 |           3 |           0 |           0 |
    X X X X   |           0 |           0 |           0 |           0 |
    X X X X   |   X X X X   |           0 |           0 |           0 |
              |             |             |             |             |
 ------------->------------->------------->------------->------------->


     SCHEDULE P - PART 3G - SPECIAL LIABILITY (OCEAN MARINE, AIRCRAFT

                    (ALL PERILS), BOILER AND MACHINERY)


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |       3,165 |       5,001 |       5,919 |       6,951 |       7,230 |       7,353 |
|``2.```1985`        |       8,762 |      14,339 |      16,267 |      17,244 |      18,178 |      18,680 |      19,100 |
|``3.```1986`        |   X X X X   |      13,767 |      20,949 |      24,613 |      27,333 |      29,370 |      29,415 |
|``4.```1987`        |   X X X X   |   X X X X   |       9,533 |      17,862 |      24,502 |      26,695 |      27,769 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |       9,231 |      16,454 |      19,180 |      20,912 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      11,402 |      16,737 |      19,342 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       7,945 |      14,633 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       9,730 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->
- -------------#-------------#-------------#-------------#-------------#
                                            
             |             |             |             |             |
       7,597 |       7,908 |       8,124 |   X X X X   |   X X X X   |
      19,025 |      19,068 |      19,078 |   X X X X   |   X X X X   |
      29,450 |      29,187 |      29,192 |   X X X X   |   X X X X   |
      28,522 |      28,827 |      29,388 |   X X X X   |   X X X X   |
      22,588 |      23,225 |      23,657 |   X X X X   |   X X X X   |
      21,705 |      22,545 |      22,938 |   X X X X   |   X X X X   |
      16,945 |      18,666 |      19,327 |   X X X X   |   X X X X   |
      15,533 |      17,363 |      17,506 |   X X X X   |   X X X X   |
       5,677 |       8,448 |       9,314 |   X X X X   |   X X X X   |
   X X X X   |       5,338 |       8,613 |   X X X X   |   X X X X   |
   X X X X   |   X X X X   |       8,973 |   X X X X   |   X X X X   |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->


      SCHEDULE P - PART 3H - SECTION 1 - OTHER LIABILITY - OCCURRENCE


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |     129,974 |     245,165 |     331,879 |     419,468 |     477,501 |     514,312 |
|``2.```1985`        |      17,555 |      47,982 |      88,943 |     124,960 |     153,560 |     176,920 |     192,605 |
|``3.```1986`        |   X X X X   |      18,393 |      45,614 |      82,671 |     120,553 |     150,472 |     172,690 |
|``4.```1987`        |   X X X X   |   X X X X   |      21,818 |      52,420 |      87,499 |     122,123 |     157,422 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |      10,761 |      27,514 |      48,724 |      72,687 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       8,733 |      21,122 |      36,345 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      11,619 |      25,544 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       5,929 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->
 -------------#-------------#-------------#-------------#-------------#
                                            
              |             |             |             |             |
      549,894 |     591,973 |     625,190 |       9,536 |      14,853 |
      197,272 |     206,127 |     211,147 |      24,930 |      14,859 |
      185,334 |     195,092 |     198,340 |      19,652 |      12,400 |
      173,081 |     190,522 |     198,401 |      16,712 |      11,594 |
      102,251 |     114,779 |     124,651 |      12,946 |       8,118 |
       52,958 |      65,520 |      80,578 |       8,309 |       6,065 |
       48,198 |      65,946 |      75,342 |       8,074 |       6,980 |
       15,617 |      27,507 |      41,441 |       5,642 |       4,797 |
        3,682 |       8,472 |      16,651 |       3,015 |       2,944 |
    X X X X   |       3,122 |       9,067 |       2,016 |       1,948 |
    X X X X   |   X X X X   |       4,509 |       1,251 |       1,449 |
              |             |             |             |             |
 ------------->------------->------------->------------->------------->


     SCHEDULE P - PART 3H - SECTION 2 - OTHER LIABILITY - CLAIMS-MADE


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |           0 |           0 |           0 |           0 |           0 |           0 |
|``2.```1985`        |           0 |           0 |          29 |          40 |          58 |          72 |          90 |
|``3.```1986`        |   X X X X   |           0 |         209 |         341 |         389 |         328 |         393 |
|``4.```1987`        |   X X X X   |   X X X X   |           0 |           0 |           0 |          (6)|          (6)|
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |          69 |         111 |         218 |         225 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         248 |         446 |         640 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         143 |         269 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         159 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->

- -------------#-------------#-------------#-------------#-------------#
                                            
             |             |             |             |             |
           0 |           0 |           0 |           0 |           0 |
          88 |          99 |         145 |           2 |           2 |
         367 |         411 |         434 |           4 |           0 |
          (6)|          (6)|          (6)|           0 |           2 |
         626 |         626 |         625 |          70 |          44 |
         687 |         730 |         762 |         126 |          64 |
         285 |         949 |         984 |          85 |          70 |
         234 |         301 |         470 |          72 |          86 |
          88 |         854 |         915 |          62 |          71 |
   X X X X   |          85 |         141 |          34 |          43 |
   X X X X   |   X X X X   |         124 |          14 |          22 |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->


Page      103

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY
AND ITS AFFILIATED FIRE AND CASUALTY INSURERS




SCHEDULE P - PART 3I - SPECIAL PROPERTY (FIRE, ALLIED LINES, INLAND MARINE,

                  EARTHQUAKE, GLASS, BURGLARY AND THEFT)



!--------------------#--------------------------------------------------------------------------------------------------
|         1          |                                   Cumulative Paid Losses and Allocated Expenses at Year End (000
|                    |-------------#-------------#-------------#-------------#-------------#-------------#-------------#
|   Years in Which   |             |             |             |             |             |             |             |
|    Losses Were     |      2      |      3      |      4      |      5      |      6      |      7      |      8      |
|      Incurred      |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |
|                    |             |             |             |             |             |             |             |
|--------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``2.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``3.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->



- -----------------------------------------#---------------------------#
omitted)                                 |     12      |     13      |
- -------------#-------------#-------------|  Number of  |  Number of  |
             |             |             |   Claims    |Claims Closed|
      9      |     10      |     11      | Closed With |   Without   |
    1992     |    1993     |    1994     |Loss Payment |Loss Payment |
             |             |             |             |             |
- -------------|-------------|-------------|-------------|-------------|
                                            
             |             |             |             |             |
     000     |      33,295 |      48,269 |   X X X X   |   X X X X   |
   X X X X   |      51,154 |      70,625 |   X X X X   |   X X X X   |
   X X X X   |   X X X X   |      55,668 |   X X X X   |   X X X X   |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->


                SCHEDULE P - PART 3J - AUTO PHYSICAL DAMAGE


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``2.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``3.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->

- -------------#-------------#-------------#-------------#-------------#
                                            
             |             |             |             |             |
     000     |      17,868 |      19,773 |      12,157 |       3,385 |
   X X X X   |     105,665 |     117,230 |      88,841 |      20,072 |
   X X X X   |   X X X X   |     104,146 |      75,082 |      16,827 |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->



                  SCHEDULE P - PART 3K - FIDELITY/SURETY


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``2.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``3.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->



 -------------#-------------#-------------#-------------#-------------#
                                            
              |             |             |             |             |
      000     |      43,311 |      60,947 |   X X X X   |   X X X X   |
    X X X X   |       8,255 |      27,104 |   X X X X   |   X X X X   |
    X X X X   |   X X X X   |       7,357 |   X X X X   |   X X X X   |
              |             |             |             |             |
 ------------->------------->------------->------------->------------->


   SCHEDULE P - PART 3L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``2.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``3.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->
- -------------#-------------#-------------#-------------#-------------#
                                            
             |             |             |             |             |
     000     |          39 |          57 |           3 |           2 |
   X X X X   |           0 |           0 |           0 |           0 |
   X X X X   |   X X X X   |           0 |           0 |           0 |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->



                   SCHEDULE P - PART 3M - INTERNATIONAL


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |           0 |           0 |           0 |           0 |           0 |           0 |
|``2.```1985`        |           0 |           0 |           0 |           0 |           0 |           0 |           0 |
|``3.```1986`        |   X X X X   |           0 |           0 |           0 |           0 |           0 |           0 |
|``4.```1987`        |   X X X X   |   X X X X   |           0 |           0 |           0 |           0 |           0 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |       4,610 |      10,615 |      12,406 |      13,164 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       3,850 |       8,531 |       9,812 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       3,585 |       8,889 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       4,478 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->

- -------------#-------------#-------------#-------------#-------------#
                                            
             |             |             |             |             |
           0 |           0 |           0 |   X X X X   |   X X X X   |
           0 |           0 |           0 |   X X X X   |   X X X X   |
           0 |           0 |           0 |   X X X X   |   X X X X   |
           0 |           0 |           0 |   X X X X   |   X X X X   |
      13,562 |      13,619 |      14,006 |   X X X X   |   X X X X   |
      10,323 |      10,358 |      10,554 |   X X X X   |   X X X X   |
      10,293 |      10,486 |      10,579 |   X X X X   |   X X X X   |
       6,649 |       7,364 |       7,495 |   X X X X   |   X X X X   |
       1,232 |       2,920 |       3,289 |   X X X X   |   X X X X   |
   X X X X   |         355 |       4,210 |   X X X X   |   X X X X   |
   X X X X   |   X X X X   |      11,028 |   X X X X   |   X X X X   |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->


Page      104

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY
AND ITS AFFILIATED FIRE AND CASUALTY INSURERS




                   SCHEDULE P - PART 3N - REINSURANCE A



!--------------------#--------------------------------------------------------------------------------------------------
|        1           |                                  Cumulative Paid Losses and Allocated Expenses at Year End (000 O
|                    |-------------#-------------#-------------#-------------#-------------#-------------#-------------#
|   Years in Which   |      2      |      3      |      4      |      5      |      6      |      7      |      8      |
|    Losses Were     |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |
|     Incurred       |             |             |             |             |             |             |             |
|                    |             |             |             |             |             |             |             |
|--------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```1988`        |   X X X X   |   X X X X   |   X X X X   |       2,283 |       4,302 |       5,753 |       6,950 |
|``2.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       5,873 |       8,625 |      10,264 |
|``3.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       4,784 |       6,108 |
|``4.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       1,301 |
|``5.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``6.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``7.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->



- -----------------------------------------#-------------#-------------#
mitted)                                  |     12      |     13      |
- -------------#-------------#-------------|  Number of  |  Number of  |
      9      |     10      |     11      |   Claims    |   Claims    |
    1992     |    1993     |    1994     |   Closed    |   Closed    |
             |             |             |  With Loss  |Without Loss |
             |             |             |   Payment   |   Payment   |
- -------------|-------------|-------------|-------------|-------------|
                                            
             |             |             |             |             |
       9,296 |      10,510 |      11,344 |   X X X X   |   X X X X   |
      11,671 |      12,053 |      12,706 |   X X X X   |   X X X X   |
       9,592 |       9,867 |      10,474 |   X X X X   |   X X X X   |
       4,570 |       5,463 |       6,311 |   X X X X   |   X X X X   |
       6,875 |       2,140 |       3,467 |   X X X X   |   X X X X   |
   X X X X   |       1,083 |       2,716 |   X X X X   |   X X X X   |
   X X X X   |   X X X X   |       1,553 |   X X X X   |   X X X X   |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->


                   SCHEDULE P - PART 3O - REINSURANCE B


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```1988`        |   X X X X   |   X X X X   |   X X X X   |       1,108 |       2,954 |       3,793 |       4,770 |
|``2.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |      10,817 |      11,867 |      12,902 |
|``3.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |       1,567 |       2,232 |
|``4.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         402 |
|``5.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``6.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``7.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->
- -------------#-------------#-------------#-------------#-------------#
                                            
              |             |             |             |             |
        5,650 |       6,476 |       6,912 |   X X X X   |   X X X X   |
       13,472 |      13,773 |      14,103 |   X X X X   |   X X X X   |
        6,826 |       7,073 |       7,516 |   X X X X   |   X X X X   |
        1,555 |       2,022 |       2,525 |   X X X X   |   X X X X   |
       10,626 |      10,354 |      10,995 |   X X X X   |   X X X X   |
    X X X X   |         485 |       1,909 |   X X X X   |   X X X X   |
    X X X X   |   X X X X   |       4,276 |   X X X X   |   X X X X   |
              |             |             |             |             |
 ------------->------------->------------->------------->------------->

                   SCHEDULE P - PART 3P - REINSURANCE C


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```1988`        |   X X X X   |   X X X X   |   X X X X   |           0 |         200 |         200 |         200 |
|``2.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0 |           0 |           0 |
|``3.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0 |           0 |
|``4.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0 |
|``5.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``6.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``7.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->
- -------------#-------------#-------------#-------------#-------------#
                                            
             |             |             |             |             |
         200 |         401 |         394 |   X X X X   |   X X X X   |
           0 |           0 |           0 |   X X X X   |   X X X X   |
           0 |           0 |           0 |   X X X X   |   X X X X   |
           0 |           0 |           0 |   X X X X   |   X X X X   |
           0 |           0 |           0 |   X X X X   |   X X X X   |
   X X X X   |           0 |           0 |   X X X X   |   X X X X   |
   X X X X   |   X X X X   |           0 |   X X X X   |   X X X X   |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->


                   SCHEDULE P - PART 3Q - REINSURANCE D


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |         387 |         725 |         838 |       1,539 |      28,115 |      28,131 |
|``2.```1985`        |       1,856 |      11,761 |      17,564 |      18,244 |      18,601 |      18,927 |      19,025 |
|``3.```1986`        |   X X X X   |       8,482 |      20,448 |      24,661 |      26,542 |      27,789 |      28,421 |
|``4.```1987`        |   X X X X   |   X X X X   |    (119,003)|    (150,152)|    (152,812)|      27,625 |      28,886 |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->

- -------------#-------------#-------------#-------------#-------------#
                                            
             |             |             |             |             |
      28,076 |      28,074 |      28,074 |   X X X X   |   X X X X   |
      18,879 |      18,478 |      18,478 |   X X X X   |   X X X X   |
      29,168 |      28,682 |      28,894 |   X X X X   |   X X X X   |
      29,549 |      29,830 |      30,416 |   X X X X   |   X X X X   |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->


Page      105

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY
AND ITS AFFILIATED FIRE AND CASUALTY INSURERS



    SCHEDULE P - PART 3R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE



!--------------------#--------------------------------------------------------------------------------------------------
|        1           |                                  Cumulative Paid Losses and Allocated Expenses at Year End (000 O
|                    |-------------#-------------#-------------#-------------#-------------#-------------#-------------#
|   Years in Which   |      2      |      3      |      4      |      5      |      6      |      7      |      8      |
|    Losses Were     |    1985     |    1986     |    1987     |    1988     |    1989     |    1990     |    1991     |
|     Incurred       |             |             |             |             |             |             |             |
|                    |             |             |             |             |             |             |             |
|--------------------|-------------|-------------|-------------|-------------|-------------|-------------|-------------|
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |      14,056 |      30,957 |      47,570 |      65,887 |      82,899 |      96,493 |
|``2.```1985`        |         692 |       2,067 |       5,349 |      10,599 |      15,704 |      20,191 |      22,232 |
|``3.```1986`        |   X X X X   |         535 |       1,397 |       3,706 |       8,522 |      13,765 |      18,809 |
|``4.```1987`        |   X X X X   |   X X X X   |       1,046 |       3,165 |       6,478 |      13,019 |      19,099 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |         168 |       2,599 |       6,118 |      10,643 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         375 |       2,727 |       5,374 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         459 |       1,290 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |         434 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->



- -----------------------------------------#-------------#-------------#
mitted)                                  |     12      |     13      |
- -------------#-------------#-------------|  Number of  |  Number of  |
      9      |     10      |     11      |   Claims    |   Claims    |
    1992     |    1993     |    1994     |   Closed    |   Closed    |
             |             |             |  With Loss  |Without Loss |
             |             |             |   Payment   |   Payment   |
- -------------|-------------|-------------|-------------|-------------|
                                            
             |             |             |             |             |
     105,791 |     110,679 |     111,575 |       1,093 |       5,513 |
      23,153 |      24,247 |      25,544 |         818 |         678 |
      21,089 |      24,179 |      25,311 |         652 |         722 |
      22,219 |      23,955 |      26,482 |         543 |         610 |
      12,598 |      15,102 |      16,285 |         421 |         423 |
       8,197 |      11,508 |      12,860 |         483 |         465 |
       2,326 |       4,785 |       7,087 |         460 |         446 |
       1,152 |       4,246 |       6,632 |         278 |         278 |
         205 |         559 |       1,724 |         143 |         260 |
   X X X X   |       1,218 |       1,751 |         121 |          92 |
   X X X X   |   X X X X   |          53 |          27 |          30 |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->


    SCHEDULE P - PART 3R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS-MADE


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |     000     |           0 |           0 |           0 |           0 |           0 |           0 |
|``2.```1985`        |           0 |           0 |           0 |           0 |           0 |           0 |           0 |
|``3.```1986`        |   X X X X   |           0 |           0 |           0 |           0 |           0 |           0 |
|``4.```1987`        |   X X X X   |   X X X X   |           0 |           0 |           0 |           0 |           0 |
|``5.```1988`        |   X X X X   |   X X X X   |   X X X X   |           1 |           5 |          13 |          13 |
|``6.```1989`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |           0 |           4 |          18 |
|``7.```1990`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |          20 |         170 |
|``8.```1991`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |          21 |
|``9.```1992`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`10.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|`11.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->
 -------------#-------------#-------------#-------------#-------------#
                                            
              |             |             |             |             |
            0 |           0 |           0 |           0 |           0 |
            0 |           0 |           0 |           0 |           0 |
            0 |           0 |           0 |           0 |           0 |
            0 |           0 |           0 |           0 |           0 |
           13 |          13 |          13 |           4 |           2 |
           18 |          18 |          18 |           1 |           1 |
          291 |         427 |         427 |           5 |           3 |
           55 |         167 |         176 |           6 |           7 |
            7 |          31 |          31 |           1 |           5 |
    X X X X   |          20 |         560 |          11 |          32 |
    X X X X   |   X X X X   |          28 |           7 |          16 |
              |             |             |             |             |
 ------------->------------->------------->------------->------------->


        SCHEDULE P - PART 3S - FINANCIAL GUARANTY/MORTGAGE GUARANTY


!--------------------#-------------#-------------#-------------#-------------#-------------#-------------#-------------#
                                                                                    
|                    |             |             |             |             |             |             |             |
|``1.```Prior`       |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``2.```1993`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|``3.```1994`        |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |   X X X X   |
|                    |             |             |             |             |             |             |             |
<-------------------->------------->------------->------------->------------->------------->------------->------------->
- -------------#-------------#-------------#-------------#-------------#
                                            
             |             |             |             |             |
     000     |        (831)|      (1,162)|   X X X X   |   X X X X   |
   X X X X   |          (1)|          (1)|   X X X X   |   X X X X   |
   X X X X   |   X X X X   |           9 |   X X X X   |   X X X X   |
             |             |             |             |             |
- ------------->------------->------------->------------->------------->

Page           106

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




               SCHEDULE P - PART 4A - HOMEOWNERS/FARMOWNERS


!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                            BULK AND INCURRED BUT NOT REPORTED RESERVES ON LOSSES AND ALLOCATED
|                             |---------------#---------------#---------------#---------------#---------------#---------------#
|        Years in Which       |               |               |               |               |               |               |
|          Losses Were        |       2       |       3       |       4       |       5       |       6       |       7       |
|           Incurred          |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|                             |               |               |               |               |               |               |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |         8,127 |         2,871 |         1,350 |           583 |           337 |           440 |
|``2.`````1985`               |        21,677 |         3,598 |         2,218 |         1,424 |           489 |           534 |
|``3.`````1986`               |    X X X X    |        26,818 |         8,442 |         6,075 |         3,916 |         2,588 |
|``4.`````1987`               |    X X X X    |    X X X X    |        34,155 |        14,953 |        10,076 |         6,872 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |        26,295 |         8,421 |         5,420 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |        29,666 |         7,917 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |        23,709 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



 ---------------------------------------------------------------#
 EXPENSES AT YEAR END (000 OMITTED)                             |
 ---------------#---------------#---------------#---------------|
                |               |               |               |
        8       |       9       |      10       |      11       |
      1991      |     1992      |     1993      |     1994      |
                |               |               |               |
 ---------------|---------------|---------------|---------------|
                                        
                |               |               |               |
            244 |           134 |            55 |            58 |
            200 |           234 |           159 |           188 |
          1,079 |           763 |           516 |           318 |
          2,075 |         1,617 |         1,208 |         1,229 |
          2,061 |         1,322 |           716 |           837 |
          3,082 |         2,177 |           918 |         1,051 |
          5,481 |         3,249 |         1,085 |         1,342 |
         23,758 |         5,380 |         2,233 |         2,246 |
     X X X X    |        21,121 |         4,065 |         3,128 |
     X X X X    |    X X X X    |        13,203 |         3,855 |
     X X X X    |    X X X X    |    X X X X    |         9,823 |
                |               |               |               |
 --------------->--------------->--------------->--------------->


      SCHEDULE P - PART 4B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |        52,775 |        24,928 |        10,538 |         7,328 |         3,949 |         2,130 |
|``2.`````1985`               |        76,623 |        33,084 |        13,453 |         7,756 |         4,835 |         2,605 |
|``3.`````1986`               |    X X X X    |       100,864 |        44,855 |        25,884 |         8,775 |         4,734 |
|``4.`````1987`               |    X X X X    |    X X X X    |       103,612 |        47,271 |        24,394 |        12,635 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |        95,979 |        47,928 |        24,340 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |       111,634 |        54,405 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |       135,402 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
- ---------------#---------------#---------------#---------------#
                                       
               |               |               |               |
         1,476 |         1,569 |         6,860 |         2,830 |
         1,133 |         7,293 |         4,015 |         1,890 |
         2,021 |         6,250 |         4,162 |         1,704 |
         4,094 |         6,719 |         4,856 |         1,834 |
         7,862 |        12,097 |         8,460 |         1,680 |
        19,073 |        11,678 |         5,459 |         2,674 |
        57,174 |        23,091 |        11,912 |         5,933 |
       153,113 |        65,878 |        28,461 |        11,805 |
    X X X X    |       103,343 |        48,345 |        16,977 |
    X X X X    |    X X X X    |        79,287 |        29,584 |
    X X X X    |    X X X X    |    X X X X    |        68,083 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


      SCHEDULE P - PART 4C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |       100,158 |        47,443 |        15,752 |         7,475 |         5,895 |         3,500 |
|``2.`````1985`               |       113,446 |        60,304 |        27,174 |        10,184 |         6,271 |         3,557 |
|``3.`````1986`               |    X X X X    |       202,473 |       112,979 |        51,470 |        15,808 |        21,272 |
|``4.`````1987`               |    X X X X    |    X X X X    |       248,615 |       133,340 |        59,272 |        29,793 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |       149,682 |        82,498 |        51,411 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |       178,608 |        70,725 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |       152,903 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
- ---------------#---------------#---------------#---------------#
                                       
               |               |               |               |
         5,082 |         5,000 |         3,866 |         1,685 |
         2,446 |         2,725 |         2,960 |           971 |
         4,655 |         3,884 |         3,241 |         1,630 |
         9,555 |         6,531 |         7,344 |         5,760 |
        15,394 |         8,560 |         5,279 |         3,144 |
        39,054 |        23,430 |        11,156 |         5,226 |
        89,729 |        45,468 |        18,673 |         6,206 |
       150,745 |        82,270 |        37,108 |        12,719 |
    X X X X    |       117,172 |        51,518 |        17,453 |
    X X X X    |    X X X X    |        80,775 |        38,983 |
    X X X X    |    X X X X    |    X X X X    |        57,281 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


               SCHEDULE P - PART 4D - WORKERS' COMPENSATION


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |       195,987 |       107,451 |        83,422 |        79,027 |       112,255 |       188,245 |
|``2.`````1985`               |       200,994 |        95,509 |        43,799 |        34,916 |        30,712 |        64,690 |
|``3.`````1986`               |    X X X X    |       284,035 |       159,978 |        86,215 |        60,885 |        67,514 |
|``4.`````1987`               |    X X X X    |    X X X X    |       241,685 |       124,486 |        69,265 |        87,101 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |       240,532 |       113,291 |       129,212 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |       257,388 |       168,478 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |       302,452 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
 ---------------#---------------#---------------#---------------#
                                       
                |               |               |               |
        188,684 |       227,026 |       251,168 |       175,915 |
         70,275 |        79,598 |        80,357 |        54,848 |
         62,374 |        58,951 |        76,351 |        59,369 |
         72,384 |        63,395 |        83,342 |        65,764 |
         98,149 |        82,500 |        86,842 |        72,401 |
        164,927 |       122,043 |       118,277 |        99,698 |
        167,879 |       139,459 |       125,937 |       106,344 |
        201,174 |       171,488 |       104,600 |        91,620 |
     X X X X    |       111,171 |        80,128 |        62,847 |
     X X X X    |    X X X X    |        67,534 |        49,724 |
     X X X X    |    X X X X    |    X X X X    |        54,551 |
                |               |               |               |
 --------------->--------------->--------------->--------------->

             SCHEDULE P - PART 4E - COMMERCIAL MULTIPLE PERIL


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |        50,216 |        38,674 |        26,593 |        19,911 |        15,610 |        11,624 |
|``2.`````1985`               |        59,058 |        33,833 |        20,461 |        14,944 |        12,074 |         8,356 |
|``3.`````1986`               |    X X X X    |        70,183 |        33,146 |        21,992 |        18,627 |        13,659 |
|``4.`````1987`               |    X X X X    |    X X X X    |        79,374 |        34,475 |        27,072 |        42,558 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |       181,058 |       117,500 |        83,612 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |       272,787 |       184,073 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |       240,641 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
- ---------------#---------------#---------------#---------------#
                                       
               |               |               |               |
        11,868 |         7,203 |         8,399 |        10,313 |
         6,673 |         4,514 |         3,309 |         3,551 |
        10,074 |         6,226 |         4,622 |         4,350 |
         8,503 |        12,476 |        10,554 |         7,004 |
        47,275 |        42,361 |        29,455 |        25,471 |
       117,913 |        70,317 |        57,597 |        41,504 |
       194,651 |       139,082 |        91,692 |        58,644 |
       234,305 |       176,395 |       123,218 |        81,495 |
    X X X X    |       225,071 |       146,435 |        91,681 |
    X X X X    |    X X X X    |       181,370 |       128,112 |
    X X X X    |    X X X X    |    X X X X    |       188,526 |
               |               |               |               |
- --------------->--------------->--------------->--------------->



Page           107

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS



    SCHEDULE P - PART 4F - SECTION 1 - MEDICAL MALPRACTICE - OCCURRENCE



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                            BULK AND INCURRED BUT NOT REPORTED RESERVES ON LOSSES AND ALLOCATED
|                             |---------------#---------------#---------------#---------------#---------------#---------------#
|        Years in Which       |               |               |               |               |               |               |
|          Losses Were        |       2       |       3       |       4       |       5       |       6       |       7       |
|           Incurred          |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|                             |               |               |               |               |               |               |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |        28,792 |        17,340 |        11,263 |        11,285 |         8,253 |         7,992 |
|``2.`````1985`               |         9,518 |         9,830 |         5,261 |         1,978 |         1,853 |         1,491 |
|``3.`````1986`               |    X X X X    |            68 |            (4)|             0 |             1 |             0 |
|``4.`````1987`               |    X X X X    |    X X X X    |             0 |            96 |             1 |             0 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |           165 |             4 |             9 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             2 |             4 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             5 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



 ---------------------------------------------------------------#
 EXPENSES AT YEAR END (000 OMITTED)                             |
 ---------------#---------------#---------------#---------------|
                |               |               |               |
        8       |       9       |      10       |      11       |
      1991      |     1992      |     1993      |     1994      |
                |               |               |               |
 ---------------|---------------|---------------|---------------|
                                        
                |               |               |               |
          4,763 |         2,864 |         5,714 |         5,830 |
            944 |           730 |           519 |           413 |
              0 |             0 |             0 |             0 |
              0 |             0 |             0 |             0 |
              0 |             0 |             0 |             0 |
              0 |             0 |             0 |             0 |
              0 |            88 |             0 |             0 |
              3 |             0 |             0 |             0 |
     X X X X    |             0 |             0 |             0 |
     X X X X    |    X X X X    |             0 |             0 |
     X X X X    |    X X X X    |    X X X X    |             0 |
                |               |               |               |
 --------------->--------------->--------------->--------------->


   SCHEDULE P - PART 4F - SECTION 2 - MEDICAL MALPRACTICE - CLAIMS-MADE


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |             0 |             0 |             0 |             0 |             0 |             0 |
|``2.`````1985`               |             0 |             0 |           134 |             1 |             0 |             0 |
|``3.`````1986`               |    X X X X    |             0 |             4 |             4 |             0 |             0 |
|``4.`````1987`               |    X X X X    |    X X X X    |             0 |             0 |            94 |            88 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |             0 |           163 |           280 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |           161 |           129 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |            73 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
 ---------------#---------------#---------------#---------------#
                                       
                |               |               |               |
              0 |             0 |             0 |             0 |
              0 |             0 |             0 |             0 |
              0 |             0 |             0 |             0 |
             64 |            55 |            24 |            64 |
              0 |             0 |             0 |             0 |
              0 |             0 |             0 |             0 |
             30 |             0 |             0 |             0 |
            212 |           200 |            97 |           125 |
     X X X X    |           177 |           135 |             2 |
     X X X X    |    X X X X    |            40 |            36 |
     X X X X    |    X X X X    |    X X X X    |             0 |
                |               |               |               |
 --------------->--------------->--------------->--------------->


     SCHEDULE P - PART 4G - SPECIAL LIABILITY (OCEAN MARINE, AIRCRAFT

                    (ALL PERILS), BOILER AND MACHINERY)


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |         2,338 |           873 |           356 |           280 |           193 |             0 |
|``2.`````1985`               |         3,931 |           966 |           333 |           200 |            55 |            22 |
|``3.`````1986`               |    X X X X    |         8,647 |         3,035 |         1,998 |         1,619 |           823 |
|``4.`````1987`               |    X X X X    |    X X X X    |        11,245 |         5,428 |         3,595 |         1,491 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |        11,836 |         3,750 |         1,624 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |         7,701 |         1,995 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |         6,682 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
 ---------------#---------------#---------------#---------------#
                                        
                |               |               |               |
              0 |            13 |            12 |            10 |
              2 |             0 |             0 |             2 |
            165 |           125 |           215 |           188 |
            367 |           383 |           863 |           767 |
            353 |           189 |           771 |         1,038 |
            617 |           294 |           453 |           556 |
          1,759 |         1,050 |           189 |           170 |
          5,660 |         2,064 |           318 |           224 |
     X X X X    |         4,727 |           547 |           248 |
     X X X X    |    X X X X    |         3,631 |         1,048 |
     X X X X    |    X X X X    |    X X X X    |         6,389 |
                |               |               |               |
 --------------->--------------->--------------->--------------->


      SCHEDULE P - PART 4H - SECTION 1 - OTHER LIABILITY - OCCURRENCE


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |       222,583 |       157,927 |       105,488 |        83,130 |        66,854 |        49,343 |
|``2.`````1985`               |       140,056 |        95,657 |        65,153 |        52,126 |        41,785 |        36,612 |
|``3.`````1986`               |    X X X X    |       218,982 |       188,844 |       140,570 |        76,095 |        49,571 |
|``4.`````1987`               |    X X X X    |    X X X X    |       255,083 |       201,512 |       128,329 |        87,279 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |       188,732 |       130,153 |       145,770 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |       124,748 |       104,146 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |       125,630 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
  ---------------#---------------#---------------#---------------#
                                        
                 |               |               |               |
          69,914 |        86,964 |       133,321 |       144,152 |
          34,047 |        30,415 |        31,330 |        26,770 |
          43,325 |        41,594 |        35,822 |        26,568 |
          61,191 |        63,292 |        42,081 |        32,233 |
          66,435 |        61,503 |        36,881 |        32,617 |
          82,543 |        55,293 |        41,007 |        32,690 |
         109,041 |        90,026 |        55,009 |        39,034 |
          98,570 |        87,514 |        55,193 |        42,581 |
      X X X X    |        64,920 |        46,732 |        34,293 |
      X X X X    |    X X X X    |        47,924 |        37,831 |
      X X X X    |    X X X X    |    X X X X    |        46,654 |
                 |               |               |               |
  --------------->--------------->--------------->--------------->

     SCHEDULE P - PART 4H - SECTION 2 - OTHER LIABILITY - CLAIMS-MADE


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |             0 |             0 |             0 |             0 |             0 |             0 |
|``2.`````1985`               |             0 |             0 |           (27)|           (33)|           (25)|           (44)|
|``3.`````1986`               |    X X X X    |             0 |            34 |           (21)|           (52)|          (208)|
|``4.`````1987`               |    X X X X    |    X X X X    |             2 |             0 |             0 |             0 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |            40 |            30 |            23 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |           116 |            83 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |            99 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->

- ---------------#---------------#---------------#---------------#
                                       
               |               |               |               |
             0 |             0 |            53 |            76 |
            (9)|           (57)|             5 |             3 |
           (91)|            20 |            31 |            88 |
             0 |             0 |             3 |           187 |
           162 |             0 |             3 |            30 |
            32 |            20 |             0 |            44 |
            45 |            45 |           119 |             0 |
           217 |            98 |           134 |            80 |
    X X X X    |           348 |            86 |           164 |
    X X X X    |    X X X X    |            13 |           127 |
    X X X X    |    X X X X    |    X X X X    |           521 |
               |               |               |               |
- --------------->--------------->--------------->--------------->




Page           108

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




SCHEDULE P - PART 4I - SPECIAL PROPERTY (FIRE, ALLIED LINES, INLAND MARINE,

                  EARTHQUAKE, GLASS, BURGLARY AND THEFT)



!-----------------------------#------------------------------------------------------------------------------------------------
|                             |                            BULK AND INCURRED BUT NOT REPORTED RESERVES ON LOSSES AND ALLOCATED
|              1              |---------------#---------------#---------------#---------------#---------------#---------------#
|                             |               |               |               |               |               |               |
|        Years in Which       |       2       |       3       |       4       |       5       |       6       |       7       |
|          Losses Were        |               |               |               |               |               |               |
|           Incurred          |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|                             |               |               |               |               |               |               |
|                             |               |               |               |               |               |               |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``2 `````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``3.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->




 ---------------------------------------------------------------#
 EXPENSES AT YEAR END (000 OMITTED)                             |
 ---------------#---------------#---------------#---------------|
                |               |               |               |
        8       |       9       |      10       |      11       |
                |               |               |               |
      1991      |     1992      |     1993      |     1994      |
                |               |               |               |
                |               |               |               |
 ---------------|---------------|---------------|---------------|
                                       
                |               |               |               |
     X X X X    |        37,454 |        13,038 |        12,154 |
     X X X X    |    X X X X    |         6,097 |         1,356 |
     X X X X    |    X X X X    |    X X X X    |         7,631 |
                |               |               |               |
 --------------->--------------->--------------->--------------->


                SCHEDULE P - PART 4J - AUTO PHYSICAL DAMAGE

!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``2 `````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``3.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
- ---------------#---------------#---------------#---------------#
               |               |               |               |
    X X X X    |        17,286 |         6,004 |         7,554 |
    X X X X    |    X X X X    |         5,847 |          (383)|
    X X X X    |    X X X X    |    X X X X    |         1,873 |
               |               |               |               |
- --------------->--------------->--------------->--------------->



                  SCHEDULE P - PART 4K - FIDELITY/SURETY

!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``2 `````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``3.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
- ---------------#---------------#---------------#---------------#
                                       
               |               |               |               |
    X X X X    |        13,658 |        12,126 |         6,850 |
    X X X X    |    X X X X    |        15,066 |         1,314 |
    X X X X    |    X X X X    |    X X X X    |        16,053 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


   SCHEDULE P - PART 4L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH)

!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``2 `````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``3.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
- ---------------#---------------#---------------#---------------#
                                       
               |               |               |               |
    X X X X    |             5 |             4 |             4 |
    X X X X    |    X X X X    |             0 |             0 |
    X X X X    |    X X X X    |    X X X X    |             0 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


                   SCHEDULE P - PART 4M - INTERNATIONAL


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |             0 |             0 |             0 |             0 |             0 |             0 |
|``2.`````1985`               |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`````1986`               |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`````1987`               |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |         6,976 |         4,332 |         3,098 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |         4,930 |         2,760 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |         5,303 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
- ---------------#---------------#---------------#---------------#
                                       
               |               |               |               |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
         1,388 |         1,425 |         1,694 |         1,280 |
         1,775 |         1,523 |         1,444 |         1,383 |
         3,754 |         2,259 |           958 |           840 |
         5,740 |         3,247 |         1,728 |         1,573 |
    X X X X    |         2,293 |         1,735 |           893 |
    X X X X    |    X X X X    |         4,466 |         3,344 |
    X X X X    |    X X X X    |    X X X X    |        31,206 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


Page           109

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




                   SCHEDULE P - PART 4N - REINSURANCE A



!-----------------------------#------------------------------------------------------------------------------------------------
|                             |                            BULK AND INCURRED BUT NOT REPORTED RESERVES ON LOSSES AND ALLOCATED
|               1             |---------------#---------------#---------------#---------------#---------------#---------------#
|                             |               |               |               |               |               |               |
|        Years in Which       |       2       |       3       |       4       |       5       |       6       |       7       |
|          Losses Were        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|           Incurred          |               |               |               |               |               |               |
|                             |               |               |               |               |               |               |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````1988`               |    X X X X    |    X X X X    |    X X X X    |        29,167 |        20,669 |        16,864 |
|``2.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |        14,575 |        13,294 |
|``3.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |        17,082 |
|``4.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``5.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``6.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``7.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
EXPENSES AT YEAR END (000 OMITTED)                             |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
     1991      |     1992      |     1993      |     1994      |
               |               |               |               |
               |               |               |               |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
         5,599 |         3,332 |         3,611 |         3,268 |
        13,088 |        11,443 |         4,941 |         3,073 |
        17,746 |        15,433 |         5,074 |         2,651 |
        32,597 |        23,320 |         6,916 |         4,601 |
    X X X X    |        23,417 |        18,544 |         8,047 |
    X X X X    |    X X X X    |        34,972 |        29,485 |
    X X X X    |    X X X X    |    X X X X    |        39,946 |
               |               |               |               |
- --------------->--------------->--------------->--------------->
                   SCHEDULE P - PART 4O - REINSURANCE B


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````1988`               |    X X X X    |    X X X X    |    X X X X    |        18,119 |        12,928 |        10,228 |
|``2.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |         6,987 |         5,714 |
|``3.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |         5,534 |
|``4.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``5.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``6.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``7.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->

 ---------------#---------------#---------------#---------------#
                                        
                |               |               |               |
          2,583 |         1,598 |         1,815 |         1,581 |
          4,607 |         3,651 |         2,163 |         1,683 |
          5,443 |         4,686 |         1,822 |           978 |
         11,202 |         9,182 |         4,041 |         2,781 |
     X X X X    |        13,249 |         8,686 |         4,935 |
     X X X X    |    X X X X    |         9,690 |         8,891 |
     X X X X    |    X X X X    |    X X X X    |        78,091 |
                |               |               |               |
 --------------->--------------->--------------->--------------->


                   SCHEDULE P - PART 4P - REINSURANCE C


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````1988`               |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``2.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``3.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``4.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``5.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``6.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``7.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
- ---------------#---------------#---------------#---------------#
                                       
               |               |               |               |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |             0 |             0 |
    X X X X    |    X X X X    |    X X X X    |             0 |
               |               |               |               |
- --------------->--------------->--------------->--------------->

                   SCHEDULE P - PART 4Q - REINSURANCE D


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |         3,340 |           179 |             4 |            23 |             0 |             0 |
|``2.`````1985`               |         6,413 |         7,117 |           931 |           346 |           125 |           195 |
|``3.`````1986`               |    X X X X    |        15,706 |         7,079 |         3,446 |         2,206 |         1,663 |
|``4.`````1987`               |    X X X X    |    X X X X    |        20,805 |        10,661 |         6,768 |         5,997 |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->

- ---------------#---------------#---------------#---------------#
                                       
               |               |               |               |
             0 |             0 |             0 |             0 |
             2 |             0 |             0 |             0 |
           814 |           590 |           442 |           332 |
         2,624 |         2,139 |         2,492 |         1,960 |
               |               |               |               |
- --------------->--------------->--------------->--------------->



Page           110

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




    SCHEDULE P - PART 4R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE



!-----------------------------#------------------------------------------------------------------------------------------------
|                             |                            BULK AND INCURRED BUT NOT REPORTED RESERVES ON LOSSES AND ALLOCATED
|               1             |---------------#---------------#---------------#---------------#---------------#---------------#
|                             |               |               |               |               |               |               |
|        Years in Which       |       2       |       3       |       4       |       5       |       6       |       7       |
|          Losses Were        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|           Incurred          |               |               |               |               |               |               |
|                             |               |               |               |               |               |               |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |        29,523 |        17,467 |        13,937 |        12,653 |         8,442 |        15,870 |
|``2.`````1985`               |        10,485 |         7,804 |         7,597 |         6,977 |         5,298 |         4,066 |
|``3.`````1986`               |    X X X X    |        26,221 |        19,150 |        16,072 |         9,372 |         5,213 |
|``4.`````1987`               |    X X X X    |    X X X X    |        24,856 |        18,904 |        15,562 |        11,129 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |        17,164 |        13,768 |        14,915 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |        13,345 |         9,827 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |        10,345 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
EXPENSES AT YEAR END (000 OMITTED)                             |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
     1991      |     1992      |     1993      |     1994      |
               |               |               |               |
               |               |               |               |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |
        22,008 |        27,576 |        32,709 |        32,138 |
         3,226 |         2,847 |         3,452 |         5,186 |
         4,975 |         3,763 |         4,275 |         5,013 |
         6,489 |         4,705 |         5,581 |         6,108 |
         4,998 |         5,183 |         5,022 |         4,682 |
         5,407 |         3,061 |         3,546 |         2,410 |
         7,066 |         5,154 |         4,032 |         2,607 |
         7,951 |         6,021 |         4,756 |         3,787 |
    X X X X    |         6,687 |         4,483 |         3,316 |
    X X X X    |    X X X X    |         5,486 |         3,296 |
    X X X X    |    X X X X    |    X X X X    |         3,916 |
               |               |               |               |
- --------------->--------------->--------------->--------------->

    SCHEDULE P - PART 4R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS-MADE


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |             0 |             0 |             0 |             0 |             0 |             0 |
|``2.`````1985`               |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`````1986`               |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`````1987`               |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`````1988`               |    X X X X    |    X X X X    |    X X X X    |             2 |             2 |             0 |
|``6.`````1989`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             2 |
|``7.`````1990`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |            29 |
|``8.`````1991`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`````1992`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->

- ---------------#---------------#---------------#---------------#
                                       
               |               |               |               |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             3 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             2 |             0 |
            19 |            14 |             0 |             0 |
            52 |            31 |            12 |             0 |
    X X X X    |            24 |           348 |             0 |
    X X X X    |    X X X X    |             0 |           767 |
    X X X X    |    X X X X    |    X X X X    |            17 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


        SCHEDULE P - PART 4S - FINANCIAL GUARANTY/MORTGAGE GUARANTY


!-----------------------------#---------------#---------------#---------------#---------------#---------------#---------------#
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`````Prior`              |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``2.`````1993`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``3.`````1994`               |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->
- ---------------#---------------#---------------#---------------#
                                        
               |               |               |               |
    X X X X    |           328 |           131 |           644 |
    X X X X    |    X X X X    |            37 |             8 |
    X X X X    |    X X X X    |    X X X X    |            26 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


Page #     Page 111

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND
ITS AFFILIATED FIRE AND CASUALTY INSURERS



               SCHEDULE P - PART 5A - HOMEOWNERS/FARMOWNERS



                                                 SECTION 1


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                   CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND AS
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |            670 |            958 |          1,103 |          1,176 |          1,220 |
|``2.`1985`          |        56,124 |         68,125 |         68,624 |         68,778 |         68,861 |         68,902 |
|``3.`1986`          |    X X X X    |         45,097 |         52,914 |         53,325 |         53,486 |         53,557 |
|``4.`1987`          |    X X X X    |    X X X X     |         39,975 |         47,811 |         48,266 |         48,429 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         36,820 |         44,672 |         45,101 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         45,460 |         57,283 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         41,801 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
SUMED AT YEAR END                                                  |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
          1,242 |          1,251 |          1,263 |          1,277 |
         68,927 |         68,934 |         68,940 |         68,943 |
         53,586 |         53,607 |         53,621 |         53,628 |
         48,501 |         48,529 |         48,546 |         48,552 |
         45,242 |         45,296 |         45,331 |         45,342 |
         57,764 |         57,875 |         57,979 |         58,018 |
         49,954 |         50,375 |         50,530 |         50,606 |
         48,076 |         55,530 |         56,018 |         56,158 |
    X X X X     |         38,383 |         48,117 |         48,693 |
    X X X X     |    X X X X     |         34,670 |         40,108 |
    X X X X     |    X X X X     |    X X X X     |         40,322 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->




                                                 SECTION 2



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                               NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEA
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |            591 |            306 |            156 |             83 |             39 |
|``2.`1985`          |         7,295 |            751 |            307 |            168 |             76 |             32 |
|``3.`1986`          |    X X X X    |          5,403 |            558 |            241 |            127 |             62 |
|``4.`1987`          |    X X X X    |    X X X X     |          5,333 |            535 |            268 |            121 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |          5,142 |            531 |            202 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |          7,258 |            466 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |          5,587 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



 -------------------------------------------------------------------#
 R END                                                              |
 ----------------#----------------#----------------#----------------|
                 |                |                |                |
        8        |       9        |       10       |       11       |
                 |                |                |                |
                 |                |                |                |
                 |                |                |                |
       1991      |      1992      |      1993      |      1994      |
 ----------------|----------------|----------------|----------------|
                                           
                 |                |                |                |
              26 |             23 |             17 |              8 |
              15 |              9 |              5 |              3 |
              46 |             25 |             12 |              5 |
              67 |             38 |             17 |              8 |
              91 |             60 |             27 |             19 |
             202 |            140 |             73 |             35 |
             524 |            255 |            138 |             72 |
           6,035 |            688 |            273 |            145 |
     X X X X     |          8,030 |            671 |            267 |
     X X X X     |    X X X X     |          4,769 |            421 |
     X X X X     |    X X X X     |    X X X X     |          3,931 |
                 |                |                |                |
 ---------------->---------------->---------------->---------------->


                                                 SECTION 3


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                           CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |            506 |            718 |            806 |            880 |            916 |
|``2.`1985`          |        74,936 |         84,045 |         84,428 |         84,555 |         84,628 |         84,654 |
|``3.`1986`          |    X X X X    |         61,390 |         66,812 |         67,150 |         67,315 |         67,363 |
|``4.`1987`          |    X X X X    |    X X X X     |         56,274 |         61,804 |         62,281 |         62,410 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         52,744 |         58,574 |         58,952 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         65,825 |         74,342 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         60,292 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
 YEAR END                                                          |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
            940 |            952 |            965 |            976 |
         84,672 |         84,675 |         84,679 |         84,681 |
         67,393 |         67,400 |         67,405 |         67,406 |
         62,476 |         62,491 |         62,505 |         62,506 |
         59,062 |         59,112 |         59,140 |         59,153 |
         74,788 |         74,924 |         75,009 |         75,045 |
         66,197 |         66,580 |         66,704 |         66,752 |
         68,967 |         73,856 |         74,221 |         74,331 |
    X X X X     |         58,905 |         64,711 |         65,183 |
    X X X X     |    X X X X     |         51,745 |         54,836 |
    X X X X     |    X X X X     |    X X X X     |         56,371 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->


Page #     Page 112

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND
ITS AFFILIATED FIRE AND CASUALTY INSURERS



      SCHEDULE P - PART 5B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL



                                                 SECTION 1


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                   CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND AS
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          6,859 |          9,600 |         10,927 |         11,745 |         12,112 |
|``2.`1985`          |        75,654 |        105,763 |        110,693 |        112,488 |        113,443 |        113,859 |
|``3.`1986`          |    X X X X    |         72,779 |         98,335 |        102,896 |        104,904 |        105,715 |
|``4.`1987`          |    X X X X    |    X X X X     |         65,440 |         88,265 |         93,069 |         95,085 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         60,276 |         84,265 |         88,657 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         58,537 |         82,969 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         57,017 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
SUMED AT YEAR END                                                  |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
         12,310 |         12,412 |         12,481 |         12,526 |
        114,014 |        114,102 |        114,135 |        114,154 |
        106,046 |        106,145 |        106,212 |        106,242 |
         95,822 |         96,030 |         96,162 |         96,214 |
         90,296 |         90,774 |         91,029 |         91,128 |
         86,851 |         88,079 |         88,694 |         88,966 |
         78,203 |         81,290 |         82,606 |         83,170 |
         50,382 |         68,301 |         71,784 |         73,288 |
    X X X X     |         38,264 |         53,079 |         55,934 |
    X X X X     |    X X X X     |         31,070 |         42,926 |
    X X X X     |    X X X X     |    X X X X     |         28,739 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->



                                                 SECTION 2



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                               NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEA
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          5,402 |          2,782 |          1,490 |            775 |            432 |
|``2.`1985`          |        27,723 |          7,121 |          2,996 |          1,433 |            731 |            298 |
|``3.`1986`          |    X X X X    |         25,033 |          6,181 |          2,549 |          1,273 |            543 |
|``4.`1987`          |    X X X X    |    X X X X     |         21,698 |          5,191 |          2,574 |          1,071 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         21,769 |          5,259 |          2,169 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         22,439 |          4,753 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         19,451 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
R END                                                              |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
            298 |            238 |            212 |            183 |
            170 |             93 |             63 |             46 |
            216 |            136 |             63 |             33 |
            426 |            231 |            101 |             50 |
            908 |            498 |            217 |            125 |
          2,065 |          1,155 |            524 |            234 |
          4,352 |          2,240 |          1,112 |            475 |
         19,215 |          5,461 |          2,580 |          1,151 |
    X X X X     |         17,055 |          4,428 |          1,903 |
    X X X X     |    X X X X     |         13,804 |          3,439 |
    X X X X     |    X X X X     |    X X X X     |         12,199 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->






                                                 SECTION 3



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                           CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          3,323 |          4,637 |          5,262 |          5,831 |          6,029 |
|``2.`1985`          |       131,135 |        153,280 |        156,041 |        157,032 |        157,723 |        157,885 |
|``3.`1986`          |    X X X X    |        125,850 |        142,629 |        145,306 |        146,862 |        147,270 |
|``4.`1987`          |    X X X X    |    X X X X     |        112,492 |        127,882 |        131,749 |        133,009 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |        106,060 |        122,281 |        124,846 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |        103,782 |        119,469 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         98,652 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
 YEAR END                                                          |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
          6,172 |          6,252 |          6,327 |          6,368 |
        157,983 |        158,025 |        158,046 |        158,056 |
        147,426 |        147,498 |        147,533 |        147,546 |
        133,347 |        133,454 |        133,508 |        133,532 |
        125,764 |        126,030 |        126,115 |        126,177 |
        121,913 |        122,728 |        122,987 |        123,081 |
        111,847 |        113,850 |        114,546 |        114,717 |
         90,025 |        100,753 |        102,724 |        103,349 |
    X X X X     |         71,621 |         79,504 |         80,781 |
    X X X X     |    X X X X     |         57,551 |         63,294 |
    X X X X     |    X X X X     |    X X X X     |         53,346 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->



Page #     Page 113

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND
ITS AFFILIATED FIRE AND CASUALTY INSURERS



      SCHEDULE P - PART 5C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL



                                                 SECTION 1


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                   CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND AS
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          4,001 |          5,821 |          6,661 |          7,115 |          7,335 |
|``2.`1985`          |        44,413 |         61,218 |         64,162 |         65,305 |         65,921 |         66,238 |
|``3.`1986`          |    X X X X    |         39,218 |         52,112 |         54,597 |         55,757 |         56,312 |
|``4.`1987`          |    X X X X    |    X X X X     |         35,761 |         47,499 |         50,103 |         51,223 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         32,367 |         43,509 |         45,796 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         29,515 |         40,455 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         27,835 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
SUMED AT YEAR END                                                  |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
          7,412 |          7,459 |          7,495 |          7,515 |
         66,370 |         66,425 |         66,457 |         66,464 |
         56,550 |         56,652 |         56,700 |         56,716 |
         51,747 |         51,921 |         52,026 |         52,076 |
         46,732 |         47,042 |         47,224 |         47,311 |
         42,481 |         43,243 |         43,610 |         43,829 |
         37,021 |         38,470 |         39,188 |         39,593 |
         22,684 |         29,371 |         30,880 |         31,592 |
    X X X X     |         18,110 |         24,639 |         26,112 |
    X X X X     |    X X X X     |         15,274 |         20,629 |
    X X X X     |    X X X X     |    X X X X     |         14,524 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->


                                                 SECTION 2



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                               NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEA
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          3,818 |          1,928 |          1,015 |            490 |            242 |
|``2.`1985`          |        12,919 |          4,547 |          2,232 |          1,220 |            604 |            262 |
|``3.`1986`          |    X X X X    |         11,214 |          3,728 |          1,978 |          1,059 |            508 |
|``4.`1987`          |    X X X X    |    X X X X     |         10,261 |          3,375 |          1,800 |            921 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |          9,402 |          3,217 |          1,536 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |          9,352 |          2,848 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |          8,573 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
R END                                                              |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
            138 |            103 |             66 |             42 |
            133 |             70 |             33 |             23 |
            234 |            116 |             58 |             30 |
            412 |            231 |            119 |             65 |
            787 |            453 |            244 |            133 |
          1,498 |            859 |            464 |            217 |
          2,638 |          1,579 |            854 |            425 |
          7,226 |          2,725 |          1,466 |            777 |
    X X X X     |          7,938 |          2,747 |          1,435 |
    X X X X     |    X X X X     |          6,361 |          1,907 |
    X X X X     |    X X X X     |    X X X X     |          5,772 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->


                                                 SECTION 3


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                           CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          2,302 |          3,119 |          3,461 |          3,711 |          3,811 |
|``2.`1985`          |        73,225 |         89,615 |         91,545 |         92,237 |         92,595 |         92,720 |
|``3.`1986`          |    X X X X    |         65,266 |         76,724 |         78,538 |         79,389 |         79,612 |
|``4.`1987`          |    X X X X    |    X X X X     |         60,006 |         70,608 |         72,733 |         73,457 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         54,431 |         64,426 |         65,983 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         50,018 |         59,320 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         47,449 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
 YEAR END                                                          |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
          3,851 |          3,893 |          3,923 |          3,942 |
         92,772 |         92,797 |         92,804 |         92,814 |
         79,711 |         79,758 |         79,773 |         79,779 |
         73,701 |         73,788 |         73,839 |         73,859 |
         66,583 |         66,737 |         66,817 |         66,851 |
         60,790 |         61,246 |         61,399 |         61,475 |
         54,839 |         56,035 |         56,413 |         56,559 |
         39,976 |         45,539 |         46,487 |         46,838 |
    X X X X     |         34,817 |         39,744 |         40,575 |
    X X X X     |    X X X X     |         29,395 |         33,124 |
    X X X X     |    X X X X     |    X X X X     |         27,677 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->



Page #     Page 114

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND
ITS AFFILIATED FIRE AND CASUALTY INSURERS



               SCHEDULE P - PART 5D - WORKERS' COMPENSATION



                                                 SECTION 1


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                   CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND AS
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          7,382 |         11,467 |         14,030 |         16,334 |         18,007 |
|``2.`1985`          |        21,806 |         37,895 |         42,063 |         44,020 |         45,214 |         45,887 |
|``3.`1986`          |    X X X X    |         21,911 |         34,793 |         38,212 |         40,227 |         41,341 |
|``4.`1987`          |    X X X X    |    X X X X     |         18,908 |         31,571 |         35,369 |         37,233 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         20,032 |         34,242 |         38,387 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         19,741 |         35,896 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         19,248 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
SUMED AT YEAR END                                                  |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
         19,398 |         20,432 |         21,464 |         22,475 |
         46,359 |         46,635 |         46,853 |         47,028 |
         41,963 |         42,317 |         42,580 |         42,810 |
         38,288 |         38,826 |         39,209 |         39,472 |
         40,367 |         41,272 |         41,825 |         42,245 |
         40,477 |         42,305 |         43,315 |         44,004 |
         34,077 |         37,766 |         39,680 |         40,720 |
         17,032 |         29,011 |         32,843 |         34,549 |
    X X X X     |         11,389 |         22,496 |         25,529 |
    X X X X     |    X X X X     |          8,150 |         15,621 |
    X X X X     |    X X X X     |    X X X X     |          7,072 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->


                                                 SECTION 2



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                               NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEA
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |         11,771 |          8,881 |          7,082 |          6,203 |          5,250 |
|``2.`1985`          |        16,598 |          6,939 |          3,857 |          2,289 |          1,655 |          1,172 |
|``3.`1986`          |    X X X X    |         13,723 |          5,864 |          3,441 |          2,281 |          1,439 |
|``4.`1987`          |    X X X X    |    X X X X     |         13,008 |          5,734 |          3,473 |          2,094 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         14,481 |          6,706 |          3,546 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         17,171 |          6,963 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         15,274 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
R END                                                              |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
          4,598 |          4,147 |          3,666 |          3,096 |
            869 |            711 |            539 |            423 |
          1,025 |            830 |            625 |            478 |
          1,321 |            961 |            688 |            499 |
          2,055 |          1,441 |          1,035 |            697 |
          3,593 |          2,299 |          1,504 |            944 |
          6,262 |          3,677 |          2,173 |          1,295 |
         13,786 |          6,298 |          3,258 |          1,799 |
    X X X X     |         13,165 |          4,880 |          2,444 |
    X X X X     |    X X X X     |          8,770 |          3,016 |
    X X X X     |    X X X X     |    X X X X     |          6,318 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->




                                                 SECTION 3



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                           CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          2,691 |          4,478 |          5,664 |          7,604 |          8,669 |
|``2.`1985`          |        40,038 |         47,785 |         49,313 |         49,964 |         50,752 |         51,049 |
|``3.`1986`          |    X X X X    |         37,431 |         43,552 |         44,924 |         46,102 |         46,523 |
|``4.`1987`          |    X X X X    |    X X X X     |         33,562 |         40,062 |         42,174 |         42,911 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         36,462 |         44,202 |         45,575 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         39,142 |         46,631 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         36,715 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
 YEAR END                                                          |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
          9,712 |         10,501 |         11,303 |         11,930 |
         51,313 |         51,500 |         51,591 |         51,673 |
         46,837 |         47,067 |         47,189 |         47,306 |
         43,348 |         43,639 |         43,814 |         43,931 |
         46,342 |         46,771 |         47,023 |         47,184 |
         48,338 |         49,103 |         49,486 |         49,722 |
         43,982 |         45,523 |         46,185 |         46,529 |
         33,106 |         39,069 |         40,361 |         40,842 |
    X X X X     |         26,820 |         31,289 |         32,214 |
    X X X X     |    X X X X     |         18,601 |         21,352 |
    X X X X     |    X X X X     |    X X X X     |         14,939 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->



Page #     Page 115

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND
ITS AFFILIATED FIRE AND CASUALTY INSURERS



             SCHEDULE P - PART 5E - COMMERCIAL MULTIPLE PERIL



                                                 SECTION 1



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                   CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND AS
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          1,731 |          2,702 |          3,306 |          3,671 |          3,923 |
|``2.`1985`          |        21,333 |         29,292 |         30,368 |         30,950 |         31,316 |         31,508 |
|``3.`1986`          |    X X X X    |         17,140 |         22,607 |         23,424 |         24,053 |         24,374 |
|``4.`1987`          |    X X X X    |    X X X X     |         14,502 |         19,896 |         20,711 |         21,194 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         24,852 |         34,936 |         36,452 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         34,266 |         47,796 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         34,042 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
SUMED AT YEAR END                                                  |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
          4,049 |          4,188 |          4,241 |          4,285 |
         31,612 |         31,670 |         31,700 |         31,715 |
         24,540 |         24,622 |         24,662 |         24,688 |
         21,465 |         21,596 |         21,667 |         21,699 |
         37,210 |         37,606 |         37,863 |         38,019 |
         49,649 |         50,367 |         50,889 |         51,226 |
         45,817 |         47,250 |         48,210 |         48,770 |
         32,875 |         42,314 |         43,958 |         44,840 |
    X X X X     |         27,463 |         38,307 |         39,862 |
    X X X X     |    X X X X     |         30,293 |         40,515 |
    X X X X     |    X X X X     |    X X X X     |         35,299 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->

                                                 SECTION 2



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                               NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEA
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          3,395 |          2,612 |          1,446 |          1,087 |            809 |
|``2.`1985`          |         5,718 |          2,306 |          1,541 |            969 |            528 |            323 |
|``3.`1986`          |    X X X X    |          4,711 |          1,952 |          1,449 |            857 |            533 |
|``4.`1987`          |    X X X X    |    X X X X     |          4,465 |          1,698 |          1,166 |            742 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |          8,054 |          2,962 |          1,875 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         10,954 |          3,374 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         10,564 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
R END                                                              |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
            643 |            362 |            260 |            190 |
            196 |            118 |             76 |             56 |
            355 |            225 |            135 |             94 |
            404 |            273 |            181 |            120 |
          1,244 |            799 |            459 |            303 |
          2,112 |          1,562 |            948 |            568 |
          3,526 |          2,762 |          1,779 |          1,111 |
         10,376 |          3,991 |          2,550 |          1,602 |
    X X X X     |         12,436 |          3,789 |          2,403 |
    X X X X     |    X X X X     |         12,406 |          3,684 |
    X X X X     |    X X X X     |    X X X X     |         12,961 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->


                                                 SECTION 3



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                           CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          1,594 |          3,600 |          4,122 |          4,568 |          4,839 |
|``2.`1985`          |        34,509 |         43,132 |         44,266 |         44,710 |         44,958 |         45,085 |
|``3.`1986`          |    X X X X    |         29,221 |         35,027 |         36,111 |         36,609 |         36,844 |
|``4.`1987`          |    X X X X    |    X X X X     |         26,156 |         32,065 |         33,087 |         33,511 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         45,414 |         56,393 |         58,079 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         62,446 |         76,276 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         63,336 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
 YEAR END                                                          |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
          4,965 |          5,054 |          5,124 |          5,199 |
         45,146 |         45,167 |         45,185 |         45,195 |
         36,954 |         36,999 |         37,033 |         37,058 |
         33,664 |         33,768 |         33,818 |         33,836 |
         58,829 |         59,343 |         59,512 |         59,664 |
         78,292 |         79,138 |         79,508 |         79,725 |
         75,407 |         77,469 |         78,375 |         78,761 |
         62,241 |         71,979 |         73,931 |         74,750 |
    X X X X     |         56,478 |         66,838 |         68,667 |
    X X X X     |    X X X X     |         62,703 |         72,256 |
    X X X X     |    X X X X     |    X X X X     |         72,121 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->



Page #     Page 116

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND
ITS AFFILIATED FIRE AND CASUALTY INSURERS



          SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - OCCURRENCE



                                                SECTION 1A


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                   CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND AS
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |            170 |            319 |            436 |            533 |            593 |
|``2.`1985`          |            21 |             32 |             46 |             62 |             78 |             95 |
|``3.`1986`          |    X X X X    |              0 |              0 |              0 |              0 |              1 |
|``4.`1987`          |    X X X X    |    X X X X     |              1 |              1 |              1 |              2 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |              0 |              0 |              0 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |              1 |              1 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |              0 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
SUMED AT YEAR END                                                  |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
            618 |            641 |            658 |            669 |
             98 |            103 |            105 |            105 |
              1 |              1 |              1 |              1 |
              2 |              2 |              2 |              2 |
              2 |              2 |              2 |              2 |
              2 |              2 |              2 |              2 |
              0 |              0 |              1 |              1 |
              0 |              0 |              1 |              1 |
    X X X X     |              0 |              0 |              0 |
    X X X X     |    X X X X     |              0 |              0 |
    X X X X     |    X X X X     |    X X X X     |              0 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->

                                                SECTION 2A



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                               NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEA
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |            685 |            477 |            280 |            192 |            106 |
|``2.`1985`          |            53 |             58 |             55 |             66 |             35 |             16 |
|``3.`1986`          |    X X X X    |              1 |              1 |              1 |              1 |              0 |
|``4.`1987`          |    X X X X    |    X X X X     |              0 |              2 |              1 |              0 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |              0 |              1 |              2 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |              0 |              1 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |              1 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
R END                                                              |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
             75 |             62 |             60 |             85 |
             13 |              6 |              7 |              7 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              1 |              1 |              0 |              0 |
              0 |              0 |              0 |              0 |
    X X X X     |              0 |              0 |              0 |
    X X X X     |    X X X X     |              0 |              0 |
    X X X X     |    X X X X     |    X X X X     |              0 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->

                                                SECTION 3A



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                           CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |            278 |            427 |            490 |            583 |            616 |
|``2.`1985`          |           129 |            189 |            226 |            270 |            283 |            290 |
|``3.`1986`          |    X X X X    |              2 |              2 |              2 |              2 |              2 |
|``4.`1987`          |    X X X X    |    X X X X     |              3 |              5 |              5 |              5 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |              0 |              1 |              4 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |              2 |              4 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |              1 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
 YEAR END                                                          |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
            642 |            671 |            717 |            760 |
            291 |            295 |            299 |            301 |
              2 |              2 |              2 |              2 |
              5 |              5 |              5 |              5 |
              4 |              4 |              4 |              4 |
              4 |              4 |              4 |              4 |
              3 |              3 |              4 |              4 |
              0 |              0 |              1 |              1 |
    X X X X     |              0 |              0 |              0 |
    X X X X     |    X X X X     |              1 |              1 |
    X X X X     |    X X X X     |    X X X X     |              0 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->


Page #     Page 117

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND
ITS AFFILIATED FIRE AND CASUALTY INSURERS



         SCHEDULE P - PART 5F - MEDICAL MALPRACTICE - CLAIMS-MADE



                                                SECTION 1B


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                   CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND AS
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |              0 |              0 |              0 |              0 |              0 |
|``2.`1985`          |             1 |              1 |              4 |              9 |             10 |             10 |
|``3.`1986`          |    X X X X    |              3 |              4 |              4 |              5 |              5 |
|``4.`1987`          |    X X X X    |    X X X X     |              0 |              0 |              0 |              0 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |              0 |              0 |              0 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |              0 |              0 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |              0 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



 -------------------------------------------------------------------#
 SUMED AT YEAR END                                                  |
 ----------------#----------------#----------------#----------------|
                 |                |                |                |
        8        |       9        |       10       |       11       |
                 |                |                |                |
                 |                |                |                |
                 |                |                |                |
       1991      |      1992      |      1993      |      1994      |
 ----------------|----------------|----------------|----------------|
                                          
                 |                |                |                |
               0 |              0 |              0 |              0 |
              10 |             10 |             10 |             10 |
               5 |              5 |              5 |              5 |
               0 |              0 |              0 |              0 |
               0 |              0 |              0 |              0 |
               0 |              0 |              0 |              0 |
               0 |              0 |              0 |              0 |
               0 |              0 |              0 |              0 |
     X X X X     |              0 |              0 |              0 |
     X X X X     |    X X X X     |              0 |              0 |
     X X X X     |    X X X X     |    X X X X     |              0 |
                 |                |                |                |
 ---------------->---------------->---------------->---------------->



                                                SECTION 2B



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                               NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEA
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |              0 |              0 |              0 |              0 |              0 |
|``2.`1985`          |            12 |             11 |              7 |              1 |              0 |              0 |
|``3.`1986`          |    X X X X    |              4 |              1 |              1 |              0 |              0 |
|``4.`1987`          |    X X X X    |    X X X X     |              0 |              0 |              0 |              0 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |              0 |              0 |              0 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |              1 |              0 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |              0 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



 -------------------------------------------------------------------#
 R END                                                              |
 ----------------#----------------#----------------#----------------|
                 |                |                |                |
        8        |       9        |       10       |       11       |
                 |                |                |                |
                 |                |                |                |
                 |                |                |                |
       1991      |      1992      |      1993      |      1994      |
 ----------------|----------------|----------------|----------------|
                                          
                 |                |                |                |
               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 |
     X X X X     |              0 |              0 |              0 |
     X X X X     |    X X X X     |              0 |              0 |
     X X X X     |    X X X X     |    X X X X     |              0 |
                 |                |                |                |
 ---------------->---------------->---------------->---------------->


                                                SECTION 3B



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                           CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |              0 |              0 |              0 |              0 |              0 |
|``2.`1985`          |            20 |             20 |             20 |             20 |             20 |             20 |
|``3.`1986`          |    X X X X    |              8 |              8 |              8 |              8 |              8 |
|``4.`1987`          |    X X X X    |    X X X X     |              0 |              0 |              0 |              0 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |              0 |              0 |              0 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |              2 |              2 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |              0 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
 YEAR END                                                          |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
              0 |              0 |              0 |              0 |
             20 |             20 |             20 |             20 |
              8 |              8 |              8 |              8 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              2 |              2 |              2 |              2 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
    X X X X     |              0 |              0 |              0 |
    X X X X     |    X X X X     |              0 |              0 |
    X X X X     |    X X X X     |    X X X X     |              0 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->



Page #     Page 118

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND
ITS AFFILIATED FIRE AND CASUALTY INSURERS



            SCHEDULE P - PART 5H - OTHER LIABILITY - OCCURRENCE



                                                SECTION 1A


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                   CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND AS
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          3,549 |          5,976 |          7,373 |          8,252 |          8,812 |
|``2.`1985`          |        14,981 |         21,486 |         22,813 |         23,685 |         24,214 |         24,552 |
|``3.`1986`          |    X X X X    |         11,614 |         16,593 |         17,752 |         18,534 |         19,082 |
|``4.`1987`          |    X X X X    |    X X X X     |          9,884 |         14,181 |         15,216 |         15,909 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |          7,927 |         11,428 |         12,051 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |          5,143 |          7,267 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |          5,273 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
SUMED AT YEAR END                                                  |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
          9,122 |          9,274 |          9,427 |          9,536 |
         24,757 |         24,833 |         24,891 |         24,930 |
         19,379 |         19,521 |         19,606 |         19,652 |
         16,285 |         16,509 |         16,643 |         16,712 |
         12,464 |         12,724 |         12,873 |         12,946 |
          7,717 |          7,980 |          8,184 |          8,309 |
          7,222 |          7,644 |          7,891 |          8,074 |
          3,951 |          5,105 |          5,453 |          5,642 |
    X X X X     |          1,930 |          2,793 |          3,015 |
    X X X X     |    X X X X     |          1,402 |          2,016 |
    X X X X     |    X X X X     |    X X X X     |          1,251 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->

                                                SECTION 2A



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                               NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEA
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |         11,299 |          5,765 |          2,494 |          1,767 |          1,183 |
|``2.`1985`          |         5,370 |          3,198 |          2,381 |          1,488 |            898 |            511 |
|``3.`1986`          |    X X X X    |          4,318 |          2,603 |          1,992 |          1,411 |            767 |
|``4.`1987`          |    X X X X    |    X X X X     |          3,899 |          2,185 |          1,659 |          1,035 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |          2,553 |          1,459 |          1,065 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |          2,080 |          1,015 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |          2,133 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
R END                                                              |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
            814 |            704 |            712 |            717 |
            285 |            225 |            162 |            135 |
            468 |            294 |            218 |            143 |
            660 |            400 |            243 |            164 |
            723 |            437 |            266 |            168 |
            839 |            624 |            381 |            238 |
            995 |            842 |            576 |            371 |
          1,583 |            888 |            661 |            459 |
    X X X X     |          1,228 |            612 |            418 |
    X X X X     |    X X X X     |            794 |            407 |
    X X X X     |    X X X X     |    X X X X     |            816 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->


                                                SECTION 3A



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                           CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          6,179 |          8,902 |         10,101 |         11,126 |         11,746 |
|``2.`1985`          |        27,488 |         36,286 |         38,165 |         38,956 |         39,390 |         39,593 |
|``3.`1986`          |    X X X X    |         22,019 |         28,796 |         30,568 |         31,435 |         31,756 |
|``4.`1987`          |    X X X X    |    X X X X     |         19,496 |         25,692 |         27,216 |         27,866 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |         15,111 |         19,536 |         20,471 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |         10,476 |         13,281 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |         11,887 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
 YEAR END                                                          |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
         12,116 |         12,375 |         12,739 |         13,044 |
         39,721 |         39,802 |         39,871 |         39,924 |
         31,971 |         32,070 |         32,165 |         32,195 |
         28,166 |         28,330 |         28,421 |         28,470 |
         20,912 |         21,084 |         21,174 |         21,232 |
         14,048 |         14,397 |         14,538 |         14,612 |
         14,352 |         15,030 |         15,299 |         15,425 |
          8,598 |         10,182 |         10,696 |         10,898 |
    X X X X     |          4,936 |          6,082 |          6,377 |
    X X X X     |    X X X X     |          3,429 |          4,371 |
    X X X X     |    X X X X     |    X X X X     |          3,516 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->



Page #     Page 119

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND
ITS AFFILIATED FIRE AND CASUALTY INSURERS



           SCHEDULE P - PART 5H - OTHER LIABILITY - CLAIMS-MADE



                                                SECTION 1B


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                   CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND AS
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |              0 |              0 |              0 |              0 |              0 |
|``2.`1985`          |             0 |              2 |              2 |              2 |              2 |              2 |
|``3.`1986`          |    X X X X    |              0 |              0 |              2 |              3 |              4 |
|``4.`1987`          |    X X X X    |    X X X X     |              0 |              0 |              0 |              0 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |             54 |             68 |             69 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |            103 |            118 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |             72 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
SUMED AT YEAR END                                                  |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
              0 |              0 |              0 |              0 |
              2 |              2 |              2 |              2 |
              4 |              4 |              4 |              4 |
              0 |              0 |              0 |              0 |
             69 |             70 |             70 |             70 |
            124 |            125 |            126 |            126 |
             81 |             82 |             84 |             85 |
             60 |             68 |             70 |             72 |
    X X X X     |             47 |             59 |             62 |
    X X X X     |    X X X X     |             29 |             34 |
    X X X X     |    X X X X     |    X X X X     |             14 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->


                                                SECTION 2B



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                               NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEA
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |              0 |              0 |              0 |              0 |              0 |
|``2.`1985`          |             4 |              1 |              1 |              1 |              1 |              1 |
|``3.`1986`          |    X X X X    |              6 |              6 |              4 |              3 |              2 |
|``4.`1987`          |    X X X X    |    X X X X     |              1 |              0 |              0 |              0 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |             34 |              7 |              4 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |             36 |              9 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |             28 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
R END                                                              |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
              0 |              0 |              0 |              0 |
              1 |              1 |              1 |              1 |
              2 |              2 |              2 |              2 |
              0 |              0 |              0 |              0 |
              2 |              0 |              0 |              0 |
              3 |              2 |              1 |              1 |
              4 |              3 |              1 |              0 |
             37 |             12 |              5 |              2 |
    X X X X     |             35 |              9 |              4 |
    X X X X     |    X X X X     |             41 |             26 |
    X X X X     |    X X X X     |    X X X X     |             27 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->


                                                SECTION 3B



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                           CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |              0 |              0 |              0 |              0 |              0 |
|``2.`1985`          |             5 |              5 |              5 |              5 |              5 |              5 |
|``3.`1986`          |    X X X X    |              6 |              6 |              6 |              6 |              6 |
|``4.`1987`          |    X X X X    |    X X X X     |              2 |              2 |              2 |              2 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |            114 |            114 |            114 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |            191 |            191 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |            155 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
 YEAR END                                                          |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
              0 |              0 |              0 |              0 |
              5 |              5 |              5 |              5 |
              6 |              6 |              6 |              6 |
              2 |              2 |              2 |              2 |
            114 |            114 |            114 |            114 |
            191 |            191 |            191 |            191 |
            155 |            155 |            155 |            155 |
            160 |            160 |            160 |            160 |
    X X X X     |            137 |            137 |            137 |
    X X X X     |    X X X X     |            103 |            103 |
    X X X X     |    X X X X     |    X X X X     |             63 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->



Page #     Page 120

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND
ITS AFFILIATED FIRE AND CASUALTY INSURERS



          SCHEDULE P - PART 5R - PRODUCTS LIABILITY - OCCURRENCE



                                                SECTION 1A


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                   CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND AS
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |            209 |            430 |            609 |            805 |            923 |
|``2.`1985`          |           227 |            369 |            429 |            504 |            617 |            752 |
|``3.`1986`          |    X X X X    |            173 |            317 |            368 |            463 |            536 |
|``4.`1987`          |    X X X X    |    X X X X     |            153 |            262 |            326 |            410 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |             74 |            217 |            277 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |            230 |            352 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |            282 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
SUMED AT YEAR END                                                  |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
            982 |          1,022 |          1,058 |          1,093 |
            774 |            790 |            808 |            818 |
            582 |            610 |            628 |            652 |
            471 |            499 |            523 |            543 |
            362 |            394 |            415 |            421 |
            405 |            439 |            468 |            483 |
            399 |            414 |            444 |            460 |
            171 |            224 |            257 |            278 |
    X X X X     |             78 |            114 |            143 |
    X X X X     |    X X X X     |             82 |            121 |
    X X X X     |    X X X X     |    X X X X     |             27 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->


                                                SECTION 2A



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                               NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEA
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |          1,941 |          1,746 |          1,573 |          1,585 |            828 |
|``2.`1985`          |           165 |            230 |            315 |            366 |            258 |            101 |
|``3.`1986`          |    X X X X    |            225 |            257 |            306 |            269 |            154 |
|``4.`1987`          |    X X X X    |    X X X X     |            166 |            265 |            261 |            160 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |            163 |            141 |            161 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |            154 |            100 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |            131 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
R END                                                              |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
            267 |            260 |            283 |            485 |
             70 |             55 |             44 |             50 |
            104 |             77 |             76 |             68 |
            124 |             95 |             91 |             98 |
             96 |             73 |             60 |             57 |
             87 |             55 |             43 |             27 |
             66 |             67 |             53 |             42 |
             70 |             68 |             79 |             67 |
    X X X X     |             79 |             62 |             56 |
    X X X X     |    X X X X     |             45 |             18 |
    X X X X     |    X X X X     |    X X X X     |             32 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->



                                                SECTION 3A


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                           CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |            475 |          2,182 |          3,272 |          4,152 |          4,378 |
|``2.`1985`          |           553 |            889 |          1,101 |          1,295 |          1,422 |          1,446 |
|``3.`1986`          |    X X X X    |            542 |            862 |          1,066 |          1,232 |          1,290 |
|``4.`1987`          |    X X X X    |    X X X X     |            439 |            760 |            944 |          1,015 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |            299 |            597 |            745 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |            576 |            811 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |            671 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
 YEAR END                                                          |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
          4,532 |          4,698 |          4,836 |          5,139 |
          1,466 |          1,485 |          1,516 |          1,546 |
          1,331 |          1,356 |          1,398 |          1,442 |
          1,087 |          1,133 |          1,196 |          1,251 |
            802 |            836 |            878 |            901 |
            892 |            926 |            959 |            975 |
            843 |            889 |            929 |            948 |
            408 |            509 |            582 |            623 |
    X X X X     |            306 |            403 |            459 |
    X X X X     |    X X X X     |            186 |            231 |
    X X X X     |    X X X X     |    X X X X     |             89 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->



Page #     Page 121

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND
ITS AFFILIATED FIRE AND CASUALTY INSURERS



          SCHEDULE P - PART 5R - PRODUCTS LIABILITY - CLAIMS-MADE



                                                SECTION 1B



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                   CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND AS
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |              0 |              0 |              0 |              0 |              0 |
|``2.`1985`          |             0 |              0 |              0 |              0 |              0 |              0 |
|``3.`1986`          |    X X X X    |              0 |              0 |              0 |              0 |              0 |
|``4.`1987`          |    X X X X    |    X X X X     |              0 |              0 |              0 |              0 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |              3 |              3 |              4 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |              0 |              0 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |              2 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->


- -------------------------------------------------------------------#
SUMED AT YEAR END                                                  |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              4 |              4 |              4 |              4 |
              1 |              1 |              1 |              1 |
              2 |              3 |              5 |              5 |
              1 |              3 |              4 |              6 |
    X X X X     |              0 |              1 |              1 |
    X X X X     |    X X X X     |              0 |             11 |
    X X X X     |    X X X X     |    X X X X     |              7 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->


                                                SECTION 2B


!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                               NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEA
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |              0 |              0 |              0 |              0 |              0 |
|``2.`1985`          |             0 |              0 |              0 |              0 |              0 |              0 |
|``3.`1986`          |    X X X X    |              0 |              0 |              0 |              0 |              0 |
|``4.`1987`          |    X X X X    |    X X X X     |              0 |              0 |              0 |              0 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |              3 |              1 |              0 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |              1 |              1 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |              6 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
R END                                                              |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              5 |              4 |              0 |              0 |
              8 |              4 |              2 |              0 |
    X X X X     |              4 |              0 |              0 |
    X X X X     |    X X X X     |             79 |             38 |
    X X X X     |    X X X X     |    X X X X     |             33 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->

                                                SECTION 3B



!--------------------#-----------------------------------------------------------------------------------------------------
|                    |                                           CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT
|         1          |---------------#----------------#----------------#----------------#----------------#----------------#
|       Years        |               |                |                |                |                |                |
|      in Which      |       2       |       3        |       4        |       5        |       6        |       7        |
|    Premiums Were   |               |                |                |                |                |                |
|     Earned and     |               |                |                |                |                |                |
|     Losses Were    |               |                |                |                |                |                |
|      Incurred      |     1985      |      1986      |      1987      |      1988      |      1989      |      1990      |
|--------------------|---------------|----------------|----------------|----------------|----------------|----------------|
                                                                                       
|                    |               |                |                |                |                |                |
|``1.`Prior`         |      000      |              0 |              0 |              0 |              0 |              0 |
|``2.`1985`          |             0 |              0 |              0 |              0 |              0 |              0 |
|``3.`1986`          |    X X X X    |              0 |              0 |              0 |              0 |              0 |
|``4.`1987`          |    X X X X    |    X X X X     |              0 |              0 |              0 |              0 |
|``5.`1988`          |    X X X X    |    X X X X     |    X X X X     |              6 |              6 |              6 |
|``6.`1989`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |              2 |              2 |
|``7.`1990`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |              8 |
|``8.`1991`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|``9.`1992`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`10.`1993`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|`11.`1994`          |    X X X X    |    X X X X     |    X X X X     |    X X X X     |    X X X X     |    X X X X     |
|                    |               |                |                |                |                |                |
<-------------------->--------------->---------------->---------------->---------------->---------------->---------------->



- -------------------------------------------------------------------#
 YEAR END                                                          |
- ----------------#----------------#----------------#----------------|
                |                |                |                |
       8        |       9        |       10       |       11       |
                |                |                |                |
                |                |                |                |
                |                |                |                |
      1991      |      1992      |      1993      |      1994      |
- ----------------|----------------|----------------|----------------|
                                          
                |                |                |                |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              0 |              0 |              0 |              0 |
              6 |              6 |              6 |              6 |
              2 |              2 |              2 |              2 |
              8 |              8 |              8 |              8 |
             13 |             13 |             13 |             13 |
    X X X X     |              6 |              6 |              6 |
    X X X X     |    X X X X     |             81 |             81 |
    X X X X     |    X X X X     |    X X X X     |             56 |
                |                |                |                |
- ---------------->---------------->---------------->---------------->



Page #     Page 122

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




      SCHEDULE P - PART 6C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL



                                                 SECTION 1



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                            CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEA
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
R END (000 OMITTED)                                            |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |       223,824 |       256,366 |
    X X X X    |    X X X X    |    X X X X    |       199,424 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


                                                 SECTION 2



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                                  CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



 ---------------------------------------------------------------#
 000 OMITTED)                                                   |
 ---------------#---------------#---------------#---------------|
                |               |               |               |
        8       |       9       |      10       |      11       |
                |               |               |               |
      1991      |     1992      |     1993      |     1994      |
 ---------------|---------------|---------------|---------------|
                                        
                |               |               |               |
              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 |
     X X X X    |             0 |             0 |             0 |
     X X X X    |    X X X X    |        28,432 |        30,643 |
     X X X X    |    X X X X    |    X X X X    |        26,989 |
                |               |               |               |
 --------------->--------------->--------------->--------------->


               SCHEDULE P - PART 6D - WORKERS' COMPENSATION



                                                 SECTION 1



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                            CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEA
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
R END (000 OMITTED)                                            |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |       383,393 |       450,093 |
    X X X X    |    X X X X    |    X X X X    |       304,081 |
               |               |               |               |
- --------------->--------------->--------------->--------------->

                                                 SECTION 2



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                                  CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
000 OMITTED)                                                   |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |       247,003 |       279,294 |
    X X X X    |    X X X X    |    X X X X    |       187,596 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


Page #     Page 123

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




             SCHEDULE P - PART 6E - COMMERCIAL MULTIPLE PERIL



                                                 SECTION 1



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                            CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEA
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
R END (000 OMITTED)                                            |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |       601,227 |       616,774 |
    X X X X    |    X X X X    |    X X X X    |       620,126 |
               |               |               |               |
- --------------->--------------->--------------->--------------->

                                                 SECTION 2



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                                  CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
000 OMITTED)                                                   |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |         2,069 |         5,552 |
    X X X X    |    X X X X    |    X X X X    |         2,673 |
               |               |               |               |
- --------------->--------------->--------------->--------------->



            SCHEDULE P - PART 6H - OTHER LIABILITY - OCCURRENCE



                                                SECTION 1A



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                            CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEA
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
R END (000 OMITTED)                                            |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |       100,158 |       104,865 |
    X X X X    |    X X X X    |    X X X X    |        93,567 |
               |               |               |               |
- --------------->--------------->--------------->--------------->

                                                SECTION 2A



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                                  CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
000 OMITTED)                                                   |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |         7,981 |        13,699 |
    X X X X    |    X X X X    |    X X X X    |        12,234 |
               |               |               |               |
- --------------->--------------->--------------->--------------->




Page #     Page 124

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




           SCHEDULE P - PART 6H - OTHER LIABILITY - CLAIMS-MADE



                                                SECTION 1B



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                            CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEA
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
R END (000 OMITTED)                                            |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |         1,447 |         1,559 |
    X X X X    |    X X X X    |    X X X X    |         1,683 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


                                                SECTION 2B



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                                  CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



 ---------------------------------------------------------------#
 000 OMITTED)                                                   |
 ---------------#---------------#---------------#---------------|
                |               |               |               |
        8       |       9       |      10       |      11       |
                |               |               |               |
      1991      |     1992      |     1993      |     1994      |
 ---------------|---------------|---------------|---------------|
                                        
                |               |               |               |
              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 |
     X X X X    |             0 |             0 |             0 |
     X X X X    |    X X X X    |           472 |           483 |
     X X X X    |    X X X X    |    X X X X    |           469 |
                |               |               |               |
 --------------->--------------->--------------->--------------->

                   SCHEDULE P - PART 6M - INTERNATIONAL



                                                 SECTION 1



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                            CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEA
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
R END (000 OMITTED)                                            |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |        10,941 |        27,440 |
    X X X X    |    X X X X    |    X X X X    |        60,136 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


                                                 SECTION 2



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                                  CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
000 OMITTED)                                                   |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |             0 |             0 |
    X X X X    |    X X X X    |    X X X X    |             0 |
               |               |               |               |
- --------------->--------------->--------------->--------------->



Page #     Page 125

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




                   SCHEDULE P - PART 6N - REINSURANCE A



                                                 SECTION 1



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                            CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEA
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``2.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``3.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``4.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``5.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``6.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``7.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
R END (000 OMITTED)                                            |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |        56,564 |        64,071 |
    X X X X    |    X X X X    |    X X X X    |        45,979 |
               |               |               |               |
- --------------->--------------->--------------->--------------->

                                                 SECTION 2



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                                  CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``2.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``3.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``4.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``5.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``6.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``7.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
000 OMITTED)                                                   |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |        14,662 |        17,076 |
    X X X X    |    X X X X    |    X X X X    |        16,101 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


                   SCHEDULE P - PART 6O - REINSURANCE B



                                                 SECTION 1



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                            CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEA
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``2.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``3.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``4.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``5.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``6.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``7.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
R END (000 OMITTED)                                            |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |       274,657 |       303,366 |
    X X X X    |    X X X X    |    X X X X    |       197,695 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


                                                 SECTION 2



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                                  CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``2.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``3.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``4.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``5.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``6.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``7.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
000 OMITTED)                                                   |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
             0 |             0 |             0 |             0 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |       325,349 |       348,256 |
    X X X X    |    X X X X    |    X X X X    |        67,349 |
               |               |               |               |
- --------------->--------------->--------------->--------------->




Page #     Page 126

Form 2

COMBINED ANNUAL STATEMENT FOR THE YEAR 1994 OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY AND ITS
AFFILIATED FIRE AND CASUALTY INSURERS




          SCHEDULE P - PART 6R - PRODUCTS LIABILITY - OCCURRENCE



                                                SECTION 1A



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                            CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEA
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
R END (000 OMITTED)                                            |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |         5,762 |         9,975 |
    X X X X    |    X X X X    |    X X X X    |         3,942 |
               |               |               |               |
- --------------->--------------->--------------->--------------->


                                                SECTION 2A



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                                  CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



- ---------------------------------------------------------------#
000 OMITTED)                                                   |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |           675 |         3,783 |
    X X X X    |    X X X X    |    X X X X    |            60 |
               |               |               |               |
- --------------->--------------->--------------->--------------->

          SCHEDULE P - PART 6R - PRODUCTS LIABILITY - CLAIMS-MADE



                                                SECTION 1B



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                            CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEA
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->



 ---------------------------------------------------------------#
 R END (000 OMITTED)                                            |
 ---------------#---------------#---------------#---------------|
                |               |               |               |
        8       |       9       |      10       |      11       |
                |               |               |               |
      1991      |     1992      |     1993      |     1994      |
 ---------------|---------------|---------------|---------------|
                                       
                |               |               |               |
              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 |
     X X X X    |             0 |             0 |             0 |
     X X X X    |    X X X X    |           107 |           107 |
     X X X X    |    X X X X    |    X X X X    |            64 |
                |               |               |               |
 --------------->--------------->--------------->--------------->


                                                SECTION 2B



!-----------------------------#------------------------------------------------------------------------------------------------
|              1              |                                                  CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END (
|          Years in           |---------------#---------------#---------------#---------------#---------------#---------------#
|       Which Premiums        |               |               |               |               |               |               |
|         Were Earned         |       2       |       3       |       4       |       5       |       6       |       7       |
|         and Losses          |               |               |               |               |               |               |
|        Were Incurred        |     1985      |     1986      |     1987      |     1988      |     1989      |     1990      |
|-----------------------------|---------------|---------------|---------------|---------------|---------------|---------------|
                                                                                            
|                             |               |               |               |               |               |               |
|``1.`Prior`                  |      000      |             0 |             0 |             0 |             0 |             0 |
|``2.`1985`                   |             0 |             0 |             0 |             0 |             0 |             0 |
|``3.`1986`                   |    X X X X    |             0 |             0 |             0 |             0 |             0 |
|``4.`1987`                   |    X X X X    |    X X X X    |             0 |             0 |             0 |             0 |
|``5.`1988`                   |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |             0 |
|``6.`1989`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |             0 |
|``7.`1990`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |             0 |
|``8.`1991`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|``9.`1992`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`10.`1993`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|`11.`1994`                   |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |    X X X X    |
|                             |               |               |               |               |               |               |
<----------------------------->--------------->--------------->--------------->--------------->--------------->--------------->




- ---------------------------------------------------------------#
000 OMITTED)                                                   |
- ---------------#---------------#---------------#---------------|
               |               |               |               |
       8       |       9       |      10       |      11       |
               |               |               |               |
     1991      |     1992      |     1993      |     1994      |
- ---------------|---------------|---------------|---------------|
                                       
               |               |               |               |
             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 |
    X X X X    |             0 |             0 |             0 |
    X X X X    |    X X X X    |             0 |             0 |
    X X X X    |    X X X X    |    X X X X    |             0 |
               |               |               |               |
- --------------->--------------->--------------->--------------->