2007 Financial Statement

Admitted Assets	2008*	2007*
Bonds (Amortized Value)	$178,408,211	$166,569,809
Stocks (Market Value)	$34,579,856	$58,860,454
Cash & Short-term Investments	$6,567,961	$11,229,877
Premium Balances Receivable	$61,884,341	$59,713,369
Real Estate	$7,443,915	$7,383,938
Other Assets	$23,472,017	$10,680,127
Total Admitted Assets	$312,428,301	$314,437,581

Liabilities & Security Fund
Reserve for Losses	$54,616,494	$53,977,804
Reserve for Loss Adjustment Expenses	$12,864,668	$11,711,147
Reserve for Unearned Premiums	$95,048,932	$91,982,406
Reserve for Other Expenses	$19,218,261	$21,082,874
Total Liabilities	$181,748,355	$178,754,231
Policyholders' Security Fund	$130,679,946	$135,683,350
Total Liabilities & Security Fund	$312,428,301	$314,437,581

Statement of Income
Premiums Earned	$157,455,968	$152,071,792
Losses and Loss Expenses Incurred	($95,825,701)	($82,581,211)
Underwriting Expenses Incurred	($51,410,631)	($53,827,747))
Net Underwriting Gain (Loss)	$10,219,636	$15,662,832
Net Investment Gain	$3,086,964	$8,387,266
Other Income	$911,396	$1,258,803
Dividends to Policyholders	($2,208,611)	($2,238,477)
Federal Income Taxes	($3,908,812)	($6,010,797)
Net Income	$8,100,523	$17,059,658

*Through December 31st

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ABOUT US: Our Financials: 2008 Financial Statement