SELECTED FINANCIAL DATA. EXHIBIT 13(a)
- ------------------------ -------------
Year ended December 31,
--------------------------------------------------------------------------------------------------
2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
($ in thousands, except per share amounts)
INCOME STATEMENT DATA
Insurance premiums
earned ................... $330,623 $297,043 $265,280 $231,459 $211,098 $194,244 $177,218 $165,191 $162,266 $164,829 $156,438
Investment income, net ..... 29,702 32,778 30,970 29,006 25,761 24,859 23,780 24,007 23,204 21,042 20,936
Realized investment gains
(losses) ................. 1,170 (3,159) 800 1,558 277 5,901 4,100 1,891 1,043 520 684
Other income ............... 862 866 774 1,473 2,194 1,701 1,023 904 1,005 1,128 668
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total revenues ........ 362,357 327,528 297,824 263,496 239,330 226,705 206,121 191,993 187,518 187,519 178,726
Losses and expenses ........ 334,375 305,636 303,366 262,431 245,321 223,031 189,318 171,324 163,202 168,842 169,707
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income (loss) before income
tax expense (benefit) .... 27,982 21,892 (5,542) 1,065 (5,991) 3,674 16,803 20,669 24,316 18,677 9,019
Income tax expense (benefit) 7,633 5,790 (3,436) (1,264) (5,187) (2,339) 3,586 5,635 6,967 5,171 1,885
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income (loss) from:
Continuing operations ... 20,349 16,102 (2,106) 2,329 (804) 6,013 13,217 15,034 17,349 13,506 7,134
Accounting changes ...... - - - - - - - - - - 2,621
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net income (loss) .... $ 20,349 $ 16,102 $ (2,106)$ 2,329 $ (804)$ 6,013 $ 13,217 $ 15,034 $ 17,349 $ 13,506 $ 9,755
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Net income (loss) per common
share - basic and diluted:
Continuing operations $ 1.78 $ 1.42 $ (.19)$ .21 $ (.07)$ .53 $ 1.18 $ 1.37 $ 1.62 $ 1.29 $ .70
Accounting changes .... - - - - - - - - - - .26
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total ................ $ 1.78 $ 1.42 $ (.19)$ .21 $ (.07)$ .53 $ 1.18 $ 1.37 $ 1.62 $ 1.29 $ .96
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Premiums earned by segment:
Property and casualty
insurance .............. $241,237 $225,013 $203,393 $184,986 $167,265 $155,523 $143,113 $128,516 $126,440 $127,573 $123,114
Reinsurance .............. 89,386 72,030 61,887 46,473 43,833 38,721 34,105 36,675 35,826 37,256 33,324
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total ................ $330,623 $297,043 $265,280 $231,459 $211,098 $194,244 $177,218 $165,191 $162,266 $164,829 $156,438
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
BALANCE SHEET DATA
Total assets ............... $899,712 $674,864 $671,565 $587,676 $542,395 $496,046 $459,110 $430,328 $412,881 $387,370 $368,936
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Stockholders' equity ....... $180,751 $157,768 $140,458 $148,393 $141,916 $163,938 $162,346 $148,729 $136,889 $116,727 $109,634
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
OTHER DATA
Average return on equity ... 12.0% 10.8% (1.5)% 1.6% (.5)% 3.7% 8.5% 10.5% 13.7% 11.9% 9.3%
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Book value per share ....... $ 15.72 $ 13.84 $ 12.40 $ 13.14 $ 12.60 $ 14.26 $ 14.30 $ 13.42 $ 12.66 $ 11.03 $ 10.63
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Dividends paid per share ... $ .60 $ .60 $ .60 $ .60 $ .60 $ .60 $ .60 $ .57 $ .53 $ .52 $ .52
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Property and casualty
insurance subsidiaries
aggregate pool percentage 23.5% 23.5% 23.5% 23.5% 23.5% 23.5% 22% 22% 22% 22% 22%
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Reinsurance subsidiary quota
share percentage ......... 100% 100% 100% 100% 100% 100% 100% 95% 95% 95% 95%
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Closing stock price ........ $ 21.14 $ 17.87 $ 17.15 $ 11.75 $ 9.13 $ 12.75 $ 13.25 $ 12.00 $ 13.75 $ 9.50 $ 9.50
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Net investment yield
(pre-tax) ................ 4.81% 5.92% 6.31% 6.47% 5.96% 6.02% 6.15% 6.54% 6.65% 6.59% 6.83%
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Cash dividends to
closing stock price ...... 2.8% 3.4% 3.5% 5.1% 6.6% 4.7% 4.5% 4.8% 3.9% 5.5% 5.5%
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Common shares outstanding .. 11,501 11,399 11,330 11,294 11,265 11,496 11,351 11,084 10,814 10,577 10,317
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Statutory trade combined
ratio .................... 99.8% 101.3% 112.4% 113.5% 115.2% 114.8% 106.2% 103.6% 99.6% 101.3% 106.3%
======== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Amounts previously reported in prior consolidated financial statements have
been reclassified to conform to current presentation.