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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;">110,614</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: 2px; background-color: #ffffff; width: 40%; vertical-align: bottom;"><div style="text-align: right; text-indent: -7.2pt; font-family: 'Times New Roman', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Total equity securities available for sale</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: 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style="border-bottom: #000000 2px solid; 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;">-</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; 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: 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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><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: 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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. We account for such activity through the establishment of unpaid loss and loss expense reserves. We also maintain errors and omissions insurance and extra-contractual coverage under reinsurance treaties related to the policy of insurance at issue or other appropriate insurance. In terms of any retentions or deductibles associated with such insurance, the Company has established accruals for such retentions or deductibles, when necessary, based upon current available information. 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On the basis of current information, the Company does not believe that there is a reasonable possibility that, other than with regard to the arbitration described below, any material loss exceeding amounts already accrued, if any, will result from any of the claims, lawsuits and proceedings to which the Company is subject to, either individually, or in the aggregate.</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; font-weight: bold;">Arbitration</div><div><br /></div><div style="text-align: justify; text-indent: 20pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company purchased a three year underlying per occurrence excess of loss reinsurance agreement (the &#8220;Retention Buy Down Treaty&#8221;) from a reinsurer (the &#8220;Reinsurer&#8221;), which reinsured the Company&#8217;s statutory workers&#8217; compensation business for the period of January 1, 1999 through January 1, 2002. 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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. The Company recorded this change in ceded incurred losses during the second quarter of 2013. Notwithstanding the panel&#8217;s netting of the outstanding balances, the panel requested the Company submit additional documentation listing all programs covered by the Retention Buy Down Treaty and the Company's retained limit for each program. The Reinsurer was allowed to respond and submit its bill for attorney&#8217;s fees. The Company paid the $1.6 million and $2.0 million in interest, as required by the interim final award. 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On April 9, 2014, the Sixth Circuit Court of Appeals issued an opinion and order finding the trial court did not have jurisdiction to issue its preliminary injunction enjoining the panel. The appellate court found that the Company could challenge the fairness of the proceedings and partiality of the arbitrators after a final award was issued.</div><div style="text-align: justify; text-indent: 20pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div><div style="text-align: justify; text-indent: 20pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On July 25, 2014, the panel issued its final award. The panel (by majority) awarded the reinsurer approximately $10.9 million, plus interest. The Company immediately filed a complaint in federal district court to vacate and/or modify the arbitration award(s) for the same reasons the court previously granted the Company&#8217;s request for a preliminary injunction : (1) improper <font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">ex parte </font>communications between the arbitrator appointed by the Reinsurer and its lawyer; (2) breach of the Retention Buy Down Treaty&#8217;s arbitration provision because the Reinsurer&#8217;s arbitrator and the neutral arbitrator issued two substantive orders without input from the Company&#8217;s arbitrator; and (3) failure to disclose to the Company certain relationships between the Reinsurer and its arbitrator. In addition, the following additional grounds were included in the complaint: (1) financial conflict of interest on the part of the Reinsurer&#8217;s arbitrator; (2) breach of the Retention Buy Down Treaty&#8217;s arbitration provision because the Reinsurer&#8217;s arbitrator was not a &#8220;disinterested&#8221; arbitrator and was &#8220;under the control of&#8221; the Reinsurer; (3) evident partiality of the neutral arbitrator; (4) failure to consider material evidence, in accordance with Michigan law; (5) improper interpretation and re-writing of the treaty; and (6) improper award of interest and attorney fees contrary to Michigan law. The Reinsurer has filed a motion to confirm the panel&#8217;s majority interim and final awards. The Company has filed a motion to vacate and/or modify the awards.</div><div style="text-align: justify; text-indent: 20pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div><div style="text-align: justify; text-indent: 20pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company intends to vigorously pursue its complaint to vacate the arbitration award(s). While the Company believes it will succeed upon the merits, given the inherent uncertainty surrounding the conclusion of this proceeding, an adverse outcome in this matter could have a material impact on our results of operations or cash flows on a particular quarter or annual period. 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Cubbin, et al.</font> (Case No. 2015-144933-CB), and <font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Klein v. Meadowbrook Insurance Group, et al.</font> (Case No. 2015-144948-CB), were filed in the Circuit Court of Oakland County, Michigan.&#160; These lawsuits asserted similar claims and allegations to those in the <font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Steinberg</font> lawsuit, on behalf of the same putative class.&#160; On February 2, 2015, upon stipulation by all parties, both the <font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Raul</font> and the <font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Klein</font> lawsuits were dismissed without prejudice.&#160; On February 6, 2015, the <font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Klein </font>and <font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Raul</font> plaintiffs jointly re-filed an action in the United States District Court for the Eastern District of Michigan, captioned <font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Klein v. Cubbin, et al.</font> (Case No. 2:15-cv-10497-JCO-RSW).&#160; The lawsuit asserts similar claims and allegations to those in the <font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Steinberg</font> lawsuit, against the same defendants and on behalf of the same putative class of shareholders.&#160; The lawsuit seeks, among other relief, injunctive relief enjoining the merger.&#160; It also purports to seek recovery of the costs of the action, including reasonable attorneys&#8217; and experts&#8217; fees.&#160; The lawsuit is in a preliminary stage.</div></div> 0.01 0.01 499000 501000 501000 499000 49887200 50093390 0.02 75000000 75000000 50093390 49887200 <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;">17. 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(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. 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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: justify; text-indent: 36pt; 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.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On September 19, 2013, the Company amended the Credit Facilities pursuant to a Second Amendment to Credit Agreement and Waiver (the &#8220;Amendment&#8221;).&#160; Under the Amendment, the term loan facility continues to have a four year term and the same amortization period. 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The undrawn portion of the revolving credit facility, which was $8.4 million as of December 31, 2014, 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.&#160; On December 30, 2014, in connection with the proposed transaction with Fosun, the parties to the Credit Agreement entered into a letter agreement amending the definition of &#8220;Change of Control&#8221; therein by removing from such definition the entry by Meadowbrook into a contract&#160;that would result in an acquisition of Meadowbrook.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; 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, 2014, the interest rate on the Company&#8217;s term loan was 2.81%, which consisted of a variable rate of 0.31%, plus an applicable margin of 2.50%. 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text-indent: 13.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160; 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.&#160; Upon conversion, the Note Hedges are intended to offset potential cash payments in excess of the principal amount of the Notes.&#160; The Note Hedges and Warrants are separate transactions, 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: justify; text-indent: 13.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160; The Company paid $12.9 million for the Note Hedges, which are exercisable upon conversion of the Notes.&#160; 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: justify; text-indent: 13.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160; The Company received $3.0 million for the Warrants sold to certain counter-parties.&#160; 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.&#160; The Warrants meet the definition of derivatives under the guidance in Accounting Standards Codification (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: justify; text-indent: 13.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160; 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; 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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 named executive officers and other members of management of the Company, out of its 2002 Amended and Restated Stock Option Plan (the &#8220;Plan&#8221;).&#160; No restricted stock awards were issued in 2012 , 2013 or 2014. 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. 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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 their award for the period in which the change in control occurs, as provided for 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;">Awards under 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. 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text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic earnings per share are based on the weighted average number of common shares outstanding during the year, while diluted earnings per share includes the weighted average number of common shares and potential dilution from shares issuable pursuant to stock awards using the treasury stock method.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Shares related to the LTIP included in diluted earnings per share were all zero for the years ended December 31, 2014, 2013, and 2012, respectively.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Restricted stock awards granted under the Plan on February 23, 2011, and 2010, were 28,500 and 202,500, respectively.&#160; Shares retired under both plans for tax withholding were 35,183 resulting in a net issuance of 195,817, which are included in the weighted average number of common shares for the year ended December 31, 2014.</div></div> 0.23 -2.25 0.57 0.09 0.15 -2.27 0.11 0.14 0.12 0.21 -0.24 0.141 -6.259 0.212 0.35 103000 8000 0.013 4000000 3200000 2000000 <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;">Equity Earnings of Affiliates</div><div><br /></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 2014, 2013, and 2012, were $2.5 million, $2.8 million, and $3.0 million, respectively.&#160;&#160; The Company received dividends from MFH in 2014, 2013, and 2012, for $3.2 million, $2.0 million, and $4.0 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;">The Company has a 1.3% equity interest in another affiliate, 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 2014 were $1.1 million and $0.6 million in 2013.&#160; The Company had no equity earnings related to the Aquiline Financial Services Fund II L.P. for 2012.</div></div> 1200000 500000 0 0 667000 0 667000 2116000 2194000 78000 0 0 405000 766000 55000 373000 711000 32000 -519000 -197000 250000 -229000 -290000 53000 <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;">3. FAIR VALUE MEASUREMENTS</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">According to accounting guidance for fair value measurements and disclosures, fair value is the price that would be received in the sale of an asset or would be paid in the transfer of a liability (i.e., the &#8220;exit price&#8221;) in an orderly transaction between market participants at the measurement date. The guidance establishes a three-level hierarchy for fair value measurements that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (&#8220;observable inputs&#8221;) and the reporting entity&#8217;s own assumptions about market participant assumptions developed based on the best information available in the circumstances (&#8220;unobservable inputs&#8221;).</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The estimated fair values of the Company&#8217;s fixed investment portfolio are based on prices provided by a third party pricing service and a third party investment manager. The prices provided by these services are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing. The third party pricing service and the third party investment manager provide a single price or quote per security and the Company has not historically adjusted security prices. The Company obtains an understanding of the methods, models and inputs used by the third party pricing service and the third party investment manager, and has controls in place to validate that amounts provided represent fair values. The Company&#8217;s control process includes, but is not limited to, initial and ongoing evaluation of the methodologies used, a review of specific securities and an assessment for proper classification within the fair value hierarchy. The hierarchy level assigned to each security in the Company&#8217;s available for sale portfolio is based upon its assessment of the transparency and reliability of the inputs used in the valuation as of the measurement date. The three hierarchy levels are defined as follows:</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; margin-left: 36pt; font-size: 10pt;">Level 1 &#8211; Valuations that are based on unadjusted quoted prices in active markets for identical securities. The fair value of exchange-traded preferred and common equities, and mutual funds included in the Level 1 category were based on quoted prices that are readily and regularly available in an active market. The fair value measurements that were based on Level 1 inputs comprise 7.0% of the fair value of the total investment portfolio.</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; margin-left: 36pt; font-size: 10pt;">Level 2 &#8211; Valuations that are based on observable inputs (other than Level 1 prices) such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. The fair value of securities included in the Level 2 category were based on the market values obtained from a third party pricing service that were evaluated using pricing models that vary by asset class and incorporate available trade, bid and other observable market information. The third party pricing service monitors market indicators, as well as industry and economic events. The Level 2 category includes corporate bonds, government and agency bonds, asset-backed, residential mortgage-backed and commercial mortgage-backed securities and municipal bonds. The fair value measurements that were based on Level 2 inputs comprise 92.8% of the fair value of the total investment portfolio.</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; margin-left: 36pt; font-size: 10pt;">Level 3 &#8211; Valuations that are derived from techniques in which one or more of the significant inputs are unobservable and/or involve management judgment and/or are based on non-binding broker quotes. The fair value measurements that were based on Level 3 inputs comprise 0.2% of the fair value of the total investment portfolio.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">For corporate, government and municipal bonds, the third party pricing service utilizes a pricing model with standard inputs that include benchmark yields, reported trades, issuer spreads, two-sided markets, benchmark securities, market bids/offers, and other reference data observable in the marketplace. The model uses the option adjusted spread methodology and is a multi-dimensional relational model. All bonds valued under these techniques are classified as Level 2.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">For asset-backed, residential mortgage-backed and commercial mortgage-backed securities, the third party pricing service valuation methodology includes consideration of interest rate movements, new issue data, monthly remittance reports and other pertinent data that is observable in the marketplace. This information is used to determine the cash flows for each tranche and identifies the inputs to be used such as benchmark yields, prepayment assumptions and collateral performance. All asset-backed, residential mortgage-backed and commercial mortgage-backed securities valued under these methods are classified as Level 2.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Also included in Level 2 valuation are interest rate swap agreements the Company utilizes to hedge the floating interest rate on its debt, thereby changing the variable rate exposure to a fixed rate exposure for interest on these obligations. 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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><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="background-color: #cceeff; width: 52%; 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;">Derivatives - interest rate swaps</div></td><td valign="bottom" style="background-color: #cceeff; 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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;">-</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; 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;">16,571</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; 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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 style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div><div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Goodwill and intangible assets with indefinite lives must be tested for impairment at least once a year or more frequently if management believes indicators of impairment exist. 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text-indent: -7.2pt; font-family: 'Times New Roman', Times, serif; margin-left: 7.2pt; font-size: 10pt;">Current tax (benefit) expense</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;">458</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; 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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;">(8,890</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: 64%; 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 provision for income tax (benefit) expense</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; 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font-weight: bold;">For the Years Ended December 31,</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: top;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; 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;">2014</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; 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="text-align: left; 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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="background-color: #cceeff; width: 64%; vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; font-family: 'Times New Roman', Times, serif; margin-left: 16.2pt; font-size: 10pt;">Goodwill impairment write off</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;">&#160;</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;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; 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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;">(6,057</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><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;">(5,684</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; 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width: 6%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18,215</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; 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: 10pt;">(974</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; 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background-color: #ffffff; width: 6%; 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: 6%; 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="background-color: #cceeff; width: 19%; 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;">Perpetual preferred stock</div></td><td valign="bottom" style="background-color: #cceeff; 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text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;">&#160;</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; 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;">&#160;</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; 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; 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: 10pt; font-weight: bold;">)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; 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: 10pt; 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; 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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: 10pt; font-weight: bold;">(444</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 19%; 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 securities</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-weight: bold;">5. REINSURANCE</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 facultative, 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. 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. In order to minimize its exposure to significant losses from reinsurer insolvencies, the Company evaluates the financial condition of its reinsurers and monitors the economic characteristics of the reinsurers on an ongoing basis. The Company also assumes insurance from other domestic insurers and reinsurers. The Company performs a risk transfer analysis on those agreements which are not reasonably self-evident to evaluate whether the reinsurance agreements entered into by the Company transfer both significant timing and underwriting risk to the reinsurer. All current reinsurance contracts conform to the risk transfer requirements and, accordingly, are accounted for as reinsurance under the applicable accounting guidance.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company receives ceding commissions in conjunction with certain reinsurance activities. These ceding commissions are offset against the related underwriting expenses and were $ 22.1 million, $56.8 million, and $57.2 million in 2014, 2013, and 2012, respectively.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">At December 31, 2014 and 2013, the Company had reinsurance recoverable for paid and unpaid losses of $535.4 million and $519.9 million, respectively.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company manages its credit risk on reinsurance recoverable by reviewing the financial stability, A.M. Best rating, capitalization, and credit worthiness of prospective and existing risk-sharing partners. 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. As of December 31, 2014, the largest unsecured reinsurance recoverable is due from an admitted reinsurer with an &#8220;A+&#8221; (Superior) A.M. Best rating and accounts for 13.7%<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</font>of the total recoverable for paid and unpaid losses. To date, the Company has not, in the aggregate, experienced material difficulties in collecting reinsurance recoverable.</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 historically maintained an allowance for the potential exposure to certain uncollectible reinsurance balances. At the end of each quarter, an analysis of these exposures is conducted to determine the potential exposure to default. While management believes the allowances to be adequate, no assurance can be given regarding the future ability of any of the Company&#8217;s risk-sharing partners to meet their financial obligations.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The allowance was $ 12.0 million and $14.0 million at December 31, 2014 and 2013, respectively.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company maintains a reinsurance structure designed to protect against large or unusual loss and loss adjustment expense activity. The Company determines the appropriate amount of reinsurance based primarily on the Company&#8217;s evaluation of the risks accepted, but also considers analysis prepared by consultants and reinsurers, along with market conditions including the availability and pricing of reinsurance. To date, there have been no material disputes with the Company&#8217;s reinsurers. 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text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Casualty &#8211; Commercial Lines &#8211; Excess and Primary</div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 18pt;"></td><td style="width: 18pt; font-family: Symbol, serif; font-size: 10pt; vertical-align: top; align: right;">&#183;</td><td style="text-align: left; width: auto; font-family: 'Times New Roman', Times, serif; font-size: 10pt; vertical-align: top;">The Company retains up to the first $1.0 million of loss for each risk.</td></tr></table></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 18pt;"></td><td style="width: 18pt; font-family: Symbol, serif; font-size: 10pt; vertical-align: top; align: right;">&#183;</td><td style="text-align: left; width: auto; font-family: 'Times New Roman', Times, serif; font-size: 10pt; vertical-align: top;">Reinsurers reimburse the Company up to $6.0 million per risk, or up to $15.0 million per risk, for business classified as excess liability for Public Entities, in excess of the $1.0 million retention.</td></tr></table></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 18pt;"></td><td style="width: 18pt; font-family: Symbol, serif; font-size: 10pt; vertical-align: top; align: right;">&#183;</td><td style="text-align: left; width: auto; font-family: 'Times New Roman', Times, serif; font-size: 10pt; vertical-align: top;">Reinsurers reimburse the Company up to an additional $5.0 million for a loss event where two or more policies or coverage parts are involved.</td></tr></table></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; 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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><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="background-color: #cceeff; width: 52%; 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;">Derivatives - interest rate swaps</div></td><td valign="bottom" style="background-color: #cceeff; 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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;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></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;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(16,571</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; 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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;"><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; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1,158</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: 10pt;">)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; 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; 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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;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</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: 64%; vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; font-family: 'Times New Roman', Times, serif; margin-left: 25.2pt; font-size: 10pt;">Share awards under long term incentive plan</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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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: 10pt;">-</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; 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: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; 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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: 10pt; font-weight: bold;">(827</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: 10pt; font-weight: bold;">)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; 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: 10pt; font-weight: bold;">133</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; 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: 10pt; font-weight: bold;">363,927</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; 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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: 6%; 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: 6%; 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: 6%; 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: 6%; 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: 6%; 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: 6%; 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: 6%; 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="padding-bottom: 2px; background-color: #cceeff; width: 19%; 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;">Common stock</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: 6%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">17</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; 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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: 10pt;">(974</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: 10pt;">)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; 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; 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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: 10pt;">-</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; 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: 10pt;">17</div></td><td nowrap="nowrap" 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 2px solid; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;">&#160;</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; 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: 10pt;">15</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; 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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: 10pt;">(444</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: 2px; background-color: #cceeff; width: 19%; 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 equity securities</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; 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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; 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: 10pt; 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: 10pt; font-weight: bold;">)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; 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vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; 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: 10pt; 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; 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: 10pt; 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; 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: 10pt; font-weight: bold;">(444</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 19%; 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 securities</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; 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: 10pt; font-weight: bold;">266</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; 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: 10pt; font-weight: bold;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">656,569</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</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: 10pt; 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: 10pt; font-weight: bold;">)</div></td><td valign="bottom" style="border-bottom: #000000 4px double; 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: 10pt; 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; 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: 10pt; font-weight: bold;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 6%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">69,543</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</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: 10pt; 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: 10pt; font-weight: bold;">)</div></td><td valign="bottom" style="border-bottom: #000000 4px double; 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: 10pt; font-weight: bold;">292</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; background-color: #ffffff; width: 1%; 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vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; 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; font-weight: bold;">Allowance for doubtful accounts</div></td><td valign="bottom" style="padding-bottom: 2px; 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;">Balance at</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">beginning of</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">period</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; 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;">Charged to costs and expense</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; 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;">Charged to other</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">accounts</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; 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;">Deductions</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">from allowance</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">account</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; 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font-size: 10pt;"> ~ Variable Compensation</font> of the Notes to Consolidated Financial Statements for further details in regards to the Company&#8217;s Restricted Stock Awards, Long Term Incentive Plan, and Deferred Compensation Plan.</div></div> 2000 2400 2400 2400 28500 202500 0 35183 <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;">1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div><div><br /></div><div style="text-align: left; 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: left; 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; </div><div><br /></div><div style="text-align: left; 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 2.5% 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. 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The Company considers all short-term investments purchased with an original maturity of three months or less to be cash equivalents.</div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div><div style="text-align: left; 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.</div><div><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: left; 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 underlie the actuarial methods and made the appropriate adjustments to reflect the emergence of claim activity.</div><div><br /></div><div style="text-align: left; 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 Company Subsidiaries of the Company 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 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; Our Insurance Company Subsidiaries collectively have assumed $268.5 million and $170.2 million in gross written premium from SNIC for the years ended December 31, 3014 and 2013, respectively. The impact of the SNIC fee on the Company&#8217;s expense ratio was 2.4% for the year ending December 31, 2014 and 0.5% 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;">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, typically because of cancellation, 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: left; 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, 2014 and 2013, the allowance for uncollectibles on receivables was $5.5 million and $5.1 million, respectively.</div><div><br /></div><div style="text-align: left; 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, 2014 and 2013 were $32.7 million and $37.7 million, respectively.&#160; No other receivable exceeds 10% of the aggregate amount of receivables.</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><br /></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 2014, 2013, and 2012, were $2.5 million, $2.8 million, and $3.0 million, respectively.&#160;&#160; The Company received dividends from MFH in 2014, 2013, and 2012, for $3.2 million, $2.0 million, and $4.0 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;">The Company has a 1.3% equity interest in another affiliate, 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 2014 were $1.1 million and $0.6 million in 2013.&#160; The Company had no equity earnings related to the Aquiline Financial Services Fund II L.P. for 2012.</div><div>&#160;</div><div style="text-align: left; 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, 2014, 2013, and 2012.</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Participating Policyholder Dividends</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 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, 2014 and 2013, the Company had $1.2 million and $1.3 million accrued for policyholder dividends, respectively.</div><div><br /></div><div style="text-align: left; 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><br /></div><div style="text-align: left; 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: left; 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. Valuation allowances are established when necessary to reduce the deferred tax assets to the amounts that are more likely than not to be realized.</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Restricted Stock Awards, Long Term Incentive Plan, and Deferred Compensation Plan</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 11<font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> ~ Variable Compensation</font> of the Notes to Consolidated Financial Statements for further details in regards to the Company&#8217;s Restricted Stock Awards, Long Term Incentive Plan, and Deferred Compensation Plan.</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">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;">Basic earnings per share are based on the weighted average number of common shares outstanding during the year, while diluted earnings per share includes the weighted average number of common shares and potential dilution from shares issuable pursuant to stock awards using the treasury stock method.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Shares related to the LTIP included in diluted earnings per share were all zero for the years ended December 31, 2014, 2013, and 2012, respectively.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Restricted stock awards granted under the Plan on February 23, 2011, and 2010, were 28,500 and 202,500, respectively.&#160; Shares retired under both plans for tax withholding were 35,183 resulting in a net issuance of 195,817, which are included in the weighted average number of common shares for the year ended December 31, 2014.</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Comprehensive Income</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Comprehensive income encompasses all changes in shareholders&#8217; equity (except those arising from transactions with shareholders) and includes net income, net unrealized capital gains or losses on available for sale securities, net unrealized gains or losses in affiliates and unconsolidated subsidiaries, net increase or decrease on non-credit other-than-temporary impairments on available for sale securities, and net deferred derivative gains or losses on hedging activity.</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Derivative Instruments</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 and the effective portion of the changes in fair value are 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.&#160; The Company does not use interest rate swaps for trading or other speculative purposes.</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Fair Value Disclosures</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 short-term nature of cash and cash equivalents, premiums and agent balances receivable, reinsurance recoverables, accrued interest, and other assets, the estimated fair value of such items approximates their carrying value.&#160; Since debt and equity securities are recorded in the financial statements at their estimated fair value as securities available for sale, their carrying value is their estimated fair value. The Company&#8217;s long term debt, including its debentures, line of credit, accrued expenses and other liabilities, and reinsurance balances payable are either short term in nature or based on current market prices; therefore, their estimated fair value approximates their carrying value.&#160; In addition, the Company&#8217;s derivative instruments, as disclosed in Note 7 ~<font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> Derivative Instruments</font>, are recorded in accordance with related accounting guidance and, therefore, are recorded at fair value.</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Recent Accounting Pronouncements</div><div><br /></div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In February 2013, the FASB issued guidance to improve the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide addition detail about those amounts. The guidance is to be applied prospectively for reporting periods beginning after December 15, 2012. The Company adopted this new guidance on January 1, 2013 and included the required disclosures in Note 19<font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> ~ Accumulated Other Comprehensive Income.</font></div><div><br /></div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Loss, or a Tax Credit Carryforward Exists</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In July 2013, the FASB issued a new standard that requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when the uncertain tax position would reduce the net operating loss or other carryforward under the tax law of the applicable jurisdiction and when the entity intends to use the deferred tax asset for that purpose.&#160; The new standard is effective for fiscal years and interim periods within those years that begin after December 15, 2013. The Company adopted this new guidance on January 1, 2014.&#160; The adoption of the new standard did not have a material impact on the Company's consolidated financial statements.</div><div><br /></div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Revenue Recognition</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606),&#8221; (ASU 2014-09), which is intended to improve and converge the financial reporting requirements for revenue contracts with customers. Previous GAAP comprised broad revenue recognition concepts along with numerous industry-specific requirements. The new guidance establishes a five-step model which entities must follow to recognize revenue and removes inconsistencies and weaknesses in existing guidance. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016, and must be retrospectively applied. Entities will have the option of presenting prior periods as impacted by the new guidance or presenting the cumulative effect of initial application along with supplementary disclosures. Early adoption is prohibited. The Company is currently evaluating the impact of adopting ASU 2014-09 on its financial condition and results of operations, but currently does not anticipate it having a material impact.</div></div> 488200000 511000000 63179000 29403000 46050000 31347000 31841000 324285000 186714000 33847000 178629000 48709000 57937000 309591000 149900000 48800000 2498000 42500000 33500000 14692000 -1398000 3499000 2643000 14035000 -3561000 5084000 3935000 -2715000 -20700000 -2018000 -3776000 4395000 7107000 15000 0 0 11517000 362000 0 108000 2000 362000 0 106000 0 0 0 0 1000 359000 0 0 0 0 358000 P24M 1267300 0 0 5000000 457633000 413413000 67854000 -767000 520000 585151000 279005000 238539000 145543000 501000 272472000 -709000 48688000 16319000 505000 -737000 237351000 276410000 120894000 -683000 499000 35080000 277192000 558279000 413413000 457633000 <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;">12. SHAREHOLDERS&#8217; EQUITY</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">At December 31, 2014, shareholders&#8217; equity was $457.6 million, or a book value of $9.14 per common share, compared to $413.4 million, or a book value of $8.29 per common share, at 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;">On October 28, 2011, the Company&#8217;s Board of Directors approved a Share Repurchase Plan authorizing management to purchase up to 5.0 million shares of the Company&#8217;s common stock in market transactions for a period not to exceed twenty-four months. For the years ended December 31, 2014 and 2013, there were no share repurchases.&#160; The Company has no Share Repurchase Plan in place, with the last plan having expired on October 28, 2013.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">For each of the years ended December 31, 2014 and 2013, cash dividends paid to common shareholders totaled $4.0 million.&#160; On February 27, 2015, the Company&#8217;s Board of Directors declared a quarterly dividend of $0.02 per common share. The dividend is payable on March 30, 2015, to shareholders of record as of March 16, 2015.</div><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">When evaluating the declaration of a dividend, the Company&#8217;s Board of Directors considers a variety of factors, including but not limited to, cash flow, liquidity needs, results of operations, industry conditions, and our overall financial condition. As a holding company, the ability to pay cash dividends is partially dependent on dividends and other permitted payments from its Insurance Company Subsidiaries.</div></div> 23331000 110614000 718921000 19824000 581017000 110614000 19963000 101320000 1574990000 1464376000 23331000 19824000 718921000 110614000 101320000 1574990000 110614000 1464376000 19963000 581017000 19805000 1522081000 94371000 94371000 695259000 569859000 1427710000 100477000 22927000 19383000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Schedule I</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Meadowbrook Insurance Group, Inc.</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Summary of investments - other than investments in related parties</div><div style="text-align: center; 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text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Insurance operations are subject to various leverage tests (e.g., premium to statutory surplus ratios), which are evaluated by regulators and rating agencies. 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font-size: 10pt;">60,862</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</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; 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><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">62,773</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</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; 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><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">45,417</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr></table><div><br /></div><div style="text-align: left; text-indent: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company reduces deferred policy acquisition costs for premium deficiencies. There were no premium deficiencies at December 31, 2014, 2013, and 2012.</div></div> 149000 163000 -113000 14000 -8000 0 Prior year Schedule II was corrected for certain immaterial misstatements. 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. Represents the junior subordinated debentures acquired in conjunction with our merger with ProCentury (the "ProCentury Merger") on July 31, 2008. 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. 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. 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. Reserves for losses and loss adjustment expenses are shown gross of $519.5 million, $505.4 million, and $381.9 million of reinsurance recoverable on unpaid losses in 2014, 2013, and 2012 respectively. Unearned premiums are shown gross of ceded unearned premiums of $27.9 million, $63.9 million, and $143.2 million in 2014, 2013, and 2012 respectively. The Company does not employ any discounting techniques. The combined loss and expense ratio (or combined ratio), expressed as a percentage, is the key measure of underwriting profitability traditionally used in the property and casualty insurance business. The combined ratio is a statutory (non-GAAP) accounting measurement, which represents the sum of (i) the ratio of losses and loss expenses to premiums earned (loss ratio), plus (ii) the ratio of underwriting expenses to net premiums written (expense ratio). The combined ratios above have been modified to reflect GAAP accounting, as management evaluates the performance of our underwriting operations using the GAAP combined ratio. Specifically, the GAAP combined ratio is the sum of the loss ratio, plus the ratio of GAAP underwriting expenses (which include the change in deferred policy acquisition costs) to net premiums earned (expense ratio). When the combined ratio is under 100%, underwriting results are generally considered profitable; when the combined ratio is over 100%, underwriting results are generally considered unprofitable.