Ten Year Summary -- Financial Highlights | Ten Year Summary -- GAAP Consolidated Operating Results

Ten Year Summary -- Financial Highlights

(unaudited -- not covered by report of independent accountants)

All share and per share amounts were adjusted for the April 22, 2002, 3-for-1 stock split.

1) During 1994, the Company began accruing salvage and subrogation recoverables.

2) In 1994, the $71.0 million "supplemental reserve" was eliminated, increasing book value per share $.21, underwriting profit margin 3.2% and shareholders' equity $46.1 million.

3) Represents the closing price at December 31.

4) Net income minus preferred share dividends ÷ average common shareholders' equity.

5) 1995 and prior represents the ratio of earnings to combined fixed charges and preferred share dividends.

6) Represents the closing stock price ÷ operating earnings per share (a non-GAAP measure).

continue to Ten Year Summary -- GAAP Consolidated Operating Results