Exhibit 99.2
Table providing quarterly data for 2005 and 2004 reflecting adjustments for the
sale of our personal lines segment. Results from that segment will be reported
as discontinued operations in 2006 and in comparative 2005 data, as required by
accounting regulations.
March 31 June 30 September 30 March 31 June 30 September 30
2004 2004 2004 2005 2005 2005
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Balance Sheet
Assets
Investments:
Fixed maturities available for
sale, at fair value $ 1,715,097 $ 1,764,653 $ 1,849,671 $ 1,975,920 $ 2,111,473 $ 2,313,033
Equity securities available
for sale, at fair value 34,148 31,574 28,975 23,499 12,957 13,248
Equity securities, trading portfolio,
at fair value 6,863 7,604 1,276 4,385 4,682 4,824
Real estate, net 15,317 15,777 16,298 16,877 17,026 16,835
Short-term investments 51,065 51,967 98,863 114,825 71,873 150,404
Business owned life insurance 52,360 52,973 53,557 54,705 55,276 55,856
Other 41,499 41,608 41,950 43,998 46,073 46,141
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Total investments 1,916,349 1,966,156 2,090,590 2,234,209 2,319,360 2,600,341
Cash and cash equivalents 25,306 28,329 24,229 12,829 15,693 17,477
Premiums receivable 128,011 109,779 122,553 130,938 102,189 112,785
Receivable from reinsurers on
unpaid losses and loss
adjustment expenses 326,126 325,913 331,736 275,923 281,243 323,541
Prepaid reinsurance premiums 10,339 19,960 18,684 18,122 18,728 19,629
Deferred taxes 69,652 75,791 66,421 80,995 71,855 102,514
Other assets 90,640 86,108 82,931 88,568 79,183 127,713
Assets of discontinued operations 435,570 457,839 480,411 502,189 521,204 529,858
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$ 3,001,993 $ 3,069,875 $ 3,217,555 $ 3,343,773 $ 3,409,455 $ 3,833,858
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Liabilities and Stockholders' Equity
Liabilities:
Policy liabilities and accruals:
Reserve for losses and loss
adjustment expenses $ 1,682,056 $ 1,736,457 $ 1,804,559 $ 1,881,995 $ 1,936,999 $ 2,175,630
Unearned premiums 318,992 236,380 254,344 271,973 238,294 285,359
Reinsurance premiums payable 14,968 75,424 76,185 70,532 75,401 76,688
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Total policy liabilities 2,016,016 2,048,261 2,135,088 2,224,500 2,250,694 2,537,677
Other liabilities 51,831 43,457 49,868 60,040 41,230 84,316
Long-term debt 104,863 151,332 151,406 151,554 151,628 167,166
Liabilities of discontinued operations 253,909 274,090 287,468 296,020 304,521 306,227
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Total liabilities 2,426,619 2,517,140 2,623,830 2,732,114 2,748,073 3,095,386
Commitments and contingencies - - - - - -
Stockholders' Equity:
Common stock 293 293 293 294 295 312
Additional paid-in capital 313,703 313,821 313,793 315,832 319,466 387,163
Accumulated other comprehensive
income (loss), net of tax 45,836 7,275 28,776 1,224 19,847 (114)
Retained earnings 215,598 231,402 250,919 294,365 321,830 351,167
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575,430 552,791 593,781 611,715 661,438 738,528
Less treasury stock, at cost (56) (56) (56) (56) (56) (56)
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Total stockholders' equity 575,374 552,735 593,725 611,659 661,382 738,472
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$ 3,001,993 $ 3,069,875 $ 3,217,555 $ 3,343,773 $ 3,409,455 $ 3,833,858
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Total assets and total liabilities differ from amounts previously reported due
to offsetting inter-company balances which were previously eliminated but are
now segregated between continuing and discontinued operations.
Three Months Ended
March 31 June 30 September 30 March 31 June 30 September 30
2004 2004 2004 2005 2005 2005
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Income Statement
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Revenues:
Gross premiums written $ 169,737 $ 107,995 $ 160,461 $ 163,397 $ 104,037 $ 167,308
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Net premiums written $ 154,918 $ 96,576 $ 149,773 $ 152,643 $ 91,506 $ 155,842
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Premiums earned 138,424 133,371 142,588 140,002 137,833 159,067
Premiums ceded (12,701) (11,158) (11,655) (11,274) (11,630) (14,104)
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Net premiums earned 125,723 122,213 130,933 128,728 126,203 144,963
Net investment income 17,345 17,892 20,014 22,406 23,055 24,848
Net realized investment gains (losses) 3,637 595 3,049 1,253 680 (618)
Other income 422 576 261 977 816 892
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Total revenues 147,127 141,276 154,257 153,364 150,754 170,085
Expenses:
Losses and loss adjustment expenses 123,808 117,092 125,916 119,857 111,902 132,137
Reinsurance recoveries (8,602) (9,279) (9,234) (9,407) (8,778) (14,239)
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Net losses and loss adjustment expenses 115,206 107,813 116,682 110,450 103,124 117,898
Underwriting, acquisition and insurance expenses 20,310 20,855 20,812 21,181 20,893 22,853
Interest expense 1,143 1,492 1,902 2,136 2,031 2,290
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Total expenses 136,659 130,160 139,396 133,767 126,048 143,041
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Income from continuing operations before income taxes 10,468 11,116 14,861 19,597 24,706 27,044
Provision for income taxes:
Current expense (benefit) 2,077 (661) 3,256 5,334 6,607 7,815
Deferred expense (benefit) (206) 2,675 (986) (333) (212) (988)
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1,871 2,014 2,270 5,001 6,395 6,827
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Income from continuing operations 8,597 9,102 12,591 14,596 18,311 20,217
Income from discontinued operations, net of tax 7,384 6,702 6,927 7,341 9,154 9,120
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Net income $ 15,981 $ 15,804 $ 19,518 $ 21,937 $ 27,465 $ 29,337
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