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text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company&#8217;s Insurance Company Subsidiaries are also required to participate in various mandatory insurance facilities or in funding mandatory pools, which are generally designed to provide insurance coverage for consumers who are unable to obtain insurance in the voluntary insurance market.&#160; Among the pools participated in are those established in certain states to provide windstorm and other similar types of property coverage.&#160; These pools typically require all companies writing applicable lines of insurance in the state for which the pool has been established to fund deficiencies experienced by the pool based upon each company&#8217;s relative premium writings in that state, with any excess funding typically distributed to the participating companies on the same basis.&#160; To the extent that reinsurance treaties do not cover these assessments, they may have an adverse effect on the Company.&#160; 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Most of the claims, lawsuits and proceedings arising in the ordinary course of business are covered by the policy of insurance at issue. 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The Company was also a party to an unrelated excess of loss treaty with another reinsurer for its workers&#8217; compensation business covering the same periods (the &#8220;Excess of Loss Treaty&#8221;). Under the Excess of Loss Treaty, the Company&#8217;s retention was $250,000 per occurrence. The Company purchased the Retention Buy Down Treaty to reduce its $250,000 existing per occurrence retention to $100,000. In approximately 2008, a dispute arose between the Company and the Reinsurer as to how the Retention Buy Down Treaty applied to certain losses. When the Company and the Reinsurer could not come to a mutual understanding, the Company initiated arbitration proceedings requesting payment of its outstanding balance. On July 23, 2013, the arbitration panel issued an interim final award finding the Retention Buy Down Treaty did not include certain losses that the Company believed were subject to the Retention Buy Down Treaty.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">During the arbitration, the Reinsurer sought from the Company an award of $1.6 million. This amount reflected the difference between what the Company claimed was due from the Reinsurer ($2.9 million) and what the Reinsurer claimed it was due back from the Company ($4.5 million). The panel awarded the Reinsurer $1.6 million, and $2.0 million in interest, plus attorney&#8217;s fees. Based upon the panel&#8217;s interpretation of the Retention Buy Down Treaty, the Company was required to reverse certain of its ceded incurred losses due from the Reinsurer. 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background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">535</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr></table><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">*Prior year Schedule II was corrected for certain immaterial misstatements.&#160; The correction of this error did not impact the consolidated statements of income, comprehensive income and cash flows of the Company for any periods presented.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Basis of Presentation and Principles of Consolidation</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The consolidated financial statements include accounts, after elimination of intercompany accounts and transactions, of Meadowbrook Insurance Group, Inc. (the &#8220;Company&#8221; or &#8220;Meadowbrook&#8221;), its wholly owned subsidiary Star Insurance Company (&#8220;Star&#8221;), and Star&#8217;s wholly owned subsidiaries, Savers Property and Casualty Insurance Company (&#8220;Savers&#8221;), Williamsburg National Insurance Company (&#8220;Williamsburg&#8221;), and Ameritrust Insurance Corporation (&#8220;Ameritrust&#8221;).&#160;&#160; The consolidated financial statements also include Meadowbrook, Inc., Crest Financial Corporation, and their respective subsidiaries.&#160; In addition, the consolidated financial statements also include ProCentury Corporation (&#8220;ProCentury&#8221;) and its wholly owned subsidiaries.&#160; ProCentury&#8217;s wholly owned subsidiaries consist of Century Surety Company (&#8220;Century&#8221;) and its wholly owned subsidiary ProCentury Insurance Company (&#8220;PIC&#8221;).&#160; In addition, ProCentury Risk Partners Insurance Company, Ltd. ("PROPIC") is a wholly owned subsidiary of ProCentury.&#160; Star, Savers, Williamsburg, Ameritrust, Century, and PIC are collectively referred to as the "Insurance Company Subsidiaries".</div><div><br /></div><div style="text-align: justify; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"), which differ from statutory accounting practices prescribed or permitted for insurance companies by regulatory authorities. Prescribed statutory accounting practices include a variety of publications of the National Association of Insurance Commissioners ("NAIC"), as well as state laws, regulations and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed.&#160; <font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">In addition, certain amounts in the 2012 financial statements have been reclassified to conform to the 2013 presentation as a result of adopting the new Accumulated Other Comprehensive guidance noted below and to reflect the reclassification adjustment net of taxes.</font></div></div> 100000000 -16797000 0 0 -16797000 1048000 -17533000 12223000 Three-month LIBOR, plus 4.00% Three-month LIBOR, plus 4.10% Three-month LIBOR, plus 3.58% Three-month LIBOR, plus 4.05% Three-month LIBOR, plus 4.00% Three-month LIBOR, plus 4.20% <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">6. DEBT</div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Credit Facilities</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">On August 29, 2012, the Company executed $130.0 million in senior credit facilities (the &#8220;Credit Facilities&#8221;). The Credit Facilities included a $30.0 million term loan facility and a $100.0 million revolving credit facility.&#160; On September 19, 2013, the Company amended the Credit Facilities pursuant to a second Amendment to Credit Agreement and Waiver (the &#8220;Amendment&#8221;).</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Under the Amendment, the term loan facility continues to have a four year term, along with no changes to the amortization period. As of December 31, 2013, the outstanding balance on the Company&#8217;s term loan facility was $22.5 million. The Amendment reduced available borrowing under the revolving credit facility from $100.0 million to $30.0 million with further periodic reductions to $21.0 million as of March 31, 2016.&#160; The Amendment also established an amortization schedule for the revolving credit facility beginning on September 30, 2014.&#160; The Company has $20.0 million outstanding under its revolving credit facility as of December 31, 2013.The undrawn portion of the revolving credit facility, which was $10.0 million as of December 31, 2013, is available to finance working capital and for other general corporate purposes, including but not limited to, surplus contributions to its Insurance Company Subsidiaries to support premium growth or strategic acquisitions.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Credit Facilities replaced the Company&#8217;s former term loan of $65.0 million and revolving credit agreement of $35.0 million, entered into on July 31, 2008, which were terminated upon the closing of the Credit Facilities on August 29, 2012. At December 31, 2012, the Company had an outstanding balance of $28.5 million on its term loan and a $20.0 million outstanding balance on its revolving credit facility. There was $0.5 million in letters of credit that had been issued as of December 31, 2012.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The principal amount outstanding under the Credit Facilities provides for interest at either the Alternative Base Rate (&#8220;ABR&#8221;) or the London interbank offered rate (&#8220;LIBOR&#8221;). ABR borrowings under the Credit Facilities will bear interest at the greatest of (a) the Administrative Agent&#8217;s prime rate, (b) the federal funds effective rate plus 0.5%, or (c) the adjusted LIBOR for a one-month period plus 1.0%, in each case, plus a margin that is adjusted on the basis of Company&#8217;s consolidated leverage ratio. Eurodollar borrowings under the Credit Facilities will bear interest at the adjusted LIBOR for the interest period in effect plus a margin that is adjusted on the basis of Company&#8217;s consolidated leverage ratio. In addition, the Credit Facilities provide for an unused facility fee ranging between twenty-five basis points and thirty-seven and a half basis points, based on the Company&#8217;s consolidated leverage ratio as defined by the Credit Facilities. At December 31, 2013, the interest rate on the Company&#8217;s term loan was 2.75%, which consisted of a variable rate of 0.25%, plus an applicable margin of 2.50%. To reduce the exposure to changes in variable interest rates, the Company has entered into interest rate swaps as described in Note 7 ~ <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Derivative Instruments</font>. At December 31, 2013, the interest rate on the Company&#8217;s revolving credit facility was 2.75%, which consisted of a variable rate of 0.25%, plus a 2.50% margin.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Additionally, the Amendment revised the financial covenants applicable to the Credit Facilities that consist of: (1) minimum consolidated net worth of $365,697,000 as of the effective date of the Amendment, with quarterly increases thereafter of the sum of (a) seventy-five percent of positive net income and (b) seventy-five percent of increases in shareholders&#8217; equity by reason of the issuance and sale of equity interests, if any, (2) minimum Risk Based Capital Ratio for all material Insurance Company Subsidiaries of 1.75 times Company Action Level, (3) maximum permitted consolidated leverage ratio of (i) 0.375 to 1.00 at any time prior to September 30, 2014, or (ii) 0.35 to 1.00 at any time on or after September 30, 2014, (4) minimum consolidated fixed charge coverage ratio of 1.25 to 1.00, and (5) minimum A.M. 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As of December 31, 2013, the Company had borrowed $30.0 million from the FHLBI after pledging as collateral residential mortgage-backed securities (&#8220;RMBS&#8221;) having a carrying value of $38.4 million, and making a FHLBI common stock investment of approximately $1.6 million. The Company has the ability to increase its borrowing capacity through purchasing additional investments and pledging additional securities. 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font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Year of Issuance</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 20%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Description</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 8%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Year Callable</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 8%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Year Due</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 20%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Interest Rate Terms</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: #000000 2px solid; border-right: medium none;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; vertical-align: bottom; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Interest Rate at</div><div style="text-align: center; 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font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2008</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2033</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.05%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4.30</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">10,310</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 10%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2004</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Senior debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2009</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2034</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.00%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4.24</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">13,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 10%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2004</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Senior debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2009</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2034</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.20%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4.44</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">12,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 10%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2005</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2010</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2035</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 3.58%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">3.82</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">20,620</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 10%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures (2)</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2007</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2032</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.00%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4.24</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">15,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 10%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures (2)</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2008</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2033</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.10%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4.34</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="text-align: right; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">10,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td></tr><tr><td colspan="2" valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; padding-left: 11%; vertical-align: top; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; vertical-align: bottom; border-top: medium none; border-right: medium none;">Total</td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="text-align: right; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">$</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">80,930</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr></table><div style="clear: both;"><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(1) The underlying three-month LIBOR rate varies as a result of the interest rate reset dates used in determining the three-month LIBOR rate, which varies for each long-term debt item each quarter.</div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(2) Represents the junior subordinated debentures acquired in conjunction with the ProCentury Merger on July 31, 2008.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Excluding the junior subordinated debentures acquired in conjunction with the ProCentury Merger, the Company received a total of $53.3 million in net proceeds from the issuances of the above long-term debt, of which $26.2 million was contributed to the surplus of its Insurance Company Subsidiaries and the remaining balance was used for general corporate purposes.&#160; Associated with the issuance of the above long-term debt, the Company incurred approximately $1.7 million in issuance costs for commissions paid to the placement agents in the transactions.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The issuance costs associated with these debentures have been capitalized and are included in other assets on the balance sheet.&#160; As of June 30, 2007, these issuance costs were being amortized over a seven year period as a component of interest expense.&#160; The seven year amortization period represented management&#8217;s best estimate of the estimated useful life of the bonds related to both the senior debentures and junior subordinated debentures.&#160; Beginning July 1, 2007, the Company reevaluated its best estimate and determined a five year amortization period to be a more accurate representation of the estimated useful life.&#160; Therefore, this change in amortization period from seven years to five years has been applied prospectively beginning July 1, 2007.&#160;&#160; As of December 31, 2013, these issuance costs were fully amortized.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The junior subordinated debentures issued in 2003 and 2005 were issued in conjunction with the issuance of $10.0 million and $20.0 million in mandatory redeemable trust preferred securities to a trust formed by an institutional investor from the Company&#8217;s unconsolidated subsidiary trusts, Meadowbrook Capital Trust I and Meadowbrook Capital Trust II, respectively.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The junior subordinated debentures acquired in the ProCentury Merger were issued in conjunction with the issuance of $15.0 million and $10.0 million in floating rate trust preferred securities to a trust formed from the Company&#8217;s unconsolidated trust, ProFinance Statutory Trust I and ProFinance Statutory Trust II.&#160; The Company also acquired the remaining unamortized portion of the capitalized issuance costs associated with these debentures.&#160; The remaining unamortized portion of the issuance costs acquired was $625,000.&#160; These issuance costs are included in other assets on the balance sheet.&#160; The remaining balance is being amortized over a five year period beginning August 1, 2008, as a component of interest expense.&#160; As of December 31, 2013, these issuance costs were fully amortized.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The junior subordinated debentures are unsecured obligations of the Company and are junior to the right of payment to all senior indebtedness of the Company.&#160; The Company has guaranteed that the payments made to the four trusts mentioned above will be distributed to the holders of the respective trust preferred securities.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company estimates that the fair value of the above mentioned junior subordinated debentures and senior debentures issued approximate the gross proceeds of cash received at the time of issuance.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">To reduce the exposure to changes in variable interest rates, the Company has entered into interest rate swaps as described in Note 7 ~ <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Derivative Instruments</font>.</div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Cash Convertible Senior Notes</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">On March 18, 2013, the Company issued $100.0 million of 5.0% cash convertible senior notes (the &#8220;Notes&#8221;), which mature on March 15, 2020. Interest on the Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing September 15, 2013. Until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes solely into cash at any time on or after September 15, 2019 or earlier under certain circumstances determined by: (i) the market price of the Company&#8217;s stock, (ii) the trading price of the Notes, or (iii) the occurrence of specified corporate transactions. The Notes are not convertible into Meadowbrook common stock or any other securities under any circumstances. The initial conversion rate is 108.8732 shares of common stock per $1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately $9.18 per share), subject to adjustment upon the occurrence of certain events. Additionally, in the event of certain fundamental changes with respect to the Company, the holders may require the Company to repurchase the Notes for a cash price equal to 100% of the principal, plus any accrued and unpaid interest. The proceeds from the issuance of the Notes were bifurcated into a debt component and an embedded conversion option component.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Due to the bifurcation, the debt component reflects an original issue discount (&#8220;OID&#8221;) of $12.9 million, which will be amortized into interest expense over the term of the Notes. After considering the contractual interest payments and amortization of the OID, the Notes&#8217; effective interest rate is 7.4%.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The following table shows the amounts recorded for the debt component of the Notes as of December 31, 2013 (in thousands):</div><div><br /></div><table align="left" border="0" cellpadding="0" cellspacing="0" style="width: 80%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="background-color: #cceeff; width: 68%; vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Outstanding principal</div></td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">100,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 68%; vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Unamortized OID</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(11,777</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">)</div></td></tr><tr><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 68%; vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Total debt component</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">88,223</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr></table><div style="clear: both;"><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Deferred issuance costs of $3.7 million will also be amortized into interest expense over the term of the Notes. Interest expense on the Notes, including amortization of deferred issuance costs, recognized on the Notes was $5.4 million for the year ended December 31, 2013.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">As the conversion feature is structured under the cash settlement method, the embedded conversion option is reported as a derivative liability.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">In connection with the offering of the Notes, the Company also entered into cash convertible senior notes hedge transactions (the &#8220;Note Hedges&#8221;) and warrant transactions (the &#8220;Warrants&#8221;) with respect to its common stock with certain counter-parties. Upon conversion, the Note Hedges are intended to offset potential cash payments in excess of the principal of the Notes. The Note Hedges and Warrants are separate transactions, which were entered into by the Company with certain counter-parties and are not part of the terms of the Notes.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company paid $12.9 million for the Note Hedges, which are exercisable upon conversion of the Notes. The Note Hedges are structured under the cash settlement method and are accounted for as a derivative asset.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company received $3.0 million for the Warrants sold to certain counter-parties. The Warrants have a strike price of $11.69 and will be net share settled; meaning the Company will issue a number of shares per Warrant corresponding to the difference between its share price on each Warrant exercise date and the exercise price. The Warrants meet the definition of derivatives under the guidance in ASC 815; however, because these instruments have been determined to be indexed to the Company&#8217;s own stock and meet the criteria for equity classification under ASC 815-40, the Warrants have been accounted for as an adjustment to the Company&#8217;s paid-in-capital.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">If the market value per share of the Company&#8217;s common stock exceeds the strike price of the Warrants, the Warrants will have a dilutive effect on the Company&#8217;s net income per share and the Company will use the &#8220;treasury stock&#8221; method in calculating the dilutive effect on earnings per share.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">See Note 7 ~ <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Derivative Instruments </font>for additional discussion on the Cash Convertible Senior Notes.</div></div> 9.18 108.8732 0.0025 0.0025 0.04 0.0405 0.0358 0.04 0.042 0.041 0.04 0.025 0.041 12000000 10310000 80930000 20620000 13000000 15000000 10000000 1700000 0.0275 0.0275 2020-03-15 12900000 5400000 3700000 0.05 4953000 0 45417000 74467000 68451000 62773000 45417000 62773000 149323000 144359000 159416000 36902000 57308000 143307000 156480000 151255000 -13427000 -54000 -8890000 10929000 41435000 41435000 10929000 69641000 79328000 1699000 1783000 0 9325000 839000 876000 1051000 1520000 34424000 39279000 1355000 2312000 20966000 20759000 7754000 0 3446000 2750000 1300000 1400000 1400000 5098000 4698000 5491000 -12942000 0 0 12900000 1553000 0 1553000 0 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">7. DERIVATIVE INSTRUMENTS</div><div><br /></div><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Interest Rate Swaps</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company has entered into interest rate swap transactions to mitigate its interest rate risk on its existing debt obligations.&#160; These interest rate swap transactions have been designated as cash flow hedges and are deemed highly effective hedges.&#160; These interest rate swap transactions are recorded at fair value on the balance sheet, with gross unrealized gains reported as other assets and gross unrealized losses reported as other liabilities. The effective portion of the changes in fair value is accounted for within other comprehensive income.&#160; The interest differential to be paid or received is accrued and recognized as an adjustment to interest expense.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The following table summarizes the rates and amounts associated with the Company&#8217;s interest rate swaps (in thousands):</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-bottom: medium none; border-left: medium none; width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt; border-top: medium none; border-right: medium none;"><tr><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; width: 13%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Effective Date</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 13%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Expiration </div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Date</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 25%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Debt Instrument</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; 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border-right: #000000 2px solid;">&#160; </td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: #000000 2px solid; border-right: medium none;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; vertical-align: bottom; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Fixed Amount at </div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">December 31, 2013</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;">&#160; </td></tr><tr><td valign="bottom" style="border-bottom: medium none; 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border-right: medium none;"><div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; width: 1%; vertical-align: top; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 1%; vertical-align: top; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: medium none; border-left: medium none; vertical-align: top; border-top: medium none; border-right: medium none;"><div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; width: 1%; vertical-align: top; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; 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text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4/29/2013</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4/29/2023</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Senior debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.00%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; 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text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">13,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9/28/2012</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">8/30/2016</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Term loan (1)</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0.714</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">22,500</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">8/15/2013</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">8/15/2023</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures (2)</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2.180</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">10,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9/4/2013</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9/4/2023</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures (2)</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2.270</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">15,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9/8/2010</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5/24/2016</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Senior debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.20%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6.248</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9/16/2010</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9/15/2015</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 3.58%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6.160</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">10,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9/16/2010</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9/15/2015</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 3.58%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6.190</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">10,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5/24/2011</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5/24/2016</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Senior debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.20%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6.472</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">7,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 4px; background-color: #ffffff; width: 13%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 4px; background-color: #ffffff; width: 13%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 4px; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 4px; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;&#160;&#160;&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 4px; background-color: #ffffff; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-left: medium none; padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">102,500</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; border-left: medium none; padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr></table><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(1) The Company is required to make fixed rate interest payments on the current balance of the term loan, amortizing in accordance with the term loan amortization schedule.&#160; 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VARIABLE COMPENSATION</div><div><br /></div><div style="text-align: left; font-style: italic; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Restricted and Non-Restricted Stock Awards</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">On February 23, 2011 and 2010, the Company issued 28,500 and 202,500 restricted stock awards, respectively, to executives of the Company, out of its 2002 Amended and Restated Stock Option Plan.&#160; No restricted stock awards were issued in 2012 or 2013.&#160; The restricted stock awards vest over a four year period, with the first twenty percent vesting immediately on the date issued (i.e., February 23) and the remaining eighty percent vesting annually on a straight-line basis over the requisite four year service period. The unvested restricted stock awards are subject to forfeiture in the event the employee is terminated for &#8220;Good Cause&#8221; or voluntarily resigns their employment without &#8220;Good Reason&#8221; as provided for in the employee&#8217;s respective employment agreements. 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The Plans allow for the use of restricted stock incentive awards to eligible executives, managers and other eligible key employees based on the achievement of service and pre-established performance goals for annual performance periods.&#160; The Compensation Committee of the Board of Directors administer the Plans, subject to the direction of the Board of Directors, and will designate the eligible employees who will participate in the Plans for a specified service/performance period.&#160; The Plans were adopted pursuant to the Company's 2009 Equity Compensation Plan.&#160; Participants are not eligible for any award under the Plans, until the end of the service and performance periods, which are December 31 for each respective Plan.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Under the Plans, in the event that a participant&#8217;s employment is terminated by the Company or any of its subsidiaries for &#8220;cause&#8221;, or by the participant without &#8220;good reason&#8221; (as such terms are defined in the Plans), the participant forfeits all shares of unvested restricted stock, and will not be entitled to any award for the period in which such termination of employment occurs.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">In the event that a participant&#8217;s employment is terminated by the Company or any of its subsidiaries without &#8220;cause&#8221;, by the participant for &#8220;good reason&#8221; (as such terms are defined in the Plans), or due to the participant&#8217;s death, disability or retirement, the participant will become vested in all shares of restricted stock that have not yet vested (or will continue to vest in such shares in accordance with the terms and conditions of the participant&#8217;s restricted stock agreement), and is entitled to a pro rata portion of any awards for the period in which such termination occurs.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">In the event of a &#8220;change in control&#8221; of the Company (as defined in the Plans) each participant under the plan is entitled to the payment of a pro rata portion of the award for the period in which the change in control occurs, to the extent provided in the applicable restricted stock agreement, all shares of restricted stock fully vest and become nonforfeitable.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Plan will be paid 100% in stock and vest in 20% increments following the end of the one-year period, with 30% of the award based upon service and 70% of the award based upon the performance of the Company for senior executives.&#160; For other participants, the service component ranges from 50% to 40% during the one-year period. 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GOODWILL AND OTHER INTANGIBLE ASSETS</div><div><br /></div><div style="text-align: justify; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Goodwill</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company evaluates existing goodwill for impairment on an annual basis, or more frequently if events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.&#160; Goodwill impairment is performed at the reporting unit level.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">In accordance with accounting guidance, the Company concluded its reporting units to be specialty insurance operations (the &#8220;Specialty Insurance Operations&#8221;) and agency operations (the &#8220;Agency Operations&#8221;). The nature of the business and economic characteristics of all Agency Operations and all Specialty Insurance Operations are similar based upon, but not limited to, the following: (1) management alignment within each reporting unit, (2) the Company&#8217;s Insurance Company Subsidiaries operating under a reinsurance pooling arrangement, and (3) the ability of the Company to leverage its expertise and fixed costs within each reporting unit.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Goodwill and intangible assets with indefinite lives are required to be tested for impairment at least once a year or more frequently if events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. 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border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Specialty </div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Insurance </div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Operations</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160; </td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 54%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: medium none; border-left: medium none; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: medium none; border-left: medium none; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: medium none; border-left: medium none; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; border-left: medium none; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr style="height: 15px;"><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 54%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Balance at January 1, 2012</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5,395</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">115,397</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">120,792</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160; </td></tr><tr><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; background-color: #ffffff; width: 54%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Additions to Goodwill</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">249</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">249</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;&#160; </td></tr><tr><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; background-color: #cceeff; width: 54%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Balance at January 1, 2013</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5,644</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">115,397</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">121,041</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;&#160; </td></tr><tr><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; background-color: #ffffff; width: 54%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Goodwill Impairment</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(115,397</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(115,397</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">)</div></td></tr><tr><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 4px; background-color: #cceeff; width: 54%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Balance at December 31, 2013</div></td><td valign="bottom" style="border-bottom: #000000 4px double; border-left: #000000 2px solid; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5,644</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5,644</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;&#160; </td></tr></table><div style="clear: both;">&#160;</div><div style="text-align: justify; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Other Intangible Assets</div><div><br /></div><div style="text-align: left; text-indent: 14.4pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">At December 31, 2013 and 2012, the Company had other intangible assets of $24.5 million ($53.8 million gross, net of $29.3 million accumulated amortization) and $28.3 million ($53.4 million gross, net of $25.1 million accumulated amortization), respectively.&#160; Other intangible assets consist of definite lived intangibles and indefinite lived intangibles as detailed below.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">As of December 31, 2013 and 2012 the Company had definite lived intangibles of $19.0 million ($48.3 million gross, net of $29.3 million accumulated amortization) and $22.8 million ($47.9 million gross, net of $25.1 million accumulated amortization), respectively. The definite lived assets are primarily comprised of agent relationships and trade names acquired during the 2008 ProCentury Merger. ProCentury-related agent relationships were $12.7 million ($21.0 million gross, net of $8.3 million accumulated amortization) and $14.8 million ($21.0 million gross, net of $6.2 million accumulated amortization) as of December 31, 2013 and 2012, respectively. ProCentury-related trade names were $2.3 million ($5.0 million gross, net of $2.7 million accumulated amortization) and $2.3 million ($5.0 million gross, net of $2.7 million accumulated amortization) as of December 31, 2013 and 2012, respectively.&#160; At the time of acquisition, agent relationships and trade names had estimated useful lives of fifteen years and ten years, respectively. 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background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">3,881</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #ffffff; width: 88%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">2015</div></td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">3,482</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; 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text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">2017</div></td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2,332</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 88%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">2018</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">1,902</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 88%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 14.4pt; font-size: 10pt;">Total amortization expense</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; 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font-size: 8pt;">(444</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt;">)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1.2%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt;">15</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt;">12,112</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 1.2%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 6.14%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt;">(444</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt;">)</div></td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 19%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 14.4pt; font-size: 8pt;">Total equity securities</div></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; 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font-size: 8pt; font-weight: bold;">12,112</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">(444</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1.2%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">15</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">12,112</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 1.2%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; 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text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">(32,203</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">)</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">26</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">69,543</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">(6,130</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">)</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1.2%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 8pt; font-weight: bold;">292</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; 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REINSURANCE</div><div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company&#8217;s Insurance Company Subsidiaries cede insurance to reinsurers under pro-rata and excess-of-loss contracts. These reinsurance arrangements diversify the Company&#8217;s business and minimize its exposure to large losses or hazards of an unusual nature. The ceding of insurance does not discharge the original insurer from its primary liability to its policyholder.&#160; In the event that all or any of the reinsuring companies are unable to meet their obligations, the Company would be liable for such defaulted amounts. Therefore, the Company is subject to credit risk with respect to the obligations of its reinsurers. 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Best Company (&#8220;A.M. Best&#8221;) rating, capitalization, and credit worthiness of prospective and existing risk-sharing partners.&#160; The Company customarily collateralizes reinsurance balances due from non-admitted reinsurers through funds withheld trusts or stand-by letters of credit issued by highly rated banks. The Company generally does not seek collateral where the reinsurer is rated &#8220;A-&#8221; or better by A.M. Best, has $500 million or more in surplus, and is admitted in the state of Michigan.&#160; As of December 31, 2013, the largest unsecured reinsurance recoverable is due from an admitted reinsurer with an &#8220;A+&#8221; (Superior) A.M. 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border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: #000000 2px solid; border-right: medium none;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; vertical-align: bottom; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Principal Amount</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;">&#160; </td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 10%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 8%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 8%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 1%; vertical-align: top; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: medium none; border-left: medium none; vertical-align: top; border-top: medium none; border-right: medium none;"><div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; width: 1%; vertical-align: top; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 1%; vertical-align: top; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: medium none; border-left: medium none; vertical-align: top; border-top: medium none; border-right: medium none;"><div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; width: 1%; vertical-align: top; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 10%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2003</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2008</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2033</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.05%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4.30</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">10,310</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 10%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2004</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Senior debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2009</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2034</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.00%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4.24</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">13,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 10%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2004</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Senior debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2009</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2034</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.20%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4.44</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">12,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 10%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2005</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2010</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2035</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 3.58%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">3.82</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">20,620</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 10%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures (2)</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2007</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2032</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.00%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4.24</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">15,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 10%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures (2)</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2008</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2033</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.10%</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4.34</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="text-align: right; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">10,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td></tr><tr><td colspan="2" valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; padding-left: 11%; vertical-align: top; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 8%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 20%; vertical-align: top; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; vertical-align: bottom; border-top: medium none; border-right: medium none;">Total</td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"></td><td valign="bottom" style="text-align: right; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">$</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">80,930</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr></table><div style="clear: both;"><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(1) The underlying three-month LIBOR rate varies as a result of the interest rate reset dates used in determining the three-month LIBOR rate, which varies for each long-term debt item each quarter.</div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(2) Represents the junior subordinated debentures acquired in conjunction with the ProCentury Merger on July 31, 2008.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The following table summarizes the rates and amounts associated with the Company&#8217;s interest rate swaps (in thousands):</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-bottom: medium none; border-left: medium none; width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt; border-top: medium none; border-right: medium none;"><tr><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; width: 13%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Effective Date</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 13%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Expiration </div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Date</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 25%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Debt Instrument</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 25%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Counterparty Interest Rate Terms</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: #000000 2px solid; border-right: medium none;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; vertical-align: bottom; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Fixed Rate</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;">&#160; </td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: #000000 2px solid; border-right: medium none;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; vertical-align: bottom; border-top: #000000 2px solid; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Fixed Amount at </div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">December 31, 2013</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; width: 1%; vertical-align: bottom; border-top: #000000 2px solid; border-right: #000000 2px solid;">&#160; </td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 13%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 13%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div>&#160;</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 1%; vertical-align: top; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: medium none; border-left: medium none; vertical-align: top; border-top: medium none; border-right: medium none;"><div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; width: 1%; vertical-align: top; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; width: 1%; vertical-align: top; border-top: medium none; border-right: medium none;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: medium none; border-left: medium none; vertical-align: top; border-top: medium none; border-right: medium none;"><div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; width: 1%; vertical-align: top; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6/30/2013</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6/30/2023</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.05%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6.340</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">10,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4/29/2013</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4/29/2023</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Senior debentures</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR, plus 4.00%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6.250</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">13,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9/28/2012</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">8/30/2016</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Term loan (1)</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0.714</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">22,500</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">8/15/2013</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">8/15/2023</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures (2)</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2.180</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">10,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9/4/2013</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9/4/2023</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Junior subordinated debentures (2)</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 25%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Three-month LIBOR</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2.270</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">15,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; background-color: #ffffff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; 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text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: medium none; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">10,000</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: medium none; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td></tr><tr><td valign="bottom" style="border-bottom: medium none; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 13%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; 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vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="width: 44%; 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vertical-align: top;">&#160;</td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;">&#160;</td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: top;">&#160;</td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;">&#160;</td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #cceeff; width: 44%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Agency Operations</div></td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; 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vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5,395</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">115,397</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">120,792</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 0.5pt; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160; </td></tr><tr><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; background-color: #ffffff; width: 54%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Additions to Goodwill</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">249</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">249</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;&#160; </td></tr><tr><td valign="bottom" style="border-bottom: #000000 2px solid; 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width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5,644</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">115,397</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">121,041</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;&#160; </td></tr><tr><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; background-color: #ffffff; width: 54%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Goodwill Impairment</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(115,397</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; border-left: medium none; background-color: #ffffff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(115,397</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; border-left: medium none; padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">)</div></td></tr><tr><td valign="bottom" style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; padding-bottom: 4px; background-color: #cceeff; width: 54%; vertical-align: top; border-top: medium none; border-right: medium none;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Balance at December 31, 2013</div></td><td valign="bottom" style="border-bottom: #000000 4px double; border-left: #000000 2px solid; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; 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vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; border-left: medium none; background-color: #cceeff; width: 9%; vertical-align: bottom; border-top: medium none; border-right: medium none;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5,644</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; border-left: medium none; padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom; border-top: medium none; border-right: #000000 2px solid;">&#160;&#160; </td></tr></table></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company regularly updates its reserve estimates as new information becomes available and further events occur that may impact the resolution of unsettled claims. Changes in prior reserve estimates are reflected in results of operations in the year such changes are determined to be needed and recorded. 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font-size: 10pt; font-weight: bold;">&#160;</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">2013</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; padding-bottom: 2px; width: 1%; vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">2012</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; padding-bottom: 2px; width: 1%; vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #cceeff; width: 54%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Balance, beginning of year</div></td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">1,455,980</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">1,194,977</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">1,065,056</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 54%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Less reinsurance recoverables</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; 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font-size: 10pt;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Basis of Presentation and Principles of Consolidation</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The consolidated financial statements include accounts, after elimination of intercompany accounts and transactions, of Meadowbrook Insurance Group, Inc. (the &#8220;Company&#8221; or &#8220;Meadowbrook&#8221;), its wholly owned subsidiary Star Insurance Company (&#8220;Star&#8221;), and Star&#8217;s wholly owned subsidiaries, Savers Property and Casualty Insurance Company (&#8220;Savers&#8221;), Williamsburg National Insurance Company (&#8220;Williamsburg&#8221;), and Ameritrust Insurance Corporation (&#8220;Ameritrust&#8221;).&#160;&#160; The consolidated financial statements also include Meadowbrook, Inc., Crest Financial Corporation, and their respective subsidiaries.&#160; In addition, the consolidated financial statements also include ProCentury Corporation (&#8220;ProCentury&#8221;) and its wholly owned subsidiaries.&#160; ProCentury&#8217;s wholly owned subsidiaries consist of Century Surety Company (&#8220;Century&#8221;) and its wholly owned subsidiary ProCentury Insurance Company (&#8220;PIC&#8221;).&#160; In addition, ProCentury Risk Partners Insurance Company, Ltd. ("PROPIC") is a wholly owned subsidiary of ProCentury.&#160; Star, Savers, Williamsburg, Ameritrust, Century, and PIC are collectively referred to as the "Insurance Company Subsidiaries".</div><div><br /></div><div style="text-align: justify; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"), which differ from statutory accounting practices prescribed or permitted for insurance companies by regulatory authorities. Prescribed statutory accounting practices include a variety of publications of the National Association of Insurance Commissioners ("NAIC"), as well as state laws, regulations and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed.&#160; <font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">In addition, certain amounts in the 2012 financial statements have been reclassified to conform to the 2013 presentation as a result of adopting the new Accumulated Other Comprehensive guidance noted below and to reflect the reclassification adjustment net of taxes.</font></div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Business</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company, through its affiliated Insurance Company Subsidiaries, is a specialty niche focused commercial insurance underwriter and insurance administration services company. The Company markets and underwrites specialty property and casualty insurance programs and products on both an admitted and non-admitted basis through a broad and diverse network of independent retail agents, wholesalers, program administrators and general agents. Program business refers to an aggregation of individually underwritten risks that have some unique characteristic and are distributed through a select group of agents. The Company seeks to combine profitable underwriting, income from net commissions and fees, investment returns and efficient capital management to deliver consistent long-term growth in shareholder value.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Through its retail property and casualty agencies, the Company also generates commission revenue, which represents 2.1% of total consolidated revenues. The Company&#8217;s agencies are located in Michigan, California, Massachusetts, and Florida and produce commercial, personal lines, life and accident and health insurance primarily with unaffiliated insurance carriers. These agencies produce a minimal amount of business for the Company&#8217;s affiliated Insurance Company Subsidiaries.</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Use of Estimates</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&#160; While management believes the amounts included in the consolidated financial statements reflect management&#8217;s best estimates and assumptions, actual results may differ from those estimates.</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Cash and Cash Equivalents</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Cash and cash equivalents include cash on hand and highly liquid short-term investments. The Company considers all short-term investments purchased with an original maturity of three months or less to be cash equivalents.</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Investments</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company&#8217;s investment securities are classified as available for sale. Investments classified as available for sale are available to be sold in the future in response to the Company&#8217;s liquidity needs, changes in market interest rates, tax strategies and asset-liability management strategies, among other reasons. Available for sale securities that are not determined to be other-than-temporarily impaired ("OTTI") are reported at fair value, with unrealized gains and losses reported in the accumulated other comprehensive income component of shareholders&#8217; equity, net of deferred taxes and, accordingly, have no effect on net income.<br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Realized gains or losses on sale of investments are determined on the basis of specific costs of the investments. Dividend income is recognized when declared and interest income is recognized when earned.&#160; Discount or premium on debt securities purchased at other than par value is amortized using the effective yield method.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Refer to Note 2<font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"> ~ Investments</font> of the Notes to Consolidated Financial Statements for further detail in regard to the Company&#8217;s investments.</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Losses and Loss Adjustment Expenses and Reinsurance Recoverables</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The liability for losses and loss adjustment expenses (&#8220;LAE&#8221;) represents case base estimates of reported unpaid losses and LAE and actuarial estimates of incurred but not reported (&#8220;IBNR&#8221;) losses and LAE.&#160; In addition, the liability for losses and loss adjustment expenses represents estimates received from ceding reinsurers on assumed business.&#160; Such liabilities, by necessity, are based upon estimates and, while management believes the amount of its reserves is adequate, the ultimate liability may be greater or less than the estimate.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Reserves related to the Company&#8217;s direct business and assumed business it manages directly are established through transactions processed through the Company&#8217;s internal systems and related controls.&#160; Accordingly, case reserves are established on a current basis, therefore, there is no delay or lag in reporting of losses from a ceding company, and IBNR is determined utilizing various actuarial methods based upon historical data.&#160; Ultimate reserve estimates related to assumed business from residual markets are provided by the mandatory pools on a two quarter lag and include an estimated reserve determined based upon internal actuarial methods for this lag.&#160;&#160; Lastly, in relation to assumed business from other sources, the Company receives case and paid loss data within a forty-five day reporting period and develops estimates for IBNR based on both current and historical data.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">In addition to case reserves and in accordance with industry practice, the Company maintains estimates of reserves for losses and LAE IBNR.&#160; The Company projects an estimate of ultimate losses and LAE expenses at each reporting date.&#160; The difference between the projected ultimate loss and LAE reserves and the case loss and LAE reserves is carried as IBNR reserves.&#160; By using both estimates of reported claims and IBNR determined using generally accepted actuarial reserving techniques, the Company estimates the ultimate liability for losses and LAE, net of reinsurance recoverables.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Reinsurance recoverables represent (1) amounts currently due from reinsurers on paid losses and LAE, (2) amounts recoverable from reinsurers on case basis estimates of reported losses and LAE, and (3) amounts recoverable from reinsurers on actuarial estimates of incurred but not reported losses and LAE.&#160; Such recoverables, by necessity, are based upon estimates and, while management believes that the amount accrued is collectible, the ultimate recoverable may be greater or less than the amount accrued.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The methods for making such estimates and for establishing the loss reserves and reinsurance recoverables are continually reviewed and updated.&#160; We reviewed the key assumptions that&#160;underlie the actuarial methods and made the appropriate adjustments to reflect the emergence of claim activity.</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Revenue Recognition</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Premiums written, which include direct, assumed and ceded amounts are recognized as earned on a pro rata basis over the life of the policy term. Unearned premiums represent the portion of premiums written that are applicable to the unexpired terms of policies in force. Provisions for unearned premiums on reinsurance assumed from others are made on the basis of ceding reports when received and actuarial estimates.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Assumed premium estimates include business where the Company accepts a portion of the risk from a ceding carrier as well as the mandatory assumed pool business from the National Council on Compensation Insurance (&#8220;NCCI&#8221;), or residual market business.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Effective July 1, 2013 the Insurance&#160;Company Subsidiaries of Meadowbrook Insurance Group, Inc. entered into an agreement with State National Insurance Company, National Specialty Insurance Company and United Specialty Insurance Company (collectively, &#8220;SNIC&#8221;), wherein certain portions of our business from our Insurance Company Subsidiaries&#160;were written direct with SNIC and 100% assumed collectively by our Insurance Company Subsidiaries based on agreed upon percentages.&#160; The SNIC business has a 5.5% fee, which is reflected as assumed commission on the applicable Insurance Company Subsidiaries' financial statements.&#160; As of December 31, 2013, our Insurance Company Subsidiaries collectively have assumed $170.2 million in gross written premium from SNIC. The impact of the SNIC fee on the Company&#8217;s expense ratio was 0.5% for the year ended December 31, 2013.</div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">&#160;</div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Fee income, which includes risk management consulting, loss control, and claims services, is recognized during the period the services are provided.&#160; Depending on the terms of the contract, claims processing fees are recognized as revenue over the estimated life of the claims, or the estimated life of the contract.&#160; For those contracts that provide services beyond the expiration or termination of the contract, fees are deferred in an amount equal to management&#8217;s estimate of the Company&#8217;s obligation to continue to provide services in the future.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Commission income, which includes reinsurance placement, is recorded on the later of the effective date or the billing date of the policies on which they were earned.&#160; Commission income is reported net of any sub-producer commission expense.&#160; Commission adjustments that occur subsequent to the issuance of the policy, because of cancellation typically are recognized when the policy is effectively cancelled.&#160; Profit sharing commissions from Insurance Company Subsidiaries are recognized when determinable, which is when such commissions are received.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company reviews, on an ongoing basis, the collectability of its receivables and establishes an allowance for estimated uncollectible accounts. As of December 31, 2013 and 2012, the allowance for uncollectibles on receivables was $5.1 million and $4.9 million, respectively.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The agent balances receivable from Midwest Financial Holdings, LLC (&#8220;MFH&#8221;) for the years ended December 31, 2013 and 2012 were $37.7 million and $40.9 million, respectively.&#160; No other receivable exceeds 10% of the aggregate amount of receivables.</div><div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Equity Earnings of Affiliates</div><div>&#160;</div></div><div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Equity earnings represent investments in affiliates in which the Company does not exercise control and has a 20% or more voting interest. Such investments in affiliates are accounted for using the equity method of accounting. The Company has a 28.5% equity interest in one affiliate, MFH. The equity earnings of this interest were recorded in net income. Equity earnings, net of tax, from MFH in 2013, 2012, and 2011, were $2.8 million, $3.0 million, and $2.4 million, respectively.&#160;&#160; The Company received dividends from MFH in 2013, 2012, and 2011, for $2.0 million, $4.0 million, and $3.4 million, respectively. The Company is recording the equity earnings in MFH based on a month lag due to timing differences with respect to the availability of information.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company has a 1.3% equity interest in another affiliate, </font>Aquiline Financial Services Fund II L.P. The equity earnings incurred with respect to this interest were recorded in net income. The equity earnings, net of tax, from Aquiline Financial Services Fund II L.P. in 2013 was $0.6 million.&#160; The Company had no equity earnings related to the Aquiline Financial Services Fund II L.P. for 2012 and 2011.</div></div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Deferred Policy Acquisition Costs</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Commissions and other costs of acquiring insurance business that vary with and are primarily related to the production of new and renewal business are deferred and amortized over the terms of the policies or reinsurance treaties to which they relate. Investment earnings are anticipated in determining the recoverability of such deferred amounts. The Company reduces these costs for premium deficiencies.&#160; There were no premium deficiencies for the years ended December 31, 2013, 2012, and 2011.</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Participating Policyholder Dividends</div><div style="text-align: justify; text-indent: 18pt;"><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company&#8217;s method for determining policyholder dividends is a combination of subjective and objective decisions, which may include, among other things, a loss ratio analysis for the specific program and the Company&#8217;s overall business strategy and regulatory constraints related to the Insurance Company Subsidiaries.&#160; The Company determines the total dividends to be paid and then obtains the approval of the Board of Directors to pay up to a certain amount.&#160; At December 31, 2013 and 2012, the Company had $1.3 million and $1.5 million accrued for policyholder dividends, respectively.</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Furniture and Equipment</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Furniture and equipment are stated at cost, net of accumulated depreciation, and are primarily depreciated using the straight-line method over the estimated useful lives of the assets, generally three to ten years. Upon sale or retirement, the cost of the asset and related accumulated depreciation are eliminated from their respective accounts, and the resulting gain or loss is included in income. Repairs and maintenance are charged to operations when incurred.</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Goodwill</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company evaluates existing goodwill for impairment on an annual basis as of October 1, or more frequently, if events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.&#160; Goodwill impairment is performed at the reporting unit level.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Refer to Note 14<font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"> ~ Goodwill and Other Intangible Assets</font> of the Notes to Consolidated Financial Statements for further detail in regard to the Company&#8217;s Goodwill.</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Income Taxes</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company provides for federal income taxes based on amounts the Company believes it ultimately will owe. Inherent in the provision for federal income taxes are estimates regarding the deductibility of certain items and the realization of certain tax credits. In the event the ultimate deductibility of certain items or the realization of certain tax credits differs from estimates, the Company may be required to significantly change the provision for federal income taxes recorded in the consolidated financial statements. Any such change could significantly affect the amounts reported in the consolidated statements of income.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company and its subsidiaries file a consolidated federal income tax return in accordance with a tax sharing agreement, whereby allocation is made primarily on a separate return basis with current credit for any net operating losses or other items utilized in the consolidated tax return.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company utilizes the asset and liability method of accounting for income tax.&#160; Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under this method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">371.0</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">%</div></td></tr></table><div style="clear: both;"><br /></div></div> 84000 361500000 756500000 0 0 1 3 0 0 2 0 0 26 0 0 26 16 1 1 0 2 0 0 8 1 81 0 13 23 15 81 50 4 0 103 1 0 2 5 15 251 121 5 5 0 0 266 165849000 163778000 1463046000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 50328000 14253000 17 0.928 0.002 0.07 1574581000 109764000 1461320000 3497000 0 218000 0 218000 0 0 109764000 109764000 109764000 218000 0 109982000 0 2449000 20926000 18477000 1463046000 3497000 1459549000 0 0 0 735392000 735392000 0 116384000 116384000 0 26468000 159000 26309000 0 25369000 25369000 0 0 537618000 0 538507000 889000 1029062000 869861000 1013965000 0.75 100000000 53300000 P5Y P5Y P7Y 26200000 4 0.01 P4Y 0.005 1.25 to 1.00 0.025 0.025 365697000 1.75 0.375 to 1.00 0.35 to 1.00 1000 1 11777000 21000000 0.75 0.1 1.9 1.4 7097000 40714000 9924000 13763000 13565000 7193000 6236000 6122000 80246000 40749000 10054000 80831000 1 4.387 3.858 4.004 3.96 4.391 4.803 4.64 3.71 4.417 4.271 3.255 4.092 14500000 14500000 14370000 12500000 13300000 8300000 2700000 2700000 0.1 413000 4276000 548000 4085000 42426000 12333000 3365000 2015000 1257000 1191000 4689000 3872000 25523000 8310000 21970000 15896000 0 26532000 0 32241000 -34474000 -19434000 72741000 8417000 4642000 586085000 561214000 -6000000 -39875000 -13875000 0.35 0.0434 0.043 0.0424 0.0382 0.0444 0.0424 2034 2032 2035 2033 2034 2033 Junior subordinated debentures Junior subordinated debentures Senior debentures Senior debentures Junior subordinated debentures Junior subordinated debentures 2004 2003 2005 2004 2009 2008 2009 2007 2010 2008 Prior year information was adjusted to conform with current year financial presentation. Represents the junior subordinated debentures acquired in conjunction with the ProCentury Merger on July 31, 2008. The Company fixed only the variable interest portion of the debt. The actual interest payments associated with the debentures also include an additional rate of 4.10% and 4.00% on the $10.0 million and $15.0 million debentures, respectively. The Company is required to make fixed rate interest payments on the current balance of the term loan, amortizing in accordance with the term loan amortization schedule. The Company fixed only the variable interest portion of the loan. The actual interest payments associated with the term loan also include an additional rate of 2.50% in accordance with the Credit Facilities. Reserves for losses and loss adjustment expenses are shown gross of $505.4 million, $381.9 million, and $315.9 million of reinsurance recoverable on unpaid losses in 2013, 2012, and 2011 respectively.  Unearned premiums are shown gross of ceded unearned premiums of $63.9 million, $143.2 million, and $33.8 million in 2013, 2012, and 2011 respectively. The Company does not employ any discounting techniques. Management uses the GAAP combined ratio and its components to assess and benchmark underwriting performance. The GAAP combined ratio is the sum of the GAAP loss and loss adjustment expense ratio and the GAAP expense ratio. The GAAP loss and loss adjustment expense ratio is the net incurred loss and loss adjustment expense in relation to net earned premium. The GAAP expense ratio is the policy acquisition and other underwriting expenses in relation to net earned premium. The underlying three-month LIBOR rate varies as a result of the interest rate reset dates used in determining the three-month LIBOR rate, which varies for each long-term debt item each quarter.