0001193125-15-370194.txt : 20151110 0001193125-15-370194.hdr.sgml : 20151110 20151106161759 ACCESSION NUMBER: 0001193125-15-370194 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151106 DATE AS OF CHANGE: 20151106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Heritage Insurance Holdings, Inc. CENTRAL INDEX KEY: 0001598665 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 455338504 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36462 FILM NUMBER: 151211730 BUSINESS ADDRESS: STREET 1: 2600 MCCORMICK DRIVE STREET 2: SUITE 300 CITY: CLEARWATER STATE: FL ZIP: 33759 BUSINESS PHONE: 7273627202 MAIL ADDRESS: STREET 1: 2600 MCCORMICK DRIVE STREET 2: SUITE 300 CITY: CLEARWATER STATE: FL ZIP: 33759 FORMER COMPANY: FORMER CONFORMED NAME: Heritage Insurance Holdings, LLC DATE OF NAME CHANGE: 20140130 10-Q 1 d72046d10q.htm FORM 10-Q Form 10-Q
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

 

Form 10-Q

 

 

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-36462

 

 

Heritage Insurance Holdings, Inc.

(Exact name of Registrant as specified in its charter)

 

 

 

Delaware   45-5338504
(State of Incorporation)  

(IRS Employer

Identification No.)

2600 McCormick Drive, Suite 300

Clearwater, Florida 33759

(Address, including zip code, of principal executive offices)

(727) 362-7200

(Registrant’s telephone number, including area code)

 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   ¨    Accelerated filer   ¨
Non-accelerated filer   x    Smaller reporting company   ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

The aggregate number of shares of the Registrant’s Common Stock, $0.0001 par value, outstanding on November 2, 2015 was 30,285,410.

 

 

 


Table of Contents

HERITAGE INSURANCE HOLDINGS, INC.

Table of Contents

 

     Page  
PART I – FINANCIAL INFORMATION   

Item 1 Financial Statements

  

Condensed Consolidated Balance Sheets: September 30, 2015 (unaudited) and December 31, 2014

     3   

Condensed Consolidated Statements of Income and Other Comprehensive Income: Three and nine months ended September 30, 2015 and 2014 (unaudited)

     4   

Condensed Consolidated Statements of Stockholders’ Equity: Nine months ended September  30, 2015 and 2014 (unaudited)

     5   

Condensed Consolidated Statements of Cash Flows: Nine months ended September 30, 2015 and 2014 (unaudited)

     6   

Notes to Unaudited Condensed Consolidated Financial Statements

     7   

Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations

     22   

Item 3 Quantitative and Qualitative Disclosures about Market Risk

     30   

Item 4 Controls and Procedures

     31   
PART II – OTHER INFORMATION   

Item 1 Legal Proceedings

     31   

Item 1A Risk Factors

     32   

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds

     32   

Item 6 Exhibits

     32   

Signatures

     33   


Table of Contents

FORWARD-LOOKING STATEMENTS

Statements in this Quarterly Report on Form 10-Q this (“Form 10-Q”) or in documents incorporated by reference that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about anticipated growth in revenue, earnings per share, estimated unpaid losses on insurance policies, investment returns and expectations about our liquidity, and our ability to meet our investment objectives and to manage and mitigate market risk with respect to our investments. These statements are based on current expectations, estimates and projections about the industry and market in which we operate, and management’s beliefs and assumptions. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” or “continue” or the negative variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties include, without limitation:

 

    increased costs of reinsurance, non-availability of reinsurance, and non-collectability of reinsurance;

 

    the potential for discontinuation of the Citizens depopulation program and our inability to select favorable Citizens policies to assume;

 

    a lack of significant redundancy in our operations;

 

    our failure to attract and retain qualified employees and independent agents or our loss of key personnel;

 

    our inability to generate investment income;

 

    our inability to maintain our financial stability rating;

 

    effects of emerging claim and coverage issues relating to legal, judicial, environmental and social conditions;

 

    our exposure to catastrophic events;

 

    the failure of our risk mitigation strategies or loss limitation methods; and

 

    other risks and uncertainties described in the section entitled “Risk Factors” in Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2014.

Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or operating results.

These forward-looking statements are subject to numerous risks, uncertainties and assumptions about us described in our filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements we make in our Form 10-Q are valid only as of the date of our Form 10-Q and may not occur in light of the risks, uncertainties and assumptions that we describe from time to time in our filings with the SEC. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from our forward-looking statements is included in the section entitled “Risk Factors” in Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2014. Except as required by applicable law, we undertake no obligation and disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

2


Table of Contents

PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

HERITAGE INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share amounts)

 

     September 30, 2015     December 31, 2014  
     (unaudited)        

ASSETS

    

Fixed maturity securities, available for sale, at fair value (amortized cost of $380,892 and $290,951 in 2015 and 2014, respectively)

   $ 380,310      $ 293,085   

Equity securities, available for sale, at fair value (cost of $20,457 and $30,555 in 2015 and 2014, respectively)

     15,378        31,225   

Mortgage loan, held to maturity, at amortized cost

     —          6,849   
  

 

 

   

 

 

 

Total investments

     395,688        331,159   

Cash and cash equivalents

     201,270        160,481   

Restricted cash

     12,786        4,339   

Accrued investment income

     3,282        2,617   

Premiums receivable, net

     26,589        20,028   

Prepaid reinsurance premiums

     123,541        43,148   

Reinsurance premiums receivable

     14,398        —     

Income taxes receivable

     6,666        —     

Deferred income taxes

     6,442        6,622   

Deferred policy acquisition costs, net

     32,494        24,370   

Property and equipment, net

     17,424        17,087   

Other assets

     14,464        5,180   
  

 

 

   

 

 

 

Total Assets

   $ 855,044      $ 615,031   
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

Unpaid losses and loss adjustment expenses

   $ 74,445      $ 51,469   

Unearned premiums

     278,358        241,136   

Reinsurance payable

     135,589        17,113   

Income taxes payable

     —          12,808   

Advance premiums

     13,066        5,143   

Accrued compensation

     11,666        442   

Other liabilities

     9,520        31,831   
  

 

 

   

 

 

 

Total Liabilities

   $ 522,644      $ 359,942   
  

 

 

   

 

 

 

Commitments and contingencies (Note 13)

    

Stockholders’ Equity:

    

Common stock, $0.0001 par value, 50,000,000 shares authorized, 30,285,410 and 29,794,960 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively

     3        3   

Additional paid-in capital

     198,584        188,342   

Accumulated other comprehensive (loss) income

     (3,477     1,723   

Retained earnings

     137,290        65,021   
  

 

 

   

 

 

 

Total Stockholders’ Equity

     332,400        255,089   
  

 

 

   

 

 

 

Total Liabilities and Stockholders’ Equity

   $ 855,044      $ 615,031   
  

 

 

   

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

3


Table of Contents

HERITAGE INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income and Other Comprehensive Income

(Unaudited)

(Amounts in thousands, except per share and share amounts)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30
 
     2015     2014     2015     2014  

REVENUE:

        

Gross premiums written

   $ 148,993      $ 86,771      $ 418,558      $ 254,943   

Increase in gross unearned premiums

     (20,759     (6,897     (37,222     (50,084
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross premiums earned

     128,234        79,874        381,336        204,859   

Ceded premiums

     (45,873     (24,347     (102,640     (62,801
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums earned

     82,361        55,527        278,696        142,058   

Net investment income

     1,973        1,126        5,696        2,463   

Net realized gains

     1,946        80        1,827        62   

Other revenue

     2,964        1,280        7,241        3,847   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     89,244        58,013        293,460        148,430   

EXPENSES:

        

Losses and loss adjustment expenses

     35,791        22,314        102,239        62,145   

Policy acquisition costs

     15,512        12,469        40,858        23,326   

General and administrative expenses

     10,226        7,121        33,366        19,919   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     61,529        41,904        176,463        105,390   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   $ 27,715      $ 16,109      $ 116,997      $ 43,040   

Provision for income taxes

     10,902        6,144        44,728        15,620   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 16,813      $ 9,965      $ 72,269      $ 27,420   
  

 

 

   

 

 

   

 

 

   

 

 

 

OTHER COMPREHENSIVE INCOME:

        

Change in net unrealized (losses) gains on investments

     (1,168     (139     (6,638     4,779   

Reclassification adjustment for net realized investment gains

     (1,946     (80     (1,827     (62

Income tax (expense) benefit related to items of other comprehensive income (loss)

     1,201        83        3,265        (1,821
  

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

   $ 14,900      $ 9,829      $ 67,069      $ 30,316   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding

        

Basic

     30,177,633        29,794,960        29,952,668        22,807,705   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     30,483,553        29,814,631        30,289,328        24,381,869   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share

        

Basic

   $ 0.56      $ 0.33      $ 2.41      $ 1.20   

Diluted

   $ 0.55      $ 0.33      $ 2.39      $ 1.12   

See accompanying notes to unaudited condensed consolidated financial statements.

 

4


Table of Contents

HERITAGE INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

Nine months Ended September 30, 2015 and 2014

(Unaudited)

(Amounts in thousands, except share amounts)

 

    

 

Common Stock

     Additional
Paid-In
Capital
    Retained
Earnings
     Accumulated
Other

Comprehensive
Income (Loss)
    Total
Stockholders’
Equity
 
     Shares      Amount            

Balance at December 31, 2014

     29,794,960       $ 3       $ 188,342      $ 65,021       $ 1,723      $ 255,089   

Net unrealized change in investments, net of tax

     —           —           —          —           (5,200     (5,200

Issuance of restricted common stock in connection with the acquisition of BRC Restoration

     79,850         —           2,000        —           —          2,000   

Exercise of stock options and warrants

     410,600         —           6,369        —           —          6,369   

Stock-based compensation

     —           —           1,873        —           —          1,873   

Net income

     —           —           —          72,269         —          72,269   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Balance at September 30, 2015

     30,285,410       $ 3       $ 198,584      $ 137,290       $ (3,477   $ 332,400   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 
    

 

Common Stock

     Additional
Paid-In
Capital
    Retained
Earnings
     Accumulated
Other
Comprehensive
Income (Loss)
    Total
Stockholders’
Equity
 
     Shares      Amount            

Balance at December 31, 2013

     14,007,150       $ 1       $ 62,849      $ 17,924       $ (790   $ 79,984   

Temporary equity reclassified to equity

     2,338,350         —           20,921        —           —          20,921   

Member tax distribution

     —           —           (1,057     —           —          (1,057

Issuance of equity

     17,850         —           88        —           —          88   

Net unrealized change in investments, net of tax

     —           —           —          —           2,896        2,896   

Issuance of common stock equity in initial public offering and private placement, net of discount fee and direct costs of issuance of $6,530

     6,909,091         1         69,469        —           —          69,470   

Issuance of common stock to underwriters for overallotment, net of discount fee and direct costs of issuance of $700

     900,000         —           9,200        —           —          9,200   

Exercise of warrants

     5,622,519         1         22,514        —           —          22,515   

Stock-based compensation

     —           —           40        —           —          40   

Net income

     —              —          27,420         —          27,420   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Balance at September 30, 2014

     29,794,960       $ 3       $ 184,024      $ 45,344       $ 2,106      $ 231,477   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

5


Table of Contents

HERITAGE INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Amounts in thousands)

 

     Nine Months Ended September 30,  
         2015             2014      

OPERATING ACTIVITIES

    

Net income

   $ 72,269      $ 27,420   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Stock-based compensation

     1,873        40   

Amortization of bond discount

     4,688        1,565   

Depreciation and amortization

     926        512   

Bad debt expense

     —          250   

Net realized gains

     (1,827     (62

Deferred income taxes

     3,445        3,904   

Changes in operating assets and liabilities:

    

Accrued investment income

     (665     (876

Premiums receivable, net

     (6,561     (37,877

Restricted cash

     (8,447     (4,339

Prepaid reinsurance premiums

     (80,393     (36,183

Reinsurance premiums (payable) receivable

     (14,398     5,337   

Income taxes (payable) receivable

     (6,666     4,241   

Deferred policy acquisition costs, net

     (8,124     (15,861

Other assets

     (1,284     (2,635

Unpaid losses and loss adjustment expenses

     22,976        22,621   

Unearned premiums

     37,222        50,084   

Reinsurance payable

     118,476        24,739   

Income taxes payable

     (12,808     (2,507

Accrued compensation

     11,224        4,168   

Advance premiums

     7,923        6,181   

Other liabilities

     (22,311     2,589   
  

 

 

   

 

 

 

Net cash provided by operating activities

     117,538        53,311   

INVESTING ACTIVITIES

    

Proceeds from sales and maturities of investments available for sale

     119,181        29,426   

Purchases of investments available for sale

     (201,885     (141,176

Proceeds from sale of investment in mortgage loan

     6,849        —     

Acquisition of a business

     (6,000     —     

Cost of property and equipment acquired

     (1,263     (6,251
  

 

 

   

 

 

 

Net cash used in investing activities

     (83,118     (118,001

FINANCING ACTIVITIES

    

Proceeds from issuance of equity and redeemable shares

     —          88   

Proceeds from issuance of equity from initial public offering, net of discount fee and expense

     —          78,670   

Proceeds from exercise of stock options and warrants

     6,369        22,515   
  

 

 

   

 

 

 

Net cash provided by financing activities

     6,369        101,273   

Increase in cash and cash equivalents

     40,789        36,583   

Cash and cash equivalents at beginning of period

     160,481        65,059   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 201,270      $ 101,642   
  

 

 

   

 

 

 

Supplemental Cash Flows Information:

    

Income taxes paid, net

   $ 61,200      $ 9,981   
  

 

 

   

 

 

 

Issuance of shares for consideration in the acquisition of a business

   $ 2,000      $ —     
  

 

 

   

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

6


Table of Contents

HERITAGE INSURANCE HOLDINGS, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 1. BASIS OF PRESENTATION

Basis of Presentation

The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2015 and 2014 include Heritage Insurance Holdings, Inc. (“Parent Company”) and its wholly owned subsidiaries: Heritage Property & Casualty Insurance Company (“Heritage P&C”), which provides personal and commercial residential insurance; Heritage MGA, LLC, the managing general agent that manages substantially all aspects of our insurance subsidiary’s business; Contractors’ Alliance Network, LLC, our vendor network manager; Skye Lane Properties, LLC, our property management subsidiary; First Access Insurance Group, LLC, our retail agency; Osprey Re Ltd., our reinsurance subsidiary that provides a portion of the reinsurance protection purchased by our insurance subsidiary; and Heritage Insurance Claims, LLC, an inactive subsidiary reserved for future development, together referred to as “the Company”.

Our primary products are personal and commercial residential insurance, which we currently offer only in Florida under authorization from the Florida Office of Insurance Regulation (“FLOIR”). We conduct our operations under one business segment.

The condensed consolidated financial information included herein as of and for the three and nine months ended September 30, 2015 and 2014 does not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods. The results for the three and nine months ended September 30, 2015 and 2014 are not indicative of annual results. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The December 31, 2014 consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2014.

For further information, refer to the consolidated financial statements and footnotes thereto included in Heritage Insurance Holdings, Inc.’s. Annual Report on Form 10-K for the fiscal year ended December 31, 2014. References to “we,” “us,” “our,” or the “Company” refer to Heritage Insurance Holdings, Inc. and its consolidated subsidiaries.

The Company qualifies as an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act, of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company. The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Changes to significant accounting policies

We have made no material changes to our significant accounting policies as reported in our Annual Report on Form 10-K for the year ended December 31, 2014.

Accounting Pronouncements

The Company describes below recent pronouncements that have had or may have a significant effect on its financial statements or on its disclosures. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its financial condition, results of operations, or related disclosures.

In May 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance on fair value measurement (Accounting Standards Update (“ASU”) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)), effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and which should be applied retrospectively to all periods presented. Earlier application is permitted. The new amendments in this ASU remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value (“NAV”) per share practical expedient. In addition, the amendments remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

 

7


Table of Contents

In May 2015, the FASB issued Accounting Standards Update No. 2015-09 (“ASU 2015-09”), Financial Services – Insurance (Topic 944), which improves disclosure requirements for all insurance entities that issue short-duration contracts. The amendments in ASU 2015-09 increase transparency of significant estimates made in measuring the liability for unpaid claims and claim adjustment expenses, improve comparability by requiring consistent disclosure of information, and provide financial statement users with additional information to facilitate analysis of the amount, timing, and uncertainty of cash flows and the development of loss reserve estimates. ASU 2015-09 is effective for all public entities for annual periods beginning after December 15, 2015 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, Imputation of Interest (“ASC 835”) which requires debt issuance costs related to a recognized debt liability to be presented as a deduction from the carrying amount of the related debt, consistent with the treatment required for debt discounts. This guidance is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company is evaluating the impact of the new guidance on its consolidated financial statements.

In April 2015, the FASB issued ASC 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. Under the new guidance, if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements.

In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU creates a new topic, Topic 606, to provide guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. Early adoption is not permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements.

In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation, which clarifies accounting for share-based payments for which the terms of an award provide that a performance target could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The updated guidance clarifies that such a term should be treated as a performance condition that affects vesting. As such, the performance target should not be reflected in estimating the grant date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The guidance will be effective for the Company beginning with fiscal year 2016, and may be applied either prospectively or retrospectively. The Company does not anticipate that this guidance will materially impact its condensed consolidated financial statements and related disclosures.

There are no other recently issued accounting standards that apply to us or that are expected to have a material impact on our results of operations, financial condition, or cash flows.

Subsequent Events

The Company follows the provisions of ASC Topic 855-10, “Subsequent Events,” relating to subsequent events. This guidance defines the period after the balance sheet date during which events or transactions that may occur would be required to be disclosed in the Company’s financial statements. The Company has evaluated subsequent events up to the date of issuance of this report.

NOTE 3. INVESTMENTS

The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at September 30, 2015 and December 31, 2014:

 

     Cost or Adjusted/
Amortized Cost
     Gross Unrealized Gains      Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

September 30, 2015

           

U.S. government and agency securities

   $ 24,066       $ 55       $ 193       $ 23,928   

States, municipalities and political subdivisions

     54,125         288         117         54,296   

Special revenue

     170,809         959         1,560         170,208   

Industrial and miscellaneous

     116,422         539         427         116,534   

Redeemable preferred stocks

     15,470         41         167         15,344   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     380,892         1,882         2,464         380,310   

Nonredeemable preferred stocks

     354         —           4         350   

Equity securities

     20,103         17         5,092         15,028   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     20,457         17         5,096         15,378   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 401,349       $ 1,899       $ 7,560       $ 395,688   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

8


Table of Contents
     Cost or Adjusted/
Amortized Cost
     Gross Unrealized Gains      Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

December 31, 2014

           

U.S. government and agency securities

   $ 7,002       $ 22       $ 16       $ 7,008   

States, municipalities and political subdivisions

     41,578         560         18         42,120   

Special revenue

     133,269         1,349         237         134,381   

Industrial and miscellaneous

     105,591         668         254         106,005   

Redeemable preferred stocks

     3,511         84         24         3,571   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     290,951         2,683         549         293,085   

Nonredeemable preferred stocks

     11,494         237         53         11,678   

Equity securities

     19,061         1,525         1,039         19,547   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     30,555         1,762         1,092         31,225   

Mortgage loan participation

     6,849         —           —           6,849   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 328,355       $ 4,445       $ 1,641       $ 331,159   
  

 

 

    

 

 

    

 

 

    

 

 

 

The Company calculates the gain or loss realized on the sale of investments by comparing the sales price (fair value) to the cost or adjusted/amortized cost of the security sold. The Company determines the cost or adjusted/amortized cost of the security sold using the specific-identification method. The following tables detail the Company’s net realized gains (losses) by major investment category for the three and nine months ended September 30, 2015 and 2014.

 

     2015      2014  
     Gains (Losses)      Fair Value at Sale      Gains (Losses)      Fair Value at Sale  
     (In thousands)  

Three Months Ended September 30,

           

Fixed maturities

   $ 1,200       $ 62,412       $ 87       $ 3,083   

Equity securities

     826         15,949         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized gains

     2,026         78,361         87         3,083   
  

 

 

    

 

 

    

 

 

    

 

 

 

Fixed maturities

     (75      5,948         (2      90   

Equity securities

     (5      328         (5      174   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized losses

     (80      6,276         (7      264   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net realized gain

   $ 1,946       $ 84,637       $ 80       $ 3,347   
  

 

 

    

 

 

    

 

 

    

 

 

 
     2015      2014  
     Gains (Losses)      Fair Value at Sale      Gains (Losses)      Fair Value at Sale  
     (In thousands)  

Nine Months Ended September 30,

           

Fixed maturities

   $ 1,237       $ 66,513       $ 179       $ 6,153   

Equity securities

     716         20,581         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized gains

     1,953         87,094         179         6,153   
  

 

 

    

 

 

    

 

 

    

 

 

 

Fixed maturities

     (116      11,219         (91      2,789   

Equity securities

     (10      2,196         (26      17,991   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized losses

     (126      13,415         (117      20,780   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net realized gain

   $ 1,827       $ 100,509       $ 62       $ 26,933   
  

 

 

    

 

 

    

 

 

    

 

 

 

The table below summarizes the Company’s fixed maturities at September 30, 2015 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations.

 

    September 30, 2015  
    Cost or Adjusted/
Amortized Cost
    Percent of Total     Fair Value     Percent of Total  
    (In thousands)           (In thousands)        

Due in one year or less

  $ 35,960        10   $ 35,991        9

Due after one year through five years

    169,301        44     169,047        45

Due after five years through ten years

    90,968        24     90,810        24

Due after ten years

    84,663        22     84,462        22
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 380,892        100   $ 380,310        100
 

 

 

   

 

 

   

 

 

   

 

 

 

 

9


Table of Contents

The following table summarizes the Company’s net investment income by major investment category for the three and nine months ended September 30, 2015 and 2014, respectively:

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
    (In thousands)  

Fixed maturities

  $ 1,936      $ 838      $ 5,254      $ 1,989   

Equity securities

    439        328        1,292        768   

Cash, cash equivalents and short-term investments

    150        50        361        95   

Other investments

    67        71        128        234   
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    2,592        1,287        7,035        3,086   

Investment expenses

    619        161        1,341        623   
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income, less investment expenses

  $ 1,973      $ 1,126      $ 5,696      $ 2,463   
 

 

 

   

 

 

   

 

 

   

 

 

 

During the Company’s quarterly evaluations of its securities for impairment, the Company determined that none of its investments in debt and equity securities that reflected an unrealized loss position were other-than-temporarily impaired. The issuers of the debt securities in which the Company invests continue to make interest payments on a timely basis and have not suffered significant credit rating reductions. The Company does not intend to sell nor is it likely that it would be required to sell the debt securities before the Company recovers its amortized cost basis.

The following tables present an aging of our unrealized investment losses by investment class as of September 30, 2015 and December 31, 2014:

 

     Less Than Twelve Months      Twelve Months or More  
     Number of
Securities
     Gross Unrealized
Losses
     Fair Value      Number of
Securities
     Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

September 30, 2015

                 

U.S. government and agency securities

     12       $ 189       $ 7,904         2       $ 4       $ 451   

States, municipalities and political subdivisions

     15         114         9,703         1         2         165   

Industrial and miscellaneous

     103         412         40,312         4         15         412   

Special revenue

     87         302         36,895         8         7         1,313   

Redeemable preferred stocks

     247         152         10,631         12         15         203   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     464         1,169         105,445         27         43         2,544   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

     9         4         347         —           —           —     

Equity securities

     219         4,430         13,624         30         662         981   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     228       $ 4,434       $ 13,971         30       $ 662       $ 981   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     692       $ 5,603       $ 119,416         57       $ 705       $ 3,525   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     Less Than Twelve Months      Twelve Months or More  
     Number of
Securities
     Gross Unrealized
Losses
     Fair Value      Number of
Securities
     Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

December 31, 2014

                 

U.S. government and agency securities

     11       $ 15       $ 2,451         1       $ 1       $ 109   

States, municipalities and political subdivisions

     14         15         7,661         1         3         177   

Industrial and miscellaneous

     98         204         51,156         10         50         1,975   

Special revenue

     71         213         36,643         6         23         1,592   

Redeemable preferred stocks

     18         9         854         9         15         355   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     212         456         98,765         27         92         4,208   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

     1         31         2,552         1         22         490   

Equity securities

     1         1,039         9,792         —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     2       $ 1,070       $ 12,344         1       $ 22       $ 490   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     214       $ 1,526       $ 111,109         28       $ 114       $ 4,698   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

NOTE 4. FAIR VALUE OF FINANCIAL INSTRUMENTS

For the Company’s investments in U.S. government securities that do not have prices in active markets, agency securities, state and municipal government securities, and corporate bonds, the Company obtains the fair values from its custodian, which uses a third-party valuation service, and we evaluate the relevant inputs, assumptions, methodologies and conclusions associated with such

 

10


Table of Contents

valuations. The valuation service calculates prices for the Company’s investments in the aforementioned security types on a month-end basis by using several matrix-pricing methodologies that incorporate inputs from various sources. The model the valuation service uses to price U.S. government securities and securities of states and municipalities incorporates inputs from active market makers and inter-dealer brokers. To price corporate bonds and agency securities, the valuation service calculates non-call yield spreads on all issuers, uses option-adjusted yield spreads to account for any early redemption features, then adds final spreads to the U.S. Treasury curve as of quarter end. The inputs the valuation service uses in its calculations are not quoted prices in active markets, but are observable inputs, and therefore represent Level 2 inputs.

The following tables present information about the Company’s assets measured at fair value on a recurring basis. The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy. For the nine months ended September 30, 2015 and the year ended and December 31, 2014, there were no transfers in or out of Level 1, 2, and 3.

 

September 30, 2015

   Total      Level 1      Level 2      Level 3  
     (In thousands)  

Fixed maturities investments:

           

U.S. government and agency securities

   $ 23,928       $ 20,099       $ 3,829       $ —     

States, municipalities and political subdivisions

     54,296         —           54,296         —     

Special revenue

     170,208         —           170,208         —     

Industrial and miscellaneous

     116,534         —           116,534         —     

Redeemable preferred stocks

     15,344         15,344         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities investments

   $ 380,310       $ 35,443       $ 344,867       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

   $ 350       $ 350       $ —         $ —     

Equity securities

     15,028         15,028         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

   $ 15,378       $ 15,378       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 395,688       $ 50,281       $ 344,867       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

December 31, 2014

   Total      Level 1      Level 2      Level 3  
     (In thousands)  

Fixed maturities investments:

           

U.S. government and agency securities

   $ 7,008       $ 3,211       $ 3,797       $ —     

States, municipalities and political subdivisions

     42,120         —           42,120         —     

Special revenue

     134,381         —           134,381         —     

Industrial and miscellaneous

     106,005         —           106,005         —     

Redeemable preferred stocks

     3,571         3,571         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities investments

   $ 293,085       $ 6,782       $ 286,303       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

   $ 11,678       $ 11,678       $ —         $ —     

Equity securities

     19,547         19,547         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

   $ 31,225       $ 31,225       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 324,310       $ 38,007       $ 286,303       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

The Company acquired a 55% participation in a commercial real estate mortgage loan for $6.1 million in 2013. The underlying $11.5 million loan was originated by unaffiliated lenders, and collateralized by commercial real estate located in Polk County, Florida. The Company records an asset in the amount of its pro rata share of the outstanding principal and carries the investment at amortized cost. The Company receives monthly principal and interest payments and recognizes income when collectible. During the three months ended September 30, 2015, the Company sold its participation in exchange for cash of $6.8 million.

NOTE 5. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following at September 30, 2015 and December 31, 2014:

 

     September 30, 2015      December 31, 2014  
     (In thousands)  

Land

   $ 2,582       $ 2,582   

Building

     9,599         9,599   

Computer hardware and software

     2,694         2,155   

Office furniture and equipment

     634         445   

Tenant and leasehold improvements

     3,267         2,812   

Vehicle fleet

     501         421   
  

 

 

    

 

 

 

Total, at cost

     19,277         18,014   

Less: accumulated depreciation and amortization

     1,853         927   
  

 

 

    

 

 

 

Property and equipment, net

   $  17,424       $ 17,087   
  

 

 

    

 

 

 

 

11


Table of Contents

Depreciation and amortization expense for property and equipment was $0.3 million and $0.9 million for the three and nine months ended September 30, 2015, respectively. The Company’s real estate consists of 13 acres of land and two buildings with a gross area of 148,000 square feet. The Company relocated to these facilities during March 2014. These facilities and the related existing tenant lease agreements were acquired in April 2013 for a total purchase price of $9.8 million in cash.

The Company currently leases space to non-affiliates and its subsidiary Heritage P&C, and occupies space in one of the buildings.

NOTE 6. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS amounts are based on the weighted average number of common shares, including outstanding warrants and the net effect of potentially dilutive common shares outstanding.

The following table sets forth the computation of basic and diluted EPS for the periods indicated.

 

     Three Months Ended September 30,      Nine Months Ended September 30,  
     2015      2014      2015      2014  

Basic earnings per share:

           

Net income attributable to common stockholders (000’s)

   $ 16,813       $ 9,965       $ 72,269       $ 27,420   

Weighted average shares outstanding

     30,177,633         29,794,960         29,952,668         22,807,705   
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per share:

   $ 0.56       $ 0.33       $ 2.41       $ 1.20   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per share:

           

Net income attributable to common stockholders (000’s)

   $ 16,813       $ 9,965       $ 72,269       $ 27,420   

Weighted average shares outstanding

     30,177,633         29,794,960         29,952,668         22,807,705   

Weighted average dilutive shares

     305,920         19,671         336,660         1,574,164   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total weighted average dilutive shares

     30,483,553         29,814,631         30,289,328         24,381,869   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per share:

   $ 0.55       $ 0.33       $ 2.39       $ 1.12   
  

 

 

    

 

 

    

 

 

    

 

 

 

NOTE 7. REINSURANCE PREMIUMS RECEIVABLE

At September 30, 2015, due to the recent depopulation of policies from Citizens, Citizens owed the Company approximately $14.4 million which has been recorded as reinsurance premiums receivable.

NOTE 8. DEFERRED POLICY ACQUISITION COSTS

The Company defers certain costs in connection with written policies, called Deferred Policy Acquisition Costs (“DPAC”), net of corresponding amounts of ceded reinsurance commissions, called Deferred Reinsurance Ceding Commissions (“DRCC”). Net DPAC is amortized over the effective period of the related insurance policies.

The Company anticipates that its DPAC costs will be fully recoverable in the near term. The table below depicts the activity with regard to DPAC during the three and nine-month periods ended September 30, 2015 and 2014:

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
    (In thousands)     (In thousands)  

Beginning Balance

  $ 31,948      $ 25,392      $ 24,370      $ 9,765   

Policy acquisition costs deferred

    16,058        12,703        48,982        39,187   

Amortization

    (15,512     (12,469     (40,858     (23,326
 

 

 

   

 

 

   

 

 

   

 

 

 

Ending Balance

  $ 32,494      $ 25,626      $ 32,494      $ 25,626   
 

 

 

   

 

 

   

 

 

   

 

 

 

 

12


Table of Contents

NOTE 9. INCOME TAXES

During the nine months ended September 30, 2015 and 2014, the Company recorded $44.7 million and $15.6 million of income tax expense which corresponds to an estimated annual effective tax rate of 38.2% and 36.3%, respectively.

The table below summarizes the significant components of our net deferred tax assets/liabilities:

 

     September 30, 2015      December 31, 2014  
     (In thousands)  

Deferred tax assets:

     

Unearned premiums

   $ 14,536       $ 15,567   

Tax-related discount on loss reserve

     1,110         1,022   

Unrealized loss

     2,184         —     

Stock-based compensation

     922         1,258   

Other

     217         545   
  

 

 

    

 

 

 

Total deferred tax assets

     18,969         18,392   
  

 

 

    

 

 

 

Deferred tax liabilities:

     

Deferred acquisition costs

     11,504         9,401   

Unrealized gain

     —           1,081   

Property and equipment, net

     633         633   

Other

     390         655   
  

 

 

    

 

 

 

Total deferred tax liabilities

     12,527         11,770   
  

 

 

    

 

 

 

Net deferred tax asset

   $ 6,442       $ 6,622   
  

 

 

    

 

 

 

In assessing the net realizable value of deferred tax assets, the Company considered whether it is more likely than not that it will not realize some portion or all of the deferred tax assets. The ultimate realization of deferred tax assets depends upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

No taxing authorities are currently examining any of the Company’s 2014, 2013 or 2012 federal or state income tax returns.

As of September 30, 2015 and December 31, 2014 we had no significant uncertain tax positions.

NOTE 10. REINSURANCE

The Company’s reinsurance program is designed, utilizing the Company’s risk management methodology, to address its exposure to catastrophes. The Company’s program provides reinsurance protection for catastrophes including hurricanes, tropical storms, and tornadoes. The Company’s reinsurance agreements are part of its catastrophe management strategy, which is intended to provide its stockholders an acceptable return on the risks assumed in its property business, and to reduce variability of earnings, while providing protection to the Company’s policyholders.

2013 – 2014 Reinsurance Program

During the second quarter of 2013, the Company placed its reinsurance program for the period from June 1, 2013 through May 31, 2014. The Company’s reinsurance program, which was segmented into layers of coverage, protected it for excess property catastrophe losses and loss adjustment expenses. The Company’s 2013-2014 reinsurance program incorporated the mandatory coverage required by law to be placed with the Florida Hurricane Catastrophe Fund, a state-mandated catastrophe reinsurance fund (“FHCF”). The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2013 to May 31, 2014 reinsurance program.

 

    The Company’s Retention. For the first catastrophic event, the Company had a primary retention of the first $9 million of losses and loss adjustment expenses, of which the Company’s reinsurance subsidiary, Osprey Re Ltd (“Osprey”), was responsible for $3 million. For a second and third catastrophic event, Heritage P&C’s primary retention decreased to $3 million per event. To the extent that there was reinsurance coverage remaining, Heritage P&C had no primary retention for events beyond the third catastrophic event. Osprey had no primary retention beyond the first catastrophic event.

 

   

Layers Below FHCF. Immediately above the Company’s retention, the Company purchased $94.0 million of reinsurance from third party reinsurers and Osprey. Through Osprey, the Company retained an aggregate participation in this coverage of $3.5 million, comprised of a 3% participation of $31 million of losses and loss adjustment expenses in excess of $9 million, or $0.9 million, and a 4% participation of $63 million of losses and loss adjustment expenses in excess of $40 million, or $2.5 million. Through the payment of a

 

13


Table of Contents
 

reinstatement premium, the Company was able to reinstate the full amount of this reinsurance one time. To the extent that $94.0 million or a portion thereof was exhausted in a first catastrophic event, the Company purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage.

 

    FHCF Layer. The Company’s FHCF coverage included an estimated maximum provisional limit of 90% of $270 million, or $243 million, in excess of the Company’s retention and private reinsurance of $103 million. The limit and retention of the FHCF coverage was subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company purchased coverage alongside and above the FHCF layer from third party reinsurers. The layer alongside was in the amount of $27 million and the layer immediately above was in the amount of $28.5 million. To the extent the FHCF coverage was adjusted, this private reinsurance would adjust to fill in any gaps in coverage up to the reinsurers’ aggregate limits for this layer. Through the payment of a reinstatement premium, the Company was able to reinstate the full amount of this private reinsurance one time. To the extent that all or a portion of either of these private layers was exhausted in a first catastrophic event, the Company purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. The FHCF coverage could not be reinstated once exhausted, but it did provide coverage for multiple events.

 

    Aggregate Coverage. In addition to the layers described above, the Company also purchased $170 million of aggregate reinsurance coverage for losses and loss adjustment expenses in excess of $401.5 million for a first catastrophic event. To the extent that this coverage was not fully exhausted in the first catastrophic event, it provided coverage commencing at its reduced retention levels for second and subsequent events and where underlying coverage has been previously exhausted. There was no reinstatement of the aggregate reinsurance coverage once exhausted, but it did provide coverage for multiple events.

For a first catastrophic event, the Company’s 2013 reinsurance program provided coverage for $571.5 million of losses and loss adjustment expenses, including its retention, and the Company was responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, the Company’s total available coverage depended on the magnitude of the first event, as the Company may have had coverage remaining from layers that were not previously fully exhausted. The Company also purchased reinstatement premium protection insurance to provide an additional $149.5 million of coverage. The Company’s aggregate reinsurance layer also provided coverage for second and subsequent events to the extent not exhausted in prior events.

During April 2014, Heritage P&C entered into two catastrophe reinsurance agreements with Citrus Re Ltd., a newly-formed Bermuda special purpose insurer. The agreements provide for three years of coverage from catastrophe losses caused by certain named storms, including hurricanes, beginning on June 1, 2014. The limit of coverage of $200 million is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C. Heritage P&C pays a periodic premium to Citrus Re Ltd. during this three-year risk period. In April 2014, Citrus Re Ltd. issued $200 million of principal-at-risk variable notes due April 2017 to fund the reinsurance trust account and its obligations to Heritage P&C under the reinsurance agreements. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements. The Company has determined that, while Citrus Re Ltd. is a variable interest entity, the Company does not have any variable interests in Citrus Re Ltd. Accordingly, consolidation of or disclosures associated with Citrus Re Ltd. are not applicable.

2014 – 2015 Reinsurance Program

During the second quarter of 2014, the Company placed its reinsurance program for the period from June 1, 2014 through May 31, 2015. The Company’s reinsurance program, which is segmented into layers of coverage, protects it for excess property catastrophe losses and loss adjustment expenses. The Company’s 2014-2015 reinsurance program incorporates the mandatory coverage required by law to be placed with FHCF. For the 2014 hurricane season, the Company selected 90% participation in the FHCF. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2014 to May 31, 2015 reinsurance program.

 

    The Company’s Retention. For the first catastrophic event, the Company has a primary retention of the first $15 million of losses and loss adjustment expenses, of which Osprey was responsible for $6 million. For a second event, Heritage P&C’s primary retention decreased to $2 million and Osprey was responsible for $4 million. To the extent that there was reinsurance coverage remaining, Heritage P&C had a $2 million primary retention for events beyond the second catastrophic event. Osprey had no primary retention beyond the second catastrophic event.

 

   

Layers Below FHCF. Immediately above the Company’s retention, the Company has purchased $185 million of reinsurance from third party reinsurers. Through the payment of a reinstatement premium, the

 

14


Table of Contents
 

Company is able to reinstate the full amount of this reinsurance one time. To the extent that $185 million or a portion thereof is exhausted in a first catastrophic event, the Company has purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. A portion of this coverage wraps around the FHCF and provides coverage alongside the FHCF.

 

    FHCF Layer. The Company’s FHCF coverage includes an estimated maximum provisional limit of 90% of $484 million, or $436 million, in excess of its retention and private reinsurance of $181 million. The limit and retention of the FHCF coverage is subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company has purchased coverage alongside from third party reinsurers. The layer alongside is in the amount of $48 million. To the extent the FHCF coverage is adjusted, this private reinsurance will adjust to fill in any gaps in coverage up to the reinsurers’ aggregate limits for this layer. The FHCF coverage cannot be reinstated once exhausted, but it does provide coverage for multiple events.

 

    CAT Bond Layer. Immediately above the FHCF layer is the coverage provided by the reinsurance agreements entered into with Citrus Re Ltd., as described above in this footnote. The first contract with Citrus Re Ltd. provides $150 million of coverage and the second contract provides an additional $50 million of coverage. Osprey provides $25 million of coverage alongside the second contract.

 

    Aggregate Coverage. In addition to the layers described above, the Company has also purchased $105 million of aggregate reinsurance coverage for losses and loss adjustment expenses in excess of $825.0 million for a first catastrophic event. To the extent that this coverage is not fully exhausted in the first catastrophic event, it provides coverage commencing at its reduced retention levels for second and subsequent events and where underlying coverage has been previously exhausted. There was no reinstatement of the aggregate reinsurance coverage once exhausted, but it does provide coverage for multiple events. Osprey Re Ltd. provides $20 million of protection in the layer above $940 million.

For a first catastrophic event, the Company’s reinsurance program provides coverage for $990 million of losses and loss adjustment expenses, including its retention, and the Company is responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, the Company’s total available coverage depends on the magnitude of the first event, as the Company may have coverage remaining from layers that were not previously fully exhausted. The Company has also purchased reinstatement premium protection insurance to provide an additional $185 million of coverage. The Company’s aggregate reinsurance layer also provided coverage for second and subsequent events to the extent not exhausted in prior events.

2015 – 2016 Reinsurance Program

During the second quarter of 2015, the Company placed its reinsurance program for the period from June 1, 2015 through May 31, 2016. The Company’s reinsurance program, which is segmented into layers of coverage, protects it for excess property catastrophe losses and loss adjustment expenses. The Company’s 2015-2016 reinsurance program incorporates the mandatory coverage required by law to be placed with FHCF. For the 2015 hurricane season, the Company selected 75% participation in the FHCF. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2015 to May 31, 2016 reinsurance program.

 

    The Company’s Retention. For the first catastrophic event, the Company has a primary retention of the first $35 million of losses and loss adjustment expenses, of which Osprey is responsible for $20 million. For a second event, Heritage P&C’s primary retention decreases to $5 million and Osprey is responsible for $10 million. To the extent that there is reinsurance coverage remaining, Heritage P&C has a $5 million primary retention for events beyond the second catastrophic event. Osprey has no primary retention beyond the second catastrophic event.

 

    Layers Below FHCF. Immediately above the Company’s retention, the Company has purchased $440 million of reinsurance from third party reinsurers. Through the payment of a reinstatement premium, the Company is able to reinstate the full amount of this reinsurance one time. To the extent that $440 million or a portion thereof is exhausted in a first catastrophic event, the Company has purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. A portion of this coverage wraps around the FHCF and provides coverage alongside and above the FHCF.

 

   

FHCF Layer. The Company’s FHCF coverage includes an estimated maximum provisional limit of 75% of $920 million, or $690 million, in excess of its retention and private reinsurance of $336 million. The limit and retention of the FHCF coverage is subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company has purchased coverage alongside from third party reinsurers and through reinsurance agreements with Citrus Re. Ltd. To the extent the FHCF

 

15


Table of Contents
 

coverage is adjusted, this private reinsurance with third party reinsurers and Citrus Re Ltd. will adjust to fill in any gaps in coverage up to the reinsurers’ aggregate limits for this layer. The FHCF coverage cannot be reinstated once exhausted, but it does provide coverage for multiple events.

 

    CAT Bond Layer alongside the FHCF. During April 2015 (closed April 8, 2015), Heritage P&C entered into three catastrophe reinsurance agreements with Citrus Re Ltd. The agreements provide for three years of coverage from catastrophic losses caused by named storms, including hurricanes, beginning on June 1, 2015. Heritage P&C pays a periodic premium to Citrus Re Ltd. during this three-year risk period. Citrus Re Ltd. issued in aggregate of $277.5 million of principal-at-risk variable notes due April 2017 to fund the reinsurance trust account and its obligations to Heritage P&C under the reinsurance agreements. These notes were issued in three classes. The Class A notes provide $150 million of coverage for the layer immediately above the FHCF. The Class B notes provide $97.5 million of coverage, and the Class C notes provide $30 million of coverage. The Class B and Class C notes provide reinsurance coverage for a sliver of the catastrophe coverage that had previously been provided by the FHCF. The limit of coverage is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements.

 

    CAT Bond Layer above the FHCF. Immediately above the FHCF layer is the coverage provided by the 2015 reinsurance agreement entered into with Citrus Re as described above in this footnote. The Citrus Re 2015 Class A notes provide up to $150 million of coverage immediately above the FHCF layer. Coverage immediately above the 2015 Class A notes is provided by the 2014 reinsurance agreements entered into with Citrus Re Ltd., as described above in this footnote. The first contract with Citrus Re Ltd. provides $150 million of coverage and the second contract provides an additional $50 million of coverage.

 

    Aggregate Coverage. In addition to the layers described above, the Company has also purchased $125 million of aggregate reinsurance coverage for losses and loss adjustment expenses in excess of $1.648 billion for a first catastrophic event. To the extent that this coverage is not fully exhausted in the first catastrophic event, it provides coverage commencing at its reduced retention for second and subsequent events and where underlying coverage has been previously exhausted. There is no reinstatement of the aggregate reinsurance coverage once exhausted, but it does provide coverage for multiple events.

For a first catastrophic event, the Company’s current reinsurance program provides coverage for $1.77 billion of losses and loss adjustment expenses, including its retention, and the Company is responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, the Company’s total available coverage depends on the magnitude of the first event, as the Company may have coverage remaining from layers that were not previously fully exhausted. The Company has also purchased reinstatement premium protection insurance to provide an additional $440 million of coverage. The Company’s aggregate reinsurance layer also provides coverage for second and subsequent events to the extent not exhausted in prior events.

Property Per Risk Coverage

The Company also purchased property per risk coverage for losses and loss adjustment expenses in excess of $1 million per claim. The limit recoverable for an individual loss is $9 million and total limit for all losses is $27 million. There are two reinstatements available with additional premium due based on the amount of the layer exhausted. In addition, the Company purchased facultative reinsurance in excess of $10 million for any commercial properties it insured that the total insured value exceeded $10 million.

Assumption Transactions and Assumed Premiums Written

On June 27, 2014, the Company assumed approximately $58.9 million (representing 33,000 policies in force) of annualized premiums from SSIC. At September 30, 2015, approximately 25,572 SSIC policies were in force, representing approximately $43.0 million of annualized premium. The SSIC policies account for approximately 11% of the Company’s total policies in force as of September 30, 2015.

In addition to the SSIC transaction, the Company has obtained a substantial number of its policies in connection with assumption transactions with Citizens, pursuant to which the Company recorded the assumed premiums written in the amount of the unearned premiums transferred to the Company. In connection with each assumption transaction, the Company assumes the responsibility of the primary writer of the risk through the expiration of the term of the policy.

 

16


Table of Contents

The following table depicts written premiums, earned premiums and losses, showing the effects that the Company’s assumption transactions have on these components of the Company’s consolidated statements of operations and comprehensive income:

 

     Three Months Ended September 30,      Nine Months Ended September 30,  
     2015      2014      2015      2014  
     (In thousands)  

Premium written:

           

Direct

   $ 115,876       $ 81,458       $ 352,162       $ 204,630   

Assumed

     33,117         5,313         66,396         50,313   

Ceded

     (611      (4,517      (183,033      (98,983
  

 

 

    

 

 

    

 

 

    

 

 

 

Net premium written

   $ 148,382       $ 82,254       $ 235,525       $ 155,960   
  

 

 

    

 

 

    

 

 

    

 

 

 

Change in unearned premiums:

           

Direct

   $ (11,996      (23,976    $ (82,979      (67,958

Assumed

     (8,763      17,079         45,757         17,874   

Ceded

     (45,262      (19,830      80,393         36,182   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net decrease (increase)

   $ (66,021    $ (26,727    $ 43,171       $ (13,902
  

 

 

    

 

 

    

 

 

    

 

 

 

Premiums earned:

           

Direct

   $ 103,880       $ 57,482       $ 269,183       $ 136,672   

Assumed

     24,354         22,392         112,153         68,187   

Ceded

     (45,873      (24,347      (102,640      (62,801
  

 

 

    

 

 

    

 

 

    

 

 

 

Net premiums earned

   $ 82,361       $ 55,527       $ 278,696       $ 142,058   
  

 

 

    

 

 

    

 

 

    

 

 

 

Losses and LAE incurred:

           

Direct

   $ 25,266       $ 19,301       $ 68,269       $ 44,015   

Assumed

     10,525         3,013         33,970         18,130   

Ceded

     —           —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Net losses and LAE incurred

   $ 35,791       $ 22,314       $ 102,239       $ 62,145   
  

 

 

    

 

 

    

 

 

    

 

 

 

The following table highlights the effects that the Company’s assumption transactions have on unpaid losses and loss adjustment expenses and unearned premiums:

 

     September 30, 2015      December 31, 2014  
     (In thousands)  

Unpaid losses and loss adjustment expenses:

     

Direct

   $ 52,208       $ 34,420   

Assumed

     22,237         17,049   
  

 

 

    

 

 

 

Gross unpaid losses and LAE

     74,445         51,469   

Ceded

     —           —     
  

 

 

    

 

 

 

Net unpaid losses and LAE

   $ 74,445       $ 51,469   
  

 

 

    

 

 

 

Unearned premiums:

     

Direct

   $ 238,596       $ 155,617   

Assumed

     39,762         85,519   
  

 

 

    

 

 

 

Gross unearned premiums

     278,358         241,136   

Ceded

     (123,541      (43,148
  

 

 

    

 

 

 

Net unearned premiums

   $ 154,817       $ 197,988   
  

 

 

    

 

 

 

Prepaid reinsurance premiums related to twenty-five and twenty-one reinsurers for the periods ended September 30, 2015 and December 31, 2014, respectively. There were no amounts receivable with respect to reinsurers at September 30, 2015 or December 31, 2014. Thus, there were no concentrations of credit risk associated with reinsurance receivables as of September 30, 2015 or December 31, 2014. Net premiums earned as a percentage of assumed premiums was 40% and 48% for the nine months ended September 30, 2015 and September 30, 2014, respectively.

NOTE 11. RESERVE FOR UNPAID LOSSES

        The Company determines the reserve for unpaid losses on an individual-case basis for all incidents reported. The liability also includes amounts which are commonly referred to as incurred but not reported, or “IBNR”, claims as of the balance sheet date.

The table below summarizes the activity related to the Company’s reserve for unpaid losses:

 

     Three Month Ended September 30,     Nine Months Ended September 30,  
     2015     2014     2015     2014  
     (In thousands)  

Balance, beginning of period

   $ 61,846      $ 34,533      $ 51,469      $ 19,344   

Less: reinsurance recoverable on paid losses

     —          783        —          783   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net balance, beginning of period

     61,846        33,750        51,469        18,561   
  

 

 

   

 

 

   

 

 

   

 

 

 

Incurred related to:

        

Current year

     38,258        22,699        109,070        62,281   

Prior years

     (2,467     (385     (6,831     (136
  

 

 

   

 

 

   

 

 

   

 

 

 

Total incurred

     35,791        22,314        102,239        62,145   
  

 

 

   

 

 

   

 

 

   

 

 

 

Paid related to:

        

Current year

     18,721        12,645        55,399        28,971   

Prior years

     4,471        1,454        23,864        9,770   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total paid

     23,192        14,099        79,263        38,741   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net balance, end of period

     74,445        41,965        74,445        41,965   

Plus: reinsurance recoverable on unpaid losses

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance, end of period

   $ 74,445      $ 41,965      $ 74,445      $ 41,965   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

17


Table of Contents

The significant increase in the Company’s reserves for unpaid losses in 2015 from 2014 is primarily due to the increase in policy count.

The Company writes insurance in the state of Florida, which could be exposed to hurricanes or other natural catastrophes. Although the occurrence of a major catastrophe could have a significant effect on our monthly or quarterly results, such an event is unlikely to be so material as to disrupt our overall normal operations. However, the Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter. The Company believes that the reserve for unpaid losses reasonably represents the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date.

The Company’s losses incurred during the three months ended September 30, 2015 reflect a prior year redundancy of $2.5 million associated with management’s best estimate within the actuarial range of loss and LAE reserves being set at the midpoint of the range of loss, versus being set at the high end of the range at December 31, 2014. The Company moved from the high end of the actuarial range to the middle, as the Company has gained more loss experience allowing management to have higher confidence levels in setting its reserves, particularly in commercial residential, which was a new line of business at the end of 2014. Additionally, during the three months ended March 31, 2015, the Company experienced favorable development of losses and LAE reserves for its personal and commercial lines totaling approximately $4.5 million. The Company’s losses incurred related to the prior year reflect a redundancy of $385,000 and $136,000 for the three and nine months ended September 30, 2014, respectively.

NOTE 12. STATUTORY ACCOUNTING AND REGULATIONS

State laws and regulations, as well as national regulatory agency requirements, govern the operations of all insurers such as our insurance subsidiary. The various laws and regulations require that insurers maintain minimum amounts of statutory surplus and risk-based capital; they restrict insurers’ ability to pay dividends; the Company-specified allowable investment types and investment mixes, and subject the Company’s insurers to assessments.

The Company’s insurance subsidiary, Heritage P&C, must file with the insurance regulatory authorities an “Annual Statement” which reports, among other items, net income and surplus as regards policyholders, which is called stockholder’s equity under GAAP. For the nine months ended September 30, 2015 and 2014, the Company’s insurance subsidiary recorded statutory net income of $34.1 million and $3.4 million, respectively. The Company’s insurance subsidiary is domiciled in Florida, and the laws of that state require that the Company’s insurance subsidiary maintain capital and surplus equal to the greater of $15 million or 10% of its liabilities. The Company’s statutory capital surplus was $200.8 million and $172.7 million at September 30, 2015 and December 31, 2014, respectively. State law also requires the Company’s insurance subsidiary to adhere to prescribed premium-to-capital surplus ratios, with which the Company is in compliance.

In 2014, the Florida legislature passed Senate Bill 1308, which was signed into law by the Governor. Among other things, this bill incorporates the National Association of Insurance Commissioners (“NAIC”) recommendations with regard to expansion of the regulation of insurers to include non-insurance entity affiliates. Specifically, the new law permits the FLOIR to examine affiliated entities within an insurance holding company system in order to ascertain the financial condition of the insurer. The law also provides for certain disclosures with regard to enterprise risk, which are satisfied by the provision of related information filed with the SEC. This legislation was designed to bolster regulation for insurer solvency and governance and became effective January 1, 2015.

NOTE 13. COMMITMENTS AND CONTINGENCIES

The Company is involved in claims-related legal actions arising in the ordinary course of business. The Company accrues amounts resulting from claims-related legal actions in unpaid losses and loss adjustment expenses during the period that it determines an unfavorable outcome becomes probable and it can estimate the amounts. Management makes revisions to its estimates based on its analysis of subsequent information that the Company receives regarding various factors, including: (i) per claim information; (ii) company and industry historical loss experience; (iii) judicial decisions and legal developments in the awarding of damages; and (iv) trends in general economic conditions, including the effects of inflation. When determinable, the Company discloses the range of possible losses in excess of those accrued and for reasonably possible losses.

NOTE 14. OTHER LIABILITIES

At September 30, 2015 and December 31, 2014, other liabilities included approximately $0 and $21.1 million, respectively, for amounts owed to Citizens for policies assumed by the Company, where the policyholder subsequently opted-out of the assumption program.

 

18


Table of Contents

NOTE 15. RELATED PARTY TRANSACTIONS

The Company has been party to various related party transactions involving certain of its officers, directors and significant stockholders as set forth below. The Company has entered into each of these arrangements without obligation to continue its effect in the future and the associated expense was immaterial to its results of operations or financial position as of September 30, 2015 and September 30, 2014.

 

  The Company leased the space that it had occupied through March 2014 at 700 Central Avenue, Ste. 500 St. Petersburg, Florida from a real estate management company controlled by a stockholder. The Company leased the space without obligation to continue doing so in the future. For the nine months ended September 30, 2014 the Company incurred rent expense of approximately $101,000. The Company relocated to one of the buildings located on its Clearwater property in March 2014 and did not pay any rent under the lease, as it was effectively terminated upon date of relocation.

 

  The Company has entered into an agreement with a real estate management company controlled by one of its directors to manage its Clearwater office space. Management services are provided at a fixed fee, plus ordinary and necessary out of pocket expenses. Fees for additional services, such as the oversight of construction activity, are provided for on an as-needed basis.

NOTE 16. EMPLOYEE BENEFIT PLAN

The Company provides a 401(k) plan for substantially all of its employees. The Company contributes 3% of employees’ salary, up to the maximum allowable contribution, regardless of the employees’ level of participation in the plan. For the three-month periods ended September 30, 2015 and 2014, the Company’s contributions to the plan on behalf of the participating employees were $42,940 and $47,840, respectively. For the nine-month periods ended September 30, 2015 and 2014, the contributions to the plan were $203,100 and $208,000, respectively.

NOTE 17. EQUITY

The total amount of authorized capital stock consists of 50,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of September 30, 2015, the Company had 30,285,410 shares of common stock and 7,821 unvested stock options outstanding reflecting total paid-in capital of $198.6 million as of such date.

Common Stock

Holders of common stock are entitled to one vote for each share held on all matters subject to a vote of stockholders, subject to the rights of holders of any outstanding preferred stock. Accordingly, holders of a majority of the shares of common stock entitled to vote in any election of directors may elect all of the directors standing for election, subject to the rights of holders of any outstanding preferred stock. Holders of common stock will be entitled to receive ratably any dividends that the board of directors may declare out of funds legally available therefor, subject to any preferential dividend rights of outstanding preferred stock. Upon the Company’s liquidation, dissolution or winding up, the holders of common stock will be entitled to receive ratably its net assets available after the payment of all debts and other liabilities and subject to the prior rights of holders of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. There are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of the Company’s capital stock are fully paid and nonassessable.

Equity Issuances

As more fully disclosed in our audited to financial statements for the year ended December 31, 2014, there were, as of December 31, 2014, 29,794,960 shares of common stock outstanding and 30,600 warrants and 1,685,923 stock options outstanding, representing $188.3 million of additional paid-in capital. The following discloses the changes in our stockholders’ equity during 2015.

First Quarter 2015

In March 2015, the Company issued 12,500 shares of common stock upon the exercise of 12,500 stock options granted at an exercise price of $16.89 per share and received proceeds of $211,125.

 

19


Table of Contents

Second Quarter 2015

In May 2015, the Company issued 30,600 shares of common stock upon the exercise of 30,600 warrants for gross proceeds of $180,000 or an exercise price of $5.88 per share of common stock.

In May and June 2015, the Company issued an aggregate of 157,500 shares of common stock upon the exercise of 137,500 and 20,000 stock options, which were granted at an exercise price of $16.89 and $14.02 per share and received proceeds of $2,322,375 and $280,400, respectively.

Third Quarter 2015

In July and August 2015, the Company issued an aggregate of 210,000 shares of common stock upon the exercise of 60,000 and 150,000 stock options, which were granted at an exercise price of $14.02 and $16.89 per share and received proceeds of $841,195 and $2,533,485, respectively.

In August 2015, in connection with the acquisition of BRC Restoration Specialists, Inc., (“BRC”) the Company issued 79,850 restricted shares of common stock with a fair value of approximately $2,000,000.

NOTE 18. STOCK-BASED COMPENSATION

The Company has adopted the Heritage Insurance Holdings, Inc., Omnibus Incentive Plan (the “Plan”) effective on May 22, 2014. The Plan has authorized 2,981,737 shares of common stock reserved for issuance under the Plan for future grants.

At September 30, 2015 and December 31, 2014, there were 1,295,814 shares available for grant under the Plan.

The Company recognizes compensation expense under ASC 718 for its stock-based payments based on the fair value of the awards. The Company grants stock options at exercise prices equal to the fair market value of the Company’s stock on the dates the options are granted. The options have a maximum term of ten years from the date of grant and vest primarily in equal annual installments over a range of one to five year periods following the date of grant for employee options. If a participant’s employment relationship ends, the participant’s vested awards will remain exercisable for the shorter of a period of 30 days or the period ending on the latest date on which such award could have been exercisable. The fair value of each option grant is separately estimated for each grant date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company estimates the fair value of all stock option awards as of the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model (“Black-Scholes model”). The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense.

Stock Options

On September 24, 2014, the Company granted 359,000 options to certain employees and directors. No stock options were granted in 2013 or 2012. These options were awarded with the strike price set at the fair market value at the grant date, and vested March 15, 2015 with an expiration date of September 24, 2017. The fair value of each option grant, which was $2.70 per option granted in 2014, is estimated on the date of grant using the Black-Scholes model.

On December 2, 2014, the Company granted 1,326,923 options to certain employees and directors. The employee options were awarded with the strike price set at the fair market value at the grant date. Half of these options were immediately vested and the other half vested on April 30, 2015, and these options expire on December 2, 2017. The directors’ options were awarded with the strike price set at the fair market value at the grant date, and vest quarterly commencing on January 1, 2015 with an expiration date of December 2, 2017. The fair value of each option grant, which ranged from $3.07 to $3.54 per option granted in 2014, is estimated on the date of grant using the Black-Scholes model.

The following table provides the assumptions utilized in the Black-Scholes model for options granted on September 24, 2014 and December 2, 2014. No options were granted during the nine months ended September 30, 2015. A total of 359,000 options were granted during the nine months ended September 30, 2014.

 

     December 2, 2014     September 24, 2014  

Weighted-average risk-free interest rate

     51     42

Expected term of option in years

     1.6        1.7   

Weighted-average volatility

     35.6     36.5

Dividend yield

     0     0

Weighted average grant date fair value per share

   $ 3.19      $ 2.70   

 

20


Table of Contents

A summary of information related to stock options outstanding at September 30, 2015 is as follows:

 

     Shares      Weighted-Average Grant
Date Fair Value
     Shares Available for
Grant
 

Balance at December 31, 2014

     1,685,923       $ 3.09         1,295,814   

Granted

     —           

Exercised

     (380,000    $ 15.61      
  

 

 

       

 

 

 

Balance at September 30, 2015

     1,305,923       $ 2.86         1,295,814   
  

 

 

       

 

 

 

Vested and exercisable as of September 30, 2015

     1,298,102       $ 2.86      
  

 

 

       

The Company had approximately $25,000 of unrecognized stock compensation expense at September 30, 2015 related to unvested compensation, which the Company expects to recognize ratably over the period of 0.25 years. The Company recognized $423,000 and $1.9 million of compensation expense during the three and nine months ended September 30, 2015, respectively.

NOTE 19. ACQUISITION OF SELECTED ASSETS

In July 2015, the Company acquired substantially all of the assets of BRC a Florida based provider of restoration services and emergency and recovery assistance. The acquisition will provide for the expansion of our vertical integrated offering to include a full-service construction company that operates throughout Florida.

The Company paid $6.0 million in cash upon closing and 79,850 shares of the Company’s restricted common stock valued at approximately $2.0 million. The Company has engaged a third party to perform the allocation of the acquired assets and liabilities. The allocation of all acquired assets and liabilities is preliminary at September 30, 2015 with assets and liabilities currently recorded within other assets.

In September 2015, the Company announced that it has entered a definitive agreement to acquire Zephyr Acquisition Company (“ZAC”) and its wholly-owned subsidiary, Zephyr Insurance Company (“Zephyr”), a specialty insurance provider in Hawaii. The acquisition will provide the Company with an immediate presence in Hawaii with Zephyr holding approximately 30% of the wind-only market share in the state. Although there can be no guarantee, the Company is expected to close on the Zephyr acquisition in the fourth quarter of 2015, subject to regulatory and other customary closing conditions, for a purchase price of approximately $120 million.

 

21


Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion in conjunction with our condensed consolidated financial statements and related notes and information included and elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2014 (“2014 Form 10K”). Unless the context requires otherwise, as used in this Form 10-Q, the terms “we,” “us,” “our,” “the Company,” “our company,” and similar references refer to Heritage Insurance Holdings, Inc., a Delaware corporation, and its subsidiaries.

Financial Results Highlights for the Nine Months Ended September 30, 2015

 

    Approximately 240,557 policies in force at September 30, 2015, of which approximately 74% were assumed from Citizens, 11% were assumed from SSIC and 15% were from voluntary sales

 

    Gross premiums written of $418.6 million and total revenue of $293.5 million

 

    Net premiums earned of $278.7 million

 

    Net income of $72.3 million

 

    Combined ratio of 73.2% on a gross basis and 63.3% on a net basis

 

    Cash, cash equivalents and investments of $597.0 million, with total assets of $855.0 million

Critical Accounting Policies and Estimates

When we prepare our consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (GAAP), we must make estimates and assumptions about future events that affect the amounts we report. Certain of these estimates result from judgments that can be subjective and complex. As a result of that subjectivity and complexity, and because we continuously evaluate these estimates and assumptions based on a variety of factors, actual results could materially differ from our estimates and assumptions if changes in one or more factors require us to make accounting adjustments. During the nine months ended September 30, 2015, we reassessed our critical accounting policies and estimates as disclosed within our 2014 Form 10K; we have made no material changes or additions with regard to such policies and estimates.

Recent Events

On September 29, 2015, the Company entered to a definitive agreement to acquire Zephyr Acquisition Company (“ZAC”) and its wholly-owned subsidiary, Zephyr Insurance Company (“Zephyr”), a specialty insurance provider in Hawaii. The acquisition will provide Heritage with an immediate presence in Hawaii with Zephyr holding approximately 30% of the wind-only market share in the state. The all-cash transaction is expected to close in the fourth quarter of 2015, subject to regulatory and other customary closing conditions, for a purchase price of approximately $120 million.

On September 14, 2015, the Company announced that the Board of Directors authorized a $20 million share repurchase program under which purchases may be made from time to time in the open market, or through privately negotiated transactions, block transactions or other techniques, as determined by the Company’s management. This program is available through December 31, 2016.

On July 31, 2015, the Company completed the acquisition of certain assets of BRC Restoration Specialists, Inc. (“BRC”), for the consideration of $6.0 million in cash and $2.0 million of restricted common stock of Heritage which resulted in the issuance of 79,850 shares of common stock. BRC is a Florida based provider of restoration services and emergency and recovery assistance.

During the second quarter, the Company completed the placement of its 2015-2016 reinsurance program. The program is allocated amongst traditional reinsurers, catastrophe bonds issued by Citrus Re Ltd., and the Florida Hurricane Catastrophe Fund (“FHCF”). The program provides approximately $1.77 billion in reinsurance protection for catastrophic losses, and exceeds requirements established by its rating agency, Demotech, Inc., and the Florida Office of Insurance Regulation.

 

22


Table of Contents

Results of Operations

The following table reports our results of operations for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per share amounts):

 

     Three Months Ended September 30,      Nine Months Ended September 30,  
     2015      2014      2015      2014  
     (in thousands)  

REVENUE:

           

Gross premiums written

   $ 148,993       $ 86,771       $ 418,558       $ 254,943   

Increase in gross unearned premiums

     (20,759      (6,897      (37,222      (50,084
  

 

 

    

 

 

    

 

 

    

 

 

 

Gross premiums earned

     128,234         79,874         381,336         204,859   

Ceded premiums

     (45,873      (24,347      (102,640      (62,801
  

 

 

    

 

 

    

 

 

    

 

 

 

Net premiums earned

     82,361         55,527         278,696         142,058   

Net investment income

     1,973         1,126         5,696         2,463   

Net realized gains

     1,946         80         1,827         62   

Other revenue

     2,964         1,280         7,241         3,847   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenue

   $ 89,244       $ 58,013       $ 293,460       $ 148,430   

EXPENSES:

           

Losses and loss adjustment expenses

     35,791         22,314         102,239         62,145   

Policy acquisition costs

     15,512         12,469         40,858         23,326   

General and administrative expenses

     10,226         7,121         33,366         19,919   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses

     61,529         41,904         176,463         105,390   
  

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     27,715         16,109         116,997         43,040   

Provision for income taxes

     10,902         6,144         44,728         15,620   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income

   $ 16,813       $ 9,965       $ 72,269       $ 27,420   
  

 

 

    

 

 

    

 

 

    

 

 

 

Earnings per share

           

Basic

   $ 0.56       $ 0.33       $ 2.41       $ 1.20   

Diluted

   $ 0.55       $ 0.33       $ 2.39       $ 1.12   

Comparison of the Three Months Ended September 30, 2015 and 2014

Revenue

Gross premiums written

Gross premiums written increased from $86.8 million for the three months ended September 30, 2014 to $149.0 million for the three months ended September 30, 2015. The increase in gross premiums written was due to the renewal of a significant number of policies previously assumed from Citizens and SSIC and the growing number of new voluntary policies written. Of our gross premiums written for the three months ended September 30, 2015, $115.9 million represented direct premiums written and $33.1 million represented assumed premiums written. Personal residential business accounted for $130.3 million and commercial residential $18.7 million of the total gross premiums written for the three months ended September 30, 2015.

Gross premiums earned

Gross premiums earned increased from $79.9 million for the three months ended September 30, 2014 to $128.2 million for the three months ended September 30, 2015. Our premiums in force as of September 30, 2015 and September 30, 2014 were approximately $542.1 million and $322.4 million, respectively, resulting in the increase in gross premiums earned. Approximately $21.9 million of gross premiums earned during the three months ended September 30, 2015 was attributable to commercial residential policies, of which we had none during the three months ended September 30, 2014.

Ceded premiums

Ceded premiums earned increased from $24.3 million for the three months ended September 30, 2014 to $45.9 million for the three months ended September 30, 2015. The increase in ceded premiums is primarily a result of the significant increase in the policies in force and the addition of commercial residential business, which has a higher cost of reinsurance, partially offset by lower reinsurance costs due to favorable reinsurance market conditions.

Net premiums earned

Net premiums earned increased from $55.5 million for the three months ended September 30, 2014 to $82.4 million for the three months ended September 30, 2015. The increase in net premiums earned in the comparable periods is primarily attributable to the increase in the amount of premiums in force at September 30, 2015, including the introduction of commercial residential business during the second half of 2014, as compared to September 30, 2014, partially offset by increased ceded earned premium.

 

23


Table of Contents

Net investment income inclusive of realized investment losses.

Net investment income, inclusive of net realized investment gains and losses, increased from $1.2 million for the three months ended September 30, 2014 to $3.9 million for the three months ended September 30, 2015. Net realized gains were $1.9 million for the three months ended September 30, 2015 compared to $80,000 for the three months ended September 30, 2014. Given uncertain economic conditions and a desire to shorten the duration of our bond portfolio, we chose to opportunistically liquidate certain investments during the quarter that had unrealized gains. The increase in net investment income, exclusive of net realized capital gains, is due to the increase in invested assets from $251.2 million to $395.7 million at September 30, 2014 and September 30, 2015, respectively.

Other revenue

Other revenue increased from $1.3 million for the three months ended September 30, 2014 to $3.0 million for the three months ended September 30, 2015. The increase in other revenue between the comparable periods is primarily attributable to the policy fees generated by our growing portfolio of new and renewed policies, as well as the rental income received pursuant to non-cancelable leases for our commercial property in Clearwater, Florida that we purchased in April 2013 and income related to our acquisition of BRC that does not pertain to claims incurred by our subsidiary, Heritage P&C.

Total revenue

Total revenue increased from $58.0 million for the three months ended September 30, 2014 to $89.2 million for the three months ended September 30, 2015. The increase in total revenue was due primarily to the growth in net premiums earned resulting from the significant increase in the amount of premiums in force at September 30, 2015 as compared to September 30, 2014.

Expenses

Losses and loss adjustment expenses

Losses and loss adjustment expenses increased from $22.3 million for the three months ended September 30, 2014 to $35.8 million for the three months ended September 30, 2015. The increase in losses and loss adjustment expenses resulted primarily from an increase in the number of policies in force between the respective periods, partially offset by a decrease in the loss ratio. Losses and loss adjustment expenses for the three months ended September 30, 2015 include losses paid of $31.5 million and a $4.3 million increase in unpaid losses and loss adjustment expenses, including the addition of $1.0 million of IBNR reserves. Favorable development from prior quarters reduced losses and loss adjustment expenses by approximately $1.5 million. Losses and loss adjustment expenses for the three months ended September 30, 2014 include losses paid of $12.1 million and a $10.2 million increase in unpaid losses and loss adjustment expenses, including the addition of $3.9 million of IBNR reserves. As of September 30, 2015, we reported $74.4 million in unpaid losses and loss adjustment expenses which included $40.5 million attributable to IBNR, or 54% of total reserves for unpaid losses and loss adjustment expenses.

Policy acquisition costs

Policy acquisition costs increased from $12.5 million for the three months ended September 30, 2014 to $15.5 million for the three months ended September 30, 2015. The increase is primarily attributable to the significant increase in new and renewed policies, which have associated commissions and administration fees paid to outside agents and administrators at the time of policy issuance, premium taxes and inspection fees, none of which are associated with policies assumed from Citizens prior to their renewal. Additionally, the three months ended September 30, 2014 included $4.5 million of amortization of the $10 million SSIC policy acquisition fees. The SSIC policy acquisition fees were fully amortized at June 30, 2015, thus there was no expenses associated with the SSIC policy acquisition during the current quarter.

General and administrative expenses

General and administrative expenses increased from $7.1 million for the three months ended September 30, 2014 to $10.2 million for the three months ended September 30, 2015. The increase in 2015 was due primarily to the increase in our bonus accrual as a result of the significant increase in year-to-date earnings in 2015, as well as expenses associated with the acquisition of BRC, the proposed acquisition of Zephyr and infrastructure growth.

Provision for income taxes

Provision for income taxes was $6.1 million and $10.9 million for the three months ended September 30, 2014 and 2015, respectively. Our effective tax rate for the three months ended September 30, 2014 and 2015 was 38.1% and 39.3% respectively.

 

24


Table of Contents

Net Income

Our results of operations for the three months ended September 30, 2015 reflect net income of $16.8 million, or $0.55 earnings per diluted common share, compared to net income of $10.0 million, or $0.33 earnings per diluted common share, for the three months ended September 30, 2014.

Ratios

Due to the impact our reinsurance costs have on net premiums earned from period to period, our management believes the ratios discussed below are more meaningful when viewed on a gross basis.

 

    Three Months Ended September 30,  
    2015     2014  

Ratios to Gross Premiums Earned:

   

Ceded premium ratio

    35.8     30.5

Loss ratio

    27.9     27.9

Expense ratio

    20.1     24.5
 

 

 

   

 

 

 

Combined ratio

    83.8     82.9

Ratios to Net Premiums Earned:

   

Loss ratio

    43.5     40.2

Expense ratio

    31.3     35.3
 

 

 

   

 

 

 

Combined ratio

    74.8     75.5

Ceded premium ratio

Our ceded premium ratio increased from 30.5% for the three months ended September 30, 2014 to 35.8% for the three months ended September 30, 2015. As mentioned above, we did not have gross earned premium related to commercial residential business during the third quarter of 2014, while commercial residential represented almost 18% of our gross earned premium during the third quarter of 2015. Ceded premiums as a percentage of gross earned premiums is significantly higher for commercial residential than personal residential causing our overall ceded premium ratio to increase this quarter.

Gross loss ratio

Our gross loss ratio was 27.9% for the three months ended September 30, 2014 compared to 27.9% for the three months ended September 30, 2015. The current quarter’s loss ratio was favorably impacted by the inclusion of commercial residential business and favorable prior quarter development, and was unfavorably impacted by weather related claims in personal lines, due to the heavy rainfalls in certain parts of Florida during the quarter. The impact of the favorable development on the loss ratio was approximately 1.2 percentage points and the impact of the weather related claims compared to the third quarter of 2014 was approximately 2 percentage points.

Net loss ratio

Our net loss ratio increased from 40.2% for the three months ended September 30, 2014 to 43.5% for the three months ended September 30, 2015, as a result of the higher ceded premium ratio.

Gross expense ratio

Our gross expense ratio decreased from 24.5% from the three months ended September 30, 2014 to 20.1% for the three months ended September 30, 2015, primarily due to the amortization of the SSIC policy acquisition fees included in the third quarter of 2014.

Net expense ratio

Our net expense ratio decreased from 35.3% for the three months ended September 30, 2014 to 31.3% for the three months ended September 30, 2015. The decrease is primarily attributable to the impact of the amortization of the SSIC policy acquisition fees in the third quarter of 2014, partially offset by the higher ceded premium ratio.

Combined ratio

Our combined ratio on a gross basis increased modestly from 82.9% for the three months ended September 30, 2014 to 83.8% for the three months ended September 30, 2015. Our combined ratio on a net basis decreased modestly from 75.5% for the three months ended September 30, 2014 to 74.8% for the three months ended September 30, 2015. The changes in our combined ratio, on both a gross and net basis, are the results of the reasons explained above.

 

25


Table of Contents

Comparison of the Nine months Ended September 30, 2015 and 2014

Revenue

Gross premiums written

Gross premiums written increased from $254.9 million for the nine months ended September 30, 2014 to $418.6 million for the nine months ended September 30, 2015. The increase in gross premiums written was due to the renewal of a significant number of policies previously assumed from Citizens, the acquisition of policies from SSIC and the growing number of new voluntary policies written. Of our $418.6 million gross premiums written for the nine months ended September 30, 2015, $352.2 million represents direct premiums written and $66.4 million represents assumed premiums written. Personal residential business accounted for $343.5 million and commercial residential $75.1 million of the total gross premiums written for the nine months ended September 30, 2015.

Gross premiums earned

Gross premiums earned increased from $204.9 million for the nine months ended September 30, 2014 to $381.3 million for the nine months ended September 30, 2015. Our premiums in force as of September 30, 2014 and September 30, 2015 were approximately $322.4 million and $542.1 million respectively, and this increase had a favorable impact on our gross premiums earned.

Ceded premiums

Ceded premiums increased from $62.8 million for the nine months ended September 30, 2014 to $102.6 million for the nine months ended September 30, 2015. The increase in ceded premiums reflects the increase in premiums in force, and the impact of our commercial residential business, which has a higher ceded premium ratio than our personal residential business, as noted above.

Net premiums earned

Net premiums earned increased from $142.1 million for the nine months ended September 30, 2014 to $278.7 million for the nine months ended September 30, 2015. The increase in net premiums earned is primarily attributable to the increase in the number of policies in force during the nine months ended September 30, 2015 as compared to the same period in 2014, partially offset by the increased ceded premiums earned.

Net investment income inclusive of realized investment losses

Net investment income, inclusive of realized investment losses, increased from $2.5 million for the nine months ended September 30, 2014 to $7.5 million for the nine months ended September 30, 2015. Net realized gains were $1.8 million for the nine months ended September 30, 2015 compared to $62,000 to the nine months ended September 30, 2014. We chose to liquidate certain investments during the quarter that had unrealized gains as a cautionary measure against uncertain economic conditions and to shorten the duration of our bond portfolio. The increase in net investment income is due to the significant increase in invested assets from $251.2 million to $395.7 million at September 30, 2014 and September 30, 2015, respectively. The increase resulted primarily from policy growth.

Other revenue

Other revenue increased from $3.8 million for the nine months ended September 30, 2014 to $7.2 million for the nine months ended September 30, 2015. The increase in other revenue is primarily attributable to the policy fees generated by our growing portfolio of new and renewed policies. Additionally, the rental income received pursuant to non-cancelable leases for our commercial property in Clearwater, Florida purchased in April 2013, and revenue generated by BRC, which was acquired in August 2015, contributed to the increase.

Total revenue

Total revenue increased from $148.4 million for the nine months ended September 30, 2014 to $293.5 million for the nine months ended September 30, 2015. The increase in total revenue was due primarily to the growth in net premiums earned resulting from the significant increase in the number of policies in force throughout the nine months ended September 30, 2015 as compared to the same period in the prior year.

 

26


Table of Contents

Expenses

Losses and loss adjustment expenses

Losses and loss adjustment expenses increased from $62.1 million for the nine months ended September 30, 2014 to $102.2 million for the nine months ended September 30, 2015. The increase in losses and loss adjustment expenses resulted primarily from an increase in the number of policies in force between the respective periods. Losses and loss adjustment expenses for the nine months ended September 30, 2015 include losses paid of $80.7 million and a $23.0 million increase in unpaid losses and loss adjustment expenses, including the addition of $10.4 million of IBNR reserves. Prior year favorable development value loss and loss adjustment expenses by approximately $6.8 million. As of September 30, 2015, we reported $74.4 million in unpaid losses and loss adjustment expenses which included $40.5 million attributable to IBNR, or 54% of total reserves for unpaid losses and loss adjustment expenses.

Policy acquisition costs

Policy acquisition costs increased from $23.3 million for the nine months ended September 30, 2014 to $40.9 million for the nine months ended September 30, 2015. The increase is primarily attributable to the significant increase in new and renewal policies, which have associated commissions paid to outside agents at the time of policy issuance, policy administration fees paid to a third-party administrator at the time of policy issuance, premium taxes and inspection fees, none of which are associated with policies assumed from Citizens prior to their renewal.

General and administrative expenses

General and administrative expenses increased from $19.9 million for the nine months ended September 30, 2014 to $33.4 million for the nine months ended September 30, 2015. The increase was due primarily to the increase in our bonus accrual as a result of the significant increase in year-to-date earnings in 2015, as well as expenses associated with the acquisition of BRC and the proposed acquisition of Zephyr and infrastructure growth.

Provision for income taxes

Provision for income taxes was $15.6 million and $44.7 million for the nine months ended September 30, 2014 and 2015, respectively. Our effective tax rate for the nine months ended September 30, 2014 and 2015 was 36.3% and 38.2% respectively.

Net income

Our results of operations for the nine months ended September 30, 2015 reflect net income of $72.3 million, or $2.39 earnings per diluted common share, compared to net income of $27.4 million, or $1.12 earnings per diluted common share, for the nine months ended September 30, 2014.

Ratios

Due to the impact our reinsurance costs have on net premiums earned from period to period, our management believes the ratios discussed below are more meaningful when viewed on a gross basis.

 

     Nine Months Ended September 30,  
     2015     2014  

Ratios to Gross Premiums Earned:

    

Ceded premium ratio

     26.9     30.7

Loss ratio

     26.8     30.3

Expense ratio

     19.5     21.1
  

 

 

   

 

 

 

Combined ratio

     73.2     82.1

Ratios to Net Premiums Earned:

    

Loss ratio

     36.7     43.7

Expense ratio

     26.6     30.4
  

 

 

   

 

 

 

Combined ratio

     63.3     74.2

 

27


Table of Contents

Ceded premium ratio

Our ceded premium ratio decreased from 30.7% for the nine months ended September 30, 2014 to 26.9% for the nine months ended September 30, 2015. The ceded premium associated with the period from January through May related to the previous year’s reinsurance program, in which favorable reinsurance market conditions reduced the cost of the 2014 reinsurance program relative to the 2013 reinsurance program. This resulted in favorable costs being realized in the first five months of 2015 compared to 2014. Additionally, the growth in premiums assumed in the fourth quarter of 2014 and the first quarter of 2015, in which we incurred no additional reinsurance costs until June 1, 2015, significantly improved the ratio.

Gross loss ratio

Our gross loss ratio decreased from 30.3% for the nine months ended September 30, 2014 to 26.8% for the nine months ended September 30, 2015 as a result of the introduction of our commercial residential business, which has a lower loss ratio than personal residential and favorable prior year development. The favorable development reduced the gross loss ratio by 1.8 percentage points.

Net loss ratio

Our net loss ratio decreased from 43.7% for the nine months ended September 30, 2014 to 36.7% for the nine months ended September 30, 2014, primarily as a result of the items discussed above and the improvement of the ceded premium ratio.

Gross expense ratio

Our gross expense ratio decreased modestly from 21.1% for the nine months ended September 30, 2014 to 19.5% for the nine months ended September 30, 2015, primarily due to greater growth in gross premium earned than general and administrative expenses.

Net expense ratio

Our net expense ratio decreased from 30.4% for the nine months ended September 30, 2014 to 26.6% for the nine months ended September 30, 2015 as a result of the improvement in the ceded premium ratio.

Combined ratio

Our combined ratio on a gross basis decreased from 82.1% for the nine months ended September 30, 2014 to 73.2% for the nine months ended September 30, 2015. Our combined ratio on a net basis decreased from 74.1% for the nine months ended September 30, 2014 to 63.3% for the nine months ended September 30, 2015.

Liquidity and Capital Resources

As of September 30, 2015, we had $201.3 million of cash and cash equivalents, which primarily consisted of cash and money market accounts. We intend to hold substantial cash balances during hurricane season to meet seasonal liquidity needs and the collateral requirements of Osprey Re Ltd, our captive reinsurance company. We will continue to hold the cash balances to fund the Zephyr acquisition, which is expected to close during the fourth quarter. We also had $12.8 million in restricted cash to meet our contractual obligations related to the catastrophe bonds issued by Citrus Re Ltd.

Osprey Re Ltd. is required to maintain a collateral trust account equal to the risk that it assumes from Heritage P&C, less amounts collateralized through a letter of credit. As of September 30, 2015, $25 million was held in Osprey’s trust account and an additional $10 million was collateralized with a letter of credit. At September 30, 2015, Osprey Re Ltd.’s total reinsurance coverage provided to Heritage P&C was $35 million.

Although we can provide no assurances, we believe that we maintain sufficient liquidity to pay Heritage P&C’s claims and expenses, as well as to satisfy commitments in the event of unforeseen events such as inadequate premium rates or reserve deficiencies. We maintain a comprehensive reinsurance program at levels management considers adequate to diversify risk and safeguard our financial position.

Although we can provide no assurance, we believe our current capital resources, together with cash provided from our operations, will be sufficient to meet currently anticipated working capital requirement for at least the next twelve months.

Cash Flows

 

     Nine Months Ended September 30,  
     2015      2014      Change  
     (in thousands)  

Net cash provided by (used in):

        

Operating activities

   $ 117,538       $ 53,311       $ 64,227   

Investing activities

     (83,118      (118,001      34,883   

Financing activities

     6,369         101,273         (94,904
  

 

 

    

 

 

    

 

 

 

Net increase in cash and cash equivalents

   $ 40,789       $ 36,583       $ 4,206   
  

 

 

    

 

 

    

 

 

 

 

28


Table of Contents

Operating Activities

Cash provided by operating activities increased from $53.3 million for the nine months ended September 30, 2014 to $117.5 million for the nine months ended September 30, 2015. The increase in cash provided by operating activities reflects the growth of premiums in force, our improved ceded premium ratio and the timing of reinsurance payments.

Investing Activities

Net cash used in investing activities decreased from $118.0 million for the nine months ended September 30, 2014 to $83.1 million for the nine months ended September 30, 2015. The decrease in net cash used in investing activities was primarily attributable to an aggregate of $101.3 million raised in 2014 from our initial public offering and the proceeds from the exercise of stock options and warrants.

Financing Activities

Net cash provided by financing activities decreased from $101.3 million for the nine months ended September 30, 2014 to $6.4 million for the nine months ended September 30, 2015. The decrease in cash provided by financing activities relates to the $78.6 million in net proceeds generated during the second quarter of 2014, by our initial public offering and $22.5 million in proceeds from exercise of stock options and warrants. During the nine months ended September 30, 2015, the Company received $6.4 million in proceeds from the exercise of stock options and warrants.

Seasonality of our Business

Our insurance business is seasonal as hurricanes typically occur during the period from June 1 through November 30 each year. With our reinsurance program effective on June 1 each year, any variation in the cost of our reinsurance, whether due to changes to reinsurance rates or changes in the total insured value of our policy base will occur and be reflected in our financial results beginning June 1 of each year, subject to certain adjustments.

Off-Balance Sheet Arrangements

We obtained a $10 million irrevocable letter of credit from a financial institution to secure Osprey’s obligations arising from our reinsurance program. We collateralized this letter of credit facility with otherwise unencumbered real estate. The letter of credit terminates on May 31, 2016.

JOBS Act

We qualify as an “emerging growth company” under the JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have irrevocably elected not to avail ourselves of this extended transition period and, as a result, we will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.

We are in the process of evaluating the benefits of relying on other exemptions and reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if as an emerging growth company we choose to rely on such exemptions, we may not be required to, among other things, (i) provide an auditor’s attestation report on our systems of internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation-related items such as the correlation between executive compensation and performance and comparisons of the Chief Executive Officer’s compensation to median employee compensation. These exemptions will apply until we no longer meet the requirements of being an emerging growth company. We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of our initial public offering, (b) in which we have total annual gross revenue of at least $1 billion or (c) in which we are deemed to be a large accelerated filer, which means the market value of our common stock that is held by non-affiliates exceeds $700 million as of the last business day of our prior second fiscal quarter, and (2) the date on which we have issued more than $1 billion in non-convertible debt during the prior three-year period.

 

29


Table of Contents

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Our investment portfolios at September 30, 2015 included fixed maturity and equity securities, the purposes of which are not for trading or speculation. Our main objective is to maximize after-tax investment income and maintain sufficient liquidity to meet policyholder obligations while minimizing market risk, which is the potential economic loss from adverse fluctuations in securities’ prices. We consider many factors including credit ratings, investment concentrations, regulatory requirements, anticipated fluctuation of interest rates, durations and market conditions in developing investment strategies. Investment securities are managed by a group of nationally recognized asset managers and are overseen by the investment committee appointed by our board of directors. Our investment portfolios are primarily exposed to interest rate risk, credit risk and equity price risk. We classify our fixed maturity and equity securities as available-for-sale and report any unrealized gains or losses, net of deferred income taxes, as a component of other comprehensive income within our stockholders’ equity. As such, any material temporary changes in their fair value can adversely impact the carrying value of our stockholders’ equity.

Interest Rate Risk

Our fixed maturity securities are sensitive to potential losses resulting from unfavorable changes in interest rates. We manage the risk by analyzing anticipated movement in interest rates and considering our future capital needs.

The following table illustrates the impact of hypothetical changes in interest rates to the fair value of our fixed maturity securities at September 30, 2015 (in thousands):

 

Hypothetical Change in Interest rates

   Estimated Fair Value
After Change
     Change In Estimated Fair
Value
     Percentage Increase (Decrease) in
Estimated Fair Value
 

300 basis point increase

   $ 336,648       $ (43,662      (13 )% 

200 basis point increase

   $ 351,206       $ (29,104      (8 )% 

100 basis point increase

   $ 365,760       $ (14,550      (4 )% 

100 basis point decrease

   $ 394,463       $ 14,153         4

200 basis point decrease

   $ 406,039       $ 25,729         6

300 basis point decrease

   $ 412,751       $ 32,441         8

Credit Risk

Credit risk can expose us to potential losses arising principally from adverse changes in the financial condition of the issuer of our fixed maturities. We mitigate this risk by investing in fixed maturities that are generally investment grade and by diversifying our investment portfolio to avoid concentrations in any single issuer or market sector.

The following table presents the composition of our fixed maturity portfolio by rating at September 30, 2015 (in thousands):

 

Comparable Rating

   Amortized Cost      % of Total Amortized Cost     Estimated Fair Value      % of total Estimated Fair Value  

AAA

   $ 104,963         28   $ 105,005         28

AA+

   $ 35,746         9   $ 35,967         9

AA

   $ 46,309         12   $ 46,577         12

AA-

   $ 31,252         8   $ 31,364         8

A+

   $ 33,426         9   $ 33,549         9

A

   $ 39,293         10   $ 39,352         10

A-

   $ 32,589         9   $ 32,531         9

BBB+

   $ 32,353         8   $ 32,049         9

BBB

   $ 9,624         3   $ 9,345         2

BBB-

   $ 8,950         2   $ 8,645         2

BB+

   $ 2,537         1   $ 2,324         1

BB

   $ 2,345         1   $ 2,132         1

BB-

   $ 502         0   $ 491         0

B+

   $ 320         0   $ 314         0

B

   $ 543         0   $ 529         0

B-

   $ 140         0   $ 135         0
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 380,892         100   $ 380,310         100
  

 

 

    

 

 

   

 

 

    

 

 

 

Equity Price Risk

Our equity investment portfolio at September 30, 2015 consists of common stocks and redeemable and non-redeemable preferred stocks. We may incur potential losses due to adverse changes in equity security prices. We manage this risk primarily through industry and issuer diversification and asset allocation techniques.

 

30


Table of Contents

The following table illustrates the composition of our equity portfolio at September 30, 2015 (in thousands):

 

     Estimated Fair Value      % of Total
Estimated Fair value
 

Stocks by sector:

     

Financial

   $ 1,327         9

Energy

     11,144         73

Other

     2,753         18
  

 

 

    

 

 

 

Subtotal

   $ 15,224         100
  

 

 

    

 

 

 

Mutual Funds and ETF By type:

     

Equity

   $ 154         0
  

 

 

    

 

 

 

Subtotal

     154         0
  

 

 

    

 

 

 

Total

   $ 15,378         100
  

 

 

    

 

 

 

Foreign Currency Exchange Risk

At September 30, 2015, we did not have any material exposure to foreign currency related risk.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) that are designed to assure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

As required by Exchange Act Rule 13a-15(b), as of the end of the period covered by this Quarterly Report, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2015.

Changes in Internal Control over Financial Reporting

As previously reported in our Annual Report for the Year Ended December 31, 2014, filed on March 18, 2015, we had material weaknesses in our internal control over financial reporting related to, among other things, accounting for stock-based compensation, equity transactions and income taxes. With the oversight of senior management, we have taken steps to remediate the underlying causes of these material weaknesses, primarily through hiring additional finance personnel and additional review of certain more complex accounting matters by third party consultants. We have concluded that the steps we have taken to remediate the control weaknesses have been successful.

Except for the remediation efforts described herein, there has been no change in our internal controls over financial reporting during our most recent quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is a party to claims and legal actions arising routinely in the ordinary course of our business. Although we cannot predict with certainty the ultimate resolution of the claims and lawsuits asserted against us, we do not believe that any currently pending legal proceedings to which we are a party will have a material adverse effect on our consolidated financial position results of operations or cash flow.

 

31


Table of Contents

Item 1A. Risk Factors

The risk factors disclosed in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed on March 18, 2015 set forth information relating to various risks and uncertainties that could materially adversely affect our business, financial condition and operating results. Those risk factors continue to be relevant to an understanding of our business, financial condition and operating results. No material changes have occurred with respect to those risk factors.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In connection with the acquisition of certain assets of BRC Restoration Specialists, Inc., on August 4, 2015, the Company issued 79,850 shares of common stock. These shares were issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, as the shares were issued to the owners of a business acquired in a privately negotiated transaction not involving any public offering or solicitation.

Item 6. Exhibits

The information required by this Item 6 is set forth in the Index to Exhibits accompanying this Quarterly Report on Form 10-Q.

 

32


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    HERITAGE INSURANCE HOLDINGS, INC.
Date: November 6, 2015     By:          

/s/ BRUCE LUCAS

      Bruce Lucas
     

Chairman and Chief Executive Officer

(Principal Executive Officer)

Date: November 6, 2015     By:  

/s/ STEPHEN ROHDE

      Stephen Rohde
     

Chief Financial Officer

(Principal Financial Officer and Accounting Officer)


Table of Contents

Index to Exhibits

 

Exhibit

Number

  

Description

    2.1    Stock purchase agreement, dated as of September 29, 2015, by and among Heritage Insurance Holdings, Inc., Zephyr Acquisition Company, RM Ocean Harbor Holdings, Inc., MP Holdings LLC, certain affiliates of the seller and the sellers’ representative (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on October 2, 2015).
  31.1    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  31.2    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  32.1    Certification of Chief Executive Officer pursuant to 18 U.SC. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
  32.2    Certification of Chief Financial Officer pursuant to 18 U.SC. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS    XBRL Instance Document
101.SCH    101. SCH XBRL Taxonomy Extension Schema.
101.CAL    101. CAL XBRL Taxonomy Extension Calculation Linkbase.
101.DEF    101. DEF XBRL Taxonomy Extension Definition Linkbase.
101.LAB    101. LAB XBRL Taxonomy Extension Label Linkbase.
101.PRE    101. PRE XBRL Taxonomy Extension Presentation Linkbase.
EX-31.1 2 d72046dex311.htm CERTIFICATION Certification

Exhibit 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT

I, Bruce Lucas, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Heritage Insurance Holdings, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d) for the registrant and we have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) [omitted pursuant to Exchange Act Rules 13a – 14(a) and 15d-15(a)]

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the end of the period covered by this report; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 6, 2015

 

By:  

/s/ BRUCE LUCAS

Bruce Lucas
Chairman and Chief Executive Officer
(Principal Executive Officer)
EX-31.2 3 d72046dex312.htm CERTIFICATION Certification

Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT

I, Stephen Rohde, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Heritage Insurance Holdings, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d) for the registrant and we have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) [omitted pursuant to Exchange Act Rules 13a – 14(a) and 15d-15(a)]

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the end of the period covered by this report; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 6, 2015

 

By:  

/s/ STEPHEN ROHDE

Stephen Rohde
Chief Financial Officer
(Principal Financial Officer and Accounting Officer)
EX-32.1 4 d72046dex321.htm CERTIFICATION Certification

Exhibit 32.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT

In connection with the Form 10-Q of Heritage Insurance Holdings, Inc. for the quarter ended September 30, 2015, as filed with the Securities and Exchange Commission (the Report), I, Bruce Lucas, the Chairman and Chief Executive Officer (principal executive officer) of Heritage Insurance Holdings, Inc. hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Heritage Insurance Holdings, Inc.

Date: November 6, 2015

 

By:  

/s/ BRUCE LUCAS

Bruce Lucas
Chairman and Chief Executive Officer
(Principal Executive Officer)
EX-32.2 5 d72046dex322.htm CERTIFICATION Certification

Exhibit 32.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT

In connection with the Form 10-Q of Heritage Insurance Holdings, Inc. for the quarter ended September 30, 2015, as filed with the Securities and Exchange Commission (the Report), I, Stephen Rohde, the Chief Financial Officer (Principal Financial Officer and Accounting Officer) of Heritage Insurance Holdings, Inc. hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Heritage Insurance Holdings, Inc.

Date: November 6, 2015

By:  

/s/ STEPHEN ROHDE

Stephen Rohde
Chief Financial Officer
(Principal Financial Officer and Accounting Officer)
EX-101.INS 6 hrtg-20150930.xml XBRL INSTANCE DOCUMENT 0.55 6100000 11500000 79984000 9000000 9765000 65059000 571500000 900000 2500000 19344000 18561000 3000000 14007150 1000 17924000 62849000 -790000 2 200000000 200000000 2981737 25392000 34533000 33750000 58900000 33000 1685923 50000000 3.09 29794960 1295814 0.0001 30600 214 28 29794960 241136000 188342000 11770000 255089000 51469000 5143000 31831000 12808000 15000000 0 4445000 65021000 359942000 615031000 3000 17113000 655000 927000 633000 172700000 1723000 324310000 328355000 1258000 615031000 1641000 24370000 4339000 111109000 17087000 18392000 1526000 6622000 6622000 293085000 545000 5180000 15567000 290951000 4698000 2617000 160481000 1022000 30555000 43148000 18014000 0 31225000 331159000 20028000 0 197988000 9401000 6849000 114000 1081000 442000 21 990000000 20000000 2812000 9599000 2582000 445000 2155000 421000 25000000 21100000 286303000 42120000 134381000 3797000 106005000 286303000 38007000 3571000 11678000 19547000 3211000 31225000 6782000 18 9 84000 3571000 24000 854000 9000 355000 3511000 15000 14 1 560000 42120000 18000 7661000 15000 177000 41578000 3000 1 1 237000 11678000 53000 2552000 31000 490000 11494000 22000 71 6 1349000 134381000 237000 36643000 213000 1592000 133269000 23000 1 1525000 19547000 1039000 9792000 1039000 19061000 11 1 22000 7008000 16000 2451000 15000 109000 7002000 1000 6849000 6849000 98 10 668000 106005000 254000 51156000 204000 1975000 105591000 50000 2 1 1762000 31225000 1092000 12344000 1070000 490000 30555000 22000 212 27 2683000 293085000 549000 98765000 456000 4208000 290951000 92000 1295814 51469000 51469000 6000000 29794960 3000 65021000 188342000 1723000 277500000 150000000 97500000 30000000 5.88 30600 31948000 61846000 61846000 30285410 231477000 25626000 101642000 41965000 41965000 783000 0 29794960 3000 45344000 184024000 2106000 1298102 1305923 50000000 2.86 7821 30285410 1295814 0.0001 5000000 692 57 30285410 2.86 278358000 198584000 12527000 332400000 74445000 13066000 9520000 0 1899000 137290000 522644000 855044000 3000 135589000 390000 1853000 633000 200800000 -3477000 395688000 6666000 25000 401349000 84462000 922000 855044000 7560000 32494000 12786000 119416000 17424000 18969000 5603000 6442000 14398000 90968000 6442000 380310000 35991000 217000 14464000 169047000 84663000 169301000 14536000 380892000 3525000 90810000 3282000 201270000 1110000 20457000 123541000 19277000 0 15378000 395688000 26589000 35960000 0 15000000 154817000 0.10 11504000 705000 0.22 0.24 2184000 11666000 25 0.44 1.00 1770000000 3267000 9599000 2582000 634000 2694000 501000 0 10000000 150000000 344867000 54296000 170208000 3829000 116534000 344867000 50281000 15344000 350000 15028000 20099000 15378000 35443000 247 12 41000 15344000 167000 10631000 152000 203000 15470000 15000 15 1 288000 54296000 117000 9703000 114000 165000 54125000 2000 9 350000 4000 347000 4000 354000 87 8 959000 170208000 1560000 36895000 302000 1313000 170809000 7000 219 30 17000 15028000 5092000 13624000 4430000 981000 20103000 662000 12 2 55000 23928000 193000 7904000 189000 451000 24066000 4000 103 4 539000 116534000 427000 40312000 412000 412000 116422000 15000 35000000 27000000 20000000 228 30 17000 15378000 5096000 13971000 4434000 981000 20457000 662000 464 27 1882000 380310000 2464000 105445000 1169000 2544000 380892000 43000 1295814 74445000 74445000 0 1000000 30285410 3000 137290000 198584000 -3477000 0.11 43000000 25572 0 0 P3Y P3Y P1Y8M12D 0.42 0.365 2017-09-24 0.00 359000 2.70 P1Y7M6D 0.51 0.356 0.00 1326923 3.19 0.50 2017-12-02 2017-12-02 0.50 1.12 53311000 0.48 1574164 24381869 359000 22807705 1.20 0.363 6251000 68187000 3847000 27420000 36183000 27420000 148430000 40000 -4241000 88000 142058000 179000 254943000 2635000 4339000 37877000 50313000 9200000 204630000 62000 20921000 4779000 876000 30316000 15861000 43040000 -5337000 9981000 136672000 27420000 3086000 13902000 62000 155960000 141176000 2896000 2463000 15620000 40000 208000 62000 36583000 22515000 39187000 -118001000 50084000 101273000 136000 3904000 88000 4168000 98983000 23326000 2589000 117000 62801000 -2507000 1821000 623000 29426000 1565000 19919000 24739000 78670000 512000 105390000 62145000 250000 204859000 -17874000 3400000 -20780000 22621000 18130000 22515000 0 1057000 -6181000 44015000 -36182000 67958000 26933000 6153000 0 69470000 6530000 6909091 1000 69469000 700000 26000 -17991000 179000 91000 -2789000 6153000 9770000 38741000 28971000 62145000 -136000 62281000 101000 17850 900000 1000 5622519 2338350 27420000 40000 88000 9200000 20921000 22514000 1057000 2896000 234000 768000 95000 1989000 Q3 2.39 117538000 <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following tables present information about the Company&#x2019;s assets measured at fair value on a recurring basis. The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company&#x2019;s accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy.&#xA0;For the nine months ended September&#xA0;30, 2015 and the year ended and December&#xA0;31, 2014, there were no transfers in or out of Level 1, 2, and 3.</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="64%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom" nowrap="nowrap"> <p style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; WIDTH: 64.6pt"> <b><i>September&#xA0;30, 2015</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Total</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Level 1</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Level 2</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <b><i>Level&#xA0;3</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Fixed maturities investments:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">23,928</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,099</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,829</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">54,296</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">54,296</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">170,208</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">&#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">170,208</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">116,534</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">116,534</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total fixed maturities investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">380,310</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,443</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">344,867</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">350</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">350</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,028</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,028</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,378</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,378</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">395,688</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">50,281</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">344,867</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom" nowrap="nowrap"> <p style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; WIDTH: 63.3pt"> <b><i>December&#xA0;31, 2014</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Total</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Level 1</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Level 2</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <b><i>Level&#xA0;3</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Fixed maturities investments:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,008</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,211</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,797</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">42,120</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">42,120</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">134,381</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">134,381</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">106,005</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">106,005</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,571</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,571</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total fixed maturities investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">293,085</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,782</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">286,303</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,678</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,678</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,547</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,547</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">31,225</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">31,225</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">324,310</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,007</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">286,303</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /></div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The table below summarizes the significant components of our net deferred tax assets/liabilities:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="64%"></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>September&#xA0;30,&#xA0;2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>December&#xA0;31,&#xA0;2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="6" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Deferred tax assets:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Unearned premiums</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">14,536</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,567</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Tax-related discount on loss reserve</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,110</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,022</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Unrealized loss</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,184</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Stock-based compensation</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">922</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,258</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">217</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">545</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total deferred tax assets</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,969</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,392</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Deferred tax liabilities:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Deferred acquisition costs</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11,504</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,401</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Unrealized gain</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,081</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Property and equipment, net</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">633</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">633</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">390</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">655</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total deferred tax liabilities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">12,527</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11,770</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; TEXT-INDENT: -1em"> Net deferred tax asset</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,442</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,622</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> 1 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 16. EMPLOYEE BENEFIT PLAN</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company provides a 401(k) plan for substantially all of its employees. The Company contributes 3% of employees&#x2019; salary, up to the maximum allowable contribution, regardless of the employees&#x2019; level of participation in the plan. For the three-month periods ended September&#xA0;30, 2015 and 2014, the Company&#x2019;s contributions to the plan on behalf of the participating employees were $42,940 and $47,840, respectively. For the nine-month periods ended September&#xA0;30, 2015 and 2014, the contributions to the plan were $203,100 and $208,000, respectively.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>NOTE 4. FAIR VALUE OF FINANCIAL INSTRUMENTS</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> For the Company&#x2019;s investments in U.S. government securities that do not have prices in active markets, agency securities, state and municipal government securities, and corporate bonds, the Company obtains the fair values from its custodian, which uses a third-party valuation service, and we evaluate the relevant inputs, assumptions, methodologies and conclusions associated with such valuations. The valuation service calculates prices for the Company&#x2019;s investments in the aforementioned security types on a month-end basis by using several matrix-pricing methodologies that incorporate inputs from various sources. The model the valuation service uses to price U.S. government securities and securities of states and municipalities incorporates inputs from active market makers and inter-dealer brokers. To price corporate bonds and agency securities, the valuation service calculates non-call yield spreads on all issuers, uses option-adjusted yield spreads to account for any early redemption features, then adds final spreads to the U.S. Treasury curve as of quarter end. The inputs the valuation service uses in its calculations are not quoted prices in active markets, but are observable inputs, and therefore represent Level 2 inputs.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following tables present information about the Company&#x2019;s assets measured at fair value on a recurring basis. The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company&#x2019;s accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy.&#xA0;For the nine months ended September&#xA0;30, 2015 and the year ended and December&#xA0;31, 2014, there were no transfers in or out of Level 1, 2, and 3.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="64%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom" nowrap="nowrap"> <p style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; WIDTH: 64.6pt"> <b><i>September&#xA0;30, 2015</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Total</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Level 1</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Level 2</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <b><i>Level&#xA0;3</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Fixed maturities investments:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">23,928</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,099</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,829</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">54,296</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">54,296</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">170,208</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">&#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">170,208</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">116,534</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">116,534</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total fixed maturities investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">380,310</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,443</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">344,867</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">350</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">350</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,028</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,028</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,378</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,378</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">395,688</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">50,281</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">344,867</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom" nowrap="nowrap"> <p style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; WIDTH: 63.3pt"> <b><i>December&#xA0;31, 2014</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Total</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Level 1</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><i>Level 2</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <b><i>Level&#xA0;3</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Fixed maturities investments:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,008</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,211</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,797</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">42,120</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">42,120</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">134,381</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">134,381</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">106,005</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">106,005</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,571</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,571</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total fixed maturities investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">293,085</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,782</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">286,303</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,678</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,678</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,547</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,547</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">31,225</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">31,225</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">324,310</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,007</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">286,303</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company acquired a 55% participation in a commercial real estate mortgage loan for $6.1&#xA0;million in 2013. The underlying $11.5&#xA0;million loan was originated by unaffiliated lenders, and collateralized by commercial real estate located in Polk County, Florida. The Company records an asset in the amount of its pro rata share of the outstanding principal and carries the investment at amortized cost. The Company receives monthly principal and interest payments and recognizes income when collectible. During the three months ended September&#xA0;30, 2015, the Company sold its participation in exchange for cash of $6.8 million.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at September&#xA0;30, 2015 and December&#xA0;31, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <i>Cost&#xA0;or&#xA0;Adjusted/<br /> Amortized Cost</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <i>Gross&#xA0;Unrealized&#xA0;Gains</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <i>Gross&#xA0;Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <i>Fair&#xA0;Value</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b><i>September&#xA0;30, 2015</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">24,066</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">55</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">193</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">23,928</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">54,125</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">288</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">117</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">54,296</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">170,809</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">959</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,560</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">170,208</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">116,422</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">539</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">427</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">116,534</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,470</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">41</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">167</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">380,892</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,882</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,464</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">380,310</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">354</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">350</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">20,103</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5,092</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,028</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">20,457</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5,096</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,378</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">401,349</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,899</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,560</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">395,688</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Cost&#xA0;or&#xA0;Adjusted/<br /> Amortized Cost</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"> <i>Gross&#xA0;Unrealized&#xA0;Gains</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Gross&#xA0;Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair Value</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b><i>December&#xA0;31, 2014</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,002</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">22</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">16</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,008</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">41,578</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">560</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">42,120</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">133,269</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,349</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">237</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">134,381</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">105,591</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">668</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">254</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">106,005</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,511</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">84</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">24</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,571</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">290,951</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,683</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">549</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">293,085</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11,494</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">237</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">53</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11,678</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,061</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,525</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,039</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,547</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30,555</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,762</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,092</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">31,225</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Mortgage loan participation</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6,849</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6,849</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">328,355</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,641</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">331,159</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /></div> 2015 false <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>NOTE 3. INVESTMENTS</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at September&#xA0;30, 2015 and December&#xA0;31, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <i>Cost&#xA0;or&#xA0;Adjusted/<br /> Amortized Cost</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <i>Gross&#xA0;Unrealized&#xA0;Gains</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <i>Gross&#xA0;Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"> <i>Fair&#xA0;Value</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b><i>September&#xA0;30, 2015</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">24,066</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">55</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">193</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">23,928</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">54,125</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">288</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">117</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">54,296</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">170,809</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">959</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,560</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">170,208</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">116,422</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">539</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">427</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">116,534</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,470</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">41</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">167</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">380,892</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,882</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,464</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">380,310</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">354</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">350</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">20,103</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5,092</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,028</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">20,457</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5,096</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,378</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">401,349</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,899</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,560</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">395,688</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Cost&#xA0;or&#xA0;Adjusted/<br /> Amortized Cost</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"> <i>Gross&#xA0;Unrealized&#xA0;Gains</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Gross&#xA0;Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair Value</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b><i>December&#xA0;31, 2014</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,002</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">22</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">16</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,008</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">41,578</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">560</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">42,120</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">133,269</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,349</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">237</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">134,381</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">105,591</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">668</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">254</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">106,005</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,511</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">84</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">24</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,571</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">290,951</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,683</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">549</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">293,085</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11,494</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">237</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">53</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11,678</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,061</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,525</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,039</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,547</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30,555</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,762</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,092</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">31,225</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Mortgage loan participation</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6,849</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6,849</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total investments</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">328,355</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,641</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">331,159</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company calculates the gain or loss realized on the sale of investments by comparing the sales price (fair value) to the cost or adjusted/amortized cost of the security sold. The Company determines the cost or adjusted/amortized cost of the security sold using the specific-identification method. The following tables detail the Company&#x2019;s net realized gains (losses) by major investment category for the three and nine months ended September&#xA0;30, 2015 and 2014.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="50%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Gains&#xA0;(Losses)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"> <i>Fair&#xA0;Value&#xA0;at&#xA0;Sale</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Gains&#xA0;(Losses)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"> <i>Fair&#xA0;Value&#xA0;at&#xA0;Sale</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Three Months Ended September&#xA0;30,</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,200</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">62,412</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">87</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,083</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">826</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,949</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total realized gains</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,026</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">78,361</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">87</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,083</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(75</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5,948</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(2</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">90</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(5</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">328</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(5</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">174</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total realized losses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(80</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6,276</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(7</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">264</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net realized gain</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,946</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">84,637</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">80</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,347</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="8"></td> <td height="16" colspan="8"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Gains (Losses)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair Value at Sale</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Gains (Losses)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair Value at Sale</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Nine Months Ended September&#xA0;30,</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,237</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">66,513</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">179</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,153</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">716</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">20,581</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total realized gains</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,953</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">87,094</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">179</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6,153</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(116</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11,219</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(91</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,789</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(10</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,196</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(26</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17,991</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total realized losses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(126</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">13,415</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(117</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">20,780</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net realized gain</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,827</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">100,509</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">62</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">26,933</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The table below summarizes the Company&#x2019;s fixed maturities at September&#xA0;30, 2015 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="60%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="14" align="center"><b><i>September&#xA0;30, 2015</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Cost&#xA0;or&#xA0;Adjusted/<br /> Amortized&#xA0;Cost</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Percent&#xA0;of&#xA0;Total</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair Value</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Percent&#xA0;of&#xA0;Total</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="2" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="2">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="2" align="center"> <i>(In&#xA0;thousands)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="2">&#xA0;</td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Due in one year or less</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,960</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,991</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Due after one year through five years</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">169,301</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">44</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">169,047</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">45</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Due after five years through ten years</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">90,968</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">24</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">90,810</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">24</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Due after ten years</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">84,663</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">84,462</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">380,892</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">100</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">380,310</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">100</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table summarizes the Company&#x2019;s net investment income by major investment category for the three and nine months ended September&#xA0;30, 2015 and 2014, respectively:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" nowrap="nowrap" align="center"> <b><i>Three&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" nowrap="nowrap" align="center"> <b><i>Nine&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>2015</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>2014</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>2015</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>2014</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Fixed maturities</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,936</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">838</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,254</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,989</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">439</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">328</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,292</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">768</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Cash, cash equivalents and short-term investments</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">150</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">361</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">95</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other investments</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">67</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">71</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">128</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">234</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net investment income</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,592</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,287</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">7,035</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,086</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Investment expenses</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">619</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">161</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,341</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">623</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net investment income, less investment expenses</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,973</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,126</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,696</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,463</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> During the Company&#x2019;s quarterly evaluations of its securities for impairment, the Company determined that none of its investments in debt and equity securities that reflected an unrealized loss position were other-than-temporarily impaired. The issuers of the debt securities in which the Company invests continue to make interest payments on a timely basis and have not suffered significant credit rating reductions. The Company does not intend to sell nor is it likely that it would be required to sell the debt securities before the Company recovers its amortized cost basis.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following tables present an aging of our unrealized investment losses by investment class as of September&#xA0;30, 2015 and December&#xA0;31, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="50%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="10" align="center"><b><i>Less Than Twelve Months</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="10" align="center"><b><i>Twelve Months or More</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Number&#xA0;of<br /> Securities</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Gross&#xA0;Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair&#xA0;Value</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Number&#xA0;of<br /> Securities</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Gross&#xA0;Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair&#xA0;Value</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="22" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b><i>September&#xA0;30, 2015</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">12</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">189</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,904</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">451</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">114</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,703</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">165</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">103</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">412</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">40,312</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">412</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">87</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">302</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">36,895</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">8</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">7</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,313</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">247</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">152</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10,631</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">12</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">203</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">464</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,169</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">105,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">27</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">43</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,544</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">347</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">219</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4,430</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">13,624</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">662</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">981</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">228</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,434</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,971</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">662</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">981</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">692</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,603</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">119,416</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">57</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">705</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,525</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="12"></td> <td height="16" colspan="12"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="10" nowrap="nowrap" align="center"><b><i>Less Than Twelve Months</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="10" nowrap="nowrap" align="center"><b><i>Twelve Months or More</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Number of<br /> Securities</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Gross Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Fair Value</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Number of<br /> Securities</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Gross Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Fair Value</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="22" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b><i>December&#xA0;31, 2014</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,451</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">109</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">14</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">7,661</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">177</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">98</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">204</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">51,156</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,975</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">71</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">213</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">36,643</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">23</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,592</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">854</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">355</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">212</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">456</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">98,765</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">27</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">92</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4,208</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">31</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,552</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">490</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,039</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,792</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,070</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">22</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">490</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">214</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,526</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">111,109</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">28</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">114</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,698</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>NOTE 19. ACQUISITION OF SELECTED ASSETS</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In July 2015, the Company acquired substantially all of the assets of BRC Restoration Specialists, Inc., (&#x201C;BRC&#x201D;) a Florida based provider of restoration services and emergency and recovery assistance. The acquisition will provide for the expansion of our vertical integrated offering to include a full-service construction company that operates throughout Florida.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company paid $6.0 million in cash upon closing and 79,850 shares of restricted common stock of the Company&#x2019;s stock valued at approximately $2.0 million. The Company has engaged in a third party to perform the allocation of the acquired assets and liabilities. The allocation of all acquired assets and liabilities is preliminary at September 30, 2015 with assets and liabilities currently recorded within other assets.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In September 2015, the Company announced that it has entered a definitive agreement to acquire Zephyr Acquisition Company (&#x201C;ZAC&#x201D;) and its wholly-owned subsidiary, Zephyr Insurance Company (&#x201C;Zephyr&#x201D;), a specialty insurance provider in&#xA0;Hawaii. The acquisition will provide the Company with an immediate presence in Hawaii&#xA0;with Zephyr holding approximately 30% of the wind-only market share in the state. Although there can be no guarantee, the Company is expected to close on the Zephyr acquisition in the fourth quarter of 2015, subject to regulatory and other customary closing conditions, for a purchase price of approximately $120 million.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The table below summarizes the Company&#x2019;s fixed maturities at September&#xA0;30, 2015 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="60%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="14" align="center"><b><i>September&#xA0;30, 2015</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Cost&#xA0;or&#xA0;Adjusted/<br /> Amortized&#xA0;Cost</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Percent&#xA0;of&#xA0;Total</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair Value</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><i>Percent&#xA0;of&#xA0;Total</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="2" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="2">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="2" align="center"> <i>(In&#xA0;thousands)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="2">&#xA0;</td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Due in one year or less</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,960</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,991</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Due after one year through five years</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">169,301</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">44</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">169,047</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">45</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Due after five years through ten years</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">90,468</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">24</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">90,810</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">24</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Due after ten years</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">84,663</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">84,462</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">380,892</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">100</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">380,310</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">100</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The following tables detail the Company&#x2019;s net realized gains (losses) by major investment category for the three and nine months ended September&#xA0;30, 2015 and 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="50%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Gains&#xA0;(Losses)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <i>Fair&#xA0;Value&#xA0;at&#xA0;Sale</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Gains&#xA0;(Losses)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <i>Fair&#xA0;Value&#xA0;at&#xA0;Sale</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Three Months Ended September&#xA0;30,</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,200</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">62,412</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">87</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,083</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">826</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,949</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total realized gains</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,026</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">78,361</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">87</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,083</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(75</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5,948</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(2</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">90</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(5</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">328</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(5</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">174</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total realized losses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(80</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6,276</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(7</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">264</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net realized gain</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,946</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">84,637</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">80</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,347</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="8"></td> <td height="16" colspan="8"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Gains (Losses)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair Value at Sale</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Gains (Losses)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair Value at Sale</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Nine Months Ended September&#xA0;30,</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,237</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">66,513</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">179</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,153</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">716</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">20,581</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total realized gains</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,953</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">87,094</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">179</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6,153</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(116</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11,219</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(91</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,789</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(10</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,196</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(26</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17,991</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total realized losses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(126</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">13,415</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(117</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">20,780</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net realized gain</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,827</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">100,509</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">62</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">26,933</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> 10-Q 0001598665 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The following tables present an aging of our unrealized investment losses by investment class as of September&#xA0;30, 2015 and December&#xA0;31, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="50%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center"><b><i>Less Than Twelve Months</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center"><b><i>Twelve Months or More</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Number&#xA0;of<br /> Securities</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Gross&#xA0;Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair&#xA0;Value</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Number&#xA0;of<br /> Securities</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Gross&#xA0;Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><i>Fair&#xA0;Value</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="22" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b><i>September&#xA0;30, 2015</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">12</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">189</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,904</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">451</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">114</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,703</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">165</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">103</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">412</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">40,312</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">412</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">87</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">302</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">36,895</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">8</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">7</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,313</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">247</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">152</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10,631</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">12</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">203</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">464</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,169</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">105,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">27</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">43</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,544</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">347</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">219</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4,430</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">13,624</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">662</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">981</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">228</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,434</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,971</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">662</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">981</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">692</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,603</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">119,416</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">57</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">705</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,525</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="12"></td> <td height="16" colspan="12"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" nowrap="nowrap" align="center"><b><i>Less Than Twelve Months</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" nowrap="nowrap" align="center"><b><i>Twelve Months or More</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Number of<br /> Securities</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Gross Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Fair Value</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Number of<br /> Securities</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Gross Unrealized<br /> Losses</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>Fair Value</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="22" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b><i>December&#xA0;31, 2014</i></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> U.S. government and agency securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,451</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">109</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> States, municipalities and political subdivisions</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">14</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">7,661</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">177</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Industrial and miscellaneous</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">98</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">204</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">51,156</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,975</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Special revenue</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">71</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">213</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">36,643</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">23</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,592</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Redeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">854</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">355</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total fixed maturities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">212</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">456</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">98,765</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">27</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">92</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4,208</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Nonredeemable preferred stocks</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">31</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,552</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">490</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,039</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,792</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total equity securities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,070</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">22</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">490</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">214</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,526</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">111,109</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">28</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">114</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,698</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> Non-accelerated Filer <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b><i>Basis of Presentation</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The condensed consolidated financial statements as of and for the three and nine months ended September&#xA0;30, 2015 and 2014 include Heritage Insurance Holdings, Inc. (&#x201C;Parent Company&#x201D;) and its wholly owned subsidiaries: Heritage Property&#xA0;&amp; Casualty Insurance Company (&#x201C;Heritage P&amp;C&#x201D;), which provides personal and commercial residential insurance; Heritage MGA, LLC, the managing general agent that manages substantially all aspects of our insurance subsidiary&#x2019;s business; Contractors&#x2019; Alliance Network, LLC, our vendor network manager; Skye Lane Properties, LLC, our property management subsidiary; First Access Insurance Group, LLC, our retail agency; Osprey Re Ltd., our reinsurance subsidiary that provides a portion of the reinsurance protection purchased by our insurance subsidiary; and Heritage Insurance Claims, LLC, an inactive subsidiary reserved for future development, together referred to as &#x201C;the Company&#x201D;.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Our primary products are personal and commercial residential insurance, which we currently offer only in Florida under authorization from the Florida Office of Insurance Regulation (&#x201C;FLOIR&#x201D;). We conduct our operations under one business segment.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The condensed consolidated financial information included herein as of and for the three and nine months ended September&#xA0;30, 2015 and 2014 does not include all of the information and footnotes required by U.S. generally accepted accounting principles (&#x201C;GAAP&#x201D;) for complete financial statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods. The results for the three and nine months ended September&#xA0;30, 2015 and 2014 are not indicative of annual results. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The December&#xA0;31, 2014 consolidated balance sheet was derived from the Company&#x2019;s audited consolidated financial statements as of and for the year ended December&#xA0;31, 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> For&#xA0;further information, refer to the consolidated financial statements and footnotes thereto included in Heritage Insurance Holdings, Inc.&#x2019;s. Annual Report on Form 10-K for the fiscal year ended&#xA0;December 31, 2014. References to &#x201C;we,&#x201D; &#x201C;us,&#x201D; &#x201C;our,&#x201D; or the &#x201C;Company&#x201D; refer to Heritage Insurance Holdings, Inc. and its consolidated subsidiaries.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company qualifies as an &#x201C;emerging growth company&#x201D; as defined in Section&#xA0;2(a)(19) of the Securities Act, of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the &#x201C;JOBS Act&#x201D;). As a result, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company.&#xA0;The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.</p> </div> 0.03 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>NOTE 1. BASIS OF PRESENTATION</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b><i>Basis of Presentation</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The condensed consolidated financial statements as of and for the three and nine months ended September&#xA0;30, 2015 and 2014 include Heritage Insurance Holdings, Inc. (&#x201C;Parent Company&#x201D;) and its wholly owned subsidiaries: Heritage Property&#xA0;&amp; Casualty Insurance Company (&#x201C;Heritage P&amp;C&#x201D;), which provides personal and commercial residential insurance; Heritage MGA, LLC, the managing general agent that manages substantially all aspects of our insurance subsidiary&#x2019;s business; Contractors&#x2019; Alliance Network, LLC, our vendor network manager; Skye Lane Properties, LLC, our property management subsidiary; First Access Insurance Group, LLC, our retail agency; Osprey Re Ltd., our reinsurance subsidiary that provides a portion of the reinsurance protection purchased by our insurance subsidiary; and Heritage Insurance Claims, LLC, an inactive subsidiary reserved for future development, together referred to as &#x201C;the Company&#x201D;.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Our primary products are personal and commercial residential insurance, which we currently offer only in Florida under authorization from the Florida Office of Insurance Regulation (&#x201C;FLOIR&#x201D;). We conduct our operations under one business segment.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The condensed consolidated financial information included herein as of and for the three and nine months ended September&#xA0;30, 2015 and 2014 does not include all of the information and footnotes required by U.S. generally accepted accounting principles (&#x201C;GAAP&#x201D;) for complete financial statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods. The results for the three and nine months ended September&#xA0;30, 2015 and 2014 are not indicative of annual results. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The December&#xA0;31, 2014 consolidated balance sheet was derived from the Company&#x2019;s audited consolidated financial statements as of and for the year ended December&#xA0;31, 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> For&#xA0;further information, refer to the consolidated financial statements and footnotes thereto included in Heritage Insurance Holdings, Inc.&#x2019;s. Annual Report on Form 10-K for the fiscal year ended&#xA0;December 31, 2014. References to &#x201C;we,&#x201D; &#x201C;us,&#x201D; &#x201C;our,&#x201D; or the &#x201C;Company&#x201D; refer to Heritage Insurance Holdings, Inc. and its consolidated subsidiaries.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company qualifies as an &#x201C;emerging growth company&#x201D; as defined in Section&#xA0;2(a)(19) of the Securities Act, of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the &#x201C;JOBS Act&#x201D;). As a result, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company.&#xA0;The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.</p> </div> 0.40 <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>NOTE 5. PROPERTY AND EQUIPMENT, NET</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Property and equipment, net consisted of the following at September&#xA0;30, 2015 and December&#xA0;31, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="67%"></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>September&#xA0;30,&#xA0;2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>December&#xA0;31,&#xA0;2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="6" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Land</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,582</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,582</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Building</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,599</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,599</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Computer hardware and software</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,694</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,155</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Office furniture and equipment</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">634</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Tenant and leasehold improvements</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,267</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,812</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Vehicle fleet</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">501</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">421</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Total, at cost</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,277</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,014</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Less: accumulated depreciation and amortization</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,853</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">927</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Property and equipment, net</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">&#xA0;17,424</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,087</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Depreciation and amortization expense for property and equipment was $0.3 million and $0.9 million for the three and nine months ended September&#xA0;30, 2015, respectively. The Company&#x2019;s real estate consists of 13 acres of land and two buildings with a gross area of 148,000 square feet. The Company relocated to these facilities during March 2014. These facilities and the related existing tenant lease agreements were acquired in April 2013 for a total purchase price of $9.8 million in cash.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company currently leases space to non-affiliates and its subsidiary Heritage P&amp;C, and occupies space in one of the buildings.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-TOP: 18pt"> <b>NOTE 8. DEFERRED POLICY ACQUISITION COSTS</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company defers certain costs in connection with written policies, called Deferred Policy Acquisition Costs (&#x201C;DPAC&#x201D;), net of corresponding amounts of ceded reinsurance commissions, called Deferred Reinsurance Ceding Commissions (&#x201C;DRCC&#x201D;). Net DPAC is amortized over the effective period of the related insurance policies.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company anticipates that its DPAC costs will be fully recoverable in the near term. The table below depicts the activity with regard to DPAC during the three and nine-month periods ended September&#xA0;30, 2015 and 2014:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <br class="Apple-interchange-newline" /> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="52%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Three&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Nine&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="6" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="6" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Beginning Balance</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">31,948</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,392</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">24,370</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,765</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Policy acquisition costs deferred</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">16,058</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">12,703</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">48,982</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">39,187</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Amortization</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(15,512</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(12,469</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(40,858</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(23,326</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Ending Balance</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,494</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,626</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,494</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,626</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"></td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">&#xA0;</td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> </tr> </table> </div> One vote <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>NOTE 14. OTHER LIABILITIES</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> At September 30, 2015 and December&#xA0;31, 2014, other liabilities included approximately $0 and $21.1 million, respectively, for amounts owed to Citizens for policies assumed by the Company, where the policyholder subsequently opted-out of the assumption program.</p> </div> P10Y <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Property and equipment, net consisted of the following at September&#xA0;30, 2015 and December&#xA0;31, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="67%"></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>September&#xA0;30,&#xA0;2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>December&#xA0;31,&#xA0;2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="6" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Land</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,582</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,582</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Building</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,599</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,599</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Computer hardware and software</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,694</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,155</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Office furniture and equipment</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">634</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Tenant and leasehold improvements</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,267</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,812</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Vehicle fleet</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">501</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">421</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Total, at cost</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,277</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,014</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Less: accumulated depreciation and amortization</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,853</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">927</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Property and equipment, net</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">&#xA0;17,424</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,087</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <br class="Apple-interchange-newline" /></div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The following table sets forth the computation of basic and diluted EPS for the periods indicated.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="61%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Three&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Nine&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Basic earnings per share:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net income attributable to common stockholders (000&#x2019;s)</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,813</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">72,269</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">27,420</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted average shares outstanding</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30,177,633</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">29,794,960</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">29,952,668</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,807,705</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Basic earnings per share:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.56</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.33</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.41</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.20</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Diluted earnings per share:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net income attributable to common stockholders (000&#x2019;s)</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,813</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">72,269</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">27,420</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted average shares outstanding</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30,177,633</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">29,794,960</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">29,952,668</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,807,705</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted average dilutive shares</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">305,920</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,671</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">336,660</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,574,164</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total weighted average dilutive shares</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30,483,553</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">29,814,631</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30,289,328</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">24,381,869</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Diluted earnings per share:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.55</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.33</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.39</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.12</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> 0 336660 --12-31 HERITAGE INSURANCE HOLDINGS, INC. 30289328 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The table below depicts the activity with regard to DPAC during the three and nine-month periods ended September&#xA0;30, 2015 and 2014:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="52%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Three&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Nine&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="6" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="6" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Beginning Balance</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">31,948</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,392</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">24,370</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,765</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Policy acquisition costs deferred</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">16,058</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">12,703</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">48,982</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">39,187</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Amortization</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(15,512</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(12,469</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(40,858</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(23,326</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Ending Balance</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,494</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,626</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,494</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,626</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>NOTE 9. INCOME TAXES</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> During the nine months ended September&#xA0;30, 2015 and 2014, the Company recorded $44.7 million and $15.6 million of income tax expense which corresponds to an estimated annual effective tax rate of 38.2% and 36.3%, respectively.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The table below summarizes the significant components of our net deferred tax assets/liabilities:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="64%"></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>September&#xA0;30,&#xA0;2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>December&#xA0;31,&#xA0;2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="6" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Deferred tax assets:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Unearned premiums</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">14,536</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,567</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Tax-related discount on loss reserve</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,110</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,022</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Unrealized loss</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,184</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Stock-based compensation</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">922</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,258</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">217</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">545</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total deferred tax assets</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,969</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,392</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Deferred tax liabilities:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Deferred acquisition costs</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11,504</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,401</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Unrealized gain</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,081</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Property and equipment, net</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">633</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">633</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">390</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">655</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total deferred tax liabilities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">12,527</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11,770</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; TEXT-INDENT: -1em"> Net deferred tax asset</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,442</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,622</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In assessing the net realizable value of deferred tax assets, the Company considered whether it is more likely than not that it will not realize some portion or all of the deferred tax assets. The ultimate realization of deferred tax assets depends upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> No taxing authorities are currently examining any of the Company&#x2019;s 2014, 2013 or 2012 federal or state income tax returns.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> As of September&#xA0;30, 2015 and December&#xA0;31, 2014 we had no significant uncertain tax positions.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The table below summarizes the activity related to the Company&#x2019;s reserve for unpaid losses:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Three&#xA0;Month&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Nine&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance, beginning of period</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,846</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,533</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">51,469</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">19,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Less: reinsurance recoverable on paid losses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">783</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">783</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net balance, beginning of period</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">61,846</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">33,750</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">51,469</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,561</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Incurred related to:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Current year</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">38,258</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,699</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">109,070</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">62,281</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Prior years</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(2,467</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(385</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(6,831</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(136</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total incurred</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">35,791</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,314</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">102,239</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">62,145</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Paid related to:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Current year</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,721</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">12,645</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">55,399</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">28,971</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Prior years</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4,471</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,454</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">23,864</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,770</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total paid</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">23,192</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">14,099</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">79,263</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">38,741</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net balance, end of period</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">41,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">41,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Plus: reinsurance recoverable on unpaid losses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance, end of period</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">41,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">41,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> A summary of information related to stock options outstanding at September&#xA0;30, 2015 is as follows:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Shares</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><font style="WHITE-SPACE: nowrap">Weighted-Average&#xA0;Grant</font><br /> Date Fair Value</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Shares&#xA0;Available&#xA0;for<br /> Grant</td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance at December&#xA0;31, 2014</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,685,923</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.09</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,295,814</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Granted</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Exercised</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(380,000</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">15.61</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance at September&#xA0;30, 2015</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,305,923</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.86</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,295,814</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Vested and exercisable as of September&#xA0;30, 2015</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,298,102</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.86</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> </div> 0 <div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>NOTE 13. COMMITMENTS AND CONTINGENCIES</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The Company is involved in claims-related legal actions arising in the ordinary course of business. The Company accrues amounts resulting from claims-related legal actions in unpaid losses and loss adjustment expenses during the period that it determines an unfavorable outcome becomes probable and it can estimate the amounts. Management makes revisions to its estimates based on its analysis of subsequent information that the Company receives regarding various factors, including: (i)&#xA0;per claim information; (ii)&#xA0;company and industry historical loss experience; (iii)&#xA0;judicial decisions and legal developments in the awarding of damages; and (iv)&#xA0;trends in general economic conditions, including the effects of inflation. When determinable, the Company discloses the range of possible losses in excess of those accrued and for reasonably possible losses.</p> </div> 15.61 29952668 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 10. REINSURANCE</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company&#x2019;s reinsurance program is designed, utilizing the Company&#x2019;s risk management methodology, to address its exposure to catastrophes. The Company&#x2019;s program provides reinsurance protection for catastrophes including hurricanes, tropical storms, and tornadoes. The Company&#x2019;s reinsurance agreements are part of its catastrophe management strategy, which is intended to provide its stockholders an acceptable return on the risks assumed in its property business, and to reduce variability of earnings, while providing protection to the Company&#x2019;s policyholders.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>2013 &#x2013; 2014 Reinsurance Program</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> During the second quarter of 2013, the Company placed its reinsurance program for the period from June&#xA0;1, 2013 through May&#xA0;31, 2014. The Company&#x2019;s reinsurance program, which was segmented into layers of coverage, protected it for excess property catastrophe losses and loss adjustment expenses. The Company&#x2019;s 2013-2014 reinsurance program incorporated the mandatory coverage required by law to be placed with the Florida Hurricane Catastrophe Fund, a state-mandated catastrophe reinsurance fund (&#x201C;FHCF&#x201D;). The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company&#x2019;s June&#xA0;1, 2013 to May&#xA0;31, 2014 reinsurance program.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>The Company&#x2019;s Retention</i>. For the first catastrophic event, the Company had a primary retention of the first $9 million of losses and loss adjustment expenses, of which the Company&#x2019;s reinsurance subsidiary, Osprey Re Ltd (&#x201C;Osprey&#x201D;), was responsible for $3&#xA0;million. For a second and third catastrophic event, Heritage P&amp;C&#x2019;s primary retention decreased to $3 million per event. To the extent that there was reinsurance coverage remaining, Heritage P&amp;C had no primary retention for events beyond the third catastrophic event. Osprey had no primary retention beyond the first catastrophic event.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="left"><i>Layers Below FHCF</i>. Immediately above the Company&#x2019;s retention, the Company purchased $94.0 million of reinsurance from third party reinsurers and Osprey. Through Osprey, the Company retained an aggregate participation in this coverage of $3.5 million, comprised of a 3% participation of $31 million of losses and loss adjustment expenses in excess of $9 million, or $0.9 million, and a 4% participation of $63 million of losses and loss adjustment expenses in excess of $40 million, or $2.5 million. Through the payment of a reinstatement premium, the Company was able to reinstate the full amount of this reinsurance one time. To the extent that $94.0 million or a portion thereof was exhausted in a first catastrophic event, the Company purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage.</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>FHCF Layer</i>. The Company&#x2019;s FHCF coverage included an estimated maximum provisional limit of 90% of $270&#xA0;million, or $243 million, in excess of the Company&#x2019;s retention and private reinsurance of $103 million. The limit and retention of the FHCF coverage was subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company purchased coverage alongside and above the FHCF layer from third party reinsurers. The layer alongside was in the amount of $27 million and the layer immediately above was in the amount of $28.5 million. To the extent the FHCF coverage was adjusted, this private reinsurance would adjust to fill in any gaps in coverage up to the reinsurers&#x2019; aggregate limits for this layer. Through the payment of a reinstatement premium, the Company was able to reinstate the full amount of this private reinsurance one time. To the extent that all or a portion of either of these private layers was exhausted in a first catastrophic event, the Company purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. The FHCF coverage could not be reinstated once exhausted, but it did provide coverage for multiple events.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>Aggregate Coverage</i>. In addition to the layers described above, the Company also purchased $170 million of aggregate reinsurance coverage for losses and loss adjustment expenses in excess of $401.5 million for a first catastrophic event. To the extent that this coverage was not fully exhausted in the first catastrophic event, it provided coverage commencing at its reduced retention levels for second and subsequent events and where underlying coverage has been previously exhausted. There was no reinstatement of the aggregate reinsurance coverage once exhausted, but it did provide coverage for multiple events.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> For a first catastrophic event, the Company&#x2019;s 2013 reinsurance program provided coverage for $571.5 million of losses and loss adjustment expenses, including its retention, and the Company was responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, the Company&#x2019;s total available coverage depended on the magnitude of the first event, as the Company may have had coverage remaining from layers that were not previously fully exhausted. The Company also purchased reinstatement premium protection insurance to provide an additional $149.5&#xA0;million of coverage. The Company&#x2019;s aggregate reinsurance layer also provided coverage for second and subsequent events to the extent not exhausted in prior events.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> During April 2014, Heritage P&amp;C entered into two catastrophe reinsurance agreements with Citrus Re Ltd., a newly-formed Bermuda special purpose insurer. The agreements provide for three years of coverage from catastrophe losses caused by certain named storms, including hurricanes, beginning on June&#xA0;1, 2014. The limit of coverage of $200 million is fully collateralized by a reinsurance trust account for the benefit of Heritage P&amp;C. Heritage P&amp;C pays a periodic premium to Citrus Re Ltd. during this three-year risk period. In April 2014, Citrus Re Ltd. issued $200 million of principal-at-risk variable notes due April 2017 to fund the reinsurance trust account and its obligations to Heritage P&amp;C under the reinsurance agreements. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements. The Company has determined that, while Citrus Re Ltd. is a variable interest entity, the Company does not have any variable interests in Citrus Re Ltd. Accordingly, consolidation of or disclosures associated with Citrus Re Ltd. are not applicable.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>2014 &#x2013; 2015 Reinsurance Program</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> During the second quarter of 2014, the Company placed its reinsurance program for the period from June&#xA0;1, 2014 through May&#xA0;31, 2015. The Company&#x2019;s reinsurance program, which is segmented into layers of coverage, protects it for excess property catastrophe losses and loss adjustment expenses. The Company&#x2019;s 2014-2015 reinsurance program incorporates the mandatory coverage required by law to be placed with FHCF. For the 2014 hurricane season, the Company selected 90% participation in the FHCF. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company&#x2019;s June&#xA0;1, 2014 to May&#xA0;31, 2015 reinsurance program.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>The Company&#x2019;s Retention</i>. For the first catastrophic event, the Company has a primary retention of the first $15 million of losses and loss adjustment expenses, of which Osprey was responsible for $6&#xA0;million. For a second event, Heritage P&amp;C&#x2019;s primary retention decreased to $2 million and Osprey was responsible for $4 million. To the extent that there was reinsurance coverage remaining, Heritage P&amp;C had a $2 million primary retention for events beyond the second catastrophic event. Osprey had no primary retention beyond the second catastrophic event.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="left"><i>Layers Below FHCF</i>. Immediately above the Company&#x2019;s retention, the Company has purchased $185 million of reinsurance from third party reinsurers. Through the payment of a reinstatement premium, the Company is able to reinstate the full amount of this reinsurance one time. To the extent that $185 million or a portion thereof is exhausted in a first catastrophic event, the Company has purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. A portion of this coverage wraps around the FHCF and provides coverage alongside the FHCF.</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>FHCF Layer</i>. The Company&#x2019;s FHCF coverage includes an estimated maximum provisional limit of 90% of $484&#xA0;million, or $436 million, in excess of its retention and private reinsurance of $181 million. The limit and retention of the FHCF coverage is subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company has purchased coverage alongside from third party reinsurers. The layer alongside is in the amount of $48 million. To the extent the FHCF coverage is adjusted, this private reinsurance will adjust to fill in any gaps in coverage up to the reinsurers&#x2019; aggregate limits for this layer. The FHCF coverage cannot be reinstated once exhausted, but it does provide coverage for multiple events.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>CAT Bond Layer</i>. Immediately above the FHCF layer is the coverage provided by the reinsurance agreements entered into with Citrus Re Ltd., as described above in this footnote. The first contract with Citrus Re Ltd. provides $150 million of coverage and the second contract provides an additional $50 million of coverage. Osprey provides $25 million of coverage alongside the second contract.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>Aggregate Coverage</i>. In addition to the layers described above, the Company has also purchased $105 million of aggregate reinsurance coverage for losses and loss adjustment expenses in excess of $825.0 million for a first catastrophic event. To the extent that this coverage is not fully exhausted in the first catastrophic event, it provides coverage commencing at its reduced retention levels for second and subsequent events and where underlying coverage has been previously exhausted. There was no reinstatement of the aggregate reinsurance coverage once exhausted, but it does provide coverage for multiple events. Osprey Re Ltd. provides $20 million of protection in the layer above $940 million.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> For a first catastrophic event, the Company&#x2019;s reinsurance program provides coverage for $990 million of losses and loss adjustment expenses, including its retention, and the Company is responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, the Company&#x2019;s total available coverage depends on the magnitude of the first event, as the Company may have coverage remaining from layers that were not previously fully exhausted. The Company has also purchased reinstatement premium protection insurance to provide an additional $185&#xA0;million of coverage. The Company&#x2019;s aggregate reinsurance layer also provided coverage for second and subsequent events to the extent not exhausted in prior events.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>2015 &#x2013; 2016 Reinsurance Program</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> During the second quarter of 2015, the Company placed its reinsurance program for the period from June&#xA0;1, 2015 through May&#xA0;31, 2016. The Company&#x2019;s reinsurance program, which is segmented into layers of coverage, protects it for excess property catastrophe losses and loss adjustment expenses. The Company&#x2019;s 2015-2016 reinsurance program incorporates the mandatory coverage required by law to be placed with FHCF. For the 2015 hurricane season, the Company selected 75% participation in the FHCF. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company&#x2019;s June&#xA0;1, 2015 to May&#xA0;31, 2016 reinsurance program.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>The Company&#x2019;s Retention</i>. For the first catastrophic event, the Company has a primary retention of the first $35 million of losses and loss adjustment expenses, of which Osprey is responsible for $20&#xA0;million. For a second event, Heritage P&amp;C&#x2019;s primary retention decreases to $5 million and Osprey is responsible for $10 million. To the extent that there is reinsurance coverage remaining, Heritage P&amp;C has a $5 million primary retention for events beyond the second catastrophic event. Osprey has no primary retention beyond the second catastrophic event.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>Layers Below FHCF</i>. Immediately above the Company&#x2019;s retention, the Company has purchased $440 million of reinsurance from third party reinsurers. Through the payment of a reinstatement premium, the Company is able to reinstate the full amount of this reinsurance one time. To the extent that $440 million or a portion thereof is exhausted in a first catastrophic event, the Company has purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. A portion of this coverage wraps around the FHCF and provides coverage alongside and above the FHCF.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="left"><i>FHCF Layer</i>. The Company&#x2019;s FHCF coverage includes an estimated maximum provisional limit of 75% of $920&#xA0;million, or $690 million, in excess of its retention and private reinsurance of $336 million. The limit and retention of the FHCF coverage is subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company has purchased coverage alongside from third party reinsurers and through reinsurance agreements with Citrus Re. Ltd. To the extent the FHCF coverage is adjusted, this private reinsurance with third party reinsurers and Citrus Re Ltd. will adjust to fill in any gaps in coverage up to the reinsurers&#x2019; aggregate limits for this layer. The FHCF coverage cannot be reinstated once exhausted, but it does provide coverage for multiple events.</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>CAT Bond Layer alongside the FHCF</i>. During April 2015 (closed April&#xA0;8, 2015), Heritage P&amp;C entered into three catastrophe reinsurance agreements with Citrus Re Ltd. The agreements provide for three years of coverage from catastrophic losses caused by named storms, including hurricanes, beginning on June&#xA0;1, 2015. Heritage P&amp;C pays a periodic premium to Citrus Re Ltd. during this three-year risk period. Citrus Re Ltd. issued in aggregate of $277.5 million of principal-at-risk variable notes due April 2017 to fund the reinsurance trust account and its obligations to Heritage P&amp;C under the reinsurance agreements. These notes were issued in three classes. The Class&#xA0;A notes provide $150 million of coverage for the layer immediately above the FHCF. The Class B notes provide $97.5 million of coverage, and the Class C notes provide $30 million of coverage. The Class B and Class C notes provide reinsurance coverage for a sliver of the catastrophe coverage that had previously been provided by the FHCF. The limit of coverage is fully collateralized by a reinsurance trust account for the benefit of Heritage P&amp;C. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>CAT Bond Layer above the FHCF</i>. Immediately above the FHCF layer is the coverage provided by the 2015 reinsurance agreement entered into with Citrus Re as described above in this footnote. The Citrus Re 2015 Class&#xA0;A notes provide up to $150 million of coverage immediately above the FHCF layer. Coverage immediately above the 2015 Class&#xA0;A notes is provided by the 2014 reinsurance agreements entered into with Citrus Re Ltd., as described above in this footnote. The first contract with Citrus Re Ltd. provides $150 million of coverage and the second contract provides an additional $50 million of coverage.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><i>Aggregate Coverage</i>. In addition to the layers described above, the Company has also purchased $125 million of aggregate reinsurance coverage for losses and loss adjustment expenses in excess of $1.648 billion for a first catastrophic event. To the extent that this coverage is not fully exhausted in the first catastrophic event, it provides coverage commencing at its reduced retention for second and subsequent events and where underlying coverage has been previously exhausted. There is no reinstatement of the aggregate reinsurance coverage once exhausted, but it does provide coverage for multiple events.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> For a first catastrophic event, the Company&#x2019;s current reinsurance program provides coverage for $1.77 billion of losses and loss adjustment expenses, including its retention, and the Company is responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, the Company&#x2019;s total available coverage depends on the magnitude of the first event, as the Company may have coverage remaining from layers that were not previously fully exhausted. The Company has also purchased reinstatement premium protection insurance to provide an additional $440&#xA0;million of coverage. The Company&#x2019;s aggregate reinsurance layer also provides coverage for second and subsequent events to the extent not exhausted in prior events.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Property Per Risk Coverage</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company also purchased property per risk coverage for losses and loss adjustment expenses in excess of $1 million per claim. The limit recoverable for an individual loss is $9 million and total limit for all losses is $27 million. There are two reinstatements available with additional premium due based on the amount of the layer exhausted. In addition, the Company purchased facultative reinsurance in excess of $10 million for any commercial properties it insured that the total insured value exceeded $10 million.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Assumption Transactions and Assumed Premiums Written</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> On June&#xA0;27, 2014, the Company assumed approximately $58.9 million (representing 33,000 policies in force) of annualized premiums from SSIC. At September&#xA0;30, 2015, approximately 25,572 SSIC policies were in force, representing approximately $43.0 million of annualized premium. The SSIC policies account for approximately 11% of the Company&#x2019;s total policies in force as of September&#xA0;30, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In addition to the SSIC transaction, the Company has obtained a substantial number of its policies in connection with assumption transactions with Citizens, pursuant to which the Company recorded the assumed premiums written in the amount of the unearned premiums transferred to the Company. In connection with each assumption transaction, the Company assumes the responsibility of the primary writer of the risk through the expiration of the term of the policy.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> The following table depicts written premiums, earned premiums and losses, showing the effects that the Company&#x2019;s assumption transactions have on these components of the Company&#x2019;s consolidated statements of operations and comprehensive income:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="64%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Three&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Nine&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Premium written:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">115,876</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">81,458</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">352,162</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">204,630</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">33,117</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5,313</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">66,396</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">50,313</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(611</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(4,517</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(183,033</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(98,983</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net premium written</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">148,382</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,254</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">235,525</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">155,960</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Change in unearned premiums:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(11,996</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(23,976</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(82,979</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(67,958</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(8,763</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17,079</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">45,757</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17,874</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(45,262</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(19,830</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">80,393</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">36,182</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net decrease (increase)</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(66,021</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(26,727</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">43,171</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(13,902</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Premiums earned:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">103,880</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">57,482</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">269,183</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">136,672</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">24,354</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,392</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">112,153</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">68,187</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(45,873</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(24,347</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(102,640</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(62,801</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net premiums earned</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,361</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">55,527</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">278,696</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">142,058</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Losses and LAE incurred:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,266</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">19,301</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">68,269</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">44,015</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10,525</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,013</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">33,970</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,130</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net losses and LAE incurred</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,791</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">22,314</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">102,239</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">62,145</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The following table highlights the effects that the Company&#x2019;s assumption transactions have on unpaid losses and loss adjustment expenses and unearned premiums:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="64%"></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>September&#xA0;30,&#xA0;2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>December&#xA0;31,&#xA0;2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="6" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Unpaid losses and loss adjustment expenses:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">52,208</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,420</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,237</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17,049</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Gross unpaid losses and LAE</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">51,469</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Net unpaid losses and LAE</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">51,469</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Unearned premiums:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">238,596</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">155,617</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">39,762</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">85,519</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Gross unearned premiums</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">278,358</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">241,136</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(123,541</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(43,148</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Net unearned premiums</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">154,817</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">197,988</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Prepaid reinsurance premiums related to twenty-five and twenty-one reinsurers for the periods ended September&#xA0;30, 2015 and December&#xA0;31, 2014, respectively. There were no amounts receivable with respect to reinsurers at September&#xA0;30, 2015 or December&#xA0;31, 2014. Thus, there were no concentrations of credit risk associated with reinsurance receivables as of September&#xA0;30, 2015 or December&#xA0;31, 2014. Net premiums earned as a percentage of assumed premiums was 40% and 48% for the nine months ended September&#xA0;30, 2015 and September&#xA0;30, 2014 respectively.</p> </div> 2.70 2015-09-30 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 17. EQUITY</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The total amount of authorized capital stock consists of 50,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of September&#xA0;30, 2015, the Company had 30,285,410 shares of common stock and 7,821 unvested stock options outstanding reflecting total paid-in capital of $198.6&#xA0;million as of such date.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Common Stock</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Holders of common stock are entitled to one vote for each share held on all matters subject to a vote of stockholders, subject to the rights of holders of any outstanding preferred stock. Accordingly, holders of a majority of the shares of common stock entitled to vote in any election of directors may elect all of the directors standing for election, subject to the rights of holders of any outstanding preferred stock. Holders of common stock will be entitled to receive ratably any dividends that the board of directors may declare out of funds legally available therefor, subject to any preferential dividend rights of outstanding preferred stock. Upon the Company&#x2019;s liquidation, dissolution or winding up, the holders of common stock will be entitled to receive ratably its net assets available after the payment of all debts and other liabilities and subject to the prior rights of holders of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. There are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of the Company&#x2019;s capital stock are fully paid and nonassessable.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Equity Issuances</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> As more fully disclosed in our audited to financial statements for the year ended December&#xA0;31, 2014, there were, as of December&#xA0;31, 2014, 29,794,960 shares of common stock outstanding and 30,600 warrants and 1,685,923 stock options outstanding, representing $188.3 million of additional paid-in capital. The following discloses the changes in our stockholders&#x2019; equity during 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>First Quarter 2015</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In March 2015, the Company issued 12,500 shares of common stock upon the exercise of 12,500 stock options granted at an exercise price of $16.89 per share and received proceeds of $211,125.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>Second Quarter 2015</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In May 2015, the Company issued 30,600 shares of common stock upon the exercise of 30,600 warrants for gross proceeds of $180,000 or an exercise price of $5.88 per share of common stock.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In May and June 2015, the Company issued an aggregate of 157,500 shares of common stock upon the exercise of 137,500 and 20,000 stock options, which were granted at an exercise price of $16.89 and $14.02 per share and received proceeds of $2,322,375 and $280,400, respectively.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Third Quarter 2015</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In July and August 2015, the Company issued an aggregate of 210,000 shares of common stock upon the exercise of 60,000 and 150,000 stock options, which were granted at an exercise price of $14.02 and $16.89 per share and received proceeds of $841,195 and $2,533,485, respectively.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In August 2015, in connection with the acquisition of BRC Restoration, Inc., the Company issued 79,850 restricted shares of common stock with a fair value of $2,000,000.</p> </div> 380000 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> The following table depicts written premiums, earned premiums and losses, showing the effects that the Company&#x2019;s assumption transactions have on these components of the Company&#x2019;s consolidated statements of operations and comprehensive income:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="64%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Three&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Nine&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Premium written:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">115,876</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">81,458</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">352,162</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">204,630</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">33,117</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5,313</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">66,396</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">50,313</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(611</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(4,517</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(183,033</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(98,983</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net premium written</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">148,382</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,254</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">235,525</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">155,960</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Change in unearned premiums:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(11,996</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(23,976</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(82,979</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(67,958</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(8,763</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17,079</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">45,757</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17,874</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(45,262</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(19,830</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">80,393</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">36,182</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net decrease (increase)</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(66,021</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(26,727</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">43,171</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(13,902</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Premiums earned:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">103,880</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">57,482</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">269,183</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">136,672</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">24,354</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,392</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">112,153</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">68,187</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(45,873</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(24,347</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(102,640</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(62,801</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net premiums earned</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,361</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">55,527</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">278,696</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">142,058</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Losses and LAE incurred:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,266</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">19,301</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">68,269</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">44,015</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10,525</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,013</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">33,970</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,130</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net losses and LAE incurred</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,791</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">22,314</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">102,239</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">62,145</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Subsequent Events</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company follows the provisions of ASC Topic 855-10, &#x201C;<i>Subsequent Events</i>,&#x201D; relating to subsequent events. This guidance defines the period after the balance sheet date during which events or transactions that may occur would be required to be disclosed in the Company&#x2019;s financial statements. The Company has evaluated subsequent events up to the date of issuance of this report.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 18. STOCK-BASED COMPENSATION</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company has adopted the Heritage Insurance Holdings, Inc., Omnibus Incentive Plan (the &#x201C;Plan&#x201D;) effective on May&#xA0;22, 2014. The Plan has authorized 2,981,737 shares of common stock reserved for issuance under the Plan for future grants.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> At September&#xA0;30, 2015 and December&#xA0;31, 2014, there were 1,295,814 shares available for grant under the Plan.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company recognizes compensation expense under ASC 718 for its stock-based payments based on the fair value of the awards. The Company grants stock options at exercise prices equal to the fair market value of the Company&#x2019;s stock on the dates the options are granted. The options have a maximum term of&#xA0;ten&#xA0;years from the date of grant and vest primarily in equal annual installments over a range of&#xA0;one&#xA0;to&#xA0;five&#xA0;year periods following the date of grant for employee options. If a participant&#x2019;s employment relationship ends, the participant&#x2019;s vested awards will remain exercisable for the shorter of a period of&#xA0;30&#xA0;days or the period ending on the latest date on which such award could have been exercisable. The fair value of each option grant is separately estimated for each grant date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company estimates the fair value of all stock option awards as of the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model (&#x201C;Black-Scholes model&#x201D;). The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Stock Options</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> On September&#xA0;24, 2014, the Company granted 359,000 options to certain employees and directors. No stock options were granted in 2013 or 2012. These options were awarded with the strike price set at the fair market value at the grant date, and vested March&#xA0;15, 2015 with an expiration date of September&#xA0;24, 2017. The fair value of each option grant, which was $2.70 per option granted in 2014, is estimated on the date of grant using the Black-Scholes model.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On December&#xA0;2, 2014, the Company granted 1,326,923 options to certain employees and directors. The employee options were awarded with the strike price set at the fair market value at the grant date. Half of these options were immediately vested and the other half vested on April&#xA0;30, 2015, and these options expire on December&#xA0;2, 2017. The directors&#x2019; options were awarded with the strike price set at the fair market value at the grant date, and vest quarterly commencing on January&#xA0;1, 2015 with an expiration date of December&#xA0;2, 2017. The fair value of each option grant, which ranged from $3.07 to $3.54 per option granted in 2014, is estimated on the date of grant using the Black-Scholes model.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The following table provides the assumptions utilized in the Black-Scholes model for options granted on September&#xA0;24, 2014 and December&#xA0;2, 2014. No options were granted during the nine months ended September&#xA0;30, 2015. A total of 359,000 options were granted during the nine months ended September&#xA0;30, 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="14%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="14%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>December&#xA0;2,&#xA0;2014</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>September&#xA0;24,&#xA0;2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted-average risk-free interest rate</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">51</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">42</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Expected term of option in years</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1.6</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1.7</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted-average volatility</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">35.6</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">36.5</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Dividend yield</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted average grant date fair value per share</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.19</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.70</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> A summary of information related to stock options outstanding at September&#xA0;30, 2015 is as follows:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Shares</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><font style="WHITE-SPACE: nowrap">Weighted-Average&#xA0;Grant</font><br /> Date Fair Value</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Shares&#xA0;Available&#xA0;for<br /> Grant</td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance at December&#xA0;31, 2014</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,685,923</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.09</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,295,814</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Granted</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Exercised</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(380,000</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">15.61</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance at September&#xA0;30, 2015</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,305,923</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.86</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,295,814</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Vested and exercisable as of September&#xA0;30, 2015</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,298,102</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.86</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company had approximately $25,000 of unrecognized stock compensation expense at September&#xA0;30, 2015 related to unvested compensation, which the Company expects to recognize ratably over the period of 0.25 years. The Company recognized $423,000 and $1.9 million of compensation expense during the three and nine months ended September&#xA0;30, 2015, respectively.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table summarizes the Company&#x2019;s net investment income by major investment category for the three and nine months ended September&#xA0;30, 2015 and 2014, respectively:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" nowrap="nowrap" align="center"> <b><i>Three&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" nowrap="nowrap" align="center"> <b><i>Nine&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>2015</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>2014</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>2015</i></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><i>2014</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Fixed maturities</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,936</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">838</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,254</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,989</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Equity securities</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">439</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">328</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,292</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">768</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Cash, cash equivalents and short-term investments</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">150</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">361</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">95</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other investments</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">67</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">71</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">128</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">234</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net investment income</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,592</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,287</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">7,035</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,086</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Investment expenses</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">619</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">161</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,341</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">623</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net investment income, less investment expenses</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,973</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,126</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,696</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,463</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Accounting Pronouncements</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company describes below recent pronouncements that have had or may have a significant effect on its financial statements&#xA0;or on its disclosures. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its financial condition, results of operations, or related disclosures.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In May 2015, the&#xA0;Financial Accounting Standards Board (&#x201C;FASB&#x201D;)&#xA0;issued new guidance on fair value measurement (Accounting Standards Update (&#x201C;ASU&#x201D;)&#xA0;2015-07, <i>Fair Value Measurement (Topic&#xA0;820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent</i>)), effective for fiscal years beginning after December&#xA0;15, 2015, and interim periods within those fiscal years and which should be applied retrospectively to all periods presented. Earlier application is permitted. The new amendments in this ASU remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value (&#x201C;NAV&#x201D;) per share practical expedient. In addition, the amendments remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient.&#xA0;The Company is currently evaluating the impact of this guidance on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> In May 2015, the FASB issued Accounting Standards Update No.&#xA0;2015-09 (&#x201C;ASU&#xA0;2015-09&#x201D;), <i>Financial Services &#x2013; Insurance</i> (Topic 944), which improves disclosure requirements for all insurance entities that issue short-duration contracts. The amendments in ASU 2015-09 increase transparency of significant estimates made in measuring the liability for unpaid claims and claim adjustment expenses, improve comparability by requiring consistent disclosure of information, and provide financial statement users with additional information to facilitate analysis of the amount, timing, and uncertainty of cash flows and the development of loss reserve estimates. ASU 2015-09 is effective for all public entities for annual periods beginning after December&#xA0;15, 2015 and interim periods within annual periods beginning after December&#xA0;15, 2016. Early adoption is permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In April 2015, the FASB issued ASU 2015-03,&#xA0;<i>Imputation of Interest&#xA0;</i>(&#x201C;ASC 835&#x201D;) which requires debt issuance costs related to a recognized debt liability to be presented as a deduction from the carrying amount of the related debt, consistent with the treatment required for debt discounts. This guidance is effective for fiscal years beginning after December&#xA0;15, 2015 and interim periods within those fiscal years. The Company is evaluating the impact of the new guidance on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In April 2015, the FASB issued&#xA0;ASC&#xA0;2015-05, <i>Customer&#x2019;s Accounting for Fees Paid in a Cloud Computing Arrangement</i>. Under the new guidance, if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for fiscal years beginning after December&#xA0;15, 2015 and interim periods within those fiscal years. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In May 2014, FASB issued ASU 2014-09,&#xA0;<i>Revenue from Contracts with Customers</i> (Topic 606). The ASU creates a new topic, Topic 606, to provide guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December&#xA0;15, 2017. Early adoption is not permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In June 2014, the FASB issued ASU 2014-12,&#xA0;<i>Compensation &#x2013; Stock Compensation</i>,&#xA0;which clarifies accounting for share-based payments for which the terms of an award provide that a performance target could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The updated guidance clarifies that such a term should be treated as a performance condition that affects vesting. As such, the performance target should not be reflected in estimating the grant date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The guidance will be effective for the Company beginning with fiscal year 2016, and may be applied either prospectively or retrospectively. The Company does not anticipate that this guidance will materially impact its condensed consolidated financial statements and related disclosures.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> There are no other recently issued accounting standards that apply to us or that are expected to have a material impact on our results of operations, financial condition, or cash flows.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 2. SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b><i>Changes to significant accounting policies</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> We have made no material changes to our significant accounting policies as reported in our&#xA0;Annual Report on&#xA0;Form 10-K for the year ended December&#xA0;31, 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Accounting Pronouncements</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company describes below recent pronouncements that have had or may have a significant effect on its financial statements&#xA0;or on its disclosures. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its financial condition, results of operations, or related disclosures.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In May 2015, the&#xA0;Financial Accounting Standards Board (&#x201C;FASB&#x201D;)&#xA0;issued new guidance on fair value measurement (Accounting Standards Update (&#x201C;ASU&#x201D;)&#xA0;2015-07, <i>Fair Value Measurement (Topic&#xA0;820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent</i>)), effective for fiscal years beginning after December&#xA0;15, 2015, and interim periods within those fiscal years and which should be applied retrospectively to all periods presented. Earlier application is permitted. The new amendments in this ASU remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value (&#x201C;NAV&#x201D;) per share practical expedient. In addition, the amendments remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient.&#xA0;The Company is currently evaluating the impact of this guidance on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> In May 2015, the FASB issued Accounting Standards Update No.&#xA0;2015-09 (&#x201C;ASU&#xA0;2015-09&#x201D;), <i>Financial Services &#x2013; Insurance</i> (Topic 944), which improves disclosure requirements for all insurance entities that issue short-duration contracts. The amendments in ASU 2015-09 increase transparency of significant estimates made in measuring the liability for unpaid claims and claim adjustment expenses, improve comparability by requiring consistent disclosure of information, and provide financial statement users with additional information to facilitate analysis of the amount, timing, and uncertainty of cash flows and the development of loss reserve estimates. ASU 2015-09 is effective for all public entities for annual periods beginning after December&#xA0;15, 2015 and interim periods within annual periods beginning after December&#xA0;15, 2016. Early adoption is permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In April 2015, the FASB issued ASU 2015-03,&#xA0;<i>Imputation of Interest&#xA0;</i>(&#x201C;ASC 835&#x201D;) which requires debt issuance costs related to a recognized debt liability to be presented as a deduction from the carrying amount of the related debt, consistent with the treatment required for debt discounts. This guidance is effective for fiscal years beginning after December&#xA0;15, 2015 and interim periods within those fiscal years. The Company is evaluating the impact of the new guidance on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In April 2015, the FASB issued&#xA0;ASC&#xA0;2015-05, <i>Customer&#x2019;s Accounting for Fees Paid in a Cloud Computing Arrangement</i>. Under the new guidance, if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for fiscal years beginning after December&#xA0;15, 2015 and interim periods within those fiscal years. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In May 2014, FASB issued ASU 2014-09,&#xA0;<i>Revenue from Contracts with Customers</i> (Topic 606). The ASU creates a new topic, Topic 606, to provide guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December&#xA0;15, 2017. Early adoption is not permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In June 2014, the FASB issued ASU 2014-12,&#xA0;<i>Compensation &#x2013; Stock Compensation</i>,&#xA0;which clarifies accounting for share-based payments for which the terms of an award provide that a performance target could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The updated guidance clarifies that such a term should be treated as a performance condition that affects vesting. As such, the performance target should not be reflected in estimating the grant date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The guidance will be effective for the Company beginning with fiscal year 2016, and may be applied either prospectively or retrospectively. The Company does not anticipate that this guidance will materially impact its condensed consolidated financial statements and related disclosures.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> There are no other recently issued accounting standards that apply to us or that are expected to have a material impact on our results of operations, financial condition, or cash flows.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Subsequent Events</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company follows the provisions of ASC Topic 855-10, &#x201C;<i>Subsequent Events</i>,&#x201D; relating to subsequent events. This guidance defines the period after the balance sheet date during which events or transactions that may occur would be required to be disclosed in the Company&#x2019;s financial statements. The Company has evaluated subsequent events up to the date of issuance of this report.</p> </div> HRTG 2.41 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The following table provides the assumptions utilized in the Black-Scholes model for options granted on September&#xA0;24, 2014 and December&#xA0;2, 2014. No options were granted during the nine months ended September&#xA0;30, 2015. A total of 359,000 options were granted during the nine months ended September&#xA0;30, 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="14%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="14%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>December&#xA0;2,&#xA0;2014</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>September&#xA0;24,&#xA0;2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted-average risk-free interest rate</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">51</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">42</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Expected term of option in years</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1.6</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1.7</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted-average volatility</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">35.6</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">36.5</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Dividend yield</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted average grant date fair value per share</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3.19</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.70</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 6. EARNINGS PER SHARE</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Basic earnings per share (&#x201C;EPS&#x201D;) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS amounts are based on the weighted average number of common shares, including outstanding warrants and the net effect of potentially dilutive common shares outstanding.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The following table sets forth the computation of basic and diluted EPS for the periods indicated.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="61%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Three&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Nine&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Basic earnings per share:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net income attributable to common stockholders (000&#x2019;s)</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,813</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">72,269</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">27,420</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted average shares outstanding</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30,177,633</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">29,794,960</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">29,952,668</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,807,705</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Basic earnings per share:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.56</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.33</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.41</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.20</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Diluted earnings per share:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net income attributable to common stockholders (000&#x2019;s)</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,813</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">72,269</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">27,420</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted average shares outstanding</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30,177,633</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">29,794,960</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">29,952,668</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,807,705</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Weighted average dilutive shares</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">305,920</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,671</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">336,660</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,574,164</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total weighted average dilutive shares</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30,483,553</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">29,814,631</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">30,289,328</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">24,381,869</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Diluted earnings per share:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.55</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.33</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.39</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.12</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> 0.382 P3M <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>NOTE 11. RESERVE FOR UNPAID LOSSES</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The Company determines the reserve for unpaid losses on an individual-case basis for all incidents reported. The liability also includes amounts which are commonly referred to as incurred but not reported, or &#x201C;IBNR&#x201D;, claims as of the balance sheet date.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The table below summarizes the activity related to the Company&#x2019;s reserve for unpaid losses:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Three&#xA0;Month&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Nine&#xA0;Months&#xA0;Ended&#xA0;September&#xA0;30,</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b><i>2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="14" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance, beginning of period</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,846</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,533</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">51,469</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">19,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Less: reinsurance recoverable on paid losses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">783</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">783</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net balance, beginning of period</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">61,846</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">33,750</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">51,469</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,561</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Incurred related to:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Current year</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">38,258</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,699</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">109,070</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">62,281</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Prior years</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(2,467</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(385</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(6,831</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(136</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total incurred</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">35,791</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,314</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">102,239</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">62,145</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Paid related to:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Current year</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">18,721</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">12,645</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">55,399</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">28,971</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Prior years</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4,471</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,454</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">23,864</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9,770</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total paid</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">23,192</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">14,099</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">79,263</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">38,741</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net balance, end of period</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">41,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">41,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Plus: reinsurance recoverable on unpaid losses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance, end of period</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">41,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">41,965</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The significant increase in the Company&#x2019;s reserves for unpaid losses in 2015 from 2014 is primarily due to the increase in policy count.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company writes insurance in the state of Florida, which could be exposed to hurricanes or other natural catastrophes. Although the occurrence of a major catastrophe could have a significant effect on our monthly or quarterly results, such an event is unlikely to be so material as to disrupt our overall normal operations. However, the Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter. The Company believes that the reserve for unpaid losses reasonably represents the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company&#x2019;s losses incurred during the three months ended September 30, 2015 reflect a prior year redundancy of $2.5 million associated with management&#x2019;s best estimate within the actuarial range of loss and LAE reserves being set at the midpoint of the range of loss, versus being set at the high end of the range at December 31, 2014. The Company moved from the high end of the actuarial range to the middle, as the Company has gained more loss experience allowing management to have higher confidence levels in setting its reserves, particularly in commercial residential, which was a new line of business at the end of 2014. Additionally, during the three months ended March 31, 2015, the Company experienced favorable development of losses and LAE reserves for its personal and commercial lines totaling approximately $4.5 million. The Company&#x2019;s losses incurred related to the prior year reflect a redundancy of $385,000 and $136,000 for the three and nine months ended September 30, 2014, respectively.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>NOTE 15. RELATED PARTY TRANSACTIONS</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company has been party to various related party transactions involving certain of its officers, directors and significant stockholders as set forth below. The Company has entered into each of these arrangements without obligation to continue its effect in the future and the associated expense was immaterial to its results of operations or financial position as of September&#xA0;30, 2015 and September&#xA0;30, 2014.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">The Company leased the space that it had occupied through March 2014 at 700 Central Avenue, Ste. 500 St. Petersburg, Florida from a real estate management company controlled by a stockholder. The Company leased the space without obligation to continue doing so in the future. For the nine months ended September&#xA0;30, 2014 the Company incurred rent expense of approximately $101,000. The Company relocated to one of the buildings located on its Clearwater property in March 2014 and did not pay any rent under the lease, as it was effectively terminated upon date of relocation.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">The Company has entered into an agreement with a real estate management company controlled by one of its directors to manage its Clearwater office space. Management services are provided at a fixed fee, plus ordinary and necessary out of pocket expenses. Fees for additional services, such as the oversight of construction activity, are provided for on an as-needed basis.</td> </tr> </table> </div> 1263000 112153000 7241000 72269000 80393000 72269000 293460000 1873000 6666000 278696000 1953000 418558000 6000000 1284000 8447000 -6849000 6561000 66396000 2000000 352162000 1827000 -6638000 665000 67069000 8124000 116997000 14398000 61200000 269183000 2000000 72269000 7035000 -43171000 1827000 235525000 201885000 -5200000 5696000 44728000 1873000 203100 1827000 40789000 6369000 48982000 -83118000 37222000 6369000 3445000 1900000 11224000 183033000 40858000 -22311000 126000 102640000 -12808000 -3265000 1341000 119181000 4688000 33366000 118476000 926000 176463000 900000 102239000 381336000 0.24 0.45 -45757000 1.00 34100000 -13415000 22237000 39762000 2 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 12. STATUTORY ACCOUNTING AND REGULATIONS</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> State laws and regulations, as well as national regulatory agency requirements, govern the operations of all insurers such as our insurance subsidiary. The various laws and regulations require that insurers maintain minimum amounts of statutory surplus and risk-based capital; they restrict insurers&#x2019; ability to pay dividends; the Company-specified allowable investment types and investment mixes, and subject the Company&#x2019;s insurers to assessments.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company&#x2019;s insurance subsidiary, Heritage P&amp;C, must file with the insurance regulatory authorities an &#x201C;Annual Statement&#x201D; which reports, among other items, net income and surplus as regards policyholders, which is called stockholder&#x2019;s equity under GAAP. For the nine months ended September&#xA0;30, 2015 and 2014, the Company&#x2019;s insurance subsidiary recorded statutory net income of $34.1 million and $3.4 million, respectively. The Company&#x2019;s insurance subsidiary is domiciled in Florida, and the laws of that state require that the Company&#x2019;s insurance subsidiary maintain capital and surplus equal to the greater of $15 million or 10% of its liabilities. The Company&#x2019;s statutory capital surplus was $200.8 million and $172.7 million at September&#xA0;30, 2015 and December&#xA0;31, 2014, respectively. State law also requires the Company&#x2019;s insurance subsidiary to adhere to prescribed premium-to-capital surplus ratios, with which the Company is in compliance.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In 2014, the Florida legislature passed Senate Bill 1308, which was signed into law by the Governor.&#xA0;Among other things, this bill incorporates the National Association of Insurance Commissioners (&#x201C;NAIC&#x201D;) recommendations with regard to expansion of the regulation of insurers to include non-insurance entity affiliates. Specifically, the new law permits the FLOIR to examine affiliated entities within an insurance holding company system in order to ascertain the financial condition of the insurer.&#xA0;The law also provides for certain disclosures with regard to enterprise risk, which are satisfied by the provision of related information filed with the SEC.&#xA0;This legislation was designed to bolster regulation for insurer solvency and governance and became effective January&#xA0;1, 2015.</p> </div> 22976000 33970000 74445000 0.09 74445000 0 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The following table highlights the effects that the Company&#x2019;s assumption transactions have on unpaid losses and loss adjustment expenses and unearned premiums:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="64%"></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>September&#xA0;30,&#xA0;2015</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b><i>December&#xA0;31,&#xA0;2014</i></b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="6" align="center"><i>(In thousands)</i></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Unpaid losses and loss adjustment expenses:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">52,208</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,420</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,237</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">17,049</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Gross unpaid losses and LAE</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">51,469</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Net unpaid losses and LAE</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">74,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">51,469</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Unearned premiums:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Direct</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">238,596</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">155,617</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Assumed</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">39,762</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">85,519</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Gross unearned premiums</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">278,358</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">241,136</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Ceded</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(123,541</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(43,148</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Net unearned premiums</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">154,817</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">197,988</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> -7923000 68269000 52208000 Greater of $15 million or 10% of its liabilities 0 0.22 -80393000 123541000 238596000 82979000 100509000 87094000 P30D 0.10 6369000 <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>NOTE 7. REINSURANCE PREMIUMS RECEIVABLE</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> At September&#xA0;30, 2015, due to the recent depopulation of policies from Citizens, Citizens owed the Company approximately $14.4 million which has been recorded as a reinsurance premiums receivable.</p> </div> P3Y P3Y 1648000000 125000000 440000000 0.75 336000000 920000000 0.75 690000000 440000000 10000000 50000000 150000000 9000000 5000000 5000000 10000000 716000 10000 -2196000 20581000 1237000 116000 -11219000 66513000 P5Y P1Y 23864000 79263000 55399000 102239000 -6831000 109070000 79850 410600 72269000 1873000 2000000 6369000 -5200000 6800000 128000 1292000 361000 5254000 9800000 148000 13 14.02 20000 280400 157500 0.30 120000000 30600 16.89 137500 180000 2322375 157500 14.02 60000 841195 210000 79850 6000000 2000000 16.89 150000 2533485 210000 79850 2000000 401500000 170000000 149500000 103000000 270000000 0.90 28500000 243000000 27000000 3500000 94000000 0.03 31000000 9000000 0.04 63000000 40000000 3000000 17049000 85519000 51469000 51469000 34420000 0 43148000 155617000 185000000 825000000 105000000 940000000 50000000 150000000 0.90 181000000 48000000 484000000 0.90 436000000 185000000 3.54 3.07 2000000 2000000 4000000 16.89 12500 211125 4500000 12500 0.55 305920 30483553 30177633 0.56 24354000 2964000 16813000 16813000 89244000 82361000 2026000 148993000 33117000 115876000 1946000 -1168000 14900000 27715000 103880000 16813000 2592000 66021000 1946000 148382000 1973000 10902000 42940 1946000 16058000 20759000 2500000 423000 611000 15512000 80000 45873000 -1201000 619000 10226000 61529000 300000 35791000 128234000 8763000 -6276000 10525000 0 25266000 45262000 11996000 84637000 78361000 826000 5000 -328000 15949000 1200000 75000 -5948000 62412000 4471000 23192000 18721000 35791000 -2467000 38258000 67000 439000 150000 1936000 0.33 19671 29814631 29794960 0.33 22392000 1280000 9965000 9965000 58013000 55527000 87000 86771000 5313000 81458000 80000 -139000 9829000 16109000 57482000 9965000 1287000 26727000 80000 82254000 1126000 6144000 47840 80000 12703000 6897000 385000 4517000 12469000 7000 24347000 -83000 161000 7121000 41904000 22314000 79874000 -17079000 -264000 3013000 0 19301000 19830000 23976000 3347000 3083000 5000 -174000 87000 2000 -90000 3083000 1454000 14099000 12645000 22314000 -385000 22699000 71000 328000 50000 838000 0001598665 us-gaap:FixedMaturitiesMember 2014-06-28 2014-09-30 0001598665 us-gaap:CashAndCashEquivalentsMember 2014-06-28 2014-09-30 0001598665 us-gaap:EquitySecuritiesMember 2014-06-28 2014-09-30 0001598665 us-gaap:OtherThanSecuritiesInvestmentMember 2014-06-28 2014-09-30 0001598665 hrtg:UnpaidLossesMember 2014-06-28 2014-09-30 0001598665 us-gaap:FixedMaturitiesMember 2014-06-28 2014-09-30 0001598665 us-gaap:EquitySecuritiesMember 2014-06-28 2014-09-30 0001598665 2014-06-28 2014-09-30 0001598665 us-gaap:FixedMaturitiesMember 2015-07-01 2015-09-30 0001598665 us-gaap:CashAndCashEquivalentsMember 2015-07-01 2015-09-30 0001598665 us-gaap:EquitySecuritiesMember 2015-07-01 2015-09-30 0001598665 us-gaap:OtherThanSecuritiesInvestmentMember 2015-07-01 2015-09-30 0001598665 hrtg:UnpaidLossesMember 2015-07-01 2015-09-30 0001598665 us-gaap:FixedMaturitiesMember 2015-07-01 2015-09-30 0001598665 us-gaap:EquitySecuritiesMember 2015-07-01 2015-09-30 0001598665 2015-07-01 2015-09-30 0001598665 us-gaap:StockOptionMemberus-gaap:CommonStockMember 2015-01-01 2015-03-31 0001598665 2015-01-01 2015-03-31 0001598665 hrtg:OspreyMember 2014-01-01 2014-12-31 0001598665 hrtg:HeritageMember 2014-01-01 2014-12-31 0001598665 us-gaap:MinimumMember 2014-01-01 2014-12-31 0001598665 us-gaap:MaximumMember 2014-01-01 2014-12-31 0001598665 hrtg:LayersBelowFhchMember 2014-01-01 2014-12-31 0001598665 us-gaap:MaximumMemberhrtg:FhchLayerMember 2014-01-01 2014-12-31 0001598665 hrtg:FhchLayerMember 2014-01-01 2014-12-31 0001598665 hrtg:CatBondLayerMemberhrtg:CitrusMember 2014-01-01 2014-12-31 0001598665 us-gaap:CatastropheMemberhrtg:CatBondLayerMember 2014-01-01 2014-12-31 0001598665 us-gaap:CatastropheMember 2014-01-01 2014-12-31 0001598665 2014-01-01 2014-12-31 0001598665 hrtg:HeritageMember 2013-01-01 2013-12-31 0001598665 hrtg:LayersBelowFhchMemberhrtg:FourPercentParticipationMember 2013-01-01 2013-12-31 0001598665 hrtg:LayersBelowFhchMemberhrtg:ThreePercentParticipationMember 2013-01-01 2013-12-31 0001598665 hrtg:LayersBelowFhchMember 2013-01-01 2013-12-31 0001598665 us-gaap:MinimumMemberhrtg:FhchLayerMember 2013-01-01 2013-12-31 0001598665 us-gaap:MaximumMemberhrtg:FhchLayerMember 2013-01-01 2013-12-31 0001598665 hrtg:FhchLayerMember 2013-01-01 2013-12-31 0001598665 us-gaap:CatastropheMember 2013-01-01 2013-12-31 0001598665 hrtg:BrcRestorationSpecialistsIncMemberus-gaap:CommonStockMember 2015-08-01 2015-08-31 0001598665 us-gaap:StockOptionMemberus-gaap:CommonStockMember 2015-08-01 2015-08-31 0001598665 2015-08-01 2015-08-31 0001598665 hrtg:BrcRestorationSpecialistsIncMember 2015-07-01 2015-07-31 0001598665 us-gaap:StockOptionMemberus-gaap:CommonStockMember 2015-07-01 2015-07-31 0001598665 2015-07-01 2015-07-31 0001598665 us-gaap:StockOptionMemberus-gaap:CommonStockMember 2015-05-01 2015-05-31 0001598665 2015-05-01 2015-05-31 0001598665 hrtg:ZephyrAcquisitionCompanyMember 2015-09-01 2015-09-30 0001598665 hrtg:ZephyrAcquisitionCompanyMemberstpr:HI 2015-09-01 2015-09-30 0001598665 us-gaap:StockOptionMemberus-gaap:CommonStockMember 2015-06-01 2015-06-30 0001598665 2015-06-01 2015-06-30 0001598665 2014-03-02 2014-03-31 0001598665 2013-04-01 2013-04-30 0001598665 us-gaap:FixedMaturitiesMember 2015-01-01 2015-09-30 0001598665 us-gaap:CashAndCashEquivalentsMember 2015-01-01 2015-09-30 0001598665 us-gaap:EquitySecuritiesMember 2015-01-01 2015-09-30 0001598665 us-gaap:OtherThanSecuritiesInvestmentMember 2015-01-01 2015-09-30 0001598665 us-gaap:CommercialRealEstateMember 2015-01-01 2015-09-30 0001598665 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-01-01 2015-09-30 0001598665 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-09-30 0001598665 us-gaap:RetainedEarningsMember 2015-01-01 2015-09-30 0001598665 us-gaap:CommonStockMember 2015-01-01 2015-09-30 0001598665 hrtg:UnpaidLossesMember 2015-01-01 2015-09-30 0001598665 us-gaap:MinimumMember 2015-01-01 2015-09-30 0001598665 us-gaap:MaximumMember 2015-01-01 2015-09-30 0001598665 us-gaap:FixedMaturitiesMember 2015-01-01 2015-09-30 0001598665 us-gaap:EquitySecuritiesMember 2015-01-01 2015-09-30 0001598665 us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMemberhrtg:OspreyMember 2015-01-01 2015-09-30 0001598665 us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMemberhrtg:HeritageMember 2015-01-01 2015-09-30 0001598665 us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-01-01 2015-09-30 0001598665 hrtg:ClassANotesMemberhrtg:CatBondLayerAboveFhcfMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMemberhrtg:CitrusMember 2015-01-01 2015-09-30 0001598665 us-gaap:MinimumMemberhrtg:FacultativeReinsuranceMember 2015-01-01 2015-09-30 0001598665 hrtg:LayersBelowFhchMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-01-01 2015-09-30 0001598665 us-gaap:MaximumMemberhrtg:FhchLayerMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-01-01 2015-09-30 0001598665 hrtg:FhchLayerMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-01-01 2015-09-30 0001598665 us-gaap:CatastropheMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-01-01 2015-09-30 0001598665 us-gaap:CatastropheMemberhrtg:CatBondLayerAboveFhcfMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-01-01 2015-09-30 0001598665 us-gaap:CatastropheMemberhrtg:CatBondLayerAlongsideFhcfMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-01-01 2015-09-30 0001598665 2015-01-01 2015-09-30 0001598665 us-gaap:FixedMaturitiesMember 2014-01-01 2014-09-30 0001598665 us-gaap:CashAndCashEquivalentsMember 2014-01-01 2014-09-30 0001598665 us-gaap:EquitySecuritiesMember 2014-01-01 2014-09-30 0001598665 us-gaap:OtherThanSecuritiesInvestmentMember 2014-01-01 2014-09-30 0001598665 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-01-01 2014-09-30 0001598665 us-gaap:AdditionalPaidInCapitalMember 2014-01-01 2014-09-30 0001598665 us-gaap:RetainedEarningsMember 2014-01-01 2014-09-30 0001598665 us-gaap:CommonStockMember 2014-01-01 2014-09-30 0001598665 us-gaap:MajorityShareholderMember 2014-01-01 2014-09-30 0001598665 hrtg:UnpaidLossesMember 2014-01-01 2014-09-30 0001598665 us-gaap:FixedMaturitiesMember 2014-01-01 2014-09-30 0001598665 us-gaap:EquitySecuritiesMember 2014-01-01 2014-09-30 0001598665 hrtg:UnderwriterMember 2014-01-01 2014-09-30 0001598665 us-gaap:AdditionalPaidInCapitalMemberhrtg:InitialPublicOfferingAndPrivatePlacementMember 2014-01-01 2014-09-30 0001598665 us-gaap:CommonStockMemberhrtg:InitialPublicOfferingAndPrivatePlacementMember 2014-01-01 2014-09-30 0001598665 hrtg:InitialPublicOfferingAndPrivatePlacementMember 2014-01-01 2014-09-30 0001598665 us-gaap:BuildingMemberus-gaap:MajorityShareholderMember 2014-01-01 2014-09-30 0001598665 2014-01-01 2014-09-30 0001598665 us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2015-04-30 2015-04-30 0001598665 hrtg:DirectorStockOptionsMember 2014-12-02 2014-12-02 0001598665 us-gaap:EmployeeStockOptionMember 2014-12-02 2014-12-02 0001598665 us-gaap:ShareBasedCompensationAwardTrancheOneMember 2014-12-02 2014-12-02 0001598665 2014-12-02 2014-12-02 0001598665 2014-09-24 2014-09-24 0001598665 us-gaap:CatastropheMember 2014-04-17 2014-04-17 0001598665 2013-09-24 2013-09-24 0001598665 2012-09-24 2012-09-24 0001598665 hrtg:SunshineStateInsuranceCompanyMember 2015-09-30 0001598665 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-09-30 0001598665 us-gaap:AdditionalPaidInCapitalMember 2015-09-30 0001598665 us-gaap:RetainedEarningsMember 2015-09-30 0001598665 us-gaap:CommonStockMember 2015-09-30 0001598665 us-gaap:InsuranceClaimsMember 2015-09-30 0001598665 hrtg:UnpaidLossesMember 2015-09-30 0001598665 hrtg:OmnibusIncentivePlanMember 2015-09-30 0001598665 us-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:EquitySecuritiesMember 2015-09-30 0001598665 us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMemberhrtg:OspreyMember 2015-09-30 0001598665 us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-09-30 0001598665 hrtg:IndustrialAndMiscellaneousMemberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 hrtg:USGovernmentAgencySecuritiesMemberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 hrtg:EquityInvestmentMemberus-gaap:EquitySecuritiesMember 2015-09-30 0001598665 hrtg:SpecialRevenueFundMemberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:NonredeemablePreferredStockMemberus-gaap:EquitySecuritiesMember 2015-09-30 0001598665 us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:RedeemablePreferredStockMemberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel1Memberhrtg:USGovernmentAgencySecuritiesMemberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel1Memberhrtg:EquityInvestmentMemberus-gaap:EquitySecuritiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel1Memberus-gaap:NonredeemablePreferredStockMemberus-gaap:EquitySecuritiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel1Memberus-gaap:RedeemablePreferredStockMemberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel1Member 2015-09-30 0001598665 us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel2Memberhrtg:IndustrialAndMiscellaneousMemberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel2Memberhrtg:USGovernmentAgencySecuritiesMemberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel2Memberhrtg:SpecialRevenueFundMemberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember 2015-09-30 0001598665 us-gaap:FairValueInputsLevel2Member 2015-09-30 0001598665 hrtg:ClassANotesMemberhrtg:CatBondLayerAboveFhcfMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMemberhrtg:CitrusMember 2015-09-30 0001598665 us-gaap:MinimumMemberhrtg:FacultativeReinsuranceMember 2015-09-30 0001598665 hrtg:CitizensLayerMember 2015-09-30 0001598665 hrtg:VehiclesFleetMember 2015-09-30 0001598665 hrtg:ComputerHardwareAndSoftwareMember 2015-09-30 0001598665 hrtg:OfficeFurnitureAndEquipmentMember 2015-09-30 0001598665 us-gaap:LandMember 2015-09-30 0001598665 us-gaap:BuildingMember 2015-09-30 0001598665 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2015-09-30 0001598665 us-gaap:CatastropheMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-09-30 0001598665 2015-09-30 0001598665 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-09-30 0001598665 us-gaap:AdditionalPaidInCapitalMember 2014-09-30 0001598665 us-gaap:RetainedEarningsMember 2014-09-30 0001598665 us-gaap:CommonStockMember 2014-09-30 0001598665 hrtg:UnpaidLossesMember 2014-09-30 0001598665 2014-09-30 0001598665 2015-11-02 0001598665 hrtg:UnpaidLossesMember 2015-06-30 0001598665 2015-06-30 0001598665 2015-05-31 0001598665 us-gaap:CatastropheMemberhrtg:ClassCNotesDueAprilTwoThousandSeventeenMemberhrtg:CatBondLayerAlongsideFhcfMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-04-08 0001598665 us-gaap:CatastropheMemberhrtg:ClassBNotesDueAprilTwoThousandSeventeenMemberhrtg:CatBondLayerAlongsideFhcfMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-04-08 0001598665 us-gaap:CatastropheMemberhrtg:ClassANotesDueAprilTwoThousandSeventeenMemberhrtg:CatBondLayerAlongsideFhcfMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-04-08 0001598665 us-gaap:CatastropheMemberhrtg:NotesDueAprilTwoThousandSeventeenMemberhrtg:CatBondLayerAlongsideFhcfMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember 2015-04-08 0001598665 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-12-31 0001598665 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0001598665 us-gaap:RetainedEarningsMember 2014-12-31 0001598665 us-gaap:CommonStockMember 2014-12-31 0001598665 hrtg:OspreyMember 2014-12-31 0001598665 hrtg:UnpaidLossesMember 2014-12-31 0001598665 hrtg:OmnibusIncentivePlanMember 2014-12-31 0001598665 us-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:EquitySecuritiesMember 2014-12-31 0001598665 hrtg:IndustrialAndMiscellaneousMemberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 hrtg:MortgageLoanParticipationMember 2014-12-31 0001598665 hrtg:USGovernmentAgencySecuritiesMemberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 hrtg:EquityInvestmentMemberus-gaap:EquitySecuritiesMember 2014-12-31 0001598665 hrtg:SpecialRevenueFundMemberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:NonredeemablePreferredStockMemberus-gaap:EquitySecuritiesMember 2014-12-31 0001598665 us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:RedeemablePreferredStockMemberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel1Memberhrtg:USGovernmentAgencySecuritiesMemberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel1Memberhrtg:EquityInvestmentMemberus-gaap:EquitySecuritiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel1Memberus-gaap:NonredeemablePreferredStockMemberus-gaap:EquitySecuritiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel1Memberus-gaap:RedeemablePreferredStockMemberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel1Member 2014-12-31 0001598665 us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel2Memberhrtg:IndustrialAndMiscellaneousMemberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel2Memberhrtg:USGovernmentAgencySecuritiesMemberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel2Memberhrtg:SpecialRevenueFundMemberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember 2014-12-31 0001598665 us-gaap:FairValueInputsLevel2Member 2014-12-31 0001598665 hrtg:CitizensLayerMember 2014-12-31 0001598665 hrtg:CatBondLayerMemberhrtg:OspreyMember 2014-12-31 0001598665 hrtg:VehiclesFleetMember 2014-12-31 0001598665 hrtg:ComputerHardwareAndSoftwareMember 2014-12-31 0001598665 hrtg:OfficeFurnitureAndEquipmentMember 2014-12-31 0001598665 us-gaap:LandMember 2014-12-31 0001598665 us-gaap:BuildingMember 2014-12-31 0001598665 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2014-12-31 0001598665 us-gaap:CatastropheMemberhrtg:CatBondLayerMemberhrtg:OspreyMember 2014-12-31 0001598665 us-gaap:CatastropheMember 2014-12-31 0001598665 2014-12-31 0001598665 hrtg:SunshineStateInsuranceCompanyMember 2014-06-27 0001598665 hrtg:UnpaidLossesMember 2014-06-27 0001598665 2014-06-27 0001598665 hrtg:OmnibusIncentivePlanMember 2014-05-22 0001598665 us-gaap:CatastropheMemberhrtg:NotesDueAprilTwoThousandSeventeenMember 2014-04-17 0001598665 us-gaap:CatastropheMember 2014-04-17 0001598665 2014-03-31 0001598665 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2013-12-31 0001598665 us-gaap:AdditionalPaidInCapitalMember 2013-12-31 0001598665 us-gaap:RetainedEarningsMember 2013-12-31 0001598665 us-gaap:CommonStockMember 2013-12-31 0001598665 hrtg:OspreyMember 2013-12-31 0001598665 hrtg:UnpaidLossesMember 2013-12-31 0001598665 hrtg:LayersBelowFhchMemberhrtg:FourPercentParticipationMember 2013-12-31 0001598665 hrtg:LayersBelowFhchMemberhrtg:ThreePercentParticipationMember 2013-12-31 0001598665 us-gaap:CatastropheMember 2013-12-31 0001598665 2013-12-31 0001598665 us-gaap:CommercialRealEstateMember 2013-10-07 0001598665 2013-10-07 pure iso4217:USD shares hrtg:Buildings hrtg:Policies iso4217:USD shares hrtg:Security hrtg:Insurers hrtg:Segment hrtg:Reinsurers utr:sqft utr:acre EX-101.SCH 7 hrtg-20150930.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Condensed Consolidated Balance Sheets link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Condensed Consolidated Statements of Income and Other Comprehensive Income (Unaudited) link:calculationLink link:presentationLink link:definitionLink 106 - Statement - Condensed Consolidated Statements of Stockholders' Equity (Unaudited) link:calculationLink link:presentationLink link:definitionLink 107 - Statement - Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 108 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:calculationLink link:presentationLink link:definitionLink 109 - Disclosure - Basis of Presentation link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Significant Accounting Policies link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Investments link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Fair Value of Financial Instruments link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Property and Equipment, Net link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Earnings Per Share link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Reinsurance Premiums Receivable link:calculationLink link:presentationLink link:definitionLink 116 - Disclosure - Deferred Policy Acquisition Costs link:calculationLink link:presentationLink link:definitionLink 117 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 118 - Disclosure - Reinsurance link:calculationLink link:presentationLink link:definitionLink 119 - Disclosure - Reserve for Unpaid Losses link:calculationLink link:presentationLink link:definitionLink 120 - Disclosure - Statutory Accounting and Regulations link:calculationLink link:presentationLink link:definitionLink 121 - Disclosure - Commitments and Contingencies link:calculationLink link:presentationLink link:definitionLink 122 - Disclosure - Other Liabilities link:calculationLink link:presentationLink link:definitionLink 123 - Disclosure - Related Party Transactions link:calculationLink link:presentationLink link:definitionLink 124 - Disclosure - Employee Benefit Plan link:calculationLink link:presentationLink link:definitionLink 125 - Disclosure - Equity link:calculationLink link:presentationLink link:definitionLink 126 - Disclosure - Stock-Based Compensation link:calculationLink link:presentationLink link:definitionLink 127 - Disclosure - Acquisition of Selected Assets link:calculationLink link:presentationLink link:definitionLink 128 - Disclosure - Basis of Presentation (Policies) link:calculationLink link:presentationLink link:definitionLink 129 - Disclosure - Investments (Tables) link:calculationLink link:presentationLink link:definitionLink 130 - Disclosure - Fair Value of Financial Instruments (Tables) link:calculationLink link:presentationLink link:definitionLink 131 - Disclosure - Property and Equipment, Net (Tables) link:calculationLink link:presentationLink link:definitionLink 132 - Disclosure - Earnings Per Share (Tables) link:calculationLink link:presentationLink link:definitionLink 133 - Disclosure - Deferred Policy Acquisition Costs (Tables) link:calculationLink link:presentationLink link:definitionLink 134 - Disclosure - Income Taxes (Tables) link:calculationLink link:presentationLink link:definitionLink 135 - Disclosure - Reinsurance (Tables) link:calculationLink link:presentationLink link:definitionLink 136 - Disclosure - Reserve for Unpaid Losses (Tables) link:calculationLink link:presentationLink link:definitionLink 137 - Disclosure - Stock-Based Compensation (Tables) link:calculationLink link:presentationLink link:definitionLink 138 - Disclosure - Basis of Presentation - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 139 - Disclosure - Investments - Schedule of Amortized Cost and Fair Value of Investment Securities (Detail) link:calculationLink link:presentationLink link:definitionLink 140 - Disclosure - Investments - Schedule of Net Realized Gains (Losses) by Major Investment Category (Detail) link:calculationLink link:presentationLink link:definitionLink 141 - Disclosure - Investments - Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Detail) link:calculationLink link:presentationLink link:definitionLink 142 - Disclosure - Investments - Summary of Net Investment Income (Detail) link:calculationLink link:presentationLink link:definitionLink 143 - Disclosure - Investments - Aging of Gross Unrealized Investment Losses (Detail) link:calculationLink link:presentationLink link:definitionLink 144 - Disclosure - Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Detail) link:calculationLink link:presentationLink link:definitionLink 145 - Disclosure - Fair Value of Financial Instruments - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 146 - Disclosure - Property and Equipment, Net - Schedule of Property and Equipment (Detail) link:calculationLink link:presentationLink link:definitionLink 147 - Disclosure - Property and Equipment, Net - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 148 - Disclosure - Earnings Per Share - Schedule of Computation of Basic and Diluted EPS (Detail) link:calculationLink link:presentationLink link:definitionLink 149 - Disclosure - Reinsurance Premiums Receivable - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 150 - Disclosure - Deferred Policy Acquisition Costs - Summary of Activity in Deferred Policy Acquisition Costs (DPAC) (Detail) link:calculationLink link:presentationLink link:definitionLink 151 - Disclosure - Income Taxes - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 152 - Disclosure - Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) link:calculationLink link:presentationLink link:definitionLink 153 - Disclosure - Reinsurance - Additional information (Detail) link:calculationLink link:presentationLink link:definitionLink 154 - Disclosure - Reinsurance - Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Income (Loss) (Detail) link:calculationLink link:presentationLink link:definitionLink 155 - Disclosure - Reinsurance - Effects of Reinsurance Transactions on Unpaid Losses and Loss Adjustment Expenses and Unearned Premiums (Detail) link:calculationLink link:presentationLink link:definitionLink 156 - Disclosure - Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) link:calculationLink link:presentationLink link:definitionLink 157 - Disclosure - Reserve for Unpaid Losses - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 158 - Disclosure - Statutory Accounting and Regulations - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 159 - Disclosure - Other Liabilities - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 160 - Disclosure - Related Party Transactions - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 161 - Disclosure - Employee Benefit Plan - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 162 - Disclosure - Equity - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 163 - Disclosure - Stock-Based Compensation - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 164 - Disclosure - Stock-Based Compensation - Assumptions Utilized For Options Granted (Detail) link:calculationLink link:presentationLink link:definitionLink 165 - Disclosure - Stock-Based Compensation - Summary of Information Related to Stock Option (Detail) link:calculationLink link:presentationLink link:definitionLink 166 - Disclosure - Acquisition of Selected Assets - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 8 hrtg-20150930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 hrtg-20150930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 hrtg-20150930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 11 hrtg-20150930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R39.htm IDEA: XBRL DOCUMENT v3.3.0.814
Investments - Schedule of Net Realized Gains (Losses) by Major Investment Category (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Schedule of Available-for-sale Securities [Line Items]        
Total realized gains $ 2,026 $ 87 $ 1,953 $ 179
Total realized losses (80) (7) (126) (117)
Net realized gain 1,946 80 1,827 62
Total realized gains, Fair Value at Sale 78,361 3,083 87,094 6,153
Total realized losses, Fair Value at Sale 6,276 264 13,415 20,780
Net realized gain, Fair Value at Sale 84,637 3,347 100,509 26,933
Fixed Maturity [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Total realized gains 1,200 87 1,237 179
Total realized losses (75) (2) (116) (91)
Total realized gains, Fair Value at Sale 62,412 3,083 66,513 6,153
Total realized losses, Fair Value at Sale 5,948 90 11,219 2,789
Equity Securities [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Total realized gains 826   716  
Total realized losses (5) (5) (10) (26)
Total realized gains, Fair Value at Sale 15,949   20,581  
Total realized losses, Fair Value at Sale $ 328 $ 174 $ 2,196 $ 17,991
XML 13 R54.htm IDEA: XBRL DOCUMENT v3.3.0.814
Reinsurance - Effects of Reinsurance Transactions on Unpaid Losses and Loss Adjustment Expenses and Unearned Premiums (Detail) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Unpaid losses and loss adjustment expenses:    
Direct $ 52,208 $ 34,420
Assumed 22,237 17,049
Gross unpaid losses and LAE 74,445 51,469
Ceded 0 0
Net unpaid losses and LAE 74,445 51,469
Unearned premiums:    
Direct 238,596 155,617
Assumed 39,762 85,519
Gross unearned premiums 278,358 241,136
Ceded (123,541) (43,148)
Net unearned premiums $ 154,817 $ 197,988
XML 14 R48.htm IDEA: XBRL DOCUMENT v3.3.0.814
Reinsurance Premiums Receivable - Additional Information (Detail)
$ in Thousands
Sep. 30, 2015
USD ($)
Reinsurance Recoverables [Abstract]  
Reinsurance premiums receivable $ 14,398
EXCEL 15 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(`&F&9D=FYPI7%@(``"(G```3````6T-O;G1E;G1?5'EP97-= M+GAM;,W:2V[;,!`&X*L8VA86S9?Z0)Q-TVT;H+T`*XTMPJ)(D(SCW+Z4G!2M MX19)&P/_QK(\Y,Q((WTK7WU[")06!S>,:5WU.8IM>"SUZ5"RI/+;NBK1 M]*P*IQO_UIEUT]#"N/UMQW3^C]=R%-A?;$S3L7;&CN=&=>_C M[KOWN]=\3&BZJHZZ98AE8GC M+4@?[T#Z>`_2!U^A-((B*D[Z!U!+ M`P04````"`!IAF9'2'4%[L4````K`@``"P```%]R96QS+RYR96QSK9++;L)` M#$5_)9I]<4HE%A%AQ88=0OR`.^,\E,QXY#$B_?N.V(#"0ZW$TJ][CZZ\#JFL M#C2B]AQ2U\=43'X,JQW8OG*\M"_V/Z'D4X$G1H>)%]2-F`Q+M*;V"^GH`A3&^.R6: ME((C-Z."N[_8_`)02P,$%`````@`:89F1W@<&,8O`@``4"<``!H```!X;"]? M`[+&Q8@-BIFIS]Z%>5.X/1UU8.ALLC/3-N^$1&GCJ<[/^DDYM.0Y][HYC M7OTXG_J\GO_?5%TIX[JN\[9+YS;?#6/JYZO[83JW93Z=#O78;M_;0ZJE:6(] M7<^IGI_^G+UZW6VJZ747JM77=CJDLJF^#]-[[E(JN;[\A+MY@?GRQYC^9_EA MOS]NT\NP_79.??E'1?UK@:I>#I+E(*$$Z7*04H)L.<@H0;X!XW4`8`>.V`&0'3AF!X!V MX*@=`-N!XW8`<`>.W`'0'3AV!X!WX.@M0&_AZ"U`;R$]:Z.';8[>`O06CMX" M]!:.W@+T%H[>`O06CMX"]!:.W@+T%H[>`O06CMX*]%:.W@KT5H[>"O16TEX) MVBSAZ*U`;^7HK4!OY>BM0&_EZ*U`;^7HK4!OY>BM0&_EZ&U`;^/H;4!OX^AM M0&_CZ&U`;R/M=:/-;H[>!O0VCMX&]#:.W@;T-H[>!O0VCMX&]#:.W@[T=H[> M#O1VCMX.]':.W@[T=H[>#O1VTKM*]+*2H[<#O9VCMP.]G:.W`[V=H[<#O9VC M=P1Z1X[>$>@=.7I'H'?DZ!V!WI&C=P1Z1X[>$>@=2=^:7.F=NW9*N[N7R&ULO5=1 M;]LV$/XKA)\ZH*D\UTFWP!7@).X6(%T-V\V>&>ID$Z%(E4<9T7[]CI3C28UD M6WZ87TR1]_%XWWUWE"8:A]=S:W*P3@*RETQIO*;)SX.-<_EU%*'80,;Q`YEH M6DV-S;BC1[N.3)I*`7=&%!EH%XV&PZL(7ASH!)*+?+_I()YX+],\5U)P)XV. MOTIA#9K4L=F+`#6)?C8("-IY":*PTI7QL+*I3P6;I>`*;LE7G'*%4%G]-QEL M;DV6)VO]@:>2+V>AP-*K?5;!BK')V-_S;V&3<`#B?1 M?C(,Z[;UL1S'5Y?!@D9-RV@?6;RCK1&WGUE)IP"_I7-NW?]$18CIE8BKRT$M M^MR&*ZX%L#,P'_M@ MEH[^Z,QG8"[/P%R=@?G4BKGA*)&9E,TM(''>S?!2KK6D#).FV%0(4U!B])K- MR8^@/M2*N==;0.=SV;[^A23('KDJP!_AB]1$O.2*LDVK1=:*V?73LE+'CT+F M?O_W["]PK?8S;C4=%-D<+`O=I=5L`5)C88-:B(M,%AFR!0B06_ZDVC%WD(*E M;E614!(M=!R4GD)*01P6&-4#^ZYS+A/V8!`[=O/) M+ZB2RWK./',+6!>*=^@HRV25M6!*:O(PT)UY_N8V1.Z#Y$]22==EM0`5!.F[ M3,E6%")RXOY(CTM0U`4)."5Z.Q3<6C_LW:E5P=ZMO+KPE_[E,?J];WEX9R>6R.%S'=3] MQ]%1W1_>O5Z)1PP[*J&"]=+#SE./'%^P:9+XF(_F^((MZ=9,"A72.,V,;>]4 MW1B?O$5_/^/A*9@BRSCUAYV;^_;2:&*F:]]&"/$'O6@BD=]?ON/V^_4P9MQ; M\A3?&9CIJ652I[S_M3+^K7]YC=O+OE%>>VGJP!S5QRD87PY&APP3]7?'K\F& M&QE>T$[`U#4:5D[`S-*4.C'N(47/?A!4WAM#T?6_4R_;W[/>W)!-]GK>EP%\ M^J5YI%=5UV>+:@Z\;W?VT6J7WACLR.D!C&]<9USC#:[??!O]]"44-;_@XW\! M4$L#!!0````(`&F&9D>O4)K'/@$``&D#```1````9&]C4')O<',O8V]R92YX M;6S-DTU3PC`0AO^*TWM)`\(A4WI0QY/,."..CK>8+!!I/B99IO3?&T)I1;QP M\];M[OOLN]FD%(X)Z^'96P<>%82;O:Y-8,+-LPVB8X0$L0'-PRA6F)A<6:\Y MQM"OB>-BR]=`QD4Q(QJ02XZ<'("YZXE954K!A`>.UG=X*7J\V_DZP:0@4(,& M@X'0$259]6JVQC:F)(.^*J/CF@=<6*E6"N1=.Y1=IF)G!*_#40ZR;Y_^_NDA M94C65>Z#ZJN:IADUDU07!Z;D??'TDLXF5R8@-P*B*BB&K8-Y=NK\-KE_6#YF MU;B@TYS2O)@MZ8Q-*:.W'X?)SOP-AG4WQ+]U?#*8MHL*:[ARMTDCTW+39P)) M",(KA\J:JW`)\T.<8&'W^04"KP=UPG39MM`VULM0I?LU1(>7$U>VMKX]IGY% M9Z^J^@902P,$%`````@`:89F1YE&UL[5I;<]HX%'[OK]!X9_9M"\8V@;:T$W-I=MNTF83M3A^%$5B- M;'EDD81_OTV23;J;/`0LZ?O.14?GZ#AY\^XN8NB&B)3R> +]O6 MN[!3+UES@6QHO M(];JM-O=5H1I;*$81V1@?5XL:$#05%%:;U\@M.4?,_@5RU2-9:,!$U=!)KF( MM/+Y;,7\VMX^9<_I.ATR@6XP&U@@?\YOI^1.6HCA5,+$P&IG/U9KQ]'22("" MR7V4!;I)]J/3%0@R#3LZG5C.=GSVQ.V?C,K:=#1M&N#C\7@XMLO2BW`A(5M>5`TR``6'!VULS2 M`Y9>*?IUE!K9';O=05SP6.XYB1'^QL4$UFG2&98T1G*=D`4.`#?$T4Q0?*]! MMHK@PI+27)#6SRFU4!H(FLB!]4>"(<7K;YH]5Z%82=J$ M^!!&&N*<<^9ST6S[!Z5&T?95O-RCEU@5`9<8WS2J-2S%UGB5P/&MG#P=$Q+- ME`L&08:7)"82J3E^34@3_BNEVOZKR2.FJW"$2M"/F(9-AIRM1:! MMG&IA&!:$L;1>$[2M!'\6:PUDSY@R.S-D77.UI$.$9)>-T(^8LZ+D!&_'H8X M2IKMHG%8!/V>7L-)P>B"RV;]N'Z&U3-L+([W1]072N0/)J<_Z3(T!Z.:60F] MA%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+`.7\N?<^E M[[GT/:'2MSAD6R4)RU3393>*$IY"&V[I M4_5*E=?EK[DHN#Q;Y.FOH70^+,_Y/%_GM,T+,T.WF)&Y"M-2D&_# M^>G%>!KB.=D$N7V85VWGV-'1^^?!4;"C[SR6'<>(\J(A[J&&F,_#0X=Y>U^8 M9Y7&4#04;6RL)"Q&MV"XU_$L%.!D8"V@!X.O40+R4E5@,5O&`RN0HGQ,C$7H M<.>77%_CT9+CVZ9EM6ZO*7<9;2)2.<)IF!-GJ\K>9;'!51W/55ORL+YJ/;05 M3L_^6:W(GPP13A8+$DACE!>F2J+S&5.^YRM)Q%4XOT4SMA*7&+SCYL=Q3E.X M$G:V#P(RN;LYJ7IE,6>F\M\M#`DL6XA9$N)-7>W5YYNTB42%(JP#`4A%W+C[^^3 M:G>,U_HL@6V$5#)DU1?*0XG!/3-R0]A4)?.NVB8+A=OB5,V[&KXF8$O#>FZ= M+2?_VU[4/;07/4;SHYG@'K.'YA,L0Z1^ MP7V*BH`1JV*^NJ]/^26<.[1[\8$@F_S6VZ3VW>`,?-2K6J5D*Q$_2P=\'Y(& M8XQ;]#1?CQ1BK::QK<;:,0QY@%CS#*%F.-^'19H:,]6+K#F-"F]!U4#E/]O4 M#6CV#30,9FV-J/D3@H\W/[O#;#"Q([A[8N_`5!+`P04````"`!IAF9' M^;Q;E%L"``!P"P``#0```'AL+W-T>6QE9A;T6V94>@#T^6,Z>_?OIP[,20ILG2$K_HZNC>54J,LLH$,>J- M?7_B,40XC$->LRE3%4A%S54$OW800*>F\G'?GZVS/4+IYO8T$(1,A,RR[S`%<07%(<:YT@"3% MW(Q*E$:Z4$HP;60$%8(C:BA7$:VA:5-,Z9-Y"7_G&]Q-#IR/N6,?`J-B9>J# M:,V^#.RA>NMLCGN==GP0+VCR+H&.1F5)E]\I*3C#3JR#IJ*=[:(/MM#'(5JQ M@KF0Y$7[FT)(-8`E!`LL%4G7D;\2E3/]9:8]QHBQT*DII01?A*`C(_,@]&-MWH6'U+U)Q9TW=# MNZI0HG]_-[)HL@SGJ*;JD2R$LHL1[.V?1GXPZ;QF'44$>_L7SDC-;JV"_A\[ M_@=02P,$%`````@`:89F1W\NRB5+!0``L10```\```!X;"]W;W)K8F]O:RYX M;6R5F&MOVS84AO\*H4\=L,RV;FV#ND"N6X"N#>PL^\Q(=$Q$(CV22IK^^AW* M2?LJ/E&23[8N?$21#U\=Z9/?O[/NYLK:&_&];8S?=_-D'<)F?S+QU5JUTO]A M-\K0L95UK0RTZ:XG=K72E3JV5=@*_N<>ZF/0 MU>#$(*\6<2;F23DEX*WV^DHW.MS/D_Y_H^*=3)[<2C_\O_X)TP_.XQ0+:6IQ M8@)1Q)G93AX-3>P#G7Q6]Q=V^YK^N+-ZMATJ!!U94ROC52WHG[>-KFE4:G$H M&VDJ)0"4`BA]*R@#4`:@[-6@9:`?NF4`Y0#*WPHJ`%0`J'@KJ`10":#RK:#W M`'H/H/>[H$/IM1=V) M55IY`'T$T,==T)FYI=4=1<1&LRDZ-]UM=BJU$Y>RZ52\AU-M2!$M&S+8!]>U MB!KHR_A[[BBX'-G?+X3_.KV)O?E=?%4!,2COC+'W1#I#0^#%N7)BN99.86LT M=L8HNU#:^,[U*X9FI-5=Z\5"54K?RKBL`87.SAAIC]5*.4=2])-Q3]-#]^1U MG%^29C#*:.V,T?;,5+95XD)^'TSI#"6=,9;"W6`S5'+&.+D@$]VM$A1"XA^S MD;H67ZSWPVNCF#/.3%*9`MK=HY=Q:A?JNFLDHE#-&>/FD6U;O76S)]"2BS1E MGBB>HJTI8^NWL"8IOFC9I_63QNAGROBYB$_?.)TR2GI!H^KC\XB6/U(&VZ^4.%1&K700YY2J"$!#4\;0N#+"/;9`$5-&Q&6PU!4V?5BU5!_YI MRJ1H8,H8B/+20E^J1E5Q,`Y(BT%BI.ADRCC)!IYXQR16BIZFC*>06>+=15R? M_C=LCXJFC**CX95^1!0JFC**CH17[!H^,U'2C)%T-\"XF\M0UXS1=31^LA11 MZ&S&.(OQP_9E4`>\D*I<>S0X8PQ^-I"V-$2AR!DC\G.+X:%?B$*3LU>;O"<. MZCH.,Z+0Y.P%D_?$D@KYNFMZ*P]:Z_#YEZ'4&2/U\ZCHX@)1*'4V7A/L]BJ? M8OV&4N>,U$]07=M*>C(\=.IL4`JBV#DC]A!U,[4PLH1.(0MMS MMKX8*;+R#XA"VW/&]M&4RS'"<[0]9VV'E/NYBDT_AQ0\^)*!MA>L[0-4S!EK M>F')C6,,F0)M+]BJX]=8#3JE^W=$1*'M!6/[$(7+N3^"*+2]>"'0]\3):D75 M@/])ZA"%MA=ORO8^)Q`U>+EC;!]#T<@A"FTO&-M'J]<"W^\*M+U@;-\I.H?S MB"BTO6!L?[X$[9F(0ML+QG:V#F4?7B7:7G(%2U^1,DMFYPM&B;:7C.W//IVW M<$2A[25C^QC*#Q0MT?:2L7T$%9]DB$+;2\;V\3H:92C1]K)X^*#4'^Z_(=4T M:T;5\0N;[R]3R::*G]WH9_NBG!?QS2IN_VUKNG;\7I:(5=WS_U!+`P04````"`!IAF9'ZFO#CTT"``#T!P``&````'AL+W=OAL`]\[L3.]5NJ5=S]8/X?8!#SR2MJG=[Q*Q>O!XGLU?8>V M;&S;P9"=YYLJ7F;^-G+1W/,C0S81Y4!"KV($"CPJD8SL!Q'?9B;63KP%[4(3S M@/`1`(/;T-JC>7OT:(_`'EE[[,H/%#M0)/.`V`F(K7TU`0!%.@](G(#$VM<3 M`%#@8)ZP/B,9*8D"`A`0XGH>D3D@*$.=.20#22Q9LE;43L09_-+%4 MO63!+'#@9-AA'2&9@`R:U0(*=E/Z4YE._))!$Z_3)%DR(>)&P?G$4QNLUY`% M.PR';@H<8X*G*+V&+*"X#SN<S"KY=MWVO"@*1Q].G,H+M+MF;B8HN/]([\ MVBBX8\?1L5V9+*$H04?Q=JBQ8Z'/_P-02P,$%`````@`:89F1^AMU_LO!```7!0` M`!@```!X;"]W;W)K8AL?29]D<22QOK3= MC_Y@[9#\;.I3_[@Z#,/Y(4W[YX-MJOY3>[8G]\V^[9IJ[+H1F8B_CO;27[U/QO!/;?MC_/#'[G$E MQ@RVML_#6$7E7MYL:>MZK,FU_`]5^JO-L>#U^[GVKU-W7?RGJK=E6_]]W`T' MEU:LDIW=5Z_U\+V]_&ZI#U/"Y[;NI__)\VL_M,U<9)4TU4__>CQ-KQ?_C1%4 M+%Q`4@'Y7@`46P"I`'XHD/ID4[^^5$.U67?M)>G/U?AKPX/#N[$25W/B.M.[ M<9KJ[*:1VJS?-E*MT[>QGAM$3LB6D&6B)$*_(ZEK/QA"WH;P%S]+7SZ[7QYO MRRM?'GWY_#;B:4)RWPF/H!$(8ADKJ:8"A8GHC0JF4;X.$VI&^S0>`8TY0Y6> M0I`Q(ZN#633UAVG%(YE1Q?U&LF`CF<\9'%?J,"&%S@S78\(00$>DR8-I#5Q\WS+3&@5,;F\9@&$S,\88D"R8^S*#%&:Z'8/)[+0`N, ML#I\<"GM6*"@FSQBRQ-6H/3>XK)NBDEK=KP'#ED126]!*\]&.-I/XCLIPC;$?T1M.K>W,!$K+(8UBG329IX_;(E9WL7, M$UHO[V+2J^=`Y^K%_EEU+\=3GSRUP]`VTY.??=L.UM4C/KD>'FRU>_]0V_TP MOLW'KON'7_[#T)[G9WGO#Q0W_P%02P,$%`````@`:89F1[0%#:H3`@``@@8` M`!@```!X;"]W;W)K=>15GPDVJ;GKT*3YZZCHH_SZSEX\8/_]B_I+W:UFGY+):MX^[O9JUK#(M_;LP,]M>J-C]_9M`1B`G>\E?;? MVYVDXMW%XGL=_82VZ6T[PI,TGVQN`YX,^&H(XT5#-!FB_PP!D-EU?:.*EH7@ MHR<':@X[7&NY,"$ZV=.+D7J?;*:P.U46YS()B^!L08+G%=6D(%=) MH.L[(?`]!$P^88#`7_NC>W\,_@C\T3UB;R4I+`(D48:R',_+*I#A'.4D_)HF M=M+$0!,OT(`$HYBD"S"@BA`A#^PL<;(08"&N*AFP@`2M$$+AO*QRRF9I$B=- M`C2)JPP!&I`0!+]Y834CG"5*G40I$#E/82)*IU/`&8G#):)T>G?2/,Z3!X@R M)U$&1-D"4?8H4;9$%-Q<%P,]LI]4')M>>ENN],UC+X@#YXKI(+32@;7^(%P' M+3LHTTU-);@C8:#X<+GQKY^=\B]02P,$%`````@`:89F1Y;@ULUV!0``81H` M`!@```!X;"]W;W)KSI^[[N5FL6COG^M=U5XW+_4^_N6Q.>RJ+OX\/"W:ET-= M/0Q!N^T"E7*+7;79SU?+X=KWPVK9O';;S;[^?IBUK[M==?AW76^;]]LYS,<+ M/S9/SUU_8;%:+HYQ#YM=O6\WS7YVJ!]OY]_@IM0#,A!_;>KW]N3[K!_\7=/\ M['_\\7`[5_T8ZFU]W_5-5/'CK<[K[;9O*?;\#S?ZT6/I];/VW06X<_EW5 MUGFS_7OST#W'T:KY[*%^K%ZWW8_F_?>:-=B^P?MFVP[_S^Y?VZ[9C2'SV:[Z M19^;_?#Y3G_QBL/2`<@!>`PX]I,.T!R@/P*,&&`XP$SMP7*`_=+#@K0/,U=4 M7;5:'IKW6?M2]?L);B)^Z!N)+<_B=+5Q)88V#\-:K)9O*Q>6B[>^G4\(#LB: MD$R=1PI"X$@L8O_)0>`\U0,.X7B^@YR(#(0Q7&RD_%\C9X>I/P]3TUQIBL?+ M\>9SO*%X0_'Z\Q#W`Y+13!`"QH<@8#EAWF5?9^24*H@RX*WUY[&2,+0F&'U9 MFDU*LR3-I+JAN#4A5Z@R&\YC.6/.A^P\53"E,T0\CY6,6:6\N2S-):4YDF8% M:80`>M3"#.3<4O#2/!5$:0]:.T$:8:B,/YG.L]*RI+2,!B1TLR;DREB?WK(]9&E+46)6E$8>9= MD);-\P%'=7(FSRH+266!E"7/-"LC!(*X:`P!"@,N"+*R*H+0N`D)!%12U'"Y M/QV"*F8@&&$P.5->V&#%V)*7UK1DRDW(^`!I57!Q+&MF,#@I>3`5DXRHB\T: MC;"C2Z:T/SFLYY5A6AFYJ1?Z68],0"-*(\S&PRYLUX(Q#-HX*7DP%TW4:#5! M7]KL07-RF-!"VNZ!75K0M&9&VRQ(*8@Q1`V2=3`6TRMJX1R5S#D$8R?(2UL^ MD+EZR?.9`6M!L.E\Q&("$89=,&:43]7=KU@?S52[;/3#_= M8CYBWP<4EKA@2D?7ES+MV&<(,,'V(>W[D'']*(DCQH%%J5QCS$!0XLXD##)W MZA$)>\DI.13,H:9F23N2SG`IH)DO%.V-J9M%\G<)+=8,W,5=Z.P7/D1 MD[RB&"GGM+3VC)DLFY"64*>UD>4&8<.NF;FZ4`..F%@L'=N2J\`1FU(&8KH4 M0#+<]#W]J(S-&Y54">#EHJ)@)MJ?L.]+IGKU4Q[S!SS28`1-4 MGTO:\&84N,,F&4F4Q5 MHS"8)(SOHZ_3?C8*X_OH:_BJ;''R_'Q7'YZ&-Q?M[+YYW7?T2/AX]?AVY!OV MS]^_7%_#30Z)ZP7JK_K`Y/FWT[NVNZKMD-#^%F=O;A[CDMIC";$"Y)R]Y_?TDL4]J31=J9 M\J,?25_)MI1D=J[J7\W>VG;RNRR.S<-TW[:G^RAJ7O:VS)MOUN__LJKK, MV^YC_1HUI]KFV\&H+"*(XS0J\\-Q.I\-W_VHY[/JK2T.1_NCGC1O99G7_RYL M49T?IF+JO_AY>-VW_1?1?!9=[+:'TAZ;0W61_T.E'S-[P^KWWOAK2 M[>0_YXU]K(J_#]MVWZF-IY.MW>5O1?NS.J\MYJ!ZAR]5T0Q_)R]O35N5WF0Z M*?/?[O5P'%[/[C\F1C/:`-``+@9"L`8)&B07`Z58`XD&\F(`P!HH-%`7`YVR M!BD:I!>#A#?0:*#'5LF@@?G(0;,&&1ID7ZH4N?4;5G^9M_E\5E?G27/*^S,A M[CN\[IUTGB?=DC?=;AI\UL-^FL_>YUDVB]Y[/Y\0&)"%0T0T:%F;5GTC"S\8R^,%%76K*^\+F^TM47T('Y'.0X,-H5 MV#$ZRXP,4TOT%"96CDC!R"Q,K=&/SH")MG'4G<[BVYDG9.8)9DYJ42XG9&0< M:Z%&1))D).F\B#@<:>$8B#,@*^BH%44%Q2A2C$(Q3)BE8R!)3#(FZY0,E&(@ M8+)VS%UW#C23-44%Q6A2C$8Q"2/&,88Y"8\.23.IR;5TU),.GP3,Z':H[Y=0 M:78[:4,F;3!I\ASA4B.CC6)VYY-!,7'W.V+G9:2<#.4H9@T<`R9+P]"&@()2 M1$QJ&;[NQ3!Q%@AE\'6T?%I+B@K+$;0<[..".09+A+*X_QD1BF[X`ONK(#>? MS]Q!`(I>+6SY@NGYOCH?GN0(S72K%MB'!=>K$5)I'VO$F1%TLQ;8K8'KU@A) M=E_\CPE+H5NU<'W8,%DOD`$M.<%K$@OKH3NZP);.C:@%0I`(J.XYB& MO/+QC(SI:P&?G..D2B2#;;RRZRNJ<`GH.2*PMP,SU98(0:8SF:5CZDWW;X'- M&;BIA1`H%=,;Q=?;W*XWQC,FD4Q^:^12%7,[8>/=Z2O]X1+0,T/@T.#6?XG0 M^'H#/13`#P5N0B%TI]BIL"&QL"!Z+`".!6`%";PH9*<4187E!.X5L-T#,S27 MX.\6S)A+1Z`;/F##!V8>+A!*DY1ID"N*"LNA9P+XF<#,S"5"LFLOHVI,]WQ0 M(\:/AXSFCC-%A>70+1_2VR,(&0W`+<2:Q,)ZZ/X+OO\RK6Z!4)*`I,^$OV/5 MX9;H;UDQ7K>;N9O?M><2#1D3OAV$R>J[:MRN'IRZZJ6MMYBK]U'O'GW._P-02P,$%`````@`:89F1][VA:ZY`0``6@0``!@```!X M;"]W;W)K@]"]%$A!L\Z0.X0'_.EATA=S MY+(?I7QWBY=ZCR,7`1A4QBE0.YS@$1AS0M;X8];\MG3$R_E9_ELV`BC&AHZ,O,FIV>82\B<8"69]E]4C=I(?J9@Q.EG&'OAQRF##R,7]10\M"R0GI@;J[BW<6KIR(548VF[9E>TWE"R^+4QFG M<4%.3N@*$XB'&;,@B%5?M4CP&CV9+9+;`NFUP"9D3(-`](,$FU6!S9P@O2Y2 M>,PVI`R8/$NCVR[9JDLVNVQN"^2K`OD/8@;,-OH_);FX?`ZJ]3VN425'8<+= M+[O+,WI(?/-\P\MBH"W\IJKMA49':6P+^DYII#1@[:.[#*/./O1EP:`Q;KJU M?F=E%]02P,$%`````@`:89F1RM(/FD-!0``1AH``!@```!X M;"]W;W)K[H?A?+5:]??[NJGZK^VY/HW_>6B[IAK&G]WCJC]W=;6;&S7'%12% M6375X;3[0U*?^T)X67?UPO;Q15ULRDV16_'VH7_HWWQ>3^;NV_3']^'-WO2PF M#_6QOA^F$-7X\5QOZ^-QBC3V_"\'?>US:OCV>XC^^YSN:/^NZNMM>_SGL!OV MH]MBN=C5#]73OOQ1:0VZ^>-0KU>/4^!WFE@UMRRYJ)8C='%+F`I-8>Y.7S>P=8K M;$8/^+X'?_$&.0F3#D#O`Y`/0',`5[[W>)HEUF?A)1;`E$51?"[<>B%8&K?- M&^&GCK28DN:4;#J`$5,R/@"(5K7/B37.XB=W6ZR@O'RO:L9R/B]CQ&C+. MQ>UP+&UTEB$G&G)L2)QS-N0U)9BX'R_3"K+LE**=TMNA6#]>`SIO'E0A=C1? M'A=R+&_6?%$.;#SUH#1YN2LE>_*$B2Z.H"'2"4LL+`O*\P3B!E3`,Y)!)85R M6IY+B+&TD`?0I-)BH;,F+RV9=(IX&&.>B#UIHQ*F6(G669MG2\NV/.\08K8T MCP!1:E6RDA#+/%;XWM7AET56"8P&J1HE,,\7S),%1.0HL-E>1,3 ME@F@LE0C9DZBC%3%3*7H@G=AP9L$5EE)0"K/E4Q653(/8J9*GD0%E##%2J6= MR;,%,H?!D_,-7GZU!8'#X!*V@A(,YMT4028Q>'A2#`^L`2AM8@8O2@.98P6R M*\]BBNU#UN!8H4'"E5>.X^3R[A`@XQV0ZY68*RY-E:/D8'DID,V$%LB$!\]D MLC%;=%E818(-03J6'7EP`)GPX)E,L6W(&J4@M0U#-&5JHDLS#3F1'W'_(9 M@H:,$#+P,#S/1\K&+8M<'NY1AA@RGW0$8EL666=LYE*2ZTYD,NE8U<(B@Y^> M*@57_/`_+J2\`H]DV%$1#D\BKEB4=A6B%0ILWA,-R:PC9IV.L8Y%5%B7\L5G M`$9G/FB1S#EBSND8YX+(%)2Z-;!T?-;7>4PDF8G$3-0Q)K((ILDI$KXPS*.A MO),<(A$'1&$L,D+(K"-FG8FQCD5F/G.+'\=Z95EF5F4D5XK$G#/B(W+ZIN\?YM46_N&^?3H,_.K]/_#]5MUM?4O.%[#;-;G MZK'^J^H>#Z=^<=<.0]O,9_P/;3O4H[?BZSAR^[K:77X;_P%02P,$%`````@`:89F1W!4)("A`0``L0,``!@```!X;"]W M;W)KP)%7);4]T-ZY8<^8 MK7M0W-[A`-K_:=$H[GQJ.F8'`[R))"59GF7W3'&A:57&VI.I2AR=%!J>#+&C M4MS\.X+$Z4`W="D\BZYWH<"JDJV\1BC05J`F!MH#?=CLCT5`1,!O`9.]B$GP M?D)\"%4:G(@=>#B[S=[#31#QRL1[LW[LJ&GBX%5YKC;WVY*= M@]`5)A&/,V9%,*]^LT5.;]'S2,\_IV^OZ=OD<#L[+#X7**X%BB10?#1BPAP7 MS.Y=$W:QIPI,%Z^.)36.VJ4M7:OK[7S(XYF\P:MRX!W\XJ83VI(3.G^R\0!: M1`>^?7:WHZ3W[V=-)+0NA%]\;-*52HG#87D@ZRNM_@-02P,$%`````@`:89F M1\`[1@"C`0``L0,``!@```!X;"]W;W)K=\+`R.Q/8\G-UJ MY^$FB'AEXKU9/W;4-''PLCB5J^VV8*<@=(%)Q,.$61#,JU]MD=-K]#S2\^_I MZTOZ.CE<3P[OOA?87`ILDL#F?R,FS&'&W/_3A)WMJ0+3QJMC286#=FE+E^IR M.Q_B(;(O>%GTO(5G;EJA+3FB\R<;#Z!!=.#;9S>WE'3^_2R)A,:%\,[')EVI ME#CLYP>RO-+R+U!+`P04````"`!IAF9'^M*"%:0!``"Q`P``&0```'AL+W=O MP)%W);7=T]ZY8<>8 MK7M0W-[A`-K_:=$H[GQJ.F8'`[R))"59D67W3'&A:57&VK.I2AR=%!J>#;&C M4MS\.8#$:4]S>BZ\B*YWH<"JDBV\1BC05J`F!MH]??6;+0IZBUY$>O$Y?75-7R6'J]1]FWTNL+X66">!]?]& M3)C#C-G^.R2[V%,%IHM7QY(:1^W2EB[5Y78^%/%,/N!5.?`.?G+3"6W)$9T_ MV7@`+:(#WSZ[VU#2^_>S)!):%\*MCTVZ4BEQ.)P?R/)*J[]02P,$%`````@` M:89F1U//-_NB`0``L0,``!D```!X;"]W;W)K&UL MA5/;;J,P$/T5RQ]0$Z#M*B)(3:NJ?5BIZL/NLP,#6+49:IO0_?OU!6A21>T+ MGAG..7/&EV)"_68Z`$L^E.S-CG;6#EO&3-6!XN8*!^C=GP:UXM:ENF5FT,#K M0%*2I4ERPQ07/2V+4'O198&CE:*'%TW,J!37__8@<=K1#5T*KZ+MK"^PLF`K MKQ8*>B.P)QJ:';W;;/>Y1P3`'P&3.8F)]WY`?//)<[VCB;<`$BKK%;A;CG`/ M4GHAU_A]UOQLZ8FG\:+^&*9U[@_H84N'8V[BE M:W6]G7=I.)-/>%D,O(7?7+>B-^2`UIUL.(`&T8)KGUQ=4]*Y][,F$AKKPUL7 MZWBE8F)Q6![(^DK+_U!+`P04````"`!IAF9'DYM=6*,!``"Q`P``&0```'AL M+W=O M-3&CE%S_/8+`Z4!3NA1>^K:SOL#*@JV\NI>@3(^*:&@.]"'='W./"(#?/4SF M(B;>^PGQU2<_ZP--O`404%FOP-URAD<0P@NYQF^SYD=+3[R,%_6G,*US?^(& M'E'\Z6O;.;,))34T?!3V!:6EX7&B9B!^[-+]PZNO8A3)LZ;<6,'31T&+XMS MF>ZV!3M[H2M,)!YGS(I@3OUFBXS>HF>!GGU-WUS3-]'A9G9X_[5`?BV01X'\ M?R-&S''![#XU81=[*D&WX>H84N&H;-S2M;K>SH&7)" MZTXV'$"#:,&U3^ZVE'3N_:R)@,;Z<.=B':]43"P.RP-97VGY#U!+`P04```` M"`!IAF9':P#`;J0!``"Q`P``&0```'AL+W=O0,@CYQO\FS<^6@7@:']5_Q6F]^SVW\(CR5=2N\V8S2FIH^"#="XZ_81KA M-@A6*&W\DFJP#M610HGB[VD5.JYC^K/,)MIE0CX1\IFPC@26&D6;/[GC96%P M)+;GX>P6&P\W0<0K$^_-^K&CIHF#E\6A7-RM"W8(0F>81-Q-F!G!O/K%%CF] M1,\C/;].7Y[3E\GA&ULC5/+;MLP$/P5@A\0ZN&T@2$+ MB%,4[:%`D$-[IJ651(3DJB1EI7]?/B3%+HRV%W%W-3,[RTZ"#<^.>,=L,H+B]PQ&T_].A4=SYU/3,C@9X&TE*LB++/C#%A:9U%6O/IJYP M#;$3DIQ\^L($N<#S>E:>!']X$*!U17;>*U0H*U`30QT!_J8[X^[@(B` M[P)F>Q&3X/V$^!J2K^V!9L$"2&A<4.!^.<,32!F$?..?B^9[RT"\C%?USW%: M[_[$+3RA_"%:-WBS&24M='R2[@7G+[",%V-O(=OW/1" M6W)"YT\V'D"'Z,"WS^[N*1G\^]D2"9T+X4P)$W);4]T-ZY8<^8K7M0W-[A`-K_:=$H[GQJ M.F8'`[R))"59GF7W3'&A:57&VK.I2AR=%!J>#;&C4MS\/8+$Z4`W="F\B*YW MH<"JDJV\1BC05J`F!MH#?=SLCT5`1,`O`9.]B$GP?D)\#&D6;7[GC M56EP(G;@X>PV>P\W0<0K$^_-^K&CIHF#5^6YVCP4)3L'H2M,(AYGS(I@7OUF MBYS>HN>1GG].WU[3M\GA=G:X^UR@N!8HDD#QOQ$3YKA@[C\T81=[JL!T\>I8 M4N.H7=K2M;K>SL<\GLD[O"H'WL%/;CJA+3FA\R<;#Z!%=.#;9W<[2GK_?M9$ M0NM"^,7')EVIE#@ROM+J'U!+`P04````"`!IAF9'[/7KQ*0!``"Q`P`` M&0```'AL+W=OP)$W M);4]T-ZY8<^8K7M0W-[A`-K_:=$H[GQJ.F8'`[R))"59GF6?F.)"TZJ,M6=3 ME3@Z*30\&V)'I;CY0,@CYQK]GS?>6@7@9+^I? MX[3>_8E;>$+Y2S2N]V8S2AIH^2C="T[?8![A/@C6*&W\DGJT#M5"H43QM[0* M'=?6;+7)ZBYY'>OXQO;BF%\EA,3O^?79W3TGOW\^:2&A="!]\;-*52HG#87D@ZRNM_@)0 M2P,$%`````@`:89F1]BI@92C`0``L0,``!D```!X;"]W;W)K&ULA5/+;MLP$/P5@A\02K+=IH8L($Y1M(<"00[MF996$A&2JY*4 ME?Y]^9`4.S":B[B[FIF=Y:.N6'/F*U[4-S>X0#:_VG1 M*.Y\:CIF!P.\B20E69%EGYCB0M.JC+4G4Y4X.BDT/!EB1Z6X^7L$B=.!YG0I M/(NN=Z'`JI*MO$8HT%:@)@;:`WW(]\=M0$3`+P&3O8A)\'Y"?`G)C^9`LV`! M)-0N*'"_G.$1I`Q"OO&?6?.M92!>QHOZMSBM=W_B%AY1_A:-Z[W9C)(&6CY* M]XS3=YA'V`7!&J6-7U*/UJ%:*)0H_II6H>,ZI3]%/M-N$XJ94*R$^RP:3XVB MS:_<\:HT.!$[\'!V^=[#31#QRL1[LW[LJ&GBX%5YKO(O6@*DXC'&;,B MF%>_V:*@M^A%I!#\DN]E2! MZ>+5L:3&4;NTI6MUO9T/13R3-WA5#KR#G]QT0EMR0N=/-AY`B^C`M\_N=I3T M_OVLB836A?"SCTVZ4BEQ."P/9'VEU3]02P,$%`````@`:89F1]UFA3*D`0`` ML0,``!D```!X;"]W;W)K&ULA5/+;MLP$/P5@A\0 MRK2=IH8L($Y1M(<`00[IF996$A%2JY*4E?Q]^)`4NS":B[B[FIF=Y2,?T;S: M%L"1-ZTZNZ>M<_V.,5NVH(6]P1XZ_Z=&HX7SJ6F8[0V(*I*T8CS+;ID6LJ-% M'FM/ILAQ<$IV\&2(';06YOT`"L<]7=&Y\"R;UH4"*W*V\"JIH;,2.V*@WM/[ MU>ZP"8@(>)$PVK.8!.]'Q->0_*[V-`L60$'I@H+PRPD>0*D@Y!O_G30_6P;B M>3RK_XS3>O='8>$!U1]9N=:;S2BIH!:#HW.(YU_35]?TM?)X3IU MO]M^+;"Y%-@D@VI!M/$JV-)B4/GTI8NU>5VWO-X)I_P M(N]%`X_"-+*SY(C.GVP\@!K1@6^?W6PI:?W[61(%M0OA-Q^;=*52XK"?'\CR M2HL/4$L#!!0````(`&F&9D&PO=V]R:W-H965T MV!]LX->\9LW8/B]@X' MT/Y/BT9QYU/3,3L8X$TD*:5F6L/9NJQ-%)H>'9$#LJQ4/T;C>F\TH M::#EHW0O.'V!>81=$*Q1VO@E]6@=JH5"B>)O:14ZKE/ZL[V?:;<)^4S(5\)# M%HVG1M'F)^YX51J+@57FN-A^+DIV#T!4F M$8\S9D4PKWZS14YOT?-(S_]-WU[3M\GA-G5_^`^!XEJ@2`+%WT9,F.."V?W1 MA%WLJ0+3Q:MC28VC=FE+U^IZ.Q_S>";O\*H<>`??N.F$MN2$SI]L/(`6T8%O MG]WM*.G]^UD3":T+X;V/3;I2*7$X+`]D?:75;U!+`P04````"`!IAF9'X`0B M>Z0!``"Q`P``&0```'AL+W=O8K3I0W-Y@#]K_:=`H[GQJ6F9[`[R.)"59GF6W M3'&A:5G$VK,I"QR<%!J>#;MS\/8#$<4]7="Z\B+9SH<#*@BV\6BC05J`F M!IH]?5CM#IN`B(#?`D9[%I/@_8CX&I*?]9YFP0)(J%Q0X'XYP2-(&81\X[=) M\Z-E()['L_I3G-:[/W(+CRC_B-IUWFQ&20T-'Z1[P?$'3"-L@V"%TL8OJ0;K M4,T42A1_3ZO0<1W3GVT^T:X3\HF0+X3[+!I/C:+-[]SQLC`X$MOS<':KG8>; M(.*5B?=F_=A1T\3!R^)4KK[=%NP4A"XPB7B8,`N">?6K+7)ZC9Y'>OXU?7U) M7R>'Z\GAW=<"FTN!31+8_&_$A#G,F/M/3=C9GBHP;;PZEE0X:)>V=*DNM_,A M'B+[@)=%SUOXQ4TKM"5'=/YDXP$TB`Y\^^QF2TGGW\^22&A<".]\;-*52HG# M?GX@RRLM_P%02P,$%`````@`:89F1U=I.QVD`0``L0,``!D```!X;"]W;W)K M&ULA5/;;N,@$/T5Q`<4QW&[V\BQU+2JN@\K57W8 M?2;VV$8%Q@4<=_]^N3AN4D7M"\P,YYR98:"N6'#F*U[ M4-Q>X0#:G[1H%'?>-1VS@P'>1)*2+,^R&Z:XT+0J8^S95"6.3@H-SX;842EN M_NU`XK2E*WH,O(BN=R'`JI(MO$8HT%:@)@;:+;U;;79%0$3`'P&3/;%)J'V/ M^!J<7\V69J$$D%"[H,#]=H![D#((^<1OL^9'RD`\M8_JC[%;7_V>6[A'^5T"QWW*9T4V4R[3,AG M0KX0?D8"2XEBF0_<\:HT.!$[\#"[U<;#31#QRL379GW;4=/$QJOR4*UN;TMV M"$)GF$3M$S[+O!8IS@2()%%^UF#"[ M8D[RN4EV?CB4UCMJE*UVBR^N\R^-,/N!5.?`.?G/3"6W)'IV?;!Q` MB^C`I\^NKBGI_?]9'`FM"^8/;YOTI)+C<#A^D.675O\!4$L#!!0````(`&F& M9D>[S$I4HP$``+$#```9````>&PO=V]R:W-H965TU#I2@/[;,7!K!B>ZAMEO3OZPN0W6K5O."9 MX9PS9WRI9C2O=@!PY$U);0]T<&[<,V:;`12W=SB"]G\Z-(H[GYJ>V=$`;R-) M299GV2>FN-"TKF+MV=053DX*#<^&V$DI;OX<0>)\H#NZ%EY$/[A08'7%-EXK M%&@K4!,#W8$^[O;',B`BX*>`V5[$)'@_(;Z&Y'M[H%FP`!(:%Q2X7\[P!%(& M(=_X]Z+YWC(0+^-5_6N;$9)"QV?I'O!^1LL(]P'P0:E MC5_23-:A6BF4*/Z65J'C.J<_Q<-"NTW(%T*^$1ZR:#PUBC:_<,?KRN!,[,C# MV>WV'FZ"B%OJW.=9WG%SD'H"I.(QX39;0CFU6^VR.DM>IY: M?$POKNE%?G#3"VW)"9T_V7@`':(#WSZ[NZ=D\.]G2R1T+H2??6S2 ME4J)PW%](-LKK?\"4$L#!!0````(`&F&9D>G;?7:HP$``+$#```9````>&PO M=V]R:W-H965T;0?@R)N2VNYIYUR_ M8\Q6'2AN;[`'[?\T:!1W/C4ML[T!7D>2DBS/LENFN-"T+&+MV90%#DX*#<^& MV$$I;OX?0.*XIRLZ%UY$V[E08&7!%EXM%&@K4!,#S9X^K':'34!$P!\!HSV+ M2?!^1'P-R:]Z3[-@`214+BAPOYS@$:0,0K[QOTGSHV4@GL>S^H\XK7=_Y!8> M4?X5M>N\V8R2&AH^2/>"XT^81M@&P0JEC5]2#=:AFBF4*/Z65J'C.J8_VVRB M72?D$R%?"/>1P%*C:/.).UX6!D=B>Q[.;K7S_6J+G%ZCYZG%]_3U)7V='*XGA[??"VPN!39)8//5 MB`ESF#%WGYJPLSU58-IX=2RI<-`N;>E276[G0Q[/Y`->%CUOX3&PO=V]R:W-H965T6CG-"\VA[`D3U#AP*J2 M+;Q&*-!6H"8&VAV]S[?[=4!$P(N`R9[%)'@_(+Z&Y%>SHUFP`!)J%Q2X7X[P M`%(&(=_X[ZSYT3(0S^.3^L\XK7=_X!8>4/X1C>N]V8R2!EH^2O>,TR/,(]P& MP1JEC5]2C]:A.E$H4?PMK4+'=9K_;&;:=4(Q$XJ%L,FB\=0HVOS!':]*@Q.Q M`P]GEV\]W`01KTR\-^O'CIHF#EZ5QZK(-B4[!J$+3"+N$R9?$,RK7VU1T&OT M(K7XFKZZI*^2P]7L\/O7`NM+@7426/]OQ(39SY@\^]2$G>VI`M/%JV-)C:-V M:4N7ZG([[XMX)A_PJAQX![^YZ82VY(#.GVP\@!;1@6^?W=Q2TOOWLR026A?" M;SXVZ4JEQ.%P>B#+*ZW>`5!+`P04````"`!IAF9'M_.+1J(!``"Q`P``&0`` M`'AL+W=O+Z]QXD3CN:TJ7P)MK.^@(K"[;R:J&@-P)[HJ'9T<=TN\\](@!^ M"IC,64R\]P/BNT]>ZAU-O`604%FOP-URA">0T@NYQA^SYJFE)Y['B_JW,*US M?^`&GE#^$K7MG-F$DAH:/DK[AM-WF$>X]8(52A.^I!J-1;50*%'\,ZZB#^L4 M_]SG,^TZ(9L)V4IX2(+QV"C8?.:6EX7&B9B!^[-+MPZNO8A3)LZ;<6,'31T& M+XMCF:5IP8Y>Z`(3B?N(.2&84[_:(J/7Z%EL\6_ZYI*^B0XWL\/_$,@O!?(H MD/]MQ(C9+YC-'TW8V9XJT&VX.H94./8V;NE:76_G8Q;.Y`0OBX&W\(/K5O2& M'-"ZDPT'T"!:<.V3FUM*.O=^UD1"8WUX[V(=KU1,+`[+`UE?:?D%4$L#!!0` M```(`&F&9D&PO=V]R:W-H965TD MV(717,3=U)\H"E="R^BZZTO ML*ID&Z\1"@8C<"`:V@-]2/?'PB,"X)>`V5S$Q'L_(;[ZY$=SH(FW`!)JZQ6X M6\[P"%)Z(=?X;='\:.F)E_&J_BU,Z]R?N(%'E+]%8WMG-J&D@99/TK[@_!V6 M$79>L$9IPI?4D[&H5@HEBK_'50QAG>.?/%]HMPG90L@VPMS)1): MZ\,O+M;Q2L7$XK@^D.V55G\!4$L#!!0````(`&F&9D&PO=V]R:W-H965TL,<^EQDS=CX)^:Y:`(T^..O5 M'K=:#SM"5-D"I^I&#-";G5I(3K4)94/4((%6CL092:(H(YQV/2YRM_8LBUR, MFG4]/$ND1LZI_'\`)J8]CO&\\-(UK;8+I,C)PJLZ#KWJ1(\DU'O\$.\.F44X MP&L'DSJ;(YO[48AW&_RI]CBR*0"#4EL%:H83/`)C5L@8_PN:7Y:6>#Z?U7^Y M:DWV1ZK@4;"WKM*M23;"J(*:CDR_B.DWA!*V5K`43+DO*D>E!9\I&''ZX<>N M=^/D=^ZB0%LG)(&0?",0;^32?**:%KD4$U(#M?\NWAFXM")&&9G)&?BB2^S@QAS0Y*P[ M.,C&70*%2C'VVC?'LKK&ULC93;;J,P%$5_ MQ?('U`1"8"*"U'14S3R,5/5AYMF!PT6U,;5-Z/S]^`(TJ5`R+_&%O?A`]=.9+)22GVBQE350O@9;.Q!D)@V!' M.&T[G&=N[T7FF1@T:SMXD4@-G%/Y]PA,C`>\P?/&:ULWVFZ0/".+KVPY=*H5 M'9)0'?#C9G],K<()?KV!&!0:)M`S7"&)V#,!AGP M^Y3YB;3&R_F<_NRZ-=6?J((GP?ZTI6Y,L0%&)51T8/I5C#]@:B&V@85@ROVB M8E!:\-F"$:1A&&3G;H"N--QZ]9K,HB$E?181XS1YZQ'U[=&V/ M?(61IR?!_8#M=<#6!VRG%K=K+7K-<=;$]R'Q*B2>`G8W(+,FN0_9K4)V4T!Z M`S)KOMV')*N0Q`=$P0W(K/F/,Y&N0M(I(+P!F371%PBY..<<9.VNLT*%&#KM MC_FRN[P8CZ&[)Y_R/.MI#;^HK-M.H9/0YK:Y2U$)H<'@@X<8H\:\:&ULA5/;;J,P$/T5RQ]0$R!M%1&D MIJNJ^[!2U8?VV8$!K-H,:YO0_?OU!6A21>H+GAG.9<:78D+]83H`2SZ5[,V> M=M8..\9,U8'BY@8'Z-V?!K7BUJ6Z96;0P.M`4I*E27++%!<]+8M0>]%E@:.5 MHH<73D\3WP)(J*Q7X&XYP2-(Z86<\=]9\\O2$\_C1?TI3.NZ M/W(#CRC?16T[UVQ"20T-'Z5]Q>D9YA&V7K!":<*75*.QJ!8*)8I_QE7T89WB MG_Q^IETGI#,A70GW26@\&H4V?W'+RT+C1,S`_=EM=@ZNO8A3)JXWX\8.FCH, M7A:G,LWR@IV\T`4F$@\1LUD1S*E?M4CI-7H:+7ZF9Y?T+':81?>[[&>!_%(@ MCP+Y/.+VVH@1*M!MN#J&5#CV-F[I6EUOYT,:SN0+7A8#;^$/ MUZWH#3FB=2<;#J!!M.#LDYLM)9U[/VLBH;$^O'.QCE]Z3Q/?`DBH MK%?@;CG!$TCIA9SQWUGSR](3S^-%_6>8UG5_Y`:>4+Z)VG:NV822&AH^2ON" MTR^81[CU@A5*$[ZD&HU%M5`H4?PCKJ(/ZQ3_Y.E,NT[(9D*V$NZ3T'@T"FW^ MX):7A<:)F('[LTMW#JZ]B%,FKC?CQ@Z:.@Q>%J?2^07PKD42"?1[R_-F+$'!;,PW\F[&Q/ M%>@V7!U#*AQ[&[=TK:ZW\S$+9_(%+XN!M_"'ZU;TAAS1NI,-!]`@6G#VR&``IO9!K_#YK?K7T MQ--X4?\=IG7N#]S``\I74=O.F4THJ:'AH[3/./V!>81K+UBA-.%+JM%85`N% M$L4_XBKZL$[Q3WXWTRX3LIF0K83;)!B/C8+-1VYY66B<3TTH@1LU\PWUVRDSU5H-MP=0RI<.QMW-*UNM[.^RR< MR1>\+`;>PC^N6]$;4G4$L#!!0````(`&F&9D<^_@LGI0$``+$#```9````>&PO=V]R:W-H M965TN6'/F*U[4-S> MX0#:_VG1*.Y\:CIF!P.\B20E69YE]TQQH6E5QMJ+J4H>/W6?/3,A`OXT7].4[KNS]Q"T\H_XC&];[9 MC)(&6CY*]XK3#YA'V`7!&J6-7U*/UJ%:*)0H_I%6H>,ZI3_WQ4R[3#**;7[GCE>EP8G8@8>SV^P]W`01KTQ\;]:/'35-'+PJSU5>;$MV#D)7 MF$0\)LQF13"O?M,BI[?H>;+XFKZ]IF]3A]OD_K#[6J"X%BB20#&/6-P:,6&. M"^9_$W:QIPI,%Z^.)36.VJ4M7:OK[7S,XYE\PJMRX!W\XJ83VI(3.G^R\0!: M1`?>/KO;4=+[][,F$EH7PF\^-NE*I<3AL#R0]956_P!02P,$%`````@`:89F M1PT5=^RC`0``L0,``!D```!X;"]W;W)K&ULA5/; M3N,P$/T5RQ^`TS2%JDHC4=!J]V$EQ`,\N\GD(FQ/L)T&_AY?DM"B2KS$,Y-S MF?$E'U&_F1;`D@\IE-G3UMI^QY@I6Y#CXAO/OE7[6GB6P`!I?4*W"TG>``AO)`S M?I\TORT]\3R>U?^$:5WW1V[@`<5K5]G6-9M04D'-!V&?Y*ZZ90A1[3N9,,!U(@6G'URLZ&D=>]G2034UH=W+M;Q M2L7$8C\_D.65%E]02P,$%`````@`:89F1YU4\22Q`0``%@0``!D```!X;"]W M;W)K&ULC53);MLP$/T5@A\0RK+5IH8L($X1M(<" M00[MF99&"T)R%)*RTK\O%TFQ`R'I1>0,WS*#(96/J)]-"V#)JQ3*'&AK;;]G MS)0M2&YNL`?E3FK4DEL7ZH:97@.O`DD*EB;)%R9YIVB1A]RC+G(.!;NB<>.J:UOH$*W*V\*I.@C(=*J*A/M"[S?Z8>40`_.Y@-!=[ MXFL_(3[[X&=UH(DO`024UBMPMYSA'H3P0L[X9=)\L_3$R_VL_A"Z==6?N(%[ M%'^ZRK:NV(22"FH^"/N$XP^86@@5EBA,^))R,!;E3*%$\M>X=BJL8SRY32;: M.B&=".D[`HM&HP;47<#DZ";<#\-*7%0-LYMR2Y/X"X-@W^# M%WG/&_C%==,I0TYHW?4)4ZX1+3C[Y":CI'6/=`D$U-9OO[J]CO&+F!@?H MW9\&M>+6I;IE9M#`ZT!2DJ5)]Z M3Q/?`DBHK%?@;CG!(TCIA9SQWUGSR](3S^-%_2E,Z[H_<@./*-]%;3O7;$)) M#0T?I7W%Z1GF$7(O6*$TX4NJT5A4"X42Q3_C*OJP3O'/]FZF72>D,R%="?=) M:#P:A39_<%JAHM?J9O+^G;V.$VNM_G/PMDEP)9%,CF$?-K(T;,8<'< M?C-A9WNJ0+?AZAA2X=C;N*5K=;V=#VDXDR]X60R\A3]&PO=V]R:W-H965T>W M*4:E7TT'8-&[X-(<<6=M?R#$5!T(:NY4#]*]:906U+JE;HGI-=`ZD`0G69+L MB*!,XK((>\^Z+-1@.9/PK)$9A*#Z]PFX&H\XQ?/&"VL[ZS=(69"%5S,!TC`E MD8;FB!_2PRGWB`#XR6`T5W/DLY^5>O6+[_41)SX"<*BL5Z!NN,`C<.Z%G/'; MI/EAZ8G7\UG]*53KTI^I@4?%?[':=BYL@E$-#1VX?5'C-YA*"`DKQ4UXHFHP M5HF9@I&@[W%D,HQC?+/?3;1U0C81LH5PGX3@T2C$_$HM+0NM1F1ZZGN7'AQ< M>Q&GC%PVX\H.FCH47A:7,LOW!;EXH1M,))XB)ET0Q*FO6F1XC9Y%B\_IFUOZ M)B;<1'KZ'P+;6X%M%-A.)=ZOE1@QIQGSY7.3?-4DCP*[Y!\F,^;O+TFN&B=` MM^%\&E2I0=K8MV5WN0(/66C\![PL>MK"#ZI;)@TZ*^N.3^ARHY0%9Y_+_&RKI0$` M`+$#```9````>&PO=V]R:W-H965T!-%2K(\R[9,<:%I M5<:U9U.5.#HI-#P;8D>EN/DZ@,1I3U?TO/`BNMZ%!5:5;-$U0H&V`C4QT.[I M_6IW*$)&3'@5,-F+.0G>CXCO(?C7[&D6+("$V@4"]\,)'D#*`/*%/V;F3\D@ MO)R?Z4^Q6^_^R"T\H'P3C>N]V8R2!EH^2O>"TU^86]@$8(W2QB^I1^M0G264 M*/Z91J'C.*4_F^TLNRW(9T&^"/)D/!6*-A^YXU5I<")VX.'L5CN?;@+$DXGW M9GW;D6EBXU5YJO)M7K)3`%WE).$AY:R6#.;I-TOD])8\GTNL?P>LKP'KY'$] M`XK?`<4UH$B`8@9LKIO4,6>37!8WFV07>ZK`=/'J6%+CJ%W:TF5UN9WW>3R3 MG_2J''@'_[GIA+;DB,Z?;#R`%M&!+Y[=>1.]?S]+(*%U8?HGN$M7*@4.A_,# M65YI]0U02P,$%`````@`:89F1X!4!4!/!0``4R```!D```!X;"]W;W)K&ULE9K=;MLX$(5?Q?`#5/R9H:C`,="X6+07"Q2]V+U6 M8B4V*EE>28F[;[^2./0ZQ9@9W]2V\G%T2(V.9JBN3FWWL]]5U;#XU=2'_GZY M&X;C79;U3[NJ*?M/[;$ZC']Y;KNF',:?W4O6'[NJW,Z#FCHS2KFL*?>'Y7HU M'_O>K5?MZU#O#]7W;M&_-DW9_?M0U>WI?JF7\<"/_'15<]WR\_Z[N-OC1GKY6-`><`CZU=3__NWAZ[8>VB4.6BZ;\%3[WA_GS%/[B%0WC!Q@:8,X# M-"0'6!I@?QN0!67SO+Z40[E>=>UIT1_+Z6KKNQ'OIB!CY,4XF7YO6V-LZMLK)#1%X1K)1`*O"O%<1#GXVI"+_.(!]'P!"`#L' MT*YX+_(P,WF81F!`:0L);!,P:[Q%P7R`E0,T'\^=!X.I*`K(+B$6K%WZGQ8>*MJ MS8K0Y!:Y2:P\0=8K7R2X30Q6J`(ELS*\)".X80G2WB<%G4-9@1S>S;05W+01 M`@7O+KDGBGL4Z2 MP@$J,*G'D1Y)[6EYG[&Y)(=S>FHG^]<8RDHN%U]?62_)XE@[*:.2=[B/RV.] MH'.QO`7::(&"60'?TL$-+1WP5@.2E@ZBU3@PJ0XJ3M*A$93LB2*#DBT@QSN'DW1H!*%*[H.[6#19@0LYOF1RR2:-WJ(1 MI%$E-QDB5HS/28$@WM,<>9JD/G9\D^9N:-(<;S&.+"95(Q(C>S?CKKP>(P/A M7R_0VTF"F!-E%Z]_C^5+]6?9O>P/_>*Q'8:VF5_X/K?M4(U1U*=1]JXJM^LP,` M`-40```9````>&PO=V]R:W-H965TMSW*JNB^-&=9J__LF[8J>O78'KSNW,IB M-QI5I<<9B[RJ.-7N>C6.?6O7J^;2EZ=:?FN=[E)51?O?1I;-]<4%UPQ\/QV. M_3#@K5?>9+<[5;+N3DWMM'+_XGZ%YYR/R$C\_=B\N M&W*0I=SV@XM"?;S)5);EX$E%_A>=OL<<#&^_&^]_C')5^J]%)].F_'':]4>5 M+7.=G=P7E[+_WES_E*@A'!QNF[(;_SK;2]Y<#.L) MGA7>#DZ49T>5JU,S,?ILQ[E8K][6//97WMO@Z([A([/1C&#S2*81F`A/)6#- M@KNV"%QG,1\@U80`(H>'3O)/3F;3]._3]'6Q?!TA$H\=!/<.`NT@P&H']TG6 M(R-T+9!A/)J'4@W%8A[)-`))Z,]#.4(B>:PHM"H*45%H"Z(--YIYBMD\DR)C M%:21#!&P%T9#N8%@P1Q%5D41*B*B;"*L;4!`J88HU1GZB3FA.]=0Q!\+$E9! M`@41,3::$;$?`:%(4S[[V"WN-`ET%%$I)MI!OP`B(6>HR"$4\`"+I%+$'[Z^(V];C\A(%ZRUS444V\5&4+B9KG/)V-O M[)`LV:`:>B+WYV,F,PP0ZR$W$%\@BMM[.F<+MB="H)8PL>XRXXN%\9)[!-@3 M`FI+X1LV0CXGH!0A$,2[>F;"04*\K.>3J^13)_1N[FR5;`_C;;ESMLVE[O4M M9!J=;N1?^7#G^S"^@><4+..9NL'K^_:[^_7J7!SDWT5[.-6=\]KTZJ8Y7@CW M3=-+E3'[HHI\E,5N>BCEOA^^BJ'Z^M:M'_KF;'Y$F'[)6/\/4$L#!!0````( M`&F&9D?"Q`-&PO=V]R:W-H965TW&N*G-V-/4U/PD^VYD3U,D3L/03O\>6<_/JQC' M?N"YVQ^D'DB:.IGCMMW`1M'Q,9K8;A4_X/LUH5IB%+\[=A87]Y&>_`OGK_KA MYW85(ST'UK.-U"E:=7EC:];W.I,B_W5)/Y@Z\/+>9_]NEJNF_](*MN;]GVXK M#VJV*(ZV;->>>OG,SS^86T.F$VYX+\QGM#D)R0J)GR-Q;/7;QO=*/NDD*G.D%B-4 MG4S.R52JJ=\:4J$Z>=.)KC3$:!ZM!L^*1&4'$22&PHE%?`Y8.T5VFT"O"7;P M@=H)%NAV@O0Z06H3I*X*^'J2H]$4=AE60[,J#\!D("9S&`)A,HNQ&IQ7%`54 M/`/0!8[55*C*R]N8`L04#I,N8*RF3/.B..1W%_80$N(A3D1Q0(D)["$D MQ$/(%SR$P!Y"0CR$?,%#".PA),1#R&<>DERT80.;]J8]%=&>9IN[!Y=&Z! M'XAIXS[D37UL]^Q7.^V[440O7*IFT/1L.\XE4WQTIP[)037I\T//=E+?%OKT MV+;5/DA^]%WX_%>@^0]02P,$%`````@`:89F1W29.*\!`P``@0P``!D```!X M;"]W;W)K&ULE9?+$!`I*X>C`S,=!I M%YW)9-&NB2W;3`"Y2([3MZ]ND-@5,MD$(W_G\O\HXCB[D.&5'C%FSGO7]G3M M'AD[K3R/;H^XJ^D#.>&>?[,G0UC?/Y-K3 MD&?DS-JFQT^#0\]=5P]_-[@EE[4+W''AN3D#GSV/V;U(N;_^EIK@@[>]FQXZ\6]]U=GA?GUOV3"[?L=80BH1;TE+Y MU]F>*2/=&.(Z7?VNKDTOKQ?U3>+K,',`U`%P"ICJF`.0#D`?`8$U(-`!P=(* MH0X(;RIX2KMTKJQ9G6<#N3CT5(O]!%8<'T02GMGA=E'^)&3.03Z+/'O+$4"9 M]R8273%0,AO%Q/X\4BH$3(3'&S!V`5U3!2C#X7R!0A$QL/1P-TGU7Y+9-M%U MFTB9A52%*+Z?(+A.$*@$@78[N&ZRETRLO%`,#%,X#Q4*`C")YZ$RT,\-A?-0 MI5ORD^B^J-`H*M2BC%54X$8Q$4CGF4(Q(`+S3*D9%%B@2A>#Z+ZBR*@HTHHB MBR+%@#1&%DD:`M"2J510&*46J%(0#*(%HF*CJ%AE6++[$^/N3Y;O_M3806K; M_=K65-N*+&84"DI08G%5,2$,+=6JL5J2WM<$?*,HN2Q\7?!@`#`:"\!R9P$T M=P$7>*NA`-G^"\=,T&:NA@`T'U+:74W%4;)`%S+K0EK7$FL"L[O!%]PUGW`@ M7.*N/IM"W^:N@FQ,.5:S'825AM)P@2CS(0?&4V[)TXG-UL9?L#8Q=Y$L>"5J M*+*\[`K-W$X(5R]$S0#SWM8O1`U!%-R(\C[-5QT>#G*RI M'Z&8SV[6-V!5`,-Z*:9M.<]]I,^S4WW`/^OAT/34>2&,3X5R>-L3PC#OUW_@ M_A[Y[X'IIL5[)C[&PG@U(:L;1D[CP#_]ZLC_`5!+`P04````"`!IAF9'AD.( MS04&``#=)P``&0```'AL+W=O'IOV9[>IJG[V:U?ON_OYIN\/=XM%][2I=F7WJ3E4^^$_STV[*_OA M8_NRZ`YM5:ZGDW;U0@GA%KMRNY^OEM.Q[^UJV;SV]79??6]GW>MN5[;_/E1U M<[R?RWD\\&/[LNG'`XO5.+Y^]CZ M']/E#O(?RZXJFOKO[;K?#&K%?+:NGLO7NO_1'+]6=`UV;/"IJ;OI[^SIM>N; M73QE/MN5O\+K=C^]'L-_PH5=/$'1">IT@LJ3)V@Z07\X81&43=?UI>S+U;)M MCK/N4(ZC+>\&O!T;&5J>#1?3#?TTM=E./;5:OJVTS)>+M[&A=XR:F`=BE+C, M%)&1)V8Q:&"%J/="PL'/:FI`.7^]`?V^`1,:T*1`O5>YGQ@;KB0P+D\P16"4 M-->%&%:((2&:^Q(?A`3&.I&`B@!)J]QU*9:58DF*24@)C)2YD2XA)F)2BORZ M',?*<23')H8H,-8G1B@@*KLNP[,R/,E(7.Y#8+Q@I5*7>.H28*9DK)",A+`7 M2T*(L7RGD9(`&9<#?9*S4O+0IQZH7RG8`IX.@Q4L)2M"2J"&"3*.G=0T10A2 M4@%B%"]&`75,D)0N3PP/4<8"A2QY=Y,:*&6"I+#&I*8+<7GFG044\38G#5#- M!/$S/([5;\QE*;S-20M4-$$FY;C$Y,BLX2U..J"F"5+#,*7$!,HH`52UY*U. M>NI;#321\76=W5#7O+G('*EKLJ`S7V?F"D'`*D.P4I0`JIH@8W1J?(B2P@M` M#N]X2@)E39#4^9D],WH(4]H`=R3%NYY20%5'2"1&BAAD/<@[GM)`41/D'#NS M8L?0D@Z9-;S7*0-4-4%YEARD`)D*.\<,G%YE],94LK9A_)@!NDC',S M`BAE@J1+;8@BY($B,KS!&=IQ0DWP$9BY(0,SO*$8)`4S<9O(3EF:)B;N$0$M M%W(P*`BC]1"_1(C#0QXGD$R.]SB#1&$$&:'3<@)FI40V](9W.H.$802ED@Y" M)+">-+S/&20/(XBW_]@O@;&(%-[C#)*($71ERI#+Y5NQ2!IFX^8O6=$Y[6FO:W'\$LHA<1A!TJ8J MFB#DMR'>YQP2A1$DA=.IK1EAF046#([W.H<$800E\PUBD([AC0#"Q"O,%%+>2"U@*F[WF+\T`$5G@XW_*\ M>WD@WRH(0H)HS[N2!]*K@B`H8_:\YW@*IC*D"3Z8\C<$4YZO<(\$4P2ICX^P MO!]?"X\OOY+Q2#!%D#'\+R-Q>.*.30/&Y2\\PH!D4P1)[5)8X6.$A:RL/&\^ M'@FG(H3,*=Y9/!(]$73^F]#EYS)XS\B09(F@\]][POG#W7UW(]O_=AIX>FS\*%O#O%ANM,3 M?:O_`%!+`P04````"`!IAF9'O(C<@8H$``",&P``&0```'AL+W=O>Q:,`XPX\W?!U#+L3=M:+V8BX^:UH'C'OC\_ MI6GW>G!UV7UJSNXT?+-OVKKLA\/V+>W.K2MWTZ"Z2I40-JW+XVFU64_GOK:; M=?/>5\>3^]HFW7M=E^T_7US57)Y7S_#>YP&'T`(4#U'6`A-D!&@?H MGP:DOK-I7K^4?;E9M\TEZ<[E>+?ETP!OQR)#Y6283#?P--5L)Z8VZX^-5ODZ M_1@+W6'4A/GB,>HQ8HL(00MN?`@8I$$C)YC042DG%"A>TJ!6*6G-*6)H5&\$* M;8(J8[""&#/GR`@:=)8Q3$C1@E8H:&T9)0J:DR(BM=%6J,4R)XB11LP:-PT M'6AU1*+5M!%J1J8-&`.@YUCQL$$_C+"A:3GK$&HY,Z)3K8Z(M9IV0*8,M)P!I0H,"0*=:R$BUP)M@\#(M0$S:\IP M#;\<4P9:S8`2!$9\,W2F-1&9UM`F:!B9UH1,.V_*`<8S94/+V:`&@9'T#1UJ M342H-;0)&D:H#1B`W&9SM.`"46ZUX-QJ6M$&90@,$1HZUIJ(6&MH'S2,6!LP MB[QD<;S0FC:H5V!$6T-'6Q,1;2UMA981;0,F5W/&'%!9P="0I35M4=,<&5HZ MV-J(8&MI)[2,8(N8I34GA#'7G"RM:1OTROC)MG2PM3%+M0_6:CF+M1ZSN.84 M<,PU)TMKV@:]Y-S^>;^ M*-NWXZE+7IJ^;^KI3&PO=V]R:W-H M965THV4_<;W1=D`Q6+! M>NC4DYIQBJ4Z\I,O>@ZX,B1*_"@(4I_BMO.*W-R]\B)G@R1M!Z\Y>*M/3527_A%[D^\JJ70B99UB$.]]7;AYI!IA`'\:F$4-WND:S\R M]JX//ZJM%^@2@$`IM0)6RQD.0(@64L8?3O-JJ8FW^XOZ-Y-657_$`@Z,_&XK MV:AB`P]54..!R#W,.MHGZ\#1Y@F1 M(T038?*9)\2.$%\)2Y/45F9RO6")BYRS$8D>ZX\=;A2<:Q&EC%08H=Z3T>3F M317YN8B3(/?/6N@.$QG,WF+"">$K]5F+R)NC1X8>_=_@$+DBGK"([RWLY2ZV M`E'V6&!Y+["T`DM7P6R5%G.X8.+')LFL2>($EH\%TMF8Z?,Q5[,5K%P%R7W, MSOXC`IO3@M+%$U]C/>NR=B[I5RX6%(:+Y+%--FN3.9O5%S;[S(59_^/BWS0+ M!7XR0T2@D@V=M+TRW4YS:A>99KO"B[S')_B)^:GM!#HRJ5K6=%;-F`1E'RP2 M#S5JDDX'`K74VY7:&ULE9;=;ILP&(9O M!7$!Q3;FKR)(;:II.YA4]6`[=A,G006<8:?I[G[^(TNJ+\0]"6#>[_7C-S9V M?13CF]QQKJ*/OAOD(MXIM;]/$KG:\9[).['G@WZS$6//E'XQZ86!]6U`W\>(WGH>S;^?>2=."YB'$\-+^UVITQ#TM3) MJ6[=]GR0K1BBD6\6\0.^7Y+42*SB5\N/\NP^,O"O0KR9AQ_K18P,`^_X2AD+ MIB_O?,F[SCCIGO]XT_]]FL+S^\G]FQVNQG]EDB]%][M=JYVF17&TYAMVZ-2+ M.'[G?@R9,5R)3MK?:'602O1321SU[,-=V\%>C^Y-B7P97$!\`3D58#I;D/J" M]%-!XLCLN)Z88DT]BF,D]\S\V_A>RT=CHITC/1BI<[*>HTVJJ=^;-"OKY-T8 M76B(U3PZ#;FN6'I%=I(D&@"D()<4KO&!>(KJMD%Z:4"=0>H,+C*/U,+LE,&H#H*DH% MHE0>);UM@!&8AFT.C`-C$`+C@$"\J,JJ:B812'4=A\`X_BN0!RP\G,*AI%\( M!5Z\F(:$XD0DK^86S:3"6<"'$<,K&&<>)\0BAT/)OQ!*`5,4(:$X49[.9N)$ ME(:,!U[&>%K'>8!%!4=2A4="$$A!4$`DDXCDX);C,_$J4N*`[PF!US*9UG+` M]YE!LF(?NP%V4(W!_]-NQ%E.!/,,G9*6?/MOPG&[?M(*-7H?2! MR9YK-D(HKDW0G0YXIP^RIX>.;Y2Y+4SR[FCG'I383R?5TW&Y^0=02P,$%``` M``@`:89F1PTK4[@J`@``V@8``!D```!X;"]W;W)K&ULC57;DIHP&'Z5#`]@.,,ZR,SJVFDO.K.S%^UUU"C,)H0F4;9OWYS`0Q'U M0DCX3G\"?XJ.\4]182S!%R6-6'B5E.T<0K&M,$5BQEK^=EP8Z2U`U^YT`<*47\[Q(3UBV\P.LG/NI#)?4$ M+`LX\'8UQ8VH60,XWB^\UV"^SC7"`'[5N!,7]T!GWS#VJ0<_=@O/UQ$PP5NI M%9"ZG/`*$Z*%E/$?IWFVU,3+^U[]FZE6I=\@@5>,_*YWLE)A?0_L\!X=B?Q@ MW7?L2DBTX)818?[!]B@DHSW%`Q1]V6O=F&MGGV2IHXT30D<(!T*831(B1XC. MA&"2$#M"_"PA<83DA@!M[6;EWI!$9<%9!T2+].L4S!6<:Q&E#-1R";431I.; MO2B+4QFE>0%/6N@*$QK,LL>\W,>\64SFWX>L+208$%"%'$T:>F,I0IMBRF+5 M8X*)I#TFG(CZ/^9NV.@Z;&27-7("T6.!^%H@M@*Q$XBO4S9V[WQ;B@7YLV@" MM.Y!+X^C)*-1$AV)!NUR)Q%-F%A,4&< M^[[_V"IEIH_/O]MN`%U\TQ?Q@>JD`6W9LI/U,AMFA7;^& MNB/,8E52'^FRJS403,,"-Y+ M?9OI^FWOM0/)VOXD&8ZS\A]02P,$%`````@`:89F1[-]@=,.`P``WPL``!D` M``!X;"]W;W)K&ULE99=DYHP%(;_"L,/D"1`2':4 MF17MM!>=V>E%>\UJ5&:!6(CK]M\W7[!^!&2]$(C/>7/>Y!#/_,R;M_;`F/`^ MJK)N%_Y!B.-3$+2;`ZOR=L:/K):_['A3Y4(^-ON@/38LW^J@J@P0`#BH\J+V MT[D>>VG2.3^)LJC92^.UIZK*FW]+5O+SPH=^-_"KV!^$&@C2>=#';8N*U6W! M:Z]ANX7_#)_6$"E$$[\+=FXO[CV5_"OG;^KAQW;A`Y4#*]E&*(E<7MY9QLI2 M*-6%^%Z5?YAK4>OKV?Q"@`US!R`;@/J`?AYW0&@#PL^`:#0@ ML@'1U!EB&Q#?S!`8[WKE5KG(TWG#SUY[S%4]P2>)-TI$*GMRN5JY$UJST7N1 MSM_3,*'SX%T)73%(,TO#)&`861D$]D0@$W!F@7S7#$B'H^$),D,D<"2'AR+K M.Y'!-,/K-$.S6*%9+`(>"T37`I$1B*S`C8U:,XE9"\-`3&`X3&6&HA3'P]#* M0`E"F`Y3:T.A)$(3?,5.7[')QIF+B5L:)`0P27#H=&;`S("()C2B&`R#JPZD M,<*8#(-K"R("D@3$CSUBIT=\M_D7,U%CTC!@%F-P^7%NMPG)NA#WFAAH92`T MBT:4U@:",_388>(L[\0ZG"!`G$M$)I0WF53>9$IYDTGE3;Y2WM3IBSXN;SJU MO.G4\J93RYM^L;PA<)K4PVKW1K)?=A"(*1I)/K,BV:/_M2#1FT4(@(F$MHK<5M'=RWQ_7%E(GE?.TK8G5$^-'E&60K/0^3+:,\I2<`9O#YG@HGNI M6+/7?6/K;?BI%N;_N!_M>]-GW9K>C"_A4P8=XRO5R^INZ5,^G1_S/?N9-_NB M;KU7+F3/I5NC'>>"R83ETOC>07;;_4/)=D+=)FKY3?]I'@0_=NUTW].G_P%0 M2P,$%`````@`:89F1^44"U2'`0``.@,``!D```!X;"]W;W)K&ULA5-;3\,@%/XKA!\@7>LN+ET3IS'Z8&)\T&>VGJY$X%1@J_Y[ MN71U,TM\*1SX;@=HV:/YL"V`(U]*:KNBK7/=DC&[;4%Q>X4=:+_3H%'<^=+L MF.T,\#J2E&1YELV8XD+3JHQK+Z8J<>^DT/!BB-TKQ+11H*U`3`\V*WDZ6ZR(@(N!-0&]/YB1DWR!^A.*I7M$L1``)6Q<4 MN!\.<`=2!B%O_#EH_EH&XNG\J/X0N_7I-]S"'^E>L7^$ MH85I$-RBM/%+MGOK4!TIE"C^E4:AX]BGG44VT"X3\H&0CX0\!4]&,>8]=[PJ M#?;$=CS&7BLUG?=M0TL?&J/%3%8EJR0Q`ZPR3B>L#,\Q'#O/Y% MD_SX3@)%$IB=A]01,D\A$V1R7=PL_KBPDW/I^`Z>N=D) M;!(-H@.ODEU-*6G]0QX+"8T+T[F?FW2WJ7#8'5_J^+M4/U!+`P04 M````"`!IAF9'XU1T2W4"```!"```&0```'AL+W=O+B MD>X\-E",-HK4M1[P_=CK4-.[1:[6WFB1DSUOFQZ_48?MNP[1?PO4Q,O[D_IWE5:X7R&&2]+^:3:\%F9] MU]G@+=JW_)TNL]XR3[D1QG0Y]ZFO3J^M1OTE]0[,3@"&` MD3#6L1-"0PC/!#A)@(8`GZT0&4)T4\'3V57G*L11D5-R=-B`Y'8*9@).I8A0 M=D2[F/@22I.J;U'DAR),D]P[2*$K#%"8A<8D_GU(I2'!B/"$`:L+X-HJ`$4' M]PN4&I$$$QX>BBR_B-RU&5[;#'6S0ITRC1X+P&L!J`6@Z79Z;;)7F$3WPF"" M#$Z@2HT"49B!^ZC*H&!X^_$N44N-RI+XB5R1-5=D":1<'7(?I3HT6YJS)ON?Z+SNNCM/K%<@#\F9]$B6FGA]-9OL@' MM,._$-TU/7-6A(MC69V>6T(X%H;]%]'C6LSC\:'%6RYO$]E\/:+T`R?#:>". M4[_X#U!+`P04````"`!IAF9'VW7I9S<"```!!P``&0```'AL+W=OMQ]OD$4$<@';?/]?Y3(4>*% M-;A63PZ,4R35E!^!:#A&>R.B!$1!D`**JMHOZ_A[--J@D#_*YP*Z[&GLY] MR]B7GOS8$&VD`O]UGI>06G@][MPW9K,G( MGVHO2Y5LX'M[?$`G(C]9^P.[+23:<,>(,%=O=Q*2T4[B>Q1]VWM5FWMKGR29 MDPT+(B>(>D$?9U@0.T%\$"8`MEBGU"DE4Y)RU MGFB0?O_"F<*Y-E'.GJJO4$=G/+DYO"(_%_%;E(.S-KIA(L,L+),%CY&51<*> M`"J!P2PB?RA"9.0C.2PMD84C.4R:K*=--LXDF=Y)?+N3V-8SMH5X?9TV@+<& MT!I`8W"E-TAMD,Q6RR)A\!:H7A$\!I<63$,(1[F5Y2#,HM=1<.TB)ZD.'$QO M,1G<8N+>N7CH'"RSZACXF%EWS!.'E0XFDCJ#=*38EAFKWB2QN2=LFN#J>Z68 M'TUK%=Z.G6II7Z]^M>_>[Y'^WN_6%^%L&0ZLK\+9VC;GBWV1-^B(?R%^K&KA M;9E47<8T@P-C$JMD@Q?5CDKU/^HG!!^D'F9JS&V+MA/)FNZ'T__UBO]02P,$ M%`````@`:89F1V:=+X*0`@``MPD``!D```!X;"]W;W)K&ULC9;+CILP%(9?!?$``S8VEQ%!FE!5[:+2:!;MVDF<@`8PQ4XR??OZ M1IIT'(<-8/.?_WP'?"O/;'KG#:4B^.B[@:_"1HCQ.8KXMJ$]X4]LI(-\LV=3 M3X1L3H>(CQ,E.QW4=Q&,XS3J23N$5:G[7J>J9$?1M0-]G0)^['LR_5G3CIU7 M(0CGCK?VT`C5$55E=(G;M3T=>,N&8*+[5?@"GFN`E40K?K;TS*^>`P6_8>Q= M-;[O5F&L&&A'MT)9$'D[T9IVG7*2F7];TW\Y5>#U\^S^59$TYIUO]J= M:"1M'`8[NB?'3KRQ\S=J:]"$6]9Q?0VV1RY8/X>$04\^S+T=]/ULWN2Q#7,' M0!L`+P$`>0,2&Y#\%Q`9,EW7%R)(54[L'/"1J+\-GJ5\4B;2.9#%D MOU15GJJDR,KHI(QN-%!KUD8#[RMJJ\`7220!G!3PEL)TOD!+D3\V2&X-D#%( MM`'"MXR#EF2F"B,!""?I?55M51BGV6,6Y&1!MIC"E08;&*,!`,3W1;45Q1`^ M1L%.%&P^2^S)LC8:"'+T.$OJS)(:3NC+8C0%A)YZ9Q^\8!AD3I+,U@L\))FM M-_.0&`U&"P9T[@3)+8BGW+71@+Q(/2.EGE5)L6`4%,[955B8Y+$!B)WEZ&YE M@3SU6!$`V">KK:RX_DOW>8";!U@>YX2?$P$[?_(EB:`[$;2)?'4;39HD/IC/ MHOLL[C4.)`M&MQ4EA6]AL:(4+QC?P+W(`61AG(OI#(/F&0U]LVV6@2R+%P"Y MESHPKW7.3'8/L*(4(>?$M'O`K$H_+;S1U18[D@/]0:9#._!@PX3DRUFM^@M02P,$%`````@`:89F M1V=:W,,*"0``-CX``!D```!X;"]W;W)K&ULE5O; M7+9OOW[J'K]K-_UZNGW=7%PW[__&X^WWU]Z-;+W2^;Y^[I M\"_WF^UZN3_\N?TVWSUON^7=L=%Z-3=-$^;KY>/3Q?7E\;/?M]>7F^_[U>-3 M]_MVMON^7B^W_[WO5IN7JPNXH`_^>/SVL.\_F%]?SL=V=X_K[FGWN'F:;;O[ MJXM?X=UG<*[''"%_/G8ONU>_SWKKOVPV?_=_?+J[NFAZ([I5]W7?][$\_/C1 MW72K5=_58>A_L->?@_8-7_].O7\\SO=@_Y?EKKO9K/YZO-L_',QM+F9WW?WR M^VK_Q^9ET>$D?-_AU\UJ=_S_[.OWW7ZSIB87L_7RW^'GX]/QY\OP+ZG!9GP# M@PW,V,"`V,!B`SLVL%%LX+"!TX[@L8$?&SAYA(`-@G:$B`WBSP99;)"P0=*. MD+%!UC;H]WS8N69BU'S8\N.!^;#<+Z\OMYN7V>YYV?,(WO7X;=_/H?/9X9CL M#B?PV.WV>`:O+W]-'S/RP`?PNF+>[8(==,-A#4/1@W_;@AAXL M]A#?VOETQ,1A308,^.;X7QFX&(!Y@BN;Y%B3')J4RB/=(,:G:$63/@Q`XZR+ M(K`=@-"8X.19?AR0P:0&=-/T[#0]3C-S0_EAF@/&^#,+_V'`V>1ERST2(.CL M#JS=8;#;L`.AW0,F.N=*%@W`5@N\'8`>7,@ZXR-K?$3C03A;$5?)^Y3E,Z-& MWB(R`EB=^8DU/Z'Y1EC2`6,48V1VC(QC6&%_,YY+P8SSD%N$@,)4:%A;CQ_W MQCIA/Q$D;>1YR.T)1#`6>&/1WTMK#O,:U`[ M@F(9]'$$)8TU?)0"#%,F:_J8A!6,E4!Q11,L@??9@$[;"HN_0)#UVC`(O*.% M<#X0WB((TOGHC-#LU/$9>"<*Z$6MBKF)WXU4LQN\IP)T57Q"YW"!"&05`QG> MS1AT,Y;-YG"@$<2FA0-HP8`$:W@_8M"/6-:/X+D@4)KN]NFY0*B)C?I@&-YI M&*2Z#8)O0A`D*%N&3")H8_66\0[$H`.Q;)Y+EB$HZ4?C,UB#KL9J7)[Q+$&, MKR"(X3V((0\BS/H&0?:L`VE+2,$NWH$8,0W#!`)!^MN$X7,FD\X/=H,@XH!D M5@$IV,5[+T..21/3;,,>$MO47`!Y=V+I&BJ$F99`3N\C+.\CK*&>-'U8?MJV M9MH\1RUQ5`@>+8&<)M)9/F>PE#,(P:,ED&X@GNTVG(\++8*RJ=A(GL26L@#! MV;<(LLPT-QN;^7.3*\Z-XW,!1Y03*B8+!&5U(82GIH/S9W1! M(*=)*1Q/2D>%)+8809,:0'8:MX71^&#LD+Z.O;5A['?5Q:1"-8DHK*FR.3X6 MNYI8['AV.C$6TQ('MN`C#,9STT7-P4&04\V*9Z5+FH,S@((^BW-\R'19Z1Z:[J.D#V)/CH>+D>)Z!)[(K$FQ_7\ ME=S77,E]H8Q*D5.HH]XBB$K8JFGS-/9(8R^57Q!4,QK/8X\4]9JTP/,W;5]S MT_8\\3QRR@N%QQL$G2XRWOT50U7!\1`YP?OM;!-6,QC,_ M(/.])K0'/E<.-;ERX&-H()Y*MV<$31.]4P>-0'TT"#SS@Z(8=TL@_6"%5P_B MO=/T$?FMB#5;P0?<@&SV4F$=049_40\\[P/Q7F-QY.^HL>:.&GG:19`.(+W; M8!WKO/LI(06[>()&<_X(MO%-Q%6-QH?F"E'TCR'@?Q:=9%>PS MPJSVJ9@/V@F9'H2W[L\(&MZO=:/Q/B&A3PC"C?-F!`E/)"T#$JSA?4%"7Q"D M=V$"33T/:"D/D+0DZ:]4WUZUM0"Z$GB3H5#W]%&#Y7JP&: M@KZF$5^R2!J#*&CT*0HT!9%,(];-QQ$'5*JXCT%3$,(T])`M>1!"Y8HB*#0\ M7X?/^QW6/+P<5K6PPS4E=&@*BIA&(SXD%,23R'6:D@E@R;Z",*:A^"Z]B8VH MJMWAV3Y\WN^.)EN"AG\7&SY7[TY)C$=J/(E_+:&@A@U%11U(_!OUC18<:JIR,%6TC;90BB\$[?8G2B7`*RG?0!%(VY\HW5@% MFI/R+6K29)BJU,8UKHFF,-6IC;8HXNDG0ID8]:J_DJJ-%&M19?=4LD:S-U4A MM2`U`Y*1287_3X2JJ:]#04(&I"&+FB(73.5>X^RK^%60<8$1<]5Q]@,J5VS] M5/,U#HCTB2KZ3%5?X^1#U>0+L8Q$6O+!1Y2MV?D"TTBH%54BWZFJ:IQ\52B; MZJI&O3&R)XDJ:T15U)&A(,("$E@E51X]U5;1Y&U-P0NFZJK1%H581]2)X(PYP8@U%74]*"BU8)1J M2?(>0IFD#Q4%Q1:09"OI%K40)UU5G"Q(K(`T5M+6M(0*)Q6W8<3YJ^^A/B^_ M=;\MM]\>GW:S+YO]?K.^ZK]X>K_9[+M#7\TOARU\Z)9WXQ^K[G[?_QK[O1V^ MU3S\L=\\7^&WM,>OBE__#U!+`P04````"`!IAF9'WVTQ.$($```^$P``&0`` M`'AL+W=O+ZM(6QY/Y5@?-I2SS^K^5*:KKZPQFPX7OQ_VA[2Z$RT5X MB]L>2W-JCM4IJ,WN=?85YFO..Z0G_CF::W/W/>@F_U95/[L??VU?9ZR;@RG, MINU2Y/;CW:2F*+I,=N1_,>G'F%W@_?^L^K^X]F&.8/X!C` M;P&W\6T\PMWC= M);&9`UNNQMZ)/F?=WXOEXGT9Z7@1OG>)'AC>,RO'Q&P021)@@>9SDJ6=B M5PO'`$@=JW$L=9B&2.IQ*G.4D!P4'\?6#N,L4H(]UR:]VJ33EC#?."YPY1@A M`.)Q*G64%"#&H?;5>$7FPG(I9BBAC$C)IW-@PI8TEL@/4MFXZC"?+`+P\F[%J$ M[([D_NXXZ$,.[%8CRI4AIYE(J)V+F%!PMZ/&!7*_0(X"B>VV0NA%*<:ISC1P M7,6_"X.PN M)J:T@L%?;=>@%#I,6G\E!:(/QUJ13T\PF#]GDZS&[\0P6+&:D,+OQ3#%C!'B MMIM39HP8)((1I8,4+`R&>G%#$KCGIZ'BC[ M1$(M\&%,#5/>"[C?B_D4+T:(:L#/D>PYLOX-&9?C=UX^.*]WA^%+'$)"QG[5 M^!*'F&VYX.W,^!:'F.U'MC<3KW'(*6[?"C_I"^\.!TI3[_MCF2;85)=3ZUYW M;U=O1S]?^Y.?3]=7,$_!?A1FUW9?X^X>N.,=]Z.MSL-IU>W(;/D_4$L#!!0````( M`&F&9D?KB.?KIP(``)T)```9````>&PO=V]R:W-H965T3JEYLUV[B)*B`,^PDW;^?OZ!-Y5!V M$[#SGO<\YP"VRXL87N2!-]DLC-@7=,WHDC[_4_.S%T3.GA ML$_D<>!L:X.Z-H%IFB4=:_JX*NW/0R1/7<>&OP^\%9=5#.)Q MXJG9'Y292*HRF>*V3<=[V8@^&OAN%:_!?0VPD5C%KX9?Y+O[R,`_"_%B!C^V MJS@U#+SE&V4LF+Z<>%`Z`/ M@%/`E"<<@'P`>@O(;*6.S-;UE2E6E8.X1/+(S-,&]UH^&!/M'.EBI.Z3]1QL MIZKR7.&"ELG9&%UIH-4\.`VXK:A'EV+2))H@B`'C4`IH#>!,"J\@GV=`UQG< MY!K9>)*FGQO@:P/L#+"KD1;7D+W5Y*X,IR$0IO2VJG8JA#%<`$.",,0W/`VE M(0[&:2"$*+^MJIT*Y"E>\/"R($SF6PMF8)PFQQB3&1CO!'"V`"8/PN2^,W,P M3C/3N_JCXB8$#4)0WQ$X`T$7=83^3T>*X)M?>!CTN0%(@^78Z9OOOJ_'BR"B MI,AF*O(Z0$@&\@5(((P$%GP!7H2*/)MY$K6744+`@B8#&`:"OLUX#LBO8CE% M)+A"C$1>AP%`V0(D%$9""[X%+_H"(")X1EB/0HP`I@N8PJLH\$MD&GSI_3+J M18!@"H)KEU](1UV1%_0C4O)N-^SXL+>G!!EMQ*E7;C.<9J>3R!K:W?1-7I5' MMN<_V;!O>AD]"Z7W9+MU[H107".D=[H[!WU6F@8MWRESFYNVN=.#&RAQ'`]# MTXFL^@=02P,$%`````@`:89F1U]\U2\D!```[A0``!D```!X;"]W;W)K&ULE9A)DYLX%,>_"N7[!&U(X'*[*E[PS&&J4CG,G&E; M7BJ`',#MS+CF=NV$@7B[BA]WA4LFZO:@Z:N3Q9?89 MSW_=?BU:N5?GOY="=>V_1+#K(8W$KNZ_J_J>$&$8/]ZIL MQ\]H?VL[54TFLZ@J?NCO2SU^W_4_*0(SLP$!`_(P>,QC-J!@0-\-F-.`@0$+ M-4C`(`EUB8,!#YU!@(%X-^!CM71VQ]ILBJY8+AIUC]IK,=RQ>-[CS2#2*T=] M0=J^UJ-F,U9[N7A;)H@OXK=!Z(DA([/2C$!V9*L1;"=VFF!9]F#BWDFCIV1F M\H*,`L0^Q9I`+,+.;#0C')YNO1/E?I$=B"3^:.ESM%37A4(LJ5^`/0LP+(83LX-8"6EU*C#$EH!(@P(TQ<1#`)E<3'9-F6()0D*?" M.)&`B8@])RL!%7Z>Z!=NHSF:)DXLUQBF/,CMU)C@%-RF?H',&'X)5F M!&/,%I$&MWY0N[++?O/NPLCH_#@\Z`0L.HR-"<0X?-EA8O:"N!8>Y!`@CE/& MG4E<3W*.-:K)#9"4)92Z"Q.LF0.),\J8D]S92'OZJ#E]L/%A[@I50R)U!YJ; M.;M+YIT43[N?<%64>2L*FR[V[[I3F)JD5"2V/6:J:*AF#B1.$XX]%;60]O29 M=WW\&]L^-N_[.&#C7P%$4Y*DGKQJDA">N;.U!1*C#`EW"7)`.2%I8+K,K0<[ M>\\4JX;^((P+3ZQ`VOO/%"J`/*7N&R.?R-!>A5-SH%.W2EV!:H@F(G-[M0&2 M$(K=6]462(QZUK=:4B@J?NYA]E@S\QJ86EQ`9R;F[D90P!H`"*>">-(UD83[ MVO@T<4(]JR4'DJ29"%L"!)M#Q0%+`"#&A"]2>#=AB>>^`)#0E+O)',A,/&\* M]CC-CPIDZL.N1P6`^MLZ(YY`H04SY-O6@!09X9X."B1-!0LLJ;FM$VCKQ#'9 M"B#_H^4&2(8S[KM[0S7S8,W=%$SP`RLQ/U@0Z-K$N:0UY,R&%]GZD?P7Q!Y. M8@YG:O3&MP=X:P+(_U:P`=)5#W@[#=;,@S5W[\&8:AQ_.&JI9',:C]'::*]N M=:??Z!^CCZ.ZSV0XJOEI?(7G&VP8W^)YK@_BWN67BVMQDG\7S>E2M]&KZCI5 MC>0Z>?5%PPHO11 MU%CV`DAI28SBT/>?,2-MY^69C;V)/..#HFT';P+)@3$B?F^`\G'M!=XI\-[6 MC3(!G&=XYI4M@TZVO$,"JK7W&JSVB4%8P(\61GFQ1\;[@?,/<_A6KCW?6``* MA3(*1"]'V`*E1D@G_C5IGE,:XN7^I/[%5JO='XB$+:<_VU(UVJSOH1(J,E#U MSL>O,)5@'1:<2ON/BD$JSDX4#S'RZ=:VL^OHGJ3^1+M/""=".!/F//<)T42( MSH3X(2&>"/'_$I*)D-Q8PJYV>W,[HDB>"3XBV1/33L%*PX41T#G/UF'B&]LN$;[H30:BME-!HH(/ MG7)-,4?GP?,:FMZ^B6^"U<[-C[-,GO6DAN]$U&TGT8$K_>78!J\X5Z"M^4^Z MMD:/S/E`H5)FFYJBW11Q!\7[TTR*AZ+EX MES4A"GPPVLI54"O5+2&4^YHP+%]X1UK]Y,@%PTH?Q0G*3A!\L"1&812&"\AP MTP9E86.OHBSX6=&F):\"R#-C6/S;$,K[58""(?#6G&IE`K`LX,@[-(RTLN$M M$.2X"M9HN">4VF_ MP?XL%6<#)0`,?[BU:>W:NR=YZ&G3A,@3HI&0SA-B3XA'`DIF"8DG)%\(T)5B M&['%"I>%X#V0'39O!UIJN#`B6AGHZJ5NK-44MK5E<2G3*"W@Q0C=8"*+V3@, M&A%0JT]:1,$4/;+TZ+Y!Y1`9N@_9>I'T<1+Q;1*QJS-V->1/""2W`BZX3GRC M%K=)MA:3N4H=)DY0:#[W@=4`O,7=S2B=S"CU&653;7.8S8#)'YLL)DT67N#; MC(G#Q.B)-R2;-,F<23S3LHW#H#1\LF?YI%/NG=",D\/H(9D_^!FW#HFR*)M* M"E[=1T;$R0XV"?;\W"IW5\;H.#O7D;G/7^(;M*S<"/R4*8L.G\@O+$Y-*\&. M*STM[*4^@.BG?#6!__6\K_4$L#!!0` M```(`&F&9D>UQM?DL`$``#D$```9````>&PO=V]R:W-H965T&+"!1$;2'`D$.[9FV5A81/E22MM*_+Q^R M:@>&?='NDC/#63Y43]J\VP'`H0\IE-W@P;EQ38C=#2"9?=`C*#_3:R.9\Z79 M$SL:8%TD24%HECT2R;C"31W'7DU3ZX,37,&K0?8@)3-_GT'H:8-S?!IXX_O! MA0'2U&3A=5R"LEPK9*#?X*=\W98!$0&_.$SV+$?!^U;K]U#\Z#8X"Q9`P,X% M!>;#$5H0(@CYA?_,FO^7#,3S_*3^$KOU[K?,0JO%;]ZYP9O-,.J@9P?AWO3T M'>86JB"XT\+&+]H=K-/R1,%(LH\4N8IQ2C.KU4R[3J`S@2Z$O+Q)*&9"\8E` MDK/8US?F6%,;/2$[LG#8^=K#31#QRL@W8_T^14T3=ZJICTU5T)H<@]`%AD;, M<\+<0+0SHEH@Q!NXZH)>NBB3"YI<9)=+J`A9)1,)\K6B-T!M`A7YER*_;Z6X M:J68-Z2X+U!>%2CO]Y(@MQI)")KG6?;)!SD[Y9'MX2ZXLVFKG+TP\UUYK M!UXE>Z@P&OP[7@H!O0OIRNU4.#V>'NKRMVC^`5!+`P04````"`!IAF9' M_3CY! MZ^RCV"YGJ=YT#V#0!V="'Z+>F'&/L:Y[X%0_R!&$_=)*Q:FQ2]5A/2J@C3=Q MAA-"\C,#D?HCBZ;+P.76_Q+L M:7(?D-X"TI`Q73)F]P&[6\`N`'8+(+]M4GA-$5(&34QB0LC].MEFG)KTX/!]7Y2Z)1+2=APN%9=]=[^)CXT_&ULC53;CILP$/T5BP]8.Q/5G/Q8>L`!3Z8K21"Z]2JIUC+#<5,"*? M>`N-_K/C@A&EEV*/92N`;"V)41SZ_C-FI&Z\/+.Q-Y%GO%.T;N!-(-DQ1L2? M)5#>+[S`.P;>ZWVE3`#G&1YYVYI!(VO>(`&[A?<:S%>)05C`KQIZ>39'QON: M\P^S^+%=>+ZQ`!0VRB@0/1R@`$J-D$[\.6B>4AKB^?RH_LWN5KM?$PD%I[_K MK:JT6=]#6]B1CJIWWG^'80O6X893:;]HTTG%V9'B(4:^W%@W=NS=GYD_T*8) MX4`(1\*89YH0#83H1(CO$N*!$/]OAF0@)%<9L-N[K5Q)%,DSP7LD6V*N4S#7 M<&%$M#+2Y9+Z)*RFL&>19X<\B689/ABA"TQH,4N'2?W;D-)!@A&!M8%)%Z$W ME2&T]/!V@L(ATN".AXT9$FUXURAW%F-T;$NOH;GY5_%E,"^"B7BIVYCK.B?Y/&O) M'GX2L:\;B=9&ULE9A9;^(Z%(#_2L0/(/%N5Q1I*.O#E4;S<.]S"F;19.$F MHMF^A7GA7UZ^C8-.>7.*ZW1YVG M];@\ZZ+]9E]6>=JTK]4AKL^53G>]4)[%.$EXG*>G8C2=]&/?J^FDO#39J=#? MJZB^Y'E:_9[IK+R^CM#(#OPX'8Y--Q!/)_%-;G?*=5&?RB*J]/YU]`V];$C2 M(3WQ[TE?Z[OGJ'/^O2Q_=B^;W>LHZ7S0F=XVG8JT_?C0;SK+.DVMY?]!Z:?- M3O#^V6I?]N&V[K^GM7XKL_].N^;8>IN,HIW>IY>L^5%>UQIB8)W";9G5_?]H M>ZF;,KMG?YXVZ712E=>H/J?=GD`O+5YU M2EK-43OE=;N:>IU5OYZFDX\IHW@2?W2*'AC<,S/#$*Z&F:5A1#*,K`R";D3< M.NGT%(]<7F#PE`R;>+,,'6;FEF'#S,(RW!,Q,(GPA&P83V[7AA!H&-F`$O8\ M<>0Q<<1,,8%@Q',%]%$!-0IHKX!_24;1(\P$2B$9YF\8W`R`@QXQIT<,0I(> ME]B]I>>&N-,0-Z'[[!B$)%@RBGRA&Q`KH:CB`1X)IT<"0E<>EPPC)`[8;-)I M11HKSBD7QHA!D)),TH$Y-^0&2"D)Q4%SH9P^*>,3<]88PZPL$Q`X2IQ6^N%. M!?9,)4`DX2'A(.2V!+67$<]4`H1(PA3V@!L+@.-^;`X8]F,+:Y4(YN.6EL->;`48D6&5"+FK,(+2 MZ=Z4"O)%816,I;-`*$@78'2<.)>Y@G0%88LPH\MG&-05P$(2Y6X.""H_$\-6 M9@!A1@B5SA4H(%4&E!0AY>'F5J%,J*\8+BQ',&Z7US"XM"!""'NXM750ABTN M=Y]#''+FZ70+Q/]JV[O[%X(&QCQ+96&AL90!AMPM#-D>YIT-VYL"MZ:[,R%H M.QSYUK7ZK#TAMK"[/V'3>M#=CAQ6\:7QP($0VT-_P(D0N]L$#F@3:X"0D"PD M7G>;P-`FN*[-B.UFI`$JE#NW*CRWQ+UW2/)\U7^]L"_+1K<>)^/6\Z-.=[>73.^;[E%T M(9E[*//2E&=[K7:[VYO^`5!+`P04````"`!IAF9'#HIE8+4#``!%$P``&0`` M`'AL+W=O(+_-J>^-U[Z49=;\N5)%?;R8W:7^N-U>S@*=@RK44Z=# M9/W'JUJIHM"1^I%_0]#W,;7PXW<;_68HMT__,6O5JBY^YMMNWV<;S+RMVF4O M1?=0'S<*:A@R?*J+=OCK/;VT75U:R9OL>QN^7!U\C_GF-A%DC#A$X(8+X'"$T$01$$)_SK`8F,C-F M&,9EE++0S6V(W!W.N3,/T$%1^<4C)\%.-A"3AUL1HAR MLN&X=[BUQ<03[PX@,0\HYN&X>3B81U+:(\?-P\\QC\#-(P+"U(X0I6"!FT

/`(M)2B,6^)-'G//D$;A[A'4/>C(RI\%[@+A,62)(TXL_ M?82UV>1;2T1];2&"=P[0I.]_>,D^9,_J6]8\YU7K/=9=_\8^O%7OZKI3?:!@ MW@?&PO=V]R:W-H965T&4:5%'8&A M[Z>P0VWO%;F>>V%%3L^"M#U^88"?NPZQOSM,Z+CU`L]-O+:G1J@)6.1PTE5M MAWO>TAXP7&^]YV"SSQ2A@5\M'OE5'ZCL!TK?U.!'M?5\%0$3?!3*`J837?>?^35T?*M;%X06D$X"<+HKB"R@NA#$-\5Q%80 M3X)`"Z`I12_$'@E4Y(R.@`](O1W!1N),F4AG(*OGMEJ#10 MN,J6F?U7QJ2%5U_R@$[X)V*GMN?@0(4\%/2W6U,JL/3P5XD'&GFX3P.":Z&Z MF>PS<]Z9@:"#.[VG7TCQ#U!+`P04````"`!IAF9'*Z+MJ_U[P2YUF(P_'$<[D_].I$-)]&%]VVK'G3 ME:()6KZ;A=_QU2-.%#(0/TM^[M[M!RKY%R%>U<']=A8BE0.O^*97(0JY>>,+ M7E4JDG3^#4'_>RKA^_TQ^G*X7)G^2]'QA:A^E=O^(+-%8;#EN^)4]<_BO.)P M#50%W(BJ&WZ#S:GK13U*PJ`N_NAMV0S;L_XG0R`S"P@(R$6@*V$5Q""(?04) M"!)?`04!]14P$#!?00J"U%>0@2#S%>0@R'T%JN>Z<\A;M6$FV!B4>$^&.$1$>(83%\*EHS,%1? MK&8PRVA.8CNW-G/VC!)C1@ED1.U.UYK!,6'.C!::BVF.$+)C-QIS$+=?$NLO MB4=C,O;J4&-U*%2'V8V6FOF&*7)>]AUPS(VM`"-N['YTC5/JXAY&CCBQ-6!Q MAOS*Q8SE8E"NU.'$8#$ASV6;&IU2<,H<3IK!),\P\KEE,Z-3!DZYR2G71=9, M/$$.:&V`[+GDQEQRG0LQ=E+;+'-X+$PR1S)W0"431.S4RHNZ]W)\^(*"GN6? M[FM[A3`REF@XK6J$32X8P[#0%*83YC,.,#9[P6PGQNI6_1S#7,UA;0D95Y3&&84\0QI]8`F%W;"=%S&0A-9,"#_+ZZ'%1\UZO=5#GI+PY]T(OC M^`%U^8J;_P-02P,$%`````@`:89F1RZA!.95`@``*P@``!D```!X;"]W;W)K M&ULE5;;CJ(P&'X5P@,,M!10@R0>LMF]V&0R%[O7 M5:N0H91IJ\R^_?8DHZ8J/OHB)$!I^T:<4\K*3L9E$DMA6A M6+RPCK3JR9YQBJ4:\D,D.D[PSI!H$\$XSB**ZS8L"U-[Y67!CK*I6_+*`W&D M%/-_2]*P?AZ"\%QXJP^5U(6H+**!MZLI:47-VH"3_3Q<@-D:I!IB$']JTHN+ M^T"'WS#VK@>_=O,PUAE(0[922V!U.9$5:1JMI)P_G.B7IR9>WI_5?YAV5?P- M%F3%FK_U3E8J;1P&.[+'QT:^L?XG<3V8A%O6"/,;;(]",GJFA`'%G_9:M^;: MVR>3V-'\!.@(<"`,/GY"X@C)%P$])"!'0#<.D6W%3,0:2UP6G/6!Z+!>'F"F MX%R+*.5`=2_4Q!I-;J:V+$YE!K,B.FFA*PPTF*7%)-GT/F9M,6!`1"J!-P8, M?1;0T.%]@Y5%I`@]"'&K]`3#^Q0'H3P%=BN3^I"X=".AI M'=-PXK=RGU."1D@@?\/H&PW[/Q;@OI8D]>T;R#5\!F4W/M'%EDH)/YBS201; M=FREWDF_J2S!;V5/L2Z8L.GP@OS$_U*T(-DRJ#=_LRWO&)%&Y MXA>U_BIU<@^#ANREOLWUPK1GF1U(UIV/YN'_0?D?4$L#!!0````(`&F&9D>V M7WR,[6<``)F&`0`4````>&POER(TEV+OA; M\11A;:RY3+,@*E8L55*;(9G,*K8R28ID5JLEFQ]!($A&%S8A`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`_%R4!60/LA?.YC-INZFZ4!$T]=W7OC-BTWA)/YXBDK-KB3C;,Z M38M'7LX$'S+:,6VC[<%K&F&=3X`6>+1QK)/)>DN_E5/1Q\FR>0^OUMD\W\X+ MVODDH\GN`,)%UE@Y/;=*\RD]EB^*[9KQ<*7>;:ZM^8PU?OWQ M;AZ)**1%D37/1$YWW/K;I_/Q^_-/Y[?G9S?N^.*#>W-[>?KWH'AGUS?_S3W[ MAR_GMW^JO_-EP2"?+6G$@M>&CVXZ_?-6G6GVRPITHC';EP61O07`<,@1I2][ MCZ7CF?'T:2]H_46V?LI^]WNWP8=!M!^7LVFV+NB@ MF`9]U[8"PK!""/R1W_-]/R"@*2KDN8GOT5?X3PE#;KK=/"[7H!0>V'PX3+PX M\(44C;S!*/9&??-P7A0`(WY'LUUGCW2\-+1[#!1]UT%LKK,- MB9+T)K"3-M!QU&T@WXL4O.U#WCR,N1Y?I1`C'K--3F+$NX.9[].CR MU2*1`7"N2!4P0JG):P4WU\_&71;HE?,^FAQ]K=+"NTI"PKL]^.KOXI(:R9]K,BPN@=^8[N/MM<&EJ<;\,RF.X:XR#;[!L`C M>Z4+/$3+GS&Z/M#=;\PDY[3.GK)%$_WDDG?\>/:/5V<7-VCV_O.J0 M%AJ@S189M`^,G4[G^8)5'-#4SJ%E#UV_*I2\R^B*9SLE&Y)1GFAMM#)0@UU/ MRLFT'.<_0?^BOYO8>?J8$@<%UI$01#AG3O%8Q)%W M'.'N=368D*^7W1$09JM998!L+&S\L;&I%E5(@<8\5/-\1Y!;9?8Y1 MA">1/$XW>\[DH(T_*<`)FVH_J[87ZD_^,IT4^:@WT<,V=O@F\L>`:9X'W13PMNT=W1[W\IY$;T@E,+M< MK4F()['K:D;R%1_I/W]F@:3!]FS=^'4/?9WY+='G"J+/^8)4?A9]?LTK7V=M M1EXR^-"Y)$LLV\7Z/K%TUC7*^^PA7V`B(PV1O&&;#QKFH<8;QKRQ[\W;;+Y: MKM/U"RM9A?=/EZA] M'XTW[ M.->6("[C>;R.OP*=CG M+\,O5WA>Q,$2(UJUG4-?[IAZ)YHT#/B'H4GCM:_#]^O:[1Z=UL9;)3`T!9D# M;W?35&7(QP[V?\"FV73Z<;9\+MI%G(8P?'5V/;X]O_C!'9_>GO_$IKDFI]?B M:@%21SM:DCY/&OG"R-CX'G^QP78%(1V*U=V+"Y-BNF$S#:PNK(PWQ.RQ*/.I M1O.[)8-.8-DT;A)'G^1*DH8*8KW=%#=IH.S.Z#SM`GZ!@[=6RK9+49U*TTIC MU:T&WF-E(WQWJ*GWD!;2RG.@:.:FZ[()I"8(5DIN[=MB#QL6@QF(I/9-5J M]Q;2NVY7^?DPM@6K:VIMNP_BX_G%^.+T-0>1-T0K7A\M*,OF#,%V`KQW%/E> M2>8KD6-CDQK')BL\I[,WM1SI[R M$%@L8$8@6:P>79Y&B`3.,0*9]MIYOY(Q[\!>3HW_.%' M$D.@NGK007ON\7_\Z[^)\.%`0TT7+__QK__^CD?*:4G/)+7,B,(_0^LMMG=T MBGFZ!@\R8SO&6_>_I?/5]\"G;3KC&`\]IQJ9)RM?X\=/,9U'\^03<^W8S%*P M/B_NH_D]^4V/_\P]MQ/GTX]1K!YND@?<(4>M)GP`>1T M\YAN'/Z-9L*>-BF/2/ND_Z-3@%M&#%9;6/;4-([9/H'H?Q0&6[\'LC'2+-<% M_>*.9\2KL6TB)\_+]<^>PRO"8$]T=&)FPP^RP&S]O7OS\TOF?DKIB!4PV5&@ M7W,,7Y`7F"F4J_F><'E-#&0\F=!R++#_L%YN5S*,@]G7,%\(%";TUB5"BQ`8 MXG[:3'NR0-N=7,X@(#.GD[HKR#ERCP#HJA-ZN5&ZPTKQ7A$2:!]M8W_/9]R" MJ*>S-)]K**0+>IGI;V5=RDTH%^9^2V)"1D+64S9;*H_Q9OF0P?SBK+4CFL1# MNF>$B%AXB?(]YY*VOUKGB M?41KUT0&1%%WM/=&"!,S+ZQ,/W1Y?Y\+.2TA#):0F;PUBFR!P"I=QB=RJV(+45>IBY!EHZ>`.I4"9?[ M.L+E:,+E3I>$7XOE1D_!-U)AF;T"F6NYH4>S@@Y7!"3@V9?>34]?>-QHNA0K M-@Q/6(P`.:!3ICT1!RP8?C^,QU=,](13S>F'3=9*H7M$/9\)O=8>$0,Z9'M% MA&`SIAM,0RP]A7F?2&6TD05>F-&*@1TB5$S61"\+A3>$<)YFD,L5"4=RR\J+ M[SFDFM/Q`4VQX%2B:PK;SXF7R_7C:',--9JYV,X4>2O10Y];OB"]+Y\KN8$V M?,O76U[YE5P)>W/D;*?L?WC*A-\MMG*;,(G,B,/BFPD(;;7RZ+R&F3ZF3_#C M9`MH1*M4`E4<#+R>\BUBR\:AB(*].QHX[9>"!4MM+2%ZL%EO)P)<(CD?Z3$' M$8O\V)BHYX3DYL`'`,KK[-Z<_*,`H!$OX%1VK(T:'!9*XFQ!5&^=,R'4!,20 MMO]1.`I^;Q%!W).Q9LNL[`HN`-`^0)T"=_;W9TSY&(#C;F=FV, M!J#U$Y_,^/B(2CQG'A$)ASYM"WS"=T1C^:,:F+XI&8IC(+!?"-/2E@TGQY:V MA$9K,>I?:(>PK_-QI0O,2V!)R^.PY& M[S2YN#$!"B1'$..DKX-1%'EX/9TSF#Q,-U].Q;1_]\+O_6$[7]$Y$JS!/]\K MW@*9>KW9KG@P\`8":N@>*R#]X?+]#7X0GC6&0"&WW[,QES1&)YOE#SDT3"!2 M^C,1!@0X,3!A^2:9**4]D;(W5]H=H_\3P6RY!5M@.86@HAB$PC52?HC^J&'% M*:FT3P%;SBA($@^X/PA6.W1Q+JY]+J`/BRDCC(0\;8E6MBV\($W*(T:\X=&) M_'CZ&*RM&`,%QNA<@0M215<8[&B30T&CA1,R$?1H<'>V7#Q`R%ATC/!2W0%) M:Y[[J'E<3O++TQ*0>G$S,#N$8*`:]8+!GIY=?+M@>=W7YZ?ST_.S&T19( M.M["6H_-#]5D#LF9S%_GZ10W!!8Z.F;(&N48$$#;QW'T."`H&.M(5G-GDN$&1COR&7B7?ZF$X) M>TAM?)&_T\K>,A+P)[Q:D/%6SDHOJY]AT9HMB174Z8<1?O'$MBC4HIRV16G2 M!-651!0=:R%K6^`VI;P@#Q/C8;@\=4B&5UNFD1`]MU4\)/5Q;2(Z[.4[YPOW M,X$$8S`:Y,Q8 MYUI`1I#04-BUNXME3^UJY*J=ZK_%B&)@[]R05IQ#=OF/?_T_+(&)IAZ33#OK MFMP,&)%@,E]MC;6,WJ0+3B#9/\2I&B+QG%/2@8C3K=E<8NT,$/Z8T>H0K0'X MIJ3L+[=3O@A;IA!C&&A%X;$`%GMMZXT)`!X1#(Y*8PG`T1:90DB_7DB!L?ZP M)9U%!NL`0'P2A!XO1KN@'AZ:L8X38^(U>8Y)`7 M,/=M(1*DNM8P<$\J][FDK^9>*VL-7U:G>EG;+S9T6UAZ[V'I[3DW)%T2O\*5 M.GMJ4,?[Y8P-P@#02@>Z,5'``:N;DR0G@>]!(G8;HS6MQYTQ:>=VV,4'>,@X M;TUM%/5<<3Y_/+FYO>(NR-1S'AD7`*1O%9*LDVBJIG[C" MYAG*HZ2K$`EEC3Z;?EM+IF&/!&GW<]%M#-'R(.C,TS^SVF@\1A.5O.1UAXH[ M#9;VG2/^(>*->A&.Q)1^*<-8?D"$7N-KIR1^SO'Y@C1WY5)^Y[188<1T@G"1 MA2-PJ'#MG0ZQ_EVP6S)B@4'TV?W M-@QXTUSC5!)[09BXX7#H!L$`?X:COG.SRI2-36YU,/"](=&]43)R`R_I^_Q- MZ`_I1D^W"&10]KDY4?)L1MIQ1CNE$?M>'(9N$HW<.!SPWTD4.]>E[VIE+(/L M)Z)W$B\>^&XO%>L#ZFH'\(P"I\M>UQ9%.IQ_N\[H%^W/9[ M'KFQ']">1C@Z6CS^'3!$C]QHE'C]X?!@?',;7W?C6].B<2BZ#3S?#X%B^+^@ MK[YY"Z[%A#J#HU"-.%XR"MQ^ M?^B&24Q_]VF5R4Y4B[PD"-QA3#<*GP=!%Y[I#+V0CB>B.T+K&D6>/TSV85D0 M>/$HYETD$?[J$U(TD2T8T8T.<+/H*@:>3]>%ODKB02>^J8R]P!OT@?[`4#K8 M,$R<2E8>4AF4@`I)HN\-XQ'0GE%?_FI#T2@<>A%3E]B+8Z8R7I]N)/U"LP3) MJ,*M)EH0$RJ.8&5@+P>;&\P4U4Z[\1U[/J+4K)JQ/58_A(A]6-Z/2YK^KK1G MD20$VVL'4U#JL`(7P6TYFU9$?8>X3K:>PU9B!G1?.:`#6XM:+U"85)$3\4>8 MZ.YY1A=0S5SC>X4CC*]N*ZR&@$M,N0DQW\72#C']MS`=8QWN.?PG4P8A+L>2 M./#.8F+,-G&">Y^HDY];7I6=-%+EOTXCW04#NW@-J>:)^0!=`EE>?#R^Q3TP]@!`2#,#-^D0@V@YH0+R#V&1"E'SG M`1$(B%8.B8#AJ.Z?`YU\#8LW'(;\V M\$:CH.NX`GDF(L1+,!$?F4^#^QVG-@P!B<"G_?D,!.:8?6\414PK1=@56T>Q MG<]3)(P5C=O?X#SIINW2,L44%0O&&I.8;MQ&8_[!.)M@-A'A&B8?UHS6\BTK M..Q#1@('FT[9Y;<6M\V+L[R;Y0]:LV%MCG[#O\OMAN9;I#-QEA.U7MH.![TX MQRR.B>@2,4'ED+WJ[AC%F^(/:C1,E&]-#LS"Y_IO=<2F/UU;#MIRE!`\L6S' M`J."Q9PN6<(IIH0IWZB_"*5&[C?\2GJ_4?Y;?HN(['+[0-H0,2"\X'WZ/*2%X+/U>ODLR$,_@DCV M#3['A&[XK-#YJ!2,?;4;$8KE[U8];`=2+BJI;8Z*\]3,R'TU,W+VNBJKV;G? M[><>^ZB7(9UN241K>-)*X$81$^-H"&W+@US)W[;2F)BD-K`"HD<$^4&?Y'A2 M^+V6\##:9?%(`L8)A)"*Z!4DODO_`VL:)FS\JHH>X)QR.SL%_,!9Z63E9UB; MV,QT0F\MZ/@D^2:'N8D7F2EI3Y-8$1P=GMZ:,]<>C8J_C9=<&-^5U-+X.1._ M-_V$J@/*F`V;'=Q--/$=Q[YA;TS+890NMFQ'F3JVC7Q"7R`Q,%4>N:ERCW?8 MP,69!O-804H6XB;@8Z$!9OG/F%;[N9Z7V]F4&%OI?M&OL$6'-NY8&U>)G?:V M$43^!%CAV*IRM\-[Z[71*T[H+41M=27*3`6,6:=G$2W%V.]>*N0*F5+*YWZX M->@3KL(MG;][^YS-GC)'T1WY2U,ADM))$\N1CX116AZ^"\)WJ#6$Z@"HJPC;P"#"0T6])-]RGKD0J2/P97H'PQ!?S=L M`1#/?=)L25,=)>[0'8!0!=%.I3Z,834"ZR,)&K3298(?=>GVL!D1Z8+%P4]8 MVR51+HY`1N-XGWX_@OV(1',MT.*_%EL245EBTI$/B;(/8X-/0G/HCH9!MT$I M'(KZ'3'/B8C(!GCOB-\\LM[MCT*ANCY3X6!$0FO?32"/#OR$M8\$\DTA*,&_D2);95HL;/.<*K MU:-AO6([%O=XZ..>^W%\?NW^-/[TY0P1YBI38_P)-=ENK[^(#^.CDFQM82:O MNBOKZ&R),\PUITOFL,RNV3YGX.=-2G=(M=3Q'OEAM:6\.L=VMBK/QE)5L.5L^Z"N+K++9 M5NXI/;I$CE>FHOL0]^&4(J-(+XUUV#9)!6(=/;GCX#@K`@(*OJ'1<'6TR6_S MLN)0%"<5+>8$&1XB>Y%0(;;`(N-T8]S6=?[+"2;&UY4-"@I`K-:'(T"IA$ZY M!4DR$QV?,%].,Q:GG.8^^5!(XA)C:3?FL3!C_"CII\=2LKK"7YU1P ME(73M0S`(NK)E(@_T?6[]1(_T.+UNLQP#F-B.X$7X7[747)4#]LG7G(4FU.U M.5D=P&C.,E9H#\RN?I:.@V;Y37GP<34"/655(F54/ MD@Z:$E6R@U,0IN$Q?>0`N'M@IW8DJZ%2WOMD27J1Y950=C2\#^<$Q](]L5%I M;14HF.3KR7:.*(*)UALG*>?^L:E#3=D6YEQG&/68+J#=0[J>*DW942LT2G'G M=G2P>1FL\Y@3"5I/'E]ZKF95!Z<`U(*[.@JG,1*)+KQ8.N72Q.L#G*!5"5;A M'6$)4:_-CJFJEN%9)U#_AHZ\&^TUT%CH\-WASG-VE..#[_GL?8V\84C_LHCS M)O\Y'.;PIY4?6_WG)*&Y>$Q[SO'<7N\YO.7\4OEYG_>$-^P,%G#WB)=[S]?_SHH\Z]"'QI6N7^C[Q\D@YTZT/UNBM M[DOQHT,K0B7!H+&3!E;_9V`B>]$9_T)6;2(2N`=OQD/E3>>0!O.QQ;DNKG1& MJ?+S/FU=7.G\4OEYGVL=^BH[U5^%A:$X],DF]JOGN.TZNDOZ4S M)V,AKIH&S^SRJ-\+Z!AG,_4J2@X)H^5,M!DR>YRC(.@EYBE^%[DLRW7^0&+. M1J+%MXOT_CZ?B0@^`V=8*VEB0E("`N.4QB]N?'MYKEK>;#E)58CQU7*&&#YB M?B^>HY+LJA9(\+XURXA2?L$(YG.6UI1]=[5>PI29.ISEK/F@70Q4)0_IO,%T MO%ML@_/W(DVPPF M9J13]%S+*LXN$FZX:OA%^`"@X#0S)?E'BRKV.-T0%HWYOJ$^Y$?I>J?5[ M5M;ZO>@N"^RA5-=B4WUCGWJ=]-RK:]08N?T3%_Q%B=\KJ-0TU=FMLZ/DL,[@ MRZ9&W#'B:;M[M%5P^:[-7MJT1=5(_2>NCPVKB=`B_.N\W^:"1CWV.@%`5BHY(J0$-.@Q"YZ?LD9/:[F?(24O@B0R5B9##'3F0 MA>A<."!R1[2(]@J3X'<01DVMM.FNDBIP1.PH'.X\+<0!>',;RP1\.G)V% M6K0KB5&VO0*'`ZITY/R'SQ-H=CU<]8N?NLS-A$3&$AR]Q!1%!; MBQH]XPU!>GY>DOXEF*$"GU-':I02`J3\7CR4FL?0"S.4U&@0'$TK1;4L,N<^ MG>B2OE.A&I\AWZL\N5L\XUK/:#E>I0LXV2\J^74CV,281/((@4EPB`5YPWER M*[X\$M78V3!?T]GD2J4'71F5=$57WJAFRI4IV#QMX7*8,)<(@FJN^4JA,_"L M'/\R;4\5*A`]8DG(NLK-2,J3K]QL!OK-;@FZ8."53@W8_\0^BM;ON6?CZPNT M:'")KKDW/XZOS[@4Q<04="X+5G+*P-G5C*EHPU+P365>'3J9IW)#V>]6 MSNOHRBX&#;$?G9US3[+K)M.U'J98#XP7G;MHM46X;%X@Q%1J]61I)TJP16&B M"F[Q?AWL5U,'%1^C,Z"S:>^W"2WH0H+OG+(8+=%DJ;>H,R'M*G"J6)E[3-0" ME.@=A]X2G8=6-O)&?8B@@Y`#98DK@=[ZS@%%6+'B8##P^E%DEU6GCZ.$.!3" M3XB;^`-O0#)^YRYH2K^7]/F?B*//>QP<&O1H%1K/_JOOOC&>05@U<.0GWBCT MP5/[T'7@[T'\$.D\L1?T=2A@XTHUQ_'B(6E*"2]J&,3LM^0:^",/`24AZVFD MOHYV`5<.);$/)>(@\UX0[BI89CI>7'=6';O-?MFX[V=<;'8W31STW.NSLH7- MU?79Y_,OGV_HR].S\Y_&[S^=.>.VS`N/*%:FS:DJ%Y!DD>5*9^8O[\NL1;:4 MG^80VN$_T)_3)L-53C;KCQVVE8XNTQ%WP/0(1'NLX]GU]=G'R13E*3G4Q*= M;\Y1^,@]O;Q1>35E4`P;XW1NMM0;;*DIJ>JK&ZAZ'/C'*9U[]L)I?A^NQJIT MD*H31N"#++54G1@4@^$L<40>VQ#%5<^+0KP_]5EMU#S-F*FN@)U@)&&JIQW'!57`S83RX:BH+VM3+F2E]U!RR@D)5?"F3.PL=[U+(?`)6 MSG&^@R!/#,U1@2S*Z*ZX'V(%L_5`(5C]_$(/FVG MJ_R\(#>PA+B!GPSA;4;,"4G5(U+/HI$7D+91J2%Y3+0E"1"_?1P@(&V$3[%/ MBLP0G\*(*&S??>>H\J/6(D/.W.!%]MEE7?NFHT#;;5L)^O(WRR.][^J/>JH8 MO7L[_L>S&SN2[E5U7ZI^7T/HCN*X-Z@J5$'2ZYMON-:BKCGG:"5-R&9YV<63 MMK!R\%0]F?+NH;@T^_YHQ&C8"[\1AT"_%WU3T[_V14I7PMEH/R3Z+\I*842( M'(,@F%1<4=_:E3O?9`/XT!ST.Z?14@BL-O82#A@%TO4'#IWWB9VV+0:LA='!)"["J M=T>7440LPF,FP;EU76.K90GB M-][.Y'[IA6M]I^V`B;5P'93M2FEU4F5)OZ+JM-$+BE7Q)6]HC&64JB-A^QM3 M:K[,TX7T)*]+/"D;-VUWK@:9NL"31WH._!X.B761SAI[L([;0^6%/TM8;ONB M62X@U*\R!N!6>>_BQ[R@N%`E)P[0(%5'YA.46JOXGE9&W7C,M^ M2='/!,\L7K2!P?;A"FEE,PF=(1?8N<^F'/^Q5/7`;`*ZSF@#2'@8[P@W;5HM M$4N#VA>+9268%]4H1,#C[:L`Y:;=PY*FVBMJ^A6!W99^>).URH(/ZQ259%&] M@Q:#DD2DR1`Z:K]UY=6\^-DNF%A&P;QXS#2FTS4'E9-$2=Q%6"+GGVQ2.L;E MZK%6GX-'U8O0Q1"=CMJ'8O\N1[+L%8\(/B`H`L'PJ_C2-LOU7,5-T<=%BD#H MYO36;(YE0^,RA2C"I+P3ULR5FI&"G2\JHLI!0/5"2O9(#`_O24+@;3T8KA`N MC\:X+YAD:N40F!F[MW,QWRGOB!!>76Q0;TSBOC..,Y)[]@*VK-5)7MA,U1Q0 M7A0#4J6=V?91"5Y0R^0,PHA+7C#F5I5,/C9;ABE0/'QJ(F2D2%54=72LT!)$ M+(-MF%@UZXA>R.4E5(\-G63CH'Y%65OL`"37)P3#LZK3R-`E&,S2%Q79+^+^ M0^9I*/%2>579+Z@16!8.M1'B@/Z%0O-KU"8Z8;"V7LDR8(LU8)17G:8;9.+H M1;IVD<99^HSC)-5%0=A$J2B7G/.COB1H^&J6_G&[0!DRH6XG,@D$DO*1RCG= MT^.LL7W\\?2C:&P5]6I6+,LBI00LZ0-CC\!B(,V(.EK@(^(]N%NJI#6,*P>" MXFC.<\;U8]WTX0%*5&TL#8EZ/FY9BDA"["0"KSSF>O!.%<.6%>1J.YT>243_ M5P/IKK.-!!GB5^>3S/:>I5[LBM_A[?%/_.?8;.M4;86C45/WGNO/EJ<`J]U3 M/5W&H%'K53(5MPV^L!8G@[&'F=7RY,L,2+-RZB>@@#LL&4RR%:2PNJJ@J[C;W!#PD M282M"[37QY0#&6OA-=Z2N=QVO.*-+T7YVD)8')6>C^0P7LY,*?6;O$.HDT52>[6F&8GQ6 M))+5'4=NQFYZ1;[AI>NB5[97C.L6Y9OUMB@K-*>HDC5[.4$,)(WW/EO/MT0K M"Q5D0\>P6G(1>L@R:U5*M1Q3@UO8%DPQDLRYO'?*6P>,:.$6*M`0,19*\%ND M&D/[I5>O4.C7C/6H6$D=`&I3":G% M&>IN=#1L_51ZC6\01<'%K9F;TUW5Z$NG5CV)4EG)"X'D"9=)99%3^[OL2EFQ M5Q]!58>J;!8V9AW?<9)N3G@XD91F?"O9!9N5PPZP-&9RFQHF5<&AZXM:B<^5 MPJ0:`%(D6BR4;5BIPL%U0K4*5Q6=E@LQ@][DP>5S*;';0BO9Y2KANG53Y,F+MF]J!6G7NJTBE_74325W.HU#(G0P!V#2 M(#/N(E_+!55YBXZJP/?2?$]*R55G&'.@+FUJ]N)9)7X5W2,LMJKM-5(1:F/I M\LIE?5.6B&,M$2=ODHCCKRD1QVT2HP7674*PVRT$.X<)P6Y#"'9>+02[ M#2'8V2$$QP"=C4]MF/G5A.#3\:W['M?DJ\K%-BNKFQAJ(O%HY#<%8H.]SIL$ M8KOF\AOE8=?(P\Y?01XN?ITXW!2%);_HUXC"X"N_C3@\_*\B##,]5-RF_R9N MDWQ-;I.T<9O^?U%NDYPP4/^*W"8YE-L,6F+%_S_+;9(:M^F_D=NXK=S&V M5?Q6O,KXAA%O>PU-V]R,G01+O86X-];/*QA_`(*[%=P[*I-D,")KP@(LL8W8 M,3V2)\RQHP09Q#CP''0-CD:5.`K&1S5`[5;@X=!$7?!,JH`UE/0*"M`V#$9+ M,'EYSAH[8(VPXW>M)!E<$CE."P7/2VRI,7H#X?MTLIUMN#M0A=34P.97(N_% M.6YR?U:FB9H#__A",H'YIK#M0.5)R=?B?L?8&8>EE$/#5ZKK!+BWR#--)V43 MR;%R>9GXQ3^JB+9+76-\X+4HT-I35HD-=(^286_DZ"T=F^QH#AJ-.&;?A!_F MO.=)]J[LGL2UGDT@",M!-S?GISVW(]BQ&I@8)EXR"/F-]RJTOUZ0118A/=0++5N=4@1$$W[3Y/50:0!T,JOM89;5PX%I2`I3X(0F5RS<-F M,2X=)L6BB,89<\(J>+*9FK;A!+M:9)#)D5Z;O`X]#U_)^@8XK[U]%VVX7"B+ MH6+%[-35:U$-]1S54%K'/X)PF@*$3+)7>1D@PG?4,NJ)E[<]&E^',6J(Z#U[ M;CT\"AF#0@71,5R-@;DY4*PHR4.%376<)7-FH7E%5HL%JSNI*]VO[(X@E0YL M4G=D3LM])/1`W)H$;_QUB@\J(J;!^)WS0=J%(XLU\88#KD(8>''""<-)Z`52 M8-1'L+CO:%I(I(J+N*-(%LJR1J,^4J!1,NN4J>MQ/P@X`M)+N*;I<3`DZA9% M^#A"%"5]XKBJ575!'-PV]").@AN&JA)B&"5B9.O`&76R?8Q'IO M]&78EU#/D3>,4/$5*>TC+L44#$,5,*9:!1_GJFDPSTW`\L-`UA'VO4$XX,\Q M`700\))IH3X-[AA^(_NSC\J/O"'7ZTT&7BSY@GW$I')=+J0'#$*S(X2\$A## MD$-@@P"9@71F0PYA+3$G[Z=22XI3N6G9L_8%2!&"P4CJ2!$"8/CS-D7!1[J8M5ALAMI2[;!1HM[]!H'"-5XL<6E']+N.F7?;,: M6=8Z)B()H503B#D;QJ!9R$6:<6WBD6HCT-P60#^04N])@"CIVHGAI-K?.M+O M'>DW&X&Q-C)%0R\1!"2D[`>#DG*-N)+]$-':Y3KK/`0('"7(B`D(K_KZG@1$ M19)8"!M=V'BH[D1S`$P<>\.`BS6/B,H,A[C0O+.VI`^W;-I$$CK!_N6$:_A* MOB?_38Q'"\K0!^NI9KO"LYNXT)*06M9:T5D55B:*JS(&^!V)[S(K:6]Q0M)> M2[O%V\=M4:OLPE6X,M1QUF5H'%U"%.)#W1EF0Z]JGR"F,URDG=E,CHH=B7T/)X^(VI]G5PI'R#9F6!M35.]@:QL6MKHR81X MF51,-5HGG-E3%G9TFS?M^%?!?Z)?JSZ?A:/3=DPO7)66QW6Q*@V<#:%6710= M/0%W.OJ/?_VW\_<7:(KL:>]R:F2S2O-4!V+9WL!_G2!3N8[U>-,N2%4DN-]* M@%.)(Y60BWMM&">&%7A#KNL?(44@,M12\=58Y^+7;I&Q/<`^4>Z(0^P'P\C\ MBUMSMVL%:G[BR@-4F):YB3DG?;1544=9`O<[YU2LC5(.BJAVF'!R9'^$,JDC M+O9(3#CD('^8=22HX!@I-BRF1,.$1122PY@N$[4FHJPKI*@)%8M7#%ZS=\7< MKX0F=RR)UCX(4=V5A*$$$DXT0C%)5$FMK(B8$PIFD^2,+BS>L,]U:@>Z*"4# ME;X/((/%7!!J,"+Q)L*>!W%0A2Q*_I4P58R/6!$24BM_.5>S[>[3K&!H0S)Z MWSZCQ6S5K(UO^";9D>):RM6Z:LN5*:P[HPLE2\F81&P9C/IYH;1)5+NVLC7M M"413=-BP4$VE8P6T<"OV)/9";500BPH\]4R&T78V=3B6!3%5THS-1#9QH3%P M*W>!8!AT6JM$C8]GN)H/CZR]2_P*=Q4#YU!5ZVV?$$_6TE?2*?M*(L%(%X&A MM\ORY:K%@J?,V`M5."XOG.U"9X2PKZ>PVG2F;"R=YL5ZNU*MXKERY$SW)R\5 MT[+G>1 ML0A!@>4!;CU0M5X3CM]E4IT4]8[$$Y)/5\M\L=&.D,K[GHO4G&W+:]"M-$DRKSGT8ZM$ M:?E2EI76Z+5A&OM0A(46.9UE#<<,;(0/8B&4M"M$70`YUCG?\53K@U;BA>[D MB)EAYE\N[H$M$U-A,E\XM,]-Z?42R'G*K[J=<6U0-C9:%:X*Z?>$`CMEN@`' MB9*$)65)=`*&!J':ML!H;"SZLQ=/X9G3CF>JZ(L.L:D2@W+W4^<^?5JNE6F. MMK:4DD+50)4*A"K.VR M/7H[WXYOO]Q>7O_)[NR,,E?79S]\^31&KOZ-%/6#]U_7"3/C5ESIBU1Y>=0# M6)+4#W3L/NJ>JC'(D+`,F2#U,^U>(0E(^!+J8*!OF&:_9:$=74%9^^";J]/! M"TQ:'3,PO*$5(6A&-I2A=U;Y)Y.G7J*2M24F#;%5XI#I M0]2+M0]O3V6OUF.#T#9=SO-)/I-4.B.3ZC`]OAW,M=*-$EWMN]'025MG,?=& MW0&%AWP^#HU&WR@"^4#"DW+;'`56$!JI/_XWVA5F)6S=3`AN#VQF0]%X9(77 M(\?<"TW[QTHF5"ZYLEY,60P%_;217'@@0OM#65['IGC:(,15VLKSD;A[IRS;1H>L.E^*!",*Q#-#8@4KEI+T/WZZ M/+^6)2"I.G.LBJ*9ZNFN!=O4#G0!^0$;GNB0MY>"UL&IGY3@&+4V8"R<,JY'LH/\Z$)%,L(+>P=S,LTQEDDZ12XR?R#>J6 M4-:<,174F1U8N9QB,;/FX;. MG0^_HNX)"M6>7G[^?"Y=PUF,.KUDD>KLXO2\:B^5>_V$33/)%L715-T@0(+` MZK`1.C(6\24\DC,_4H[2W*Z+BKA>BYJ<3-;HC5':WZ'SZTBPW7/F+6XDIS,X MJ5&%P=55)"R[<+IPMHM2SE]N-U(OD"LQ<)K9'?\@:4=$^B0.SNP/4'6ZFEJY3EKK7 M0N<]`6NYMF,/OW./\W=E2)9CC?P]_42_:9(@=7BY>C7IACGRX3BAOZ86\EOT MVI]I>*8/4R)R]WN.?^$46"]2GC_#P[#%;3).T6T`K[BK;) MX9>EWQ]XS3TG#?CR]L>S:_?3 M^?C]^:?S6]SMUHBIKE8$PE;;Z_'%S?A4=-=:\*H4S9,F0`0F?9$U M"50_6-,[0J29F2LNJ^37)1=#QNV?LIMXJ5K*V';8:C6,@FU24@*4W47-_,)* MRB_BJ92E"]=AS9>G3//ELS"9F5*+4G5@9!(H-F!%#E0=&JT06*8[4R$+WK&Y M,?4J0JK,Q$XUZ&BYMB06TV:RJR&AT_!3JL[=M6!W*;8K"U0%=X6).$A#5Q5T MIR8`K"PG#'%_X/ON*;M]20CEI@$>B?)9STWHAYM-S[D"B2KNMNL'STC-S`;3 M2LUWR_HV*6L!;=9++O?'^UW_< M7LHF+$."J$+@@"VJ.*H;DFJZHY.J4HWG$V! MWA+W&7*"H!,:"8]MA-K1X"CJNR+TR^RTGX^94@2L4&L]FV<,:3A+[EC*';,Y MRIY[T4D$IW95>]7E8516L9VT.%E(J+-T/VH4HB8-=?F2D<*IDN=1;+]%UBY+ MP(F12T=Y24_/@VHJ2IF.M MSZ1$,,!HXKOL,9W=F[C:O5A90^A'7J"M[Z'/Q>L]9Z<975JLM'^[%Q\'/>X+?M MV!OD=;*5Z<7E]$E=1M'P(_B5,_%%F;*,3OFS62=#2(U@[]1MW:ESP$[=KE-2 M988K&U':-/?`@28G*J+RD)3*]]T2=BM"QNH&2?F=<=L<880H85*(#HRA3-K1 M1K4+]!S[L)DE9%P`DC,S]+36KFUD;FSSBRI+676ZYT0AQ'`)18#$ZAE3)40Q M/.<"L.U*;M[C;CC9&.W4X00A`WX$52JSW"N'.0C]DV8^RI'&O=M%(VEHFU4/ MDNW4-*!P7H'J70C@J,;N>(%[4SYEC'$PBJ\T'S1=*Y?LWV;YA/Z2A;#;2B6: M+9:UIXM\P64RN9"-L5D65AT3?8'M12'(9E;93GG]ZB;^*K7FSB><',EF,1;- M2-1B)YM435'4V;0MC@A^"9=$OBFMR+4IVR,CWN%:.T M>AON[&OHJ:C5EH>LM@$=Y,8&"1[#^H2@&L MBIY;^DE2#TWBTDJHU>MW0DG7IB7I&W$&8GW5KU08XP/`I@3\A7G<*;O0D!0[ M'%F-5L1[S=>>\1F)A9*U&*+I=)B@%26GL39W]-*]'W6.'4(%]N/4]U,_>O`, M:0A4658P%%$$]J=RAU:?G:0W'%H;K,W=TTO'QB7SL6L/R!8VB;\`>#(`Q+LD MI?9#BO@=)4F*H&4?F'&/X3:U'YY;.SQ'HCOBGA\>=HY>A)C1@031'X4$O]BO MB\=$\O)U\XS_L)T)I,;;!]3H.AA68;!3JFR%5=\WP2M!\NMA!0`I6!V,\T.D M2HPTI!!\[,7#>N,K`*8"CY:T2C9W697`:?#WUZ?.=0:3NV+18*FL[E?$$:6H&_P`M($H!!P#W&Z__QK_^&/]C[6Q;<)TK$E"RT M8_'X)9Z^U*)(PQP&WB`:=)V&"A(3\T6NV+%E=+K2A@"QN#F,PJAQ_1HC?LEW MG<`+1PE:X.@%E?*9T,ZT8O/"]-4P8ZOWXL0^8VW"DW?'-Z?N(!CJT#>YD^K( M32O'2EY]%1^-7Z@:<2'K*VK\"XVJ*W>90VG*(`\,[:B.ZI49JG$-V27NYP MJ8+93.72HN5*6KJEH$BR-/8D4I>C#1-6NEYC4E:IM/5+[:#GGI.H4YI*5$RL M/,9B.OL<\.ACOH)PIPJ$U-]02K<,S9,=UBVQVDZK)[U"W$M%&RX7%BT.X[::&%KRB)*1"*)Z?80/REE76B?%%Z&L M"3WW8EFC=Q59AI02NT."[E=9>9;/TXZ#@8SPLQ9\2$UWE#&#\:)"*=4/)<)[ MAG)E4T<4%(@SS'Y$M%C8Q0XTYE0`A!4/]MT$L"M;E'BM.!;#R=IV&>XZQP#-#5B]?(U)XD-U\EOY82@KQ5:NLHY*V:)#:J>[OR+%7C(`K5540N3\=U$(]:S4:P M;*-U3D7N-$(Q$:Y6DC6MMMG:UYF[YXZ5D1[R096`.KL&WI&5[(A;O[YFIV5O MNDOEB>XNR3'V]\B+,/62(2FX2>!^X\:A^XUS]LM*Z@9J:5`+`THF=(->G_X; M-,E8+?0'7JCZ=6PK M(3HWTVU+>[(,>]B*/W*-1N/\H*X4\CO/E$(P1:*LV`BXQRD!-;`G:-D`T79? MSQ#VAGUKAI]*BFG+M%WA)/SFT`O\4`U5TU0;,52AI.+08-N%4;24\;I=<&S? M@G5\VAE6>=UK"=_.&&D+Y?J0J8U1']J'8PGDM$*_%R:"SO7@#+/NHSB,K-PB MJ_Z7V'::V^ELQ?C*/N-U&\*X:E:YT84]Q^RDJ#_]7J>4T9[NE#"XWT(QZE4: MAUY^=&_./IV=(MQK?'-S=GMCC&--BYCI#M[J[U?$.Y/HIO?7IZYE$Y((\726 MLVU%[$,L4%]+S'IJ.L[IV)*];$Q:?LB3A1BZH$ M@#@Z]H6%>XGU8@['P59PN*D-5PT7[`HYZEN%W%1#=3$LPG:E'0IB2[/LD)95 MK6*]Z;(CL(:C#(VU&U[.WQ93]Y`^"$].Z;;!N&H"`&F;(,^""S,=5&2P0^./ M]KHA!+J6ME)[#;C5\EHUUA-V]`QU%B7&IY78Z))P;0.4W=Y,MI'*0A!7GVK` MAYMAL=[F]5@LEFC(5@9KV[%3*9I2Y@M1Y,H`*GA297_N/V6KQY=UK=&NA,SA MJOS36%T5U47BF:2@V/]O\C2;]YON<:63!PM')E)'A7G%>2Z2_#R5FHW:K4CEI$7>2;TH/P^IYP MZ1$E6XN(8-<-Z#DZT5\9$1'J?L;.F^L0"C[Z\=%,Z!9HZNO%G:^>LQAF%Y)QNL M(%5!^%?B*50];Z]4H/*[@YYG.H2%@<=-W4JYO%9W:JJ\V5-C+FOEAON#D'2T M]GXS.*/P5QYW[Z=.JI(+=%^@#LT#D$R/:5_J&.Q$86 M+9PW+58ZBV"Y7;O4:+OCF63"H>;2\W+]L^?PBC#8$QW= MDCOJX@<5H+G^WKWY^25S/Z$@^94I\:HV`O9IHE?MGH=F-=^[XD<>3S@_H03[ M#\0:5S*,@]G7V88$;I7S_+U[61`I>2F[,,DC[6F#`)D5KVB:K.J^WZV](LOB MMPA2[4B3EJ2/%D0]Y>P?!052V.G&B!NFDLQJ^5%4"+F5;()^F`_<3]:IE5DB M1*RP\'_O.9?;M2[KB4V@[:H*A7T-,I:>1ZOG*8LZ+M/<,OM5?":.=ANIC#/M M-M`/74JT;B55L4R<9S[&68!B-?VC$)SM1!4_*2/BQ4$#]X'&6TIBDADS399*X4N:\8X['BHZLX<6U@( M#3$I:(4.HE2I3JH.#TY9V.5>2MU# MXR\KG"]U#?9FQJ:4?>&$";>:,*'/C6T;^5S'NXJ@HE_YE5S)-')"V-DD%9>J MKJJL)]&BD9+V.3QMH>*0G-N1;Q$+3H8C"%@H-G/9+ M@6W:)0BTXL*Z]4=ZS`G\DW^0$`EH0[/,#5CI+Z^S>W/RCP*`9C'+RHZKY78D MDW6=5XK!5.IQJCBN-X@@XF7LB.WJ<;.%>PAQ+-X:8'A2UDZ[8MOG=>QY[?LL M0F>I%K)JU.003E64P4Y)%Q=LNN8*#I!``7D"],G?FQW=YP6IHLZNH+4>#6`Z M<=-"B$H\9QX1"8<^;0M\PG=$8_FC&IB^*1F*8R"P7PC3TI8-)\>6MJHZ+;S% M*,W!QR6U+%AS9U%GO7S>/.I$$:R#D>,^EW1ZNI_"F\/C]-UQ,'JGR<4-")($ M7XXGQ#@1D#2*(@^OIW,&$T?OS9?3W,[%_L-VOJ)S)%B#?QH3R@V^VJYX,$?D M^M"$5OSA\OT-?A">-2XXWP6WOZY3.*2$/N2J&-?EETP; MN!G]5=:<*IT(J-CU7:KQETJC6&WOZ#L%MEQ5X')2U7VB';IY/0M#>DX7=@J5 MT[IP-*KW=(5',`Q/'X.U%1.B@3$Z5^""5,W$#[[)YR8E#1H9J6OHJY))^%L[ MAC3,$8@%5SPN)_GE:3EA4Z`VG6'!K7N2U4M_1*DI+CQ'F0[3^WLQ!&B\43A0 M7TVJ?V*)KT66V14N82!?V.*Q1,S=_$;)\P'"F]S?M]DE; MU(LRVH`CC!1'9HB7;^:FFH\$#*#"0S?:-`V59C&D`(C5@Y'UX`EG];)5XJ**6D>SPQ+8H MU**P>]C/-X1&Y7+2B!*BDOR./0SG7&=G-M^_9JRS3BC^>VRCZ>PU@A MK]O+;T:N?C2#6N=P8W#@/9("1"0?W[QGD5*%Z0'W'A"'S\42%Y:3QIEG*:9C MT>VX==@O*Z`ACSN^^<+#A_^X[*V]- M1+AS4[!).GA5`C4=P%%B M6RI?W]JI#<(FY<[.REC>-B(J5QAA0N!<6Q75I:ZU924L@^A42K>YU\H4T9+9 M[;5?;*X[6CRZ]_`^-F-9RTH:9T]M5+7Q0(6:*J>FRD(Q:1RT+B"$NFE)N#QGD=G5X9"; M_;"$0;VS^E4S,^0[YU06X8[U(E05^R\+)$GS8GX@^E4TOG9*(-6K2K>8(,1N MP'5]>+78FUC*T)Q+R\9'B!#PN6]#POTY1NPOCKQ1.)1*<@5*TBV8;5G)3*A; M(1XP$NN1V"4XE,3(FW##X=#E_B*Q%X[ZCG+M053A6Q\,?&](='&4P.^=]'W^ M)O2'=..Y0$NNC%-SHO39C%3##$4C@J#OQ6'H)M'(C<,!_YU$L7.=3;-LK@)% M*IE2!8*ZXH'OQH$;]`?X"R6TI:2SY("K)MG8%SSL0]1W]H;#T$6%ZIB_BP*? MR/EBO6.:*(FYQC:]D/@Z+SRMATATYKVQ/7!:?'X=\`0/7*C4>+UA\.#\`.8[I1^#P(NO`L'/G>*`D(P_K#B.X(K6L4 M>?XPV8=E0>#%HYAWD43XJT](T42V8$0W&K7,T64E\'RZ+O15$@\Z\8V(1I+@ M6;36"!A#Z6##,'$^$WV$-Y<4KW11RX[O>\-XI$N1J[_:4#0*T8R#2X^K$N2T M\A@=6R*:)4A&NW@%I+7K*IX>2_^$=R#*G[E&M\4O3A51/H!;%(I=-)S?R/LT ME^"!:?'QK)Q3ZH*W,(*WU9LM#8J]LH&`4]VJ1?J9V9!PZNY]HGYI]_:G^EC' M5)Q4Z/O22"<.N*<3.J(`6Z,6S!N&3*M&)5HHA*A"DS#?IR?1HX7PE$:4\1K3 M'P_0&P#C#=UC]&L:M='68SQ$."8?@D%(GBJ[X6#/HU,'\-^S&7[ M*XOC/8^X!<,0/;.P76[5%*&Q4NG2-1D'7<07R3$2(EV`B/C*?!O<[3FW(O:L"G_;G M2_,G;JSEC:+HZTNC(`1:<8&!]K,`I97N[&A88I.=!J-HCTR\4^51U,3J^9?2 MQ3'F'XQCA//X61;FHC]0=%1V/^LK[._D"C4P\[%[:BTNAA>KC)*NE\I9]E(* MBQ2K=":.7G&.61P;U#B&HARRYS2"69.FM(*^KQ/E!Q),L4ZG_EO] M1M&?KBVV;#DN!%Y#MI:C$RRLN]Q$#*G:`2)2Y2_"Y1$B5KMAF:0E MNB]]:7H6Q_0^_O#C@1LGE?>MQTU+19U>192-Q$WTJZ+WZ?.0%H+/UNOELZ!+ M_0@2U#?X'!.>X[.Z1T>E'.NKW8@,*W\W5443.8M;9>'Z.5=0KCWO_C*??<>E MEO[N=ROEK?Y=JRJV`]&E/K.>R%&EFG]+SEJ-J_SKM&ILI=:CB#E+A`YLB>J. M2-^V$LR8!#?P-83?ANZ@3Z)\6CQZ8AG(C(U*59=`(MH)1VK;TE>`+CZ^"SX[ M2IQ+Y=E"&UO:)8P$FYH05\=3$BB,,3"D#@U<82(6_<-^XZ%*Z8N:9_8 M0,#"9T027C^,VL?TY-[E+2,P/`;,RCRP`,!)>A%"(XOV^=L M]I0Y"OWD+XV,RS5D\LRY,&UN=ZAM[D%/?35C`@N(P5"4T)%/=P,R/_Y+@C(@\#[@-$U1G&BSH)_O4MLB%F!J#X-$_&(+^;FB%$#E)"XU(9QDE[M`=`%^# M:*=Z%\:P'X"JDE2(*^/RO8^ZM#Q8#PB#H7N2,@F]A\23.,)MBN-]FMX(E@02 M-^U>3RU6!;IL1/\C'U)2'VJG3X)@Z(Z&0;=I(1R*(A8QZ4'WS0#O'?&;1]:[ M_5$HE\_GRT@J9$S"7@(9:^`G+!&3@OGKT-8Y"&W;G_I:-HD@X(P*(3"DEO.? M+$B.WH*TC'0#XM`8"2:?P6Z<'0W1G1>MUH*D#P&$R#4H8-+`6CJH,.`>M7W" M(Q+D(^CXHW"W`6Q(R#0D/C/"ND@-[[1*X,+0"D;HH,O(2NQ.5&4>@`YR1ZCX$I%P%6C+$>:0]T)I^4JXR.U" M4;G%1XK* MS<;!^79&WX+=QSH82RI'VGY+U:1$266JJU$9+55*!BA'@#Q6VY_'*8HIW6HH^$2LW!D5,JUT%94(*/5ON/T9'!VF%?0D7T^V<\G,4&Z72;K5%5[U ME&UA3W4)TXYYX@K+;EE,7!SBO,*-=GQT;D<'GY7^S<<\6R-?^&5'6Y.ND$`= M?Z2>VEOGPETLG7)I.5?A4J78/G'%2KPC.:-1KTU7E"O"SSJ!^C=TY-UHK\!J MH<-WA_L3V'?`/<>Y32+XQ#"D?_FNO\FE`!\"3(SEQU:7`OH:XS'M3,!S>QT* M<"#P2^7G?0X%)D3B2:B2L`9-K=E!E1[&^F4<<^I?''M#DL$%.'OH+-[S]?_S MHH\Z!`-Q+V@OPSXZ>Z3\"]8':_16BZZX%B`>H*!ET-A),^'Q/P$3V;'`^!C(?*P'O.QQ=\@W@5&J?+S/K%5O`O\4OEYG['_:]"$+>84@H?@?KPVY49,^#=D#L1T7Q.U@?]J$B.M[+I4+5V4%] M/W7N:Y([<`Q8K@JLAYIZ",/?\?[.J;+R49@_5!!U9EHDEA)!N]6OE5>\K6_\ M)\YCA<0FQX]_G?>JZ#C)9\EH)/_O2(@'#?5(O/-9UP\KEO<;_@-M?F-8=$FJ M5'']]]LUL55=^=YLVNV3ND$ZD'.;+739("Y$CNPNQ$FLZ3K+D<)?-Z!!AZ2W M_90]'L7SPAX-&W>)TO>"2[5=E--$!V"0`-LF, M2+N:R%'GLRT6?W9U_,L%,9UJ%A&PWH511[-NW]-N8Q MV5RF`662^;]3)B*V-:4;J3.MHUGM/%5=(?78]WU(>9P)3RH\^SU&NLUQR/Y> M0FLYH?70'WBD]G;O@J;T>TF? M_XDDZ9Y]G$&/5J&/\[_Z[AOC,4)Q$I,,+#4'?%S*/O@3E%78U8E/Q5[0U[ZY MY_WC>/&0N%O"BQH&,1M=N'SVR(-1-&3>2B+':!=PY5`2^U`BCI7H!6&C\I_F M=%>B,533;(M="F%I0Q_K!O0Y:O#L'?##U?BT,5S=940$+)_H7LAZ_%J[,0QD ME1VHI;2\HNB[(WSEKV`@=VMLZ;UI1Z\+6[`0`.> M/L4^\8$\$CZ9S)M;$6&7)8!B^RSU:(VC?->#F^[;?I+UDW4H$U+!>9 MZI-J<(E>4N4>^'1WM%S:XWFT(Z(GE;E@[2:FYQ@0;FA.,3M\:V7%OTWX^-`< ME"1Z=!-'0H=JV\AB9DSZ6%]TDJ0_<&CC)W94LQ3[7T@G:]U6//`".+I([0EM MHR$_0W+*,%;"?UG&L5*_8Q2RGR,9*D])R#%LVF36`@]('2.8>(=`S^KF*J`R MOS0QE<3HQ(>9._8#>]'P:XM*0`)'L%,\`>VF_]2JHY'O]I/65=LUR5%$F:/H MO,%`7.K-#;*6$,L9^O-)U2I0Q*)#PUJ7&G=K+5C16C M?Z]M$[-3 MV:++[FFENLPO5,FQZFVKV_@Y/2),7=571"3#[J2K-\,0^5G M#:.$0^)`4MC=[YP:T^.V3H&L/1W3%1F-^HH)C`9]KL%T3...!LPD^@.2E8A) MF(T=PX8>282+3\_$B3?@>$Z"3:SW1E^&?6$W).%$"(Z!@6C$%OZ`5#*YDA.T MX2,EER3/!2(PZ9Z1)DV*'R_`9Q"";N?*JVIM?=MZQ-A0`JOR(! M&4=8HXC$<>R!0^D=!3XC`^$3?"HX5\21>@'A)^^GXJ)@PP@M>]:^`#'I#4;B MGB`$9D61MAY&$HCD!7'24!G+[HZ[R.(7:0IJ;QW<;%PV!3W3KG/\:%BI/OA# MR"+7$95.%/MHG%/2.+>5QC6:F+JU)J9.9J^WY>*]1:SXLF]6$V!@(0L1IE`L MA#%K2P;90XZJP^6-1RI:NKDM(,!`(EJ3`/)B#6^`+^UO'>GWCO2;#0'(1NEH MZ"5R#>AJ](-!23]''+`[A-Q:KK/.R7"-H@0:$TE'45_?UH!H61(+>26R$0_5 MS6P.@(ECTL$XNFY$M&[8<*==*_D+-H4JPAZ@,W6^_$J)UNA&5MVX3:WKUMJ: MJW(X%<;Y6_%-I3-XM'ZMZ]#^548IT0G29SGR-(+L&QGT4.0LUM8MNSR)*FHF M#7X7KK4CEAT'P\C\B].]V[4"-3\1PP'"AF1NHHE)'^'RIM.A!NYWSJE4!!&? M%J%IF+"UH#]"T,.(7;=$^T*67A$A*/%KQ]"NF#M$PX0Y`[$_1D1"3\)";>95 M$RK*JNBJIJI"4QU.2NM<$JU]$")6@WA0`L82C>`:1LQ#945T&Q$%10(+HNN] M89^C3@;:Q\#L+Z8O5J#$7&5"'L>Q$$5LBAO6<)4W72Z>[#05/YRKF;; MW:=9P=`&0WK?/J-%7=2LC6\.;8YPD$S?T@?!':,FKN=6"DQ[[">7<<=E#=/4(M9^%R)67C]<%8TPY6)*KB1 MJ(+7CU8-4]@UX.''K=L)EG?M3<.8G,E/R)F\JN1,[GT'>9:>RWU4N>.U@,$N MC'$X57EK[N3KZ4I;$MF>9V:MU*"1V77(3%Y+;MU!LQ_R8F-%A[STU2E]1[;9 MZT^J(P7*/H:).WC!S*[A5YIHJ-L6#U]\= M]7R_D:]U(-P/&#Y.=H^_^P0.F"",=T_PRM'"MM'4J93OUQ\(?+]K%:WGTDUG M#X3\(0/L!NTA(QSTN`).]P-!*VSBUG.KD;0]:8.O)TPB+C8RQ;J782RZ;13[ M%1EG#7D2Z76@R_SAS,JSZV+>XG:U`=0M4ME`?$7J6@G//0*^K>`HP"LVTDA- M)I6Q9]3%/<^62D[)E#RWGONCS:-_<;O&Z5`*.H?JUA8.?J5]Z?7T)#J##'6; MWK+VKK%V+?[U[W0GJE0EC(-26UY[.^VE:Z/`#1=KY:+ZG,IXZ>D.*7/( M+GVR0^2GHWB=`G;XN&]7P%XQ1X<"=O@(!RE@AP]WB`)VN*Y,`QZH@[UJS&X= MK#Z,RH`Y^/?#=#G9]%S4+47S MTD;^1T6IJ=;.XK[I5N<%9,-PL)<[MRU!]2&35IWMM!P)YA[W3$;J-IB^?F*8 MLE0UZNTBO;_/9SF[/69P0*W;96C5(;OL-X]0]G3V]:"Q*Y>G*A.U/_EZ,4B/ MXW%+\4UMN%TR3C5II7DM7I6UTG@=#W0=M\GLV8$/DN7SHYWEVU#QR]%=K^=N9_R>SD;)HJ[ M&@!^V)DII?3EQE8FJKO<#&_\Q4UW^<<4..BQ3M"(ED6(EW+G!MW:S;0,^HL+ MT#96\?"`9`BT$ZOTR6K(GLT\K2JE."0CJYUN?*MS5W($[>5H8[B;F'2F$K4; M-%Z5(?3?FC$;.])DZH_N2_-I-Z[O2^II.H3*P!<3IGK-S(*W=^!E[82O/?YU M&5BS^P;L2]FIF+[>DNWS>J;32(QI4(%]23"-V[*#EU336YH&+"MUY15B5&,% MTM9$(DV!(D@Y0*A)_<%HV`N;$D_4[T7-;[\L=`<-C+9:"BQ:RE57]O#J1)LW M.%U:DEX:=^B`_);FABL.K5:[9/M=;QBPA4\#4_(%R$V70PJ%A(#V'3NJ\B%_-O$8\/>467BI&O)9HT?%WM'K!AV[>? MTA=L_CW'GG_\\?3C#A6DAJ0-(P7>YO&ZQRBM!YSHE4M?YW;TJ[\\:MU6U2`Q M3W_)Y]MYV0*"B&(K!IV9C@B-1R%#FE6J#BNXDX@&AO:P;0;!G::;E*2OY8K[ M*W&'3W6#[7O8=5V1]::PO56^+Q4B`NTUH8EK;L=>?;'[%4+JUQS^(>,=@`&# M5F-/]$U'2-&K%AFU#7U6.8Y7$K/XJZRKP_5<[:':;\'=";N!,@.97RN)C1AU6ED[%MA8MVK"VVDTJO[\BA.R`&C#]R!@ M-F=]`YTP;0]5H^?7/_BV>6^VB^(1`A&;]ENZ4'>&2!K6O5*2&I04$L0FF6&/ M?W&[I+BKKG<.?M"SN$/#DA:T7731"AG;%-_>A0:=!-CPBHK$TS7D6&,-"QCJ M-!KT4J)M=HFZW5>Y9I9U^E:6]G3F^EB%^SAEJ[QNO:7BTJGK>(=/^-7D^JI)ZJ]5'N4M MSLYJE8^F0P$9Z@UVVBXE<-9YFPFO5KJC\=Z.$AWM%L%&P8R.?9F2&#O,,I4J M$VW3=12$V'WD?Z7*#Z\_\2#!\19&%=J]>:SF$-K`>]&"S:$+7K+7GVF?< M\U!WB8.*2VA')82]3A';@=S(T=8.B!%%^;,$.Z[O+>_>2OK4+ MF.VRMNXJ6-#B5FE4"&C<9BL[O\5HIA/R&S_5LOP[EUG)A.]`7W4742C+#ZPWY=B8'7X/R;77]JA+R)+JHCK48#^F6Z7:#* M>\,*_S%]6JY51:^G;+9<:?VM1H\[_&9@D]L-,MVL1L=XYSI[4";,7[7%/@L2=2\@+(M'=P/^&1Z'!=OC?RH7N6](N0X"6*4VS>9''6!=O&7:> MY@MX>,4>)3T+7@/3EC$;QB+.YK#]O:\.%^QDL*6I(!E&X6BZL&RL_R.&)&J%X6[W2$B MAR_/PLWTU@JBSTU,/+4?!W@L-P[=<_UV`Z0JY/G71%QL'[J%BS]L9[M^7)3> MZJ;,\M+]IBC'R+SATAB[_;J50O.>#J9*MYO')6H\M;#S)RDRT5EWHPG\,EC* M?5HRQ+GU89,&+%"OI!F-\L<4K>X)LR^[9[FQE^/M6H\\J5K/JP(OJH@/:2\* M`BW,Q=YNILMW-)TY\H/XR3Q=2*;%6S7)LJF*[<5:F)8R9I?0ZH0#/,!:==>U MI0]ZM5(6A)=8QJ,US27%8QE%S`M];H[2E!'*KC@PBR"2G"O7V*O3T.<(Y,4B M$\K'Q96M:):&J&N!J7/@5XVH4%/=D]*<\/[T&BH%\2ZYYRK./B_`54GB[NV, M\FX;L5*3J=OIT%41ZM=0("OHM4$J.%#%5[6*&JM!O(RN6K3KQV:C5^O'1O5: MIEUAUYQ66:L*!,;`O`=A&W6O=I([5Y\ MX&M>ASX6J<)=[?>MI21UQS*,!&5?Y\[;S)>KOVHW(&NI]=O)6[JJ:%^*@A;']M1 M\JY!!Y)>OS6L.6FI55&ICU?_M?5*O+9VWBMPXG5U]`[#C$:$NZ?JW36-%HQO M73^;6G:=#U2"V[N>:B]>U_5T1\&^#X!U)6U^7QC_H0/]T$X<#WW]K$MC.'B` MG1D"AX[2#N0.L:)2]E!&/`"@NU[>O0D[>8,+1\R$JJB$@*]G$'JO2P;:,^X2 M'"N9E=B/*3JX0[MXNQ9QWJ$0'CSUJP?PW(457=2WE9G=P MU-7.-+$#!B15ZD>25O+\0"&'B.;/V4:5*ET^PQ:E:__L`%]4(^_?%L7F]_\O M4$L!`A0#%`````@`:89F1V;G"E<6`@``(B<``!,``````````````(`!```` M`%M#;VYT96YT7U1Y<&5S72YX;6Q02P$"%`,4````"`!IAF9'2'4%[L4````K M`@``"P``````````````@`%'`@``7W)E;',O+G)E;'-02P$"%`,4````"`!I MAF9'>!P8QB\"``!0)P``&@``````````````@`$U`P``>&PO7W)E;',O=V]R M:V)O;VLN>&UL+G)E;'-02P$"%`,4````"`!IAF9'R.D@P[0#``#2#P``$``` M````````````@`&O4)K'/@$``&D#```1``````````````"``7X)``!D;V-097)PC$`8``)PG```3``````````````"` M`>L*``!X;"]T:&5M92]T:&5M93$N>&UL4$L!`A0#%`````@`:89F1_F\6Y1; M`@``<`L```T``````````````(`!+!$``'AL+W-T>6QE&PO=V]R M:V)O;VLN>&UL4$L!`A0#%`````@`:89F1^IKPX]-`@``]`<``!@````````` M`````(`!*AD``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0# M%`````@`:89F1Y;@ULUV!0``81H``!@``````````````(`!6R(``'AL+W=O M@-/O=2@0```85 M```8``````````````"``0&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:89F1RM(/FD- M!0``1AH``!@``````````````(`!=BX``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:89F1_K2@A6D`0``L0,``!D````````` M`````(`!:3<``'AL+W=O&PO=V]R:W-H M965T3FUU8HP$``+$#```9 M``````````````"``1T[``!X;"]W;W)K&UL4$L! M`A0#%`````@`:89F1VL`P&ZD`0``L0,``!D``````````````(`!]SP``'AL M+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:89F M1^SUZ\2D`0``L0,``!D``````````````(`!A4(``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:89F1S:ZMC*D`0``L0,` M`!D``````````````(`!%4@``'AL+W=OZ0!``"Q`P``&0``````````````@`'P20`` M>&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:89F1[O,2E2C`0``L0,``!D````````````` M`(`!IDT``'AL+W=O&PO=V]R:W-H965T M&UL4$L!`A0# M%`````@`:89F1[?SBT:B`0``L0,``!D``````````````(`!-5,``'AL+W=O M&PO=V]R:W-H965TA6 M``!X;"]W;W)K&UL4$L!`A0#%`````@`:89F1UU: MJ33<`0``104``!D``````````````(`!WU@``'AL+W=O[Z?.*4!``"Q`P``&0`````````` M````@`'R6@``>&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:89F1TG`-#6E`0``L0,``!D` M`````````````(`!JUX``'AL+W=O&PO M=V]R:W-H965T&UL4$L!`A0#%`````@`:89F1YU4\22Q`0``%@0``!D``````````````(`! M/60``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%``` M``@`:89F1XO\;*NE`0``L0,``!D``````````````(`!ZFD``'AL+W=O&PO=V]R:W-H965TLP,``-40```9``````````````"``4QQ``!X M;"]W;W)K&UL4$L!`A0#%`````@`:89F1\+$`US= M`@``%@P``!D``````````````(`!-G4``'AL+W=O```>&PO=V]R:W-H965T&0XC-!08``-TG```9``````````````"``8)[``!X;"]W;W)K&UL4$L!`A0#%`````@`:89F1[R(W(&*!```C!L``!D````` M`````````(`!OH$``'AL+W=O&PO=V]R M:W-H965T&UL M4$L!`A0#%`````@`:89F1PTK4[@J`@``V@8``!D``````````````(`!BXL` M`'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@` M:89F1^-4=$MU`@```0@``!D``````````````(`![Y(``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:89F1V=:W,,*"0`` M-CX``!D``````````````(`!T)H``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:89F1U]\U2\D!```[A0``!D````````` M`````(`!:*L``'AL+W=O&PO=V]R:W-H M965T'E!$^(`(``&<&```9 M``````````````"``?VQ``!X;"]W;W)K&UL4$L! M`A0#%`````@`:89F1[7&U^2P`0``.00``!D``````````````(`!5+0``'AL M+W=O&PO=V]R:W-H965TX'=H2#P(``-H%```9``````````````"` M`3VX``!X;"]W;W)K&UL4$L!`A0#%`````@`:89F M1]?]C3H/!```YQ,``!D``````````````(`!@[H``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:89F1RG(MET8`P``T0T` M`!D``````````````(`!\,0``'AL+W=O&PO=V]R:W-H965TV7WR, M[6<``)F&`0`4``````````````"`` XML 16 R55.htm IDEA: XBRL DOCUMENT v3.3.0.814
Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Liability For Unpaid Claims And Claims Adjustment Expenses Adjustment Of Opening Balance [Line Items]            
Balance, beginning of period   $ 51,469,000   $ 51,469,000    
Incurred related to:            
Current year   4,500,000        
Prior years $ 2,500,000   $ 385,000   $ 136,000  
Paid related to:            
Balance, end of period 74,445,000     74,445,000   $ 51,469,000
Unpaid Losses [Member]            
Liability For Unpaid Claims And Claims Adjustment Expenses Adjustment Of Opening Balance [Line Items]            
Balance, beginning of period 61,846,000 51,469,000 34,533,000 51,469,000 19,344,000 19,344,000
Less: reinsurance recoverable on paid losses     783,000   783,000  
Net balance, beginning of period 61,846,000 $ 51,469,000 33,750,000 51,469,000 18,561,000 18,561,000
Incurred related to:            
Current year 38,258,000   22,699,000 109,070,000 62,281,000  
Prior years (2,467,000)   (385,000) (6,831,000) (136,000)  
Total incurred 35,791,000   22,314,000 102,239,000 62,145,000  
Paid related to:            
Current year 18,721,000   12,645,000 55,399,000 28,971,000  
Prior years 4,471,000   1,454,000 23,864,000 9,770,000  
Total paid 23,192,000   14,099,000 79,263,000 38,741,000  
Net balance, end of period 74,445,000   41,965,000 74,445,000 41,965,000 51,469,000
Plus: reinsurance recoverable on unpaid losses 0   0 0 0  
Balance, end of period $ 74,445,000   $ 41,965,000 $ 74,445,000 $ 41,965,000 $ 51,469,000

XML 17 R46.htm IDEA: XBRL DOCUMENT v3.3.0.814
Property and Equipment, Net - Additional Information (Detail)
$ in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Mar. 31, 2014
ft²
a
Buildings
Apr. 30, 2013
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2015
USD ($)
Property Plant and Equipment Useful Life and Values [Abstract]        
Depreciation and amortization expense     $ 0.3 $ 0.9
Acres of land | a 13      
Number of buildings | Buildings 2      
Gross area of acquired property | ft² 148,000      
Aggregate purchase price   $ 9.8    
XML 18 R33.htm IDEA: XBRL DOCUMENT v3.3.0.814
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]  
Components of Deferred Tax Assets and Liabilities

The table below summarizes the significant components of our net deferred tax assets/liabilities:

 

     September 30, 2015      December 31, 2014  
     (In thousands)  

Deferred tax assets:

     

Unearned premiums

   $ 14,536       $ 15,567   

Tax-related discount on loss reserve

     1,110         1,022   

Unrealized loss

     2,184         —     

Stock-based compensation

     922         1,258   

Other

     217         545   
  

 

 

    

 

 

 

Total deferred tax assets

     18,969         18,392   
  

 

 

    

 

 

 

Deferred tax liabilities:

     

Deferred acquisition costs

     11,504         9,401   

Unrealized gain

     —           1,081   

Property and equipment, net

     633         633   

Other

     390         655   
  

 

 

    

 

 

 

Total deferred tax liabilities

     12,527         11,770   
  

 

 

    

 

 

 

Net deferred tax asset

   $ 6,442       $ 6,622   
  

 

 

    

 

 

 
XML 19 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 20 R57.htm IDEA: XBRL DOCUMENT v3.3.0.814
Statutory Accounting and Regulations - Additional Information (Detail) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Insurance [Abstract]      
Statutory net income of insurance subsidiary $ 34,100,000 $ 3,400,000  
Statutory accounting practices, capital and surplus requirements of insurance subsidiary Greater of $15 million or 10% of its liabilities    
Statutory capital and surplus requirements, percentage 10.00%    
Minimum required amount of capital and surplus maintained by the insurance subsidiary $ 15,000,000    
Statutory capital and surplus $ 200,800,000   $ 172,700,000
XML 21 R25.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stock-Based Compensation
9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

NOTE 18. STOCK-BASED COMPENSATION

The Company has adopted the Heritage Insurance Holdings, Inc., Omnibus Incentive Plan (the “Plan”) effective on May 22, 2014. The Plan has authorized 2,981,737 shares of common stock reserved for issuance under the Plan for future grants.

At September 30, 2015 and December 31, 2014, there were 1,295,814 shares available for grant under the Plan.

The Company recognizes compensation expense under ASC 718 for its stock-based payments based on the fair value of the awards. The Company grants stock options at exercise prices equal to the fair market value of the Company’s stock on the dates the options are granted. The options have a maximum term of ten years from the date of grant and vest primarily in equal annual installments over a range of one to five year periods following the date of grant for employee options. If a participant’s employment relationship ends, the participant’s vested awards will remain exercisable for the shorter of a period of 30 days or the period ending on the latest date on which such award could have been exercisable. The fair value of each option grant is separately estimated for each grant date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company estimates the fair value of all stock option awards as of the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model (“Black-Scholes model”). The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense.

Stock Options

On September 24, 2014, the Company granted 359,000 options to certain employees and directors. No stock options were granted in 2013 or 2012. These options were awarded with the strike price set at the fair market value at the grant date, and vested March 15, 2015 with an expiration date of September 24, 2017. The fair value of each option grant, which was $2.70 per option granted in 2014, is estimated on the date of grant using the Black-Scholes model.

On December 2, 2014, the Company granted 1,326,923 options to certain employees and directors. The employee options were awarded with the strike price set at the fair market value at the grant date. Half of these options were immediately vested and the other half vested on April 30, 2015, and these options expire on December 2, 2017. The directors’ options were awarded with the strike price set at the fair market value at the grant date, and vest quarterly commencing on January 1, 2015 with an expiration date of December 2, 2017. The fair value of each option grant, which ranged from $3.07 to $3.54 per option granted in 2014, is estimated on the date of grant using the Black-Scholes model.

The following table provides the assumptions utilized in the Black-Scholes model for options granted on September 24, 2014 and December 2, 2014. No options were granted during the nine months ended September 30, 2015. A total of 359,000 options were granted during the nine months ended September 30, 2014.

 

     December 2, 2014     September 24, 2014  

Weighted-average risk-free interest rate

     51     42

Expected term of option in years

     1.6        1.7   

Weighted-average volatility

     35.6     36.5

Dividend yield

     0     0

Weighted average grant date fair value per share

   $ 3.19      $ 2.70   

 

A summary of information related to stock options outstanding at September 30, 2015 is as follows:

 

     Shares      Weighted-Average Grant
Date Fair Value
     Shares Available for
Grant
 

Balance at December 31, 2014

     1,685,923       $ 3.09         1,295,814   

Granted

     —           

Exercised

     (380,000    $ 15.61      
  

 

 

       

 

 

 

Balance at September 30, 2015

     1,305,923       $ 2.86         1,295,814   
  

 

 

       

 

 

 

Vested and exercisable as of September 30, 2015

     1,298,102       $ 2.86      
  

 

 

       

The Company had approximately $25,000 of unrecognized stock compensation expense at September 30, 2015 related to unvested compensation, which the Company expects to recognize ratably over the period of 0.25 years. The Company recognized $423,000 and $1.9 million of compensation expense during the three and nine months ended September 30, 2015, respectively.

XML 22 R50.htm IDEA: XBRL DOCUMENT v3.3.0.814
Income Taxes - Additional Information (Detail) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Income Tax Disclosure [Abstract]          
Provision for income taxes $ 10,902,000 $ 6,144,000 $ 44,728,000 $ 15,620,000  
Annual effective tax rate     38.20% 36.30%  
Uncertain tax positions $ 0   $ 0   $ 0
XML 23 R42.htm IDEA: XBRL DOCUMENT v3.3.0.814
Investments - Aging of Gross Unrealized Investment Losses (Detail)
$ in Thousands
Sep. 30, 2015
USD ($)
Security
Dec. 31, 2014
USD ($)
Security
Schedule of Available-for-sale Securities [Line Items]    
Number of Securities, Less Than Twelve Months | Security 692 214
Gross Unrealized Losses, Less Than Twelve Months $ 5,603 $ 1,526
Fair Value, Less Than Twelve Months $ 119,416 $ 111,109
Number of Securities, Twelve Months or Greater | Security 57 28
Gross Unrealized Losses, Twelve Months or Greater $ 705 $ 114
Fair Value, Twelve Months or Greater $ 3,525 $ 4,698
Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of Securities, Less Than Twelve Months | Security 464 212
Gross Unrealized Losses, Less Than Twelve Months $ 1,169 $ 456
Fair Value, Less Than Twelve Months $ 105,445 $ 98,765
Number of Securities, Twelve Months or Greater | Security 27 27
Gross Unrealized Losses, Twelve Months or Greater $ 43 $ 92
Fair Value, Twelve Months or Greater $ 2,544 $ 4,208
Equity Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of Securities, Less Than Twelve Months | Security 228 2
Gross Unrealized Losses, Less Than Twelve Months $ 4,434 $ 1,070
Fair Value, Less Than Twelve Months $ 13,971 $ 12,344
Number of Securities, Twelve Months or Greater | Security 30 1
Gross Unrealized Losses, Twelve Months or Greater $ 662 $ 22
Fair Value, Twelve Months or Greater $ 981 $ 490
U.S. government and agency securities [Member] | Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of Securities, Less Than Twelve Months | Security 12 11
Gross Unrealized Losses, Less Than Twelve Months $ 189 $ 15
Fair Value, Less Than Twelve Months $ 7,904 $ 2,451
Number of Securities, Twelve Months or Greater | Security 2 1
Gross Unrealized Losses, Twelve Months or Greater $ 4 $ 1
Fair Value, Twelve Months or Greater $ 451 $ 109
States, Municipalities and Political Subdivisions [Member] | Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of Securities, Less Than Twelve Months | Security 15 14
Gross Unrealized Losses, Less Than Twelve Months $ 114 $ 15
Fair Value, Less Than Twelve Months $ 9,703 $ 7,661
Number of Securities, Twelve Months or Greater | Security 1 1
Gross Unrealized Losses, Twelve Months or Greater $ 2 $ 3
Fair Value, Twelve Months or Greater $ 165 $ 177
Industrial and Miscellaneous [Member] | Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of Securities, Less Than Twelve Months | Security 103 98
Gross Unrealized Losses, Less Than Twelve Months $ 412 $ 204
Fair Value, Less Than Twelve Months $ 40,312 $ 51,156
Number of Securities, Twelve Months or Greater | Security 4 10
Gross Unrealized Losses, Twelve Months or Greater $ 15 $ 50
Fair Value, Twelve Months or Greater $ 412 $ 1,975
Special Revenue [Member] | Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of Securities, Less Than Twelve Months | Security 87 71
Gross Unrealized Losses, Less Than Twelve Months $ 302 $ 213
Fair Value, Less Than Twelve Months $ 36,895 $ 36,643
Number of Securities, Twelve Months or Greater | Security 8 6
Gross Unrealized Losses, Twelve Months or Greater $ 7 $ 23
Fair Value, Twelve Months or Greater $ 1,313 $ 1,592
Redeemable Preferred Stocks [Member] | Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of Securities, Less Than Twelve Months | Security 247 18
Gross Unrealized Losses, Less Than Twelve Months $ 152 $ 9
Fair Value, Less Than Twelve Months $ 10,631 $ 854
Number of Securities, Twelve Months or Greater | Security 12 9
Gross Unrealized Losses, Twelve Months or Greater $ 15 $ 15
Fair Value, Twelve Months or Greater $ 203 $ 355
Nonredeemable Preferred Stocks [Member] | Equity Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of Securities, Less Than Twelve Months | Security 9 1
Gross Unrealized Losses, Less Than Twelve Months $ 4 $ 31
Fair Value, Less Than Twelve Months $ 347 $ 2,552
Number of Securities, Twelve Months or Greater | Security   1
Gross Unrealized Losses, Twelve Months or Greater   $ 22
Fair Value, Twelve Months or Greater   $ 490
Equity Investment [Member] | Equity Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of Securities, Less Than Twelve Months | Security 219 1
Gross Unrealized Losses, Less Than Twelve Months $ 4,430 $ 1,039
Fair Value, Less Than Twelve Months $ 13,624 $ 9,792
Number of Securities, Twelve Months or Greater | Security 30  
Gross Unrealized Losses, Twelve Months or Greater $ 662  
Fair Value, Twelve Months or Greater $ 981  
XML 24 R37.htm IDEA: XBRL DOCUMENT v3.3.0.814
Basis of Presentation - Additional Information (Detail)
9 Months Ended
Sep. 30, 2015
Segment
Basis Of Presentation [Abstract]  
Number of business segment 1
XML 25 R52.htm IDEA: XBRL DOCUMENT v3.3.0.814
Reinsurance - Additional information (Detail)
3 Months Ended 9 Months Ended 12 Months Ended
Apr. 17, 2014
USD ($)
Sep. 30, 2015
USD ($)
Policies
Insurers
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
Policies
Insurers
Reinsurers
Sep. 30, 2014
USD ($)
Dec. 31, 2014
USD ($)
Insurers
Dec. 31, 2013
USD ($)
Apr. 08, 2015
USD ($)
Jun. 27, 2014
USD ($)
Policies
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Primary retention of losses and loss adjustment expenses           $ 15,000,000 $ 9,000,000    
Purchase of reinsurance from third party   $ 45,873,000 $ 24,347,000 $ 102,640,000 $ 62,801,000        
Aggregate participation, losses and loss adjustment expenses   2,500,000 $ 385,000   $ 136,000        
Losses and loss adjustment expenses including retention   74,445,000   74,445,000   51,469,000      
Coverage limit   $ 135,589,000   $ 135,589,000   $ 17,113,000      
Number of reinstatements available | Reinsurers       2          
Number of reinsurers related to prepaid premiums | Insurers   25   25   21      
Amounts receivables to reinsurers   $ 0   $ 0   $ 0      
Concentrations of credit risk   0   $ 0   0      
Percentages of assumed premiums earned       40.00% 48.00%        
Layers Below FHCF [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Primary retention             3,500,000    
Purchase of reinsurance from third party           $ 185,000,000 $ 94,000,000    
FHCF Layer [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Percentage comprising aggregate participation           90.00%      
Percentage of maximum provisional limit           90.00% 90.00%    
Estimated provisional limit percentage calculation base amount           $ 484,000,000 $ 270,000,000    
Catastrophe excess of loss reinsurance           181,000,000 103,000,000    
Purchased coverage price           48,000,000      
Property Per Risk Coverage [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Primary retention of losses and loss adjustment expenses   35,000,000   $ 35,000,000          
Coverage limit       9,000,000          
Coverage limit   27,000,000   27,000,000          
Property Per Risk Coverage [Member] | Layers Below FHCF [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Purchase of reinsurance from third party       $ 440,000,000          
Property Per Risk Coverage [Member] | FHCF Layer [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Percentage comprising aggregate participation       75.00%          
Percentage of maximum provisional limit       75.00%          
Estimated provisional limit percentage calculation base amount       $ 920,000,000          
Catastrophe excess of loss reinsurance       336,000,000          
3% Participation [Member] | Layers Below FHCF [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Primary retention of losses and loss adjustment expenses             $ 900,000    
Percentage comprising aggregate participation             3.00%    
Aggregate participation, losses and loss adjustment expenses             $ 31,000,000    
Excess of losses and loss adjustment expenses             9,000,000    
4% Participation [Member] | Layers Below FHCF [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Primary retention of losses and loss adjustment expenses             $ 2,500,000    
Percentage comprising aggregate participation             4.00%    
Aggregate participation, losses and loss adjustment expenses             $ 63,000,000    
Excess of losses and loss adjustment expenses             40,000,000    
Insurance Claims [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Losses and loss adjustment expenses including retention   1,000,000   1,000,000          
Citrus [Member] | Cat Bond Layer [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Coverage of first catastrophe reinsurance agreement           150,000,000      
Additional coverage of second catastrophe reinsurance agreement           50,000,000      
Citrus [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Above FHCF [Member] | Class A Notes [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Collateralized by a reinsurance trust   150,000,000   150,000,000          
Coverage of first catastrophe reinsurance agreement       150,000,000          
Additional coverage of second catastrophe reinsurance agreement       50,000,000          
Osprey [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Primary retention of losses and loss adjustment expenses           6,000,000 3,000,000    
Primary retention           4,000,000      
Osprey [Member] | Cat Bond Layer [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Catastrophe coverage of reinsurance agreement           25,000,000      
Osprey [Member] | Property Per Risk Coverage [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Primary retention of losses and loss adjustment expenses   $ 20,000,000   20,000,000          
Primary retention       10,000,000          
Heritage P&C [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Primary retention           2,000,000 3,000,000    
Catastrophe excess of loss reinsurance           2,000,000      
Heritage P&C [Member] | Property Per Risk Coverage [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Primary retention       5,000,000          
Catastrophe excess of loss reinsurance       $ 5,000,000          
Sunshine State Insurance Company [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Number of policies in force assumed | Policies   25,572   25,572         33,000
Policies in force assumed                 $ 58,900,000
Policies in force assumed, percentage   11.00%   11.00%          
Annualized premium   $ 43,000,000   $ 43,000,000          
Catastrophe [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Purchase of reinsurance from third party             170,000,000    
Aggregate participation, losses and loss adjustment expenses             401,500,000    
Losses and loss adjustment expenses including retention           990,000,000 571,500,000    
Purchased reinstatement premium           185,000,000 149,500,000    
Agreement of coverage 3 years                
Collateralized by a reinsurance trust $ 200,000,000                
Reinsurance agreement 3 years                
Catastrophe [Member] | Notes Due April 2017 [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Collateralized by a reinsurance trust $ 200,000,000                
Catastrophe [Member] | Cat Bond Layer [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Purchase of reinsurance from third party           105,000,000      
Aggregate participation, losses and loss adjustment expenses           825,000,000      
Catastrophe excess of loss reinsurance           940,000,000      
Catastrophe [Member] | Property Per Risk Coverage [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Losses and loss adjustment expenses including retention   1,770,000,000   1,770,000,000          
Purchased reinstatement premium       440,000,000          
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Above FHCF [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Purchase of reinsurance from third party       125,000,000          
Aggregate participation, losses and loss adjustment expenses       $ 1,648,000,000          
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Alongside FHCF [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Agreement of coverage       3 years          
Reinsurance agreement       3 years          
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Alongside FHCF [Member] | Notes Due April 2017 [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Collateralized by a reinsurance trust               $ 277,500,000  
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Alongside FHCF [Member] | Class A Notes Due April 2017 [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Collateralized by a reinsurance trust               150,000,000  
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Alongside FHCF [Member] | Class B Notes Due April 2017 [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Collateralized by a reinsurance trust               97,500,000  
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Alongside FHCF [Member] | Class C Notes Due April 2017 [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Collateralized by a reinsurance trust               $ 30,000,000  
Catastrophe [Member] | Osprey [Member] | Cat Bond Layer [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Coverage of reinsurance agreement           20,000,000      
Minimum [Member] | FHCF Layer [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Purchased coverage price             27,000,000    
Minimum [Member] | Facultative Reinsurance [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Coverage limit   $ 10,000,000   $ 10,000,000          
Facultative reinsurance purchase amount       10,000,000          
Maximum [Member] | FHCF Layer [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Estimated maximum provisional limit, amount           $ 436,000,000 243,000,000    
Purchased coverage price             $ 28,500,000    
Maximum [Member] | Property Per Risk Coverage [Member] | FHCF Layer [Member]                  
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]                  
Estimated maximum provisional limit, amount       $ 690,000,000          
XML 26 R61.htm IDEA: XBRL DOCUMENT v3.3.0.814
Equity - Additional Information (Detail) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Aug. 31, 2015
Jul. 31, 2015
Jun. 30, 2015
May. 31, 2015
Mar. 31, 2015
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Class of Stock [Line Items]                
Common stock, shares authorized           50,000,000   50,000,000
Preferred stock, shares authorized           5,000,000    
Common stock, shares outstanding           30,285,410   29,794,960
Unvested stock options outstanding           7,821    
Additional paid-in capital           $ 198,584,000   $ 188,342,000
Common stock voting rights           One vote    
Warrants Outstanding               30,600
Stock options, outstanding           1,305,923   1,685,923
Stock issued during period (in shares)       30,600        
Stock options exercised 150,000 60,000 20,000 137,500 12,500 380,000    
Exercise price, granted $ 16.89 $ 14.02 $ 14.02 $ 16.89 $ 16.89 $ 0    
Proceeds from issuance of common stock $ 2,533,485 $ 841,195 $ 280,400 $ 2,322,375 $ 211,125   $ 88,000  
Warrants to purchase shares of common stock       30,600        
Warrant exercisable price per share       $ 5.88        
Cash received from warrant exercisable       $ 180,000        
Fair value of restricted common stock issued in connection with acquisition           $ 2,000,000    
Common Stock [Member]                
Class of Stock [Line Items]                
Stock issued during period (in shares)             17,850  
Issuance of restricted common stock in connection with acquisition           79,850    
Common Stock [Member] | BCR Restoration Specialists, Inc. [Member]                
Class of Stock [Line Items]                
Issuance of restricted common stock in connection with acquisition 79,850              
Fair value of restricted common stock issued in connection with acquisition $ 2,000,000              
Common Stock [Member] | Stock Options [Member]                
Class of Stock [Line Items]                
Stock issued during period (in shares) 210,000 210,000 157,500 157,500 12,500      
XML 27 R47.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Share - Schedule of Computation of Basic and Diluted EPS (Detail) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Basic earnings per share:        
Net income attributable to common stockholders (000's) $ 16,813 $ 9,965 $ 72,269 $ 27,420
Weighted average shares outstanding 30,177,633 29,794,960 29,952,668 22,807,705
Basic earnings per share: $ 0.56 $ 0.33 $ 2.41 $ 1.20
Diluted earnings per share:        
Net income attributable to common stockholders (000's) $ 16,813 $ 9,965 $ 72,269 $ 27,420
Weighted average shares outstanding 30,177,633 29,794,960 29,952,668 22,807,705
Weighted average dilutive shares 305,920 19,671 336,660 1,574,164
Total weighted average dilutive shares 30,483,553 29,814,631 30,289,328 24,381,869
Diluted earnings per share: $ 0.55 $ 0.33 $ 2.39 $ 1.12
XML 28 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
Significant Accounting Policies
9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Significant Accounting Policies

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Changes to significant accounting policies

We have made no material changes to our significant accounting policies as reported in our Annual Report on Form 10-K for the year ended December 31, 2014.

Accounting Pronouncements

The Company describes below recent pronouncements that have had or may have a significant effect on its financial statements or on its disclosures. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its financial condition, results of operations, or related disclosures.

In May 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance on fair value measurement (Accounting Standards Update (“ASU”) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)), effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and which should be applied retrospectively to all periods presented. Earlier application is permitted. The new amendments in this ASU remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value (“NAV”) per share practical expedient. In addition, the amendments remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

 

In May 2015, the FASB issued Accounting Standards Update No. 2015-09 (“ASU 2015-09”), Financial Services – Insurance (Topic 944), which improves disclosure requirements for all insurance entities that issue short-duration contracts. The amendments in ASU 2015-09 increase transparency of significant estimates made in measuring the liability for unpaid claims and claim adjustment expenses, improve comparability by requiring consistent disclosure of information, and provide financial statement users with additional information to facilitate analysis of the amount, timing, and uncertainty of cash flows and the development of loss reserve estimates. ASU 2015-09 is effective for all public entities for annual periods beginning after December 15, 2015 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, Imputation of Interest (“ASC 835”) which requires debt issuance costs related to a recognized debt liability to be presented as a deduction from the carrying amount of the related debt, consistent with the treatment required for debt discounts. This guidance is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company is evaluating the impact of the new guidance on its consolidated financial statements.

In April 2015, the FASB issued ASC 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. Under the new guidance, if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements.

In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU creates a new topic, Topic 606, to provide guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. Early adoption is not permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements.

In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation, which clarifies accounting for share-based payments for which the terms of an award provide that a performance target could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The updated guidance clarifies that such a term should be treated as a performance condition that affects vesting. As such, the performance target should not be reflected in estimating the grant date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The guidance will be effective for the Company beginning with fiscal year 2016, and may be applied either prospectively or retrospectively. The Company does not anticipate that this guidance will materially impact its condensed consolidated financial statements and related disclosures.

There are no other recently issued accounting standards that apply to us or that are expected to have a material impact on our results of operations, financial condition, or cash flows.

Subsequent Events

The Company follows the provisions of ASC Topic 855-10, “Subsequent Events,” relating to subsequent events. This guidance defines the period after the balance sheet date during which events or transactions that may occur would be required to be disclosed in the Company’s financial statements. The Company has evaluated subsequent events up to the date of issuance of this report.

XML 29 R62.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stock-Based Compensation - Additional Information (Detail) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Apr. 30, 2015
Dec. 02, 2014
Sep. 24, 2014
Sep. 24, 2013
Sep. 24, 2012
Sep. 30, 2015
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
May. 22, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Shares available for grant           1,295,814 1,295,814   1,295,814  
Maximum tenure of stock option from the date of grant             10 years      
Exercisable period of vested awards             30 days      
Shares granted to employees and directors   1,326,923 359,000 0 0   0 359,000    
Stock options expiration date     Sep. 24, 2017              
Fair value of option granted   $ 3.19 $ 2.70       $ 2.70      
Unrecognized stock compensation expense           $ 25,000 $ 25,000      
Unrecognized stock compensation expense, period             3 months      
Stock-based compensation expense           $ 423,000 $ 1,900,000      
Employee Stock Option [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock options expiration date   Dec. 02, 2017                
Director Stock Options [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock options expiration date   Dec. 02, 2017                
Share-based Compensation Award, Tranche One [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Percentage of vesting of awards granted   50.00%                
Share-based Compensation Award, Tranche Two [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Percentage of vesting of awards granted 50.00%                  
Minimum [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock options, Vesting period             1 year      
Fair value of option granted                 $ 3.07  
Maximum [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock options, Vesting period             5 years      
Fair value of option granted                 $ 3.54  
Omnibus Incentive Plan [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Common stock reserved for issuance                   2,981,737
Shares available for grant           1,295,814 1,295,814   1,295,814  
XML 30 R43.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Detail) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments $ 395,688 $ 324,310
Fixed Maturity [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 380,310 293,085
Fixed Maturity [Member] | U.S. government and agency securities [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 23,928 7,008
Fixed Maturity [Member] | States, Municipalities and Political Subdivisions [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 54,296 42,120
Fixed Maturity [Member] | Special Revenue [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 170,208 134,381
Fixed Maturity [Member] | Industrial and Miscellaneous [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 116,534 106,005
Fixed Maturity [Member] | Redeemable Preferred Stocks [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 15,344 3,571
Equity Securities [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 15,378 31,225
Equity Securities [Member] | Nonredeemable Preferred Stocks [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 350 11,678
Equity Securities [Member] | Equity Investment [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 15,028 19,547
Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 50,281 38,007
Level 1 [Member] | Fixed Maturity [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 35,443 6,782
Level 1 [Member] | Fixed Maturity [Member] | U.S. government and agency securities [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 20,099 3,211
Level 1 [Member] | Fixed Maturity [Member] | Redeemable Preferred Stocks [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 15,344 3,571
Level 1 [Member] | Equity Securities [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 15,378 31,225
Level 1 [Member] | Equity Securities [Member] | Nonredeemable Preferred Stocks [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 350 11,678
Level 1 [Member] | Equity Securities [Member] | Equity Investment [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 15,028 19,547
Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 344,867 286,303
Level 2 [Member] | Fixed Maturity [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 344,867 286,303
Level 2 [Member] | Fixed Maturity [Member] | U.S. government and agency securities [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 3,829 3,797
Level 2 [Member] | Fixed Maturity [Member] | States, Municipalities and Political Subdivisions [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 54,296 42,120
Level 2 [Member] | Fixed Maturity [Member] | Special Revenue [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments 170,208 134,381
Level 2 [Member] | Fixed Maturity [Member] | Industrial and Miscellaneous [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total investments $ 116,534 $ 106,005
XML 31 R29.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Instruments

The following tables present information about the Company’s assets measured at fair value on a recurring basis. The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy. For the nine months ended September 30, 2015 and the year ended and December 31, 2014, there were no transfers in or out of Level 1, 2, and 3.

September 30, 2015

   Total      Level 1      Level 2      Level 3  
     (In thousands)  

Fixed maturities investments:

           

U.S. government and agency securities

   $ 23,928       $ 20,099       $ 3,829       $ —     

States, municipalities and political subdivisions

     54,296         —           54,296         —     

Special revenue

     170,208         —           170,208         —     

Industrial and miscellaneous

     116,534         —           116,534         —     

Redeemable preferred stocks

     15,344         15,344         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities investments

   $ 380,310       $ 35,443       $ 344,867       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

   $ 350       $ 350       $ —         $ —     

Equity securities

     15,028         15,028         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

   $ 15,378       $ 15,378       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 395,688       $ 50,281       $ 344,867       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

December 31, 2014

   Total      Level 1      Level 2      Level 3  
     (In thousands)  

Fixed maturities investments:

           

U.S. government and agency securities

   $ 7,008       $ 3,211       $ 3,797       $ —     

States, municipalities and political subdivisions

     42,120         —           42,120         —     

Special revenue

     134,381         —           134,381         —     

Industrial and miscellaneous

     106,005         —           106,005         —     

Redeemable preferred stocks

     3,571         3,571         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities investments

   $ 293,085       $ 6,782       $ 286,303       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

   $ 11,678       $ 11,678       $ —         $ —     

Equity securities

     19,547         19,547         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

   $ 31,225       $ 31,225       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 324,310       $ 38,007       $ 286,303       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

XML 32 R28.htm IDEA: XBRL DOCUMENT v3.3.0.814
Investments (Tables)
9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Investment Securities

The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at September 30, 2015 and December 31, 2014:

 

     Cost or Adjusted/
Amortized Cost
     Gross Unrealized Gains      Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

September 30, 2015

           

U.S. government and agency securities

   $ 24,066       $ 55       $ 193       $ 23,928   

States, municipalities and political subdivisions

     54,125         288         117         54,296   

Special revenue

     170,809         959         1,560         170,208   

Industrial and miscellaneous

     116,422         539         427         116,534   

Redeemable preferred stocks

     15,470         41         167         15,344   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     380,892         1,882         2,464         380,310   

Nonredeemable preferred stocks

     354         —           4         350   

Equity securities

     20,103         17         5,092         15,028   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     20,457         17         5,096         15,378   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 401,349       $ 1,899       $ 7,560       $ 395,688   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     Cost or Adjusted/
Amortized Cost
     Gross Unrealized Gains      Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

December 31, 2014

           

U.S. government and agency securities

   $ 7,002       $ 22       $ 16       $ 7,008   

States, municipalities and political subdivisions

     41,578         560         18         42,120   

Special revenue

     133,269         1,349         237         134,381   

Industrial and miscellaneous

     105,591         668         254         106,005   

Redeemable preferred stocks

     3,511         84         24         3,571   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     290,951         2,683         549         293,085   

Nonredeemable preferred stocks

     11,494         237         53         11,678   

Equity securities

     19,061         1,525         1,039         19,547   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     30,555         1,762         1,092         31,225   

Mortgage loan participation

     6,849         —           —           6,849   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 328,355       $ 4,445       $ 1,641       $ 331,159   
  

 

 

    

 

 

    

 

 

    

 

 

 

Schedule of Net Realized Gains (Losses) by Major Investment Category

The following tables detail the Company’s net realized gains (losses) by major investment category for the three and nine months ended September 30, 2015 and 2014.

 

     2015      2014  
     Gains (Losses)      Fair Value at Sale      Gains (Losses)      Fair Value at Sale  
     (In thousands)  

Three Months Ended September 30,

           

Fixed maturities

   $ 1,200       $ 62,412       $ 87       $ 3,083   

Equity securities

     826         15,949         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized gains

     2,026         78,361         87         3,083   
  

 

 

    

 

 

    

 

 

    

 

 

 

Fixed maturities

     (75      5,948         (2      90   

Equity securities

     (5      328         (5      174   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized losses

     (80      6,276         (7      264   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net realized gain

   $ 1,946       $ 84,637       $ 80       $ 3,347   
  

 

 

    

 

 

    

 

 

    

 

 

 
     2015      2014  
     Gains (Losses)      Fair Value at Sale      Gains (Losses)      Fair Value at Sale  
     (In thousands)  

Nine Months Ended September 30,

           

Fixed maturities

   $ 1,237       $ 66,513       $ 179       $ 6,153   

Equity securities

     716         20,581         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized gains

     1,953         87,094         179         6,153   
  

 

 

    

 

 

    

 

 

    

 

 

 

Fixed maturities

     (116      11,219         (91      2,789   

Equity securities

     (10      2,196         (26      17,991   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized losses

     (126      13,415         (117      20,780   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net realized gain

   $ 1,827       $ 100,509       $ 62       $ 26,933   
  

 

 

    

 

 

    

 

 

    

 

 

 
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity

The table below summarizes the Company’s fixed maturities at September 30, 2015 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations.

 

    September 30, 2015  
    Cost or Adjusted/
Amortized Cost
    Percent of Total     Fair Value     Percent of Total  
    (In thousands)           (In thousands)        

Due in one year or less

  $ 35,960        10   $ 35,991        9

Due after one year through five years

    169,301        44     169,047        45

Due after five years through ten years

    90,468        24     90,810        24

Due after ten years

    84,663        22     84,462        22
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 380,892        100   $ 380,310        100
 

 

 

   

 

 

   

 

 

   

 

 

 
Summary of Net Investment Income

The following table summarizes the Company’s net investment income by major investment category for the three and nine months ended September 30, 2015 and 2014, respectively:

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
    (In thousands)  

Fixed maturities

  $ 1,936      $ 838      $ 5,254      $ 1,989   

Equity securities

    439        328        1,292        768   

Cash, cash equivalents and short-term investments

    150        50        361        95   

Other investments

    67        71        128        234   
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    2,592        1,287        7,035        3,086   

Investment expenses

    619        161        1,341        623   
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income, less investment expenses

  $ 1,973      $ 1,126      $ 5,696      $ 2,463  
Aging of Gross Unrealized Investment Losses

The following tables present an aging of our unrealized investment losses by investment class as of September 30, 2015 and December 31, 2014:

 

     Less Than Twelve Months      Twelve Months or More  
     Number of
Securities
     Gross Unrealized
Losses
     Fair Value      Number of
Securities
     Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

September 30, 2015

                 

U.S. government and agency securities

     12       $ 189       $ 7,904         2       $ 4       $ 451   

States, municipalities and political subdivisions

     15         114         9,703         1         2         165   

Industrial and miscellaneous

     103         412         40,312         4         15         412   

Special revenue

     87         302         36,895         8         7         1,313   

Redeemable preferred stocks

     247         152         10,631         12         15         203   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     464         1,169         105,445         27         43         2,544   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

     9         4         347         —           —           —     

Equity securities

     219         4,430         13,624         30         662         981   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     228       $ 4,434       $ 13,971         30       $ 662       $ 981   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     692       $ 5,603       $ 119,416         57       $ 705       $ 3,525   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     Less Than Twelve Months      Twelve Months or More  
     Number of
Securities
     Gross Unrealized
Losses
     Fair Value      Number of
Securities
     Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

December 31, 2014

                 

U.S. government and agency securities

     11       $ 15       $ 2,451         1       $ 1       $ 109   

States, municipalities and political subdivisions

     14         15         7,661         1         3         177   

Industrial and miscellaneous

     98         204         51,156         10         50         1,975   

Special revenue

     71         213         36,643         6         23         1,592   

Redeemable preferred stocks

     18         9         854         9         15         355   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     212         456         98,765         27         92         4,208   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

     1         31         2,552         1         22         490   

Equity securities

     1         1,039         9,792         —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     2       $ 1,070       $ 12,344         1       $ 22       $ 490   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     214       $ 1,526       $ 111,109         28       $ 114       $ 4,698   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
XML 33 R56.htm IDEA: XBRL DOCUMENT v3.3.0.814
Reserve for Unpaid Losses - Additional Information (Detail) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
Sep. 30, 2014
Insurance [Abstract]        
Losses incurred related to the prior year redundancy $ 2,500,000   $ 385,000 $ 136,000
Favorable development of losses and LAE reserve   $ 4,500,000    
XML 34 R44.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2015
Oct. 07, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Percentage of participation in commercial real estate mortgage loan   55.00%
Commercial Real Estate [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commercial real estate mortgage loan   $ 6.1
Loans from unaffiliated lenders   $ 11.5
Cash payment received on sale of participation in commercial real estate mortgage loan $ 6.8  
XML 35 R30.htm IDEA: XBRL DOCUMENT v3.3.0.814
Property and Equipment, Net (Tables)
9 Months Ended
Sep. 30, 2015
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following at September 30, 2015 and December 31, 2014:

 

     September 30, 2015      December 31, 2014  
     (In thousands)  

Land

   $ 2,582       $ 2,582   

Building

     9,599         9,599   

Computer hardware and software

     2,694         2,155   

Office furniture and equipment

     634         445   

Tenant and leasehold improvements

     3,267         2,812   

Vehicle fleet

     501         421   
  

 

 

    

 

 

 

Total, at cost

     19,277         18,014   

Less: accumulated depreciation and amortization

     1,853         927   
  

 

 

    

 

 

 

Property and equipment, net

   $  17,424       $ 17,087   
  

 

 

    

 

 

 

XML 36 R31.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Share (Tables)
9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted EPS

The following table sets forth the computation of basic and diluted EPS for the periods indicated.

 

     Three Months Ended September 30,      Nine Months Ended September 30,  
     2015      2014      2015      2014  

Basic earnings per share:

           

Net income attributable to common stockholders (000’s)

   $ 16,813       $ 9,965       $ 72,269       $ 27,420   

Weighted average shares outstanding

     30,177,633         29,794,960         29,952,668         22,807,705   
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per share:

   $ 0.56       $ 0.33       $ 2.41       $ 1.20   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per share:

           

Net income attributable to common stockholders (000’s)

   $ 16,813       $ 9,965       $ 72,269       $ 27,420   

Weighted average shares outstanding

     30,177,633         29,794,960         29,952,668         22,807,705   

Weighted average dilutive shares

     305,920         19,671         336,660         1,574,164   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total weighted average dilutive shares

     30,483,553         29,814,631         30,289,328         24,381,869   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per share:

   $ 0.55       $ 0.33       $ 2.39       $ 1.12   
  

 

 

    

 

 

    

 

 

    

 

 

 
XML 37 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
Basis of Presentation
9 Months Ended
Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

NOTE 1. BASIS OF PRESENTATION

Basis of Presentation

The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2015 and 2014 include Heritage Insurance Holdings, Inc. (“Parent Company”) and its wholly owned subsidiaries: Heritage Property & Casualty Insurance Company (“Heritage P&C”), which provides personal and commercial residential insurance; Heritage MGA, LLC, the managing general agent that manages substantially all aspects of our insurance subsidiary’s business; Contractors’ Alliance Network, LLC, our vendor network manager; Skye Lane Properties, LLC, our property management subsidiary; First Access Insurance Group, LLC, our retail agency; Osprey Re Ltd., our reinsurance subsidiary that provides a portion of the reinsurance protection purchased by our insurance subsidiary; and Heritage Insurance Claims, LLC, an inactive subsidiary reserved for future development, together referred to as “the Company”.

Our primary products are personal and commercial residential insurance, which we currently offer only in Florida under authorization from the Florida Office of Insurance Regulation (“FLOIR”). We conduct our operations under one business segment.

The condensed consolidated financial information included herein as of and for the three and nine months ended September 30, 2015 and 2014 does not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods. The results for the three and nine months ended September 30, 2015 and 2014 are not indicative of annual results. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The December 31, 2014 consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2014.

For further information, refer to the consolidated financial statements and footnotes thereto included in Heritage Insurance Holdings, Inc.’s. Annual Report on Form 10-K for the fiscal year ended December 31, 2014. References to “we,” “us,” “our,” or the “Company” refer to Heritage Insurance Holdings, Inc. and its consolidated subsidiaries.

The Company qualifies as an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act, of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company. The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

XML 38 R32.htm IDEA: XBRL DOCUMENT v3.3.0.814
Deferred Policy Acquisition Costs (Tables)
9 Months Ended
Sep. 30, 2015
Insurance [Abstract]  
Summary of Activity in Deferred Policy Acquisition Costs (DPAC)

The table below depicts the activity with regard to DPAC during the three and nine-month periods ended September 30, 2015 and 2014:

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
    (In thousands)     (In thousands)  

Beginning Balance

  $ 31,948      $ 25,392      $ 24,370      $ 9,765   

Policy acquisition costs deferred

    16,058        12,703        48,982        39,187   

Amortization

    (15,512     (12,469     (40,858     (23,326
 

 

 

   

 

 

   

 

 

   

 

 

 

Ending Balance

  $ 32,494      $ 25,626      $ 32,494      $ 25,626   
 

 

 

   

 

 

   

 

 

   

 

 

 
XML 39 R40.htm IDEA: XBRL DOCUMENT v3.3.0.814
Investments - Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Detail) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]    
Due in one year or less, Cost or Adjusted/Amortized Cost $ 35,960  
Due after one year through five years, Cost or Adjusted/Amortized Cost 169,301  
Due after five years through ten years, Cost or Adjusted/Amortized Cost 90,968  
Due after ten years, Cost or Adjusted/Amortized Cost 84,663  
Total, Cost or Adjusted/Amortized Cost $ 380,892 $ 290,951
Due in one year or less, Percentage of Total 9.00%  
Due after one year through five years, Percentage of Total 45.00%  
Due after five years through ten years, Percentage of Total 24.00%  
Due after ten years, Percentage of Total 22.00%  
Total, Percentage 100.00%  
Due in one year or less, Fair Value $ 35,991  
Due after one year through five years, Fair Value 169,047  
Due after five years through ten years, Fair Value 90,810  
Due after ten years, Fair Value 84,462  
Total, Fair Value $ 380,310 $ 293,085
Due in one year or less, Percentage of Total 10.00%  
Due after one year through five years, Percentage of Total 44.00%  
Due after five years through ten years, Percentage of Total 24.00%  
Due after ten years, Percentage of Total 22.00%  
Total, Percentage 100.00%  
XML 40 R53.htm IDEA: XBRL DOCUMENT v3.3.0.814
Reinsurance - Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Income (Loss) (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Premium written:        
Direct $ 115,876 $ 81,458 $ 352,162 $ 204,630
Assumed 33,117 5,313 66,396 50,313
Ceded (611) (4,517) (183,033) (98,983)
Net premium written 148,382 82,254 235,525 155,960
Change in unearned premiums:        
Direct (11,996) (23,976) (82,979) (67,958)
Assumed (8,763) 17,079 45,757 17,874
Ceded (45,262) (19,830) 80,393 36,182
Net decrease (increase) (66,021) (26,727) 43,171 (13,902)
Premiums earned:        
Direct 103,880 57,482 269,183 136,672
Assumed 24,354 22,392 112,153 68,187
Ceded (45,873) (24,347) (102,640) (62,801)
Net premiums earned 82,361 55,527 278,696 142,058
Losses and LAE incurred:        
Direct 25,266 19,301 68,269 44,015
Assumed 10,525 3,013 33,970 18,130
Ceded 0 0 0 0
Net losses and LAE incurred $ 35,791 $ 22,314 $ 102,239 $ 62,145
XML 41 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
ASSETS    
Fixed maturity securities, available for sale, at fair value (amortized cost of $380,892 and $290,951 in 2015 and 2014, respectively) $ 380,310 $ 293,085
Equity securities, available for sale, at fair value (cost of $20,457 and $30,555 in 2015 and 2014, respectively) 15,378 31,225
Mortgage loan, held to maturity, at amortized cost   6,849
Total investments 395,688 331,159
Cash and cash equivalents 201,270 160,481
Restricted cash 12,786 4,339
Accrued investment income 3,282 2,617
Premiums receivable, net 26,589 20,028
Prepaid reinsurance premiums 123,541 43,148
Reinsurance premiums receivable 14,398  
Income taxes receivable 6,666  
Deferred income taxes 6,442 6,622
Deferred policy acquisition costs, net 32,494 24,370
Property and equipment, net 17,424 17,087
Other assets 14,464 5,180
Total Assets 855,044 615,031
LIABILITIES AND STOCKHOLDERS' EQUITY    
Unpaid losses and loss adjustment expenses 74,445 51,469
Unearned premiums 278,358 241,136
Reinsurance payable 135,589 17,113
Income taxes payable   12,808
Advance premiums 13,066 5,143
Accrued compensation 11,666 442
Other liabilities 9,520 31,831
Total Liabilities $ 522,644 $ 359,942
Commitments and contingencies (Note 13)
Stockholders' Equity:    
Common stock, $0.0001 par value, 50,000,000 shares authorized, 30,285,410 and 29,794,960 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively $ 3 $ 3
Additional paid-in capital 198,584 188,342
Accumulated other comprehensive (loss) income (3,477) 1,723
Retained earnings 137,290 65,021
Total Stockholders' Equity 332,400 255,089
Total Liabilities and Stockholders' Equity $ 855,044 $ 615,031
XML 42 R45.htm IDEA: XBRL DOCUMENT v3.3.0.814
Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]    
Total, at cost $ 19,277 $ 18,014
Less: accumulated depreciation and amortization 1,853 927
Property and equipment, net 17,424 17,087
Land [Member]    
Property, Plant and Equipment [Line Items]    
Total, at cost 2,582 2,582
Building [Member]    
Property, Plant and Equipment [Line Items]    
Total, at cost 9,599 9,599
Computer Hardware and Software [Member]    
Property, Plant and Equipment [Line Items]    
Total, at cost 2,694 2,155
Office Furniture and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total, at cost 634 445
Tenant and Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Total, at cost 3,267 2,812
Vehicles Fleet [Member]    
Property, Plant and Equipment [Line Items]    
Total, at cost $ 501 $ 421
XML 43 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical)
$ in Thousands
9 Months Ended
Sep. 30, 2014
USD ($)
Initial Public Offering And Private Placement [Member]  
Discount fee and direct costs of issuance $ 6,530
Underwriter [Member]  
Discount fee and direct costs of issuance $ 700
XML 44 R59.htm IDEA: XBRL DOCUMENT v3.3.0.814
Related Party Transactions - Additional Information (Detail) - Majority Shareholder [Member]
9 Months Ended
Sep. 30, 2014
USD ($)
Related Party Transaction [Line Items]  
Rent expenses $ 101,000
Building [Member]  
Related Party Transaction [Line Items]  
Payments for rent $ 0
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.3.0.814
Reserve for Unpaid Losses (Tables)
9 Months Ended
Sep. 30, 2015
Insurance [Abstract]  
Summary of Reserve for Unpaid Losses

The table below summarizes the activity related to the Company’s reserve for unpaid losses:

 

     Three Month Ended September 30,     Nine Months Ended September 30,  
     2015     2014     2015     2014  
     (In thousands)  

Balance, beginning of period

   $ 61,846      $ 34,533      $ 51,469      $ 19,344   

Less: reinsurance recoverable on paid losses

     —          783        —          783   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net balance, beginning of period

     61,846        33,750        51,469        18,561   
  

 

 

   

 

 

   

 

 

   

 

 

 

Incurred related to:

        

Current year

     38,258        22,699        109,070        62,281   

Prior years

     (2,467     (385     (6,831     (136
  

 

 

   

 

 

   

 

 

   

 

 

 

Total incurred

     35,791        22,314        102,239        62,145   
  

 

 

   

 

 

   

 

 

   

 

 

 

Paid related to:

        

Current year

     18,721        12,645        55,399        28,971   

Prior years

     4,471        1,454        23,864        9,770   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total paid

     23,192        14,099        79,263        38,741   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net balance, end of period

     74,445        41,965        74,445        41,965   

Plus: reinsurance recoverable on unpaid losses

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance, end of period

   $ 74,445      $ 41,965      $ 74,445      $ 41,965   
  

 

 

   

 

 

   

 

 

   

 

 

 
XML 46 R65.htm IDEA: XBRL DOCUMENT v3.3.0.814
Acquisition of Selected Assets - Additional Information (Detail) - USD ($)
$ in Thousands
1 Months Ended 9 Months Ended
Sep. 30, 2015
Jul. 31, 2015
Sep. 30, 2015
Business Acquisition [Line Items]      
Cash payment for business acquisition     $ 6,000
BCR Restoration Specialists, Inc. [Member]      
Business Acquisition [Line Items]      
Cash payment for business acquisition   $ 6,000  
Issuance of common stock for business acquisition   $ 2,000  
Issuance of common stock for business acquisition, number of restricted common shares   79,850  
Zephyr Acquisition Company [Member]      
Business Acquisition [Line Items]      
Purchase price $ 120,000    
Zephyr Acquisition Company [Member] | Hawaii [Member]      
Business Acquisition [Line Items]      
Percentage of market share owned through acquisition 30.00%    
XML 47 R22.htm IDEA: XBRL DOCUMENT v3.3.0.814
Related Party Transactions
9 Months Ended
Sep. 30, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 15. RELATED PARTY TRANSACTIONS

The Company has been party to various related party transactions involving certain of its officers, directors and significant stockholders as set forth below. The Company has entered into each of these arrangements without obligation to continue its effect in the future and the associated expense was immaterial to its results of operations or financial position as of September 30, 2015 and September 30, 2014.

 

  The Company leased the space that it had occupied through March 2014 at 700 Central Avenue, Ste. 500 St. Petersburg, Florida from a real estate management company controlled by a stockholder. The Company leased the space without obligation to continue doing so in the future. For the nine months ended September 30, 2014 the Company incurred rent expense of approximately $101,000. The Company relocated to one of the buildings located on its Clearwater property in March 2014 and did not pay any rent under the lease, as it was effectively terminated upon date of relocation.

 

  The Company has entered into an agreement with a real estate management company controlled by one of its directors to manage its Clearwater office space. Management services are provided at a fixed fee, plus ordinary and necessary out of pocket expenses. Fees for additional services, such as the oversight of construction activity, are provided for on an as-needed basis.
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table provides the assumptions utilized in the Black-Scholes model for options granted on September 24, 2014 and December 2, 2014. No options were granted during the nine months ended September 30, 2015. A total of 359,000 options were granted during the nine months ended September 30, 2014.

 

     December 2, 2014     September 24, 2014  

Weighted-average risk-free interest rate

     51     42

Expected term of option in years

     1.6        1.7   

Weighted-average volatility

     35.6     36.5

Dividend yield

     0     0

Weighted average grant date fair value per share

   $ 3.19      $ 2.70   
Summary of Information Related to Stock Option

A summary of information related to stock options outstanding at September 30, 2015 is as follows:

 

     Shares      Weighted-Average Grant
Date Fair Value
     Shares Available for
Grant
 

Balance at December 31, 2014

     1,685,923       $ 3.09         1,295,814   

Granted

     —           

Exercised

     (380,000    $ 15.61      
  

 

 

       

 

 

 

Balance at September 30, 2015

     1,305,923       $ 2.86         1,295,814   
  

 

 

       

 

 

 

Vested and exercisable as of September 30, 2015

     1,298,102       $ 2.86      
  

 

 

       
XML 49 R24.htm IDEA: XBRL DOCUMENT v3.3.0.814
Equity
9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Equity

NOTE 17. EQUITY

The total amount of authorized capital stock consists of 50,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of September 30, 2015, the Company had 30,285,410 shares of common stock and 7,821 unvested stock options outstanding reflecting total paid-in capital of $198.6 million as of such date.

Common Stock

Holders of common stock are entitled to one vote for each share held on all matters subject to a vote of stockholders, subject to the rights of holders of any outstanding preferred stock. Accordingly, holders of a majority of the shares of common stock entitled to vote in any election of directors may elect all of the directors standing for election, subject to the rights of holders of any outstanding preferred stock. Holders of common stock will be entitled to receive ratably any dividends that the board of directors may declare out of funds legally available therefor, subject to any preferential dividend rights of outstanding preferred stock. Upon the Company’s liquidation, dissolution or winding up, the holders of common stock will be entitled to receive ratably its net assets available after the payment of all debts and other liabilities and subject to the prior rights of holders of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. There are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of the Company’s capital stock are fully paid and nonassessable.

Equity Issuances

As more fully disclosed in our audited to financial statements for the year ended December 31, 2014, there were, as of December 31, 2014, 29,794,960 shares of common stock outstanding and 30,600 warrants and 1,685,923 stock options outstanding, representing $188.3 million of additional paid-in capital. The following discloses the changes in our stockholders’ equity during 2015.

First Quarter 2015

In March 2015, the Company issued 12,500 shares of common stock upon the exercise of 12,500 stock options granted at an exercise price of $16.89 per share and received proceeds of $211,125.

 

Second Quarter 2015

In May 2015, the Company issued 30,600 shares of common stock upon the exercise of 30,600 warrants for gross proceeds of $180,000 or an exercise price of $5.88 per share of common stock.

In May and June 2015, the Company issued an aggregate of 157,500 shares of common stock upon the exercise of 137,500 and 20,000 stock options, which were granted at an exercise price of $16.89 and $14.02 per share and received proceeds of $2,322,375 and $280,400, respectively.

Third Quarter 2015

In July and August 2015, the Company issued an aggregate of 210,000 shares of common stock upon the exercise of 60,000 and 150,000 stock options, which were granted at an exercise price of $14.02 and $16.89 per share and received proceeds of $841,195 and $2,533,485, respectively.

In August 2015, in connection with the acquisition of BRC Restoration, Inc., the Company issued 79,850 restricted shares of common stock with a fair value of $2,000,000.

XML 50 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 51 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net income $ 72,269,000 $ 27,420,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 1,873,000 40,000
Amortization of bond discount 4,688,000 1,565,000
Depreciation and amortization 926,000 512,000
Bad debt expense   250,000
Net realized gains (1,827,000) (62,000)
Deferred income taxes 3,445,000 3,904,000
Changes in operating assets and liabilities:    
Accrued investment income (665,000) (876,000)
Premiums receivable, net (6,561,000) (37,877,000)
Restricted cash (8,447,000) (4,339,000)
Prepaid reinsurance premiums (80,393,000) (36,183,000)
Reinsurance premiums (payable) receivable (14,398,000) 5,337,000
Income taxes (payable) receivable (6,666,000) 4,241,000
Deferred policy acquisition costs, net (8,124,000) (15,861,000)
Other assets (1,284,000) (2,635,000)
Unpaid losses and loss adjustment expenses 22,976,000 22,621,000
Unearned premiums 37,222,000 50,084,000
Reinsurance payable 118,476,000 24,739,000
Income taxes payable (12,808,000) (2,507,000)
Accrued compensation 11,224,000 4,168,000
Advance premiums 7,923,000 6,181,000
Other liabilities (22,311,000) 2,589,000
Net cash provided by operating activities 117,538,000 53,311,000
INVESTING ACTIVITIES    
Proceeds from sales and maturities of investments available for sale 119,181,000 29,426,000
Purchases of investments available for sale (201,885,000) (141,176,000)
Proceeds from sale of investment in mortgage loan 6,849,000  
Acquisition of a business (6,000,000)  
Cost of property and equipment acquired (1,263,000) (6,251,000)
Net cash used in investing activities (83,118,000) (118,001,000)
FINANCING ACTIVITIES    
Proceeds from issuance of equity and redeemable shares   88,000
Proceeds from issuance of equity from initial public offering, net of discount fee and expense   78,670,000
Proceeds from exercise of stock options and warrants 6,369,000 22,515,000
Net cash provided by financing activities 6,369,000 101,273,000
Increase in cash and cash equivalents 40,789,000 36,583,000
Cash and cash equivalents at beginning of period 160,481,000 65,059,000
Cash and cash equivalents at end of period 201,270,000 101,642,000
Supplemental Cash Flows Information:    
Income taxes paid, net 61,200,000 $ 9,981,000
Issuance of shares for consideration in the acquisition of a business $ 2,000,000  
XML 52 R3.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]    
Fixed maturities available for sale, at amortized cost $ 380,892 $ 290,951
Equity securities, cost $ 20,457 $ 30,555
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 30,285,410 29,794,960
Common stock, shares outstanding 30,285,410 29,794,960
XML 53 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814
Reinsurance
9 Months Ended
Sep. 30, 2015
Insurance [Abstract]  
Reinsurance

NOTE 10. REINSURANCE

The Company’s reinsurance program is designed, utilizing the Company’s risk management methodology, to address its exposure to catastrophes. The Company’s program provides reinsurance protection for catastrophes including hurricanes, tropical storms, and tornadoes. The Company’s reinsurance agreements are part of its catastrophe management strategy, which is intended to provide its stockholders an acceptable return on the risks assumed in its property business, and to reduce variability of earnings, while providing protection to the Company’s policyholders.

2013 – 2014 Reinsurance Program

During the second quarter of 2013, the Company placed its reinsurance program for the period from June 1, 2013 through May 31, 2014. The Company’s reinsurance program, which was segmented into layers of coverage, protected it for excess property catastrophe losses and loss adjustment expenses. The Company’s 2013-2014 reinsurance program incorporated the mandatory coverage required by law to be placed with the Florida Hurricane Catastrophe Fund, a state-mandated catastrophe reinsurance fund (“FHCF”). The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2013 to May 31, 2014 reinsurance program.

 

    The Company’s Retention. For the first catastrophic event, the Company had a primary retention of the first $9 million of losses and loss adjustment expenses, of which the Company’s reinsurance subsidiary, Osprey Re Ltd (“Osprey”), was responsible for $3 million. For a second and third catastrophic event, Heritage P&C’s primary retention decreased to $3 million per event. To the extent that there was reinsurance coverage remaining, Heritage P&C had no primary retention for events beyond the third catastrophic event. Osprey had no primary retention beyond the first catastrophic event.

 

   

Layers Below FHCF. Immediately above the Company’s retention, the Company purchased $94.0 million of reinsurance from third party reinsurers and Osprey. Through Osprey, the Company retained an aggregate participation in this coverage of $3.5 million, comprised of a 3% participation of $31 million of losses and loss adjustment expenses in excess of $9 million, or $0.9 million, and a 4% participation of $63 million of losses and loss adjustment expenses in excess of $40 million, or $2.5 million. Through the payment of a reinstatement premium, the Company was able to reinstate the full amount of this reinsurance one time. To the extent that $94.0 million or a portion thereof was exhausted in a first catastrophic event, the Company purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage.

 

    FHCF Layer. The Company’s FHCF coverage included an estimated maximum provisional limit of 90% of $270 million, or $243 million, in excess of the Company’s retention and private reinsurance of $103 million. The limit and retention of the FHCF coverage was subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company purchased coverage alongside and above the FHCF layer from third party reinsurers. The layer alongside was in the amount of $27 million and the layer immediately above was in the amount of $28.5 million. To the extent the FHCF coverage was adjusted, this private reinsurance would adjust to fill in any gaps in coverage up to the reinsurers’ aggregate limits for this layer. Through the payment of a reinstatement premium, the Company was able to reinstate the full amount of this private reinsurance one time. To the extent that all or a portion of either of these private layers was exhausted in a first catastrophic event, the Company purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. The FHCF coverage could not be reinstated once exhausted, but it did provide coverage for multiple events.

 

    Aggregate Coverage. In addition to the layers described above, the Company also purchased $170 million of aggregate reinsurance coverage for losses and loss adjustment expenses in excess of $401.5 million for a first catastrophic event. To the extent that this coverage was not fully exhausted in the first catastrophic event, it provided coverage commencing at its reduced retention levels for second and subsequent events and where underlying coverage has been previously exhausted. There was no reinstatement of the aggregate reinsurance coverage once exhausted, but it did provide coverage for multiple events.

For a first catastrophic event, the Company’s 2013 reinsurance program provided coverage for $571.5 million of losses and loss adjustment expenses, including its retention, and the Company was responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, the Company’s total available coverage depended on the magnitude of the first event, as the Company may have had coverage remaining from layers that were not previously fully exhausted. The Company also purchased reinstatement premium protection insurance to provide an additional $149.5 million of coverage. The Company’s aggregate reinsurance layer also provided coverage for second and subsequent events to the extent not exhausted in prior events.

During April 2014, Heritage P&C entered into two catastrophe reinsurance agreements with Citrus Re Ltd., a newly-formed Bermuda special purpose insurer. The agreements provide for three years of coverage from catastrophe losses caused by certain named storms, including hurricanes, beginning on June 1, 2014. The limit of coverage of $200 million is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C. Heritage P&C pays a periodic premium to Citrus Re Ltd. during this three-year risk period. In April 2014, Citrus Re Ltd. issued $200 million of principal-at-risk variable notes due April 2017 to fund the reinsurance trust account and its obligations to Heritage P&C under the reinsurance agreements. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements. The Company has determined that, while Citrus Re Ltd. is a variable interest entity, the Company does not have any variable interests in Citrus Re Ltd. Accordingly, consolidation of or disclosures associated with Citrus Re Ltd. are not applicable.

2014 – 2015 Reinsurance Program

During the second quarter of 2014, the Company placed its reinsurance program for the period from June 1, 2014 through May 31, 2015. The Company’s reinsurance program, which is segmented into layers of coverage, protects it for excess property catastrophe losses and loss adjustment expenses. The Company’s 2014-2015 reinsurance program incorporates the mandatory coverage required by law to be placed with FHCF. For the 2014 hurricane season, the Company selected 90% participation in the FHCF. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2014 to May 31, 2015 reinsurance program.

 

    The Company’s Retention. For the first catastrophic event, the Company has a primary retention of the first $15 million of losses and loss adjustment expenses, of which Osprey was responsible for $6 million. For a second event, Heritage P&C’s primary retention decreased to $2 million and Osprey was responsible for $4 million. To the extent that there was reinsurance coverage remaining, Heritage P&C had a $2 million primary retention for events beyond the second catastrophic event. Osprey had no primary retention beyond the second catastrophic event.

 

   

Layers Below FHCF. Immediately above the Company’s retention, the Company has purchased $185 million of reinsurance from third party reinsurers. Through the payment of a reinstatement premium, the Company is able to reinstate the full amount of this reinsurance one time. To the extent that $185 million or a portion thereof is exhausted in a first catastrophic event, the Company has purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. A portion of this coverage wraps around the FHCF and provides coverage alongside the FHCF.

 

    FHCF Layer. The Company’s FHCF coverage includes an estimated maximum provisional limit of 90% of $484 million, or $436 million, in excess of its retention and private reinsurance of $181 million. The limit and retention of the FHCF coverage is subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company has purchased coverage alongside from third party reinsurers. The layer alongside is in the amount of $48 million. To the extent the FHCF coverage is adjusted, this private reinsurance will adjust to fill in any gaps in coverage up to the reinsurers’ aggregate limits for this layer. The FHCF coverage cannot be reinstated once exhausted, but it does provide coverage for multiple events.

 

    CAT Bond Layer. Immediately above the FHCF layer is the coverage provided by the reinsurance agreements entered into with Citrus Re Ltd., as described above in this footnote. The first contract with Citrus Re Ltd. provides $150 million of coverage and the second contract provides an additional $50 million of coverage. Osprey provides $25 million of coverage alongside the second contract.

 

    Aggregate Coverage. In addition to the layers described above, the Company has also purchased $105 million of aggregate reinsurance coverage for losses and loss adjustment expenses in excess of $825.0 million for a first catastrophic event. To the extent that this coverage is not fully exhausted in the first catastrophic event, it provides coverage commencing at its reduced retention levels for second and subsequent events and where underlying coverage has been previously exhausted. There was no reinstatement of the aggregate reinsurance coverage once exhausted, but it does provide coverage for multiple events. Osprey Re Ltd. provides $20 million of protection in the layer above $940 million.

For a first catastrophic event, the Company’s reinsurance program provides coverage for $990 million of losses and loss adjustment expenses, including its retention, and the Company is responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, the Company’s total available coverage depends on the magnitude of the first event, as the Company may have coverage remaining from layers that were not previously fully exhausted. The Company has also purchased reinstatement premium protection insurance to provide an additional $185 million of coverage. The Company’s aggregate reinsurance layer also provided coverage for second and subsequent events to the extent not exhausted in prior events.

2015 – 2016 Reinsurance Program

During the second quarter of 2015, the Company placed its reinsurance program for the period from June 1, 2015 through May 31, 2016. The Company’s reinsurance program, which is segmented into layers of coverage, protects it for excess property catastrophe losses and loss adjustment expenses. The Company’s 2015-2016 reinsurance program incorporates the mandatory coverage required by law to be placed with FHCF. For the 2015 hurricane season, the Company selected 75% participation in the FHCF. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2015 to May 31, 2016 reinsurance program.

 

    The Company’s Retention. For the first catastrophic event, the Company has a primary retention of the first $35 million of losses and loss adjustment expenses, of which Osprey is responsible for $20 million. For a second event, Heritage P&C’s primary retention decreases to $5 million and Osprey is responsible for $10 million. To the extent that there is reinsurance coverage remaining, Heritage P&C has a $5 million primary retention for events beyond the second catastrophic event. Osprey has no primary retention beyond the second catastrophic event.

 

    Layers Below FHCF. Immediately above the Company’s retention, the Company has purchased $440 million of reinsurance from third party reinsurers. Through the payment of a reinstatement premium, the Company is able to reinstate the full amount of this reinsurance one time. To the extent that $440 million or a portion thereof is exhausted in a first catastrophic event, the Company has purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. A portion of this coverage wraps around the FHCF and provides coverage alongside and above the FHCF.

 

   

FHCF Layer. The Company’s FHCF coverage includes an estimated maximum provisional limit of 75% of $920 million, or $690 million, in excess of its retention and private reinsurance of $336 million. The limit and retention of the FHCF coverage is subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company has purchased coverage alongside from third party reinsurers and through reinsurance agreements with Citrus Re. Ltd. To the extent the FHCF coverage is adjusted, this private reinsurance with third party reinsurers and Citrus Re Ltd. will adjust to fill in any gaps in coverage up to the reinsurers’ aggregate limits for this layer. The FHCF coverage cannot be reinstated once exhausted, but it does provide coverage for multiple events.

 

    CAT Bond Layer alongside the FHCF. During April 2015 (closed April 8, 2015), Heritage P&C entered into three catastrophe reinsurance agreements with Citrus Re Ltd. The agreements provide for three years of coverage from catastrophic losses caused by named storms, including hurricanes, beginning on June 1, 2015. Heritage P&C pays a periodic premium to Citrus Re Ltd. during this three-year risk period. Citrus Re Ltd. issued in aggregate of $277.5 million of principal-at-risk variable notes due April 2017 to fund the reinsurance trust account and its obligations to Heritage P&C under the reinsurance agreements. These notes were issued in three classes. The Class A notes provide $150 million of coverage for the layer immediately above the FHCF. The Class B notes provide $97.5 million of coverage, and the Class C notes provide $30 million of coverage. The Class B and Class C notes provide reinsurance coverage for a sliver of the catastrophe coverage that had previously been provided by the FHCF. The limit of coverage is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements.

 

    CAT Bond Layer above the FHCF. Immediately above the FHCF layer is the coverage provided by the 2015 reinsurance agreement entered into with Citrus Re as described above in this footnote. The Citrus Re 2015 Class A notes provide up to $150 million of coverage immediately above the FHCF layer. Coverage immediately above the 2015 Class A notes is provided by the 2014 reinsurance agreements entered into with Citrus Re Ltd., as described above in this footnote. The first contract with Citrus Re Ltd. provides $150 million of coverage and the second contract provides an additional $50 million of coverage.

 

    Aggregate Coverage. In addition to the layers described above, the Company has also purchased $125 million of aggregate reinsurance coverage for losses and loss adjustment expenses in excess of $1.648 billion for a first catastrophic event. To the extent that this coverage is not fully exhausted in the first catastrophic event, it provides coverage commencing at its reduced retention for second and subsequent events and where underlying coverage has been previously exhausted. There is no reinstatement of the aggregate reinsurance coverage once exhausted, but it does provide coverage for multiple events.

For a first catastrophic event, the Company’s current reinsurance program provides coverage for $1.77 billion of losses and loss adjustment expenses, including its retention, and the Company is responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, the Company’s total available coverage depends on the magnitude of the first event, as the Company may have coverage remaining from layers that were not previously fully exhausted. The Company has also purchased reinstatement premium protection insurance to provide an additional $440 million of coverage. The Company’s aggregate reinsurance layer also provides coverage for second and subsequent events to the extent not exhausted in prior events.

Property Per Risk Coverage

The Company also purchased property per risk coverage for losses and loss adjustment expenses in excess of $1 million per claim. The limit recoverable for an individual loss is $9 million and total limit for all losses is $27 million. There are two reinstatements available with additional premium due based on the amount of the layer exhausted. In addition, the Company purchased facultative reinsurance in excess of $10 million for any commercial properties it insured that the total insured value exceeded $10 million.

Assumption Transactions and Assumed Premiums Written

On June 27, 2014, the Company assumed approximately $58.9 million (representing 33,000 policies in force) of annualized premiums from SSIC. At September 30, 2015, approximately 25,572 SSIC policies were in force, representing approximately $43.0 million of annualized premium. The SSIC policies account for approximately 11% of the Company’s total policies in force as of September 30, 2015.

In addition to the SSIC transaction, the Company has obtained a substantial number of its policies in connection with assumption transactions with Citizens, pursuant to which the Company recorded the assumed premiums written in the amount of the unearned premiums transferred to the Company. In connection with each assumption transaction, the Company assumes the responsibility of the primary writer of the risk through the expiration of the term of the policy.

 

The following table depicts written premiums, earned premiums and losses, showing the effects that the Company’s assumption transactions have on these components of the Company’s consolidated statements of operations and comprehensive income:

 

     Three Months Ended September 30,      Nine Months Ended September 30,  
     2015      2014      2015      2014  
     (In thousands)  

Premium written:

           

Direct

   $ 115,876       $ 81,458       $ 352,162       $ 204,630   

Assumed

     33,117         5,313         66,396         50,313   

Ceded

     (611      (4,517      (183,033      (98,983
  

 

 

    

 

 

    

 

 

    

 

 

 

Net premium written

   $ 148,382       $ 82,254       $ 235,525       $ 155,960   
  

 

 

    

 

 

    

 

 

    

 

 

 

Change in unearned premiums:

           

Direct

   $ (11,996      (23,976    $ (82,979      (67,958

Assumed

     (8,763      17,079         45,757         17,874   

Ceded

     (45,262      (19,830      80,393         36,182   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net decrease (increase)

   $ (66,021    $ (26,727    $ 43,171       $ (13,902
  

 

 

    

 

 

    

 

 

    

 

 

 

Premiums earned:

           

Direct

   $ 103,880       $ 57,482       $ 269,183       $ 136,672   

Assumed

     24,354         22,392         112,153         68,187   

Ceded

     (45,873      (24,347      (102,640      (62,801
  

 

 

    

 

 

    

 

 

    

 

 

 

Net premiums earned

   $ 82,361       $ 55,527       $ 278,696       $ 142,058   
  

 

 

    

 

 

    

 

 

    

 

 

 

Losses and LAE incurred:

           

Direct

   $ 25,266       $ 19,301       $ 68,269       $ 44,015   

Assumed

     10,525         3,013         33,970         18,130   

Ceded

     —           —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Net losses and LAE incurred

   $ 35,791       $ 22,314       $ 102,239       $ 62,145   
  

 

 

    

 

 

    

 

 

    

 

 

 

The following table highlights the effects that the Company’s assumption transactions have on unpaid losses and loss adjustment expenses and unearned premiums:

 

     September 30, 2015      December 31, 2014  
     (In thousands)  

Unpaid losses and loss adjustment expenses:

     

Direct

   $ 52,208       $ 34,420   

Assumed

     22,237         17,049   
  

 

 

    

 

 

 

Gross unpaid losses and LAE

     74,445         51,469   

Ceded

     —           —     
  

 

 

    

 

 

 

Net unpaid losses and LAE

   $ 74,445       $ 51,469   
  

 

 

    

 

 

 

Unearned premiums:

     

Direct

   $ 238,596       $ 155,617   

Assumed

     39,762         85,519   
  

 

 

    

 

 

 

Gross unearned premiums

     278,358         241,136   

Ceded

     (123,541      (43,148
  

 

 

    

 

 

 

Net unearned premiums

   $ 154,817       $ 197,988   
  

 

 

    

 

 

 

Prepaid reinsurance premiums related to twenty-five and twenty-one reinsurers for the periods ended September 30, 2015 and December 31, 2014, respectively. There were no amounts receivable with respect to reinsurers at September 30, 2015 or December 31, 2014. Thus, there were no concentrations of credit risk associated with reinsurance receivables as of September 30, 2015 or December 31, 2014. Net premiums earned as a percentage of assumed premiums was 40% and 48% for the nine months ended September 30, 2015 and September 30, 2014 respectively.

ZIP 54 0001193125-15-370194-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-15-370194-xbrl.zip M4$L#!!0````(`$J"9D>N#=?0UCH!`#2Q$P`1`!P`:')T9RTR,#$U,#DS,"YX M;6Q55`D``QL9/58;&3U6=7@+``$$)0X```0Y`0``[%U;;]M(EGY?8/Z#Q@^+ M76!IU_UB=#+@M3=`NNUQTM.]^V(P$FUS6Z8\))7$\^OW5$FR)5FR*)D4*<4<;9(!Z.LN3=T7U2'/WM_5_^[:>_.D[OXJ(7C+(L&0Z3^]X?_628Y'&9 M]#YDYHE^`A?[X]LD*_^K]R4NDD%OE/7^\"X^]L@Q[O5NRO+N].3DV[=OQWD^ MF'W-<7]T>])SG-E/_&,RNM->3QP3WCR*BZ^V.>F%T[L M/"#L4#Q[9)`\_I`=49'TCZ]'7T_@@KF=+=Y^DY?7"P.[2?*TC*^3NWYJ-<;\ M`M(4S0VIO+]+BI5CLE=6#,H,9%`NCFLJ/C^97%RX-5UYJYCHTN/C?,HG!F5^8C3E!.X`;>L_/`".8?,SH\Q9>FY@0OI]:P3&9X6 MUM0NDJN>M>A3\ZWOCHKT]FYH[,Y^%N=](U$UWV&?N,F3*[@=K,F96`3S^-AQ=)/`S!I93)+R.X"ZY^',7@ M'D>:DH1YXZ#.4;.WQ$8V^6GS\$ENC3*@Q&2E^`!QEDZ M>>9NG,/O#Y)^>AL/06')42\%]4@'EQI)S@6YE)$7ABCD#HL8=1B.L..&GG8T MQD)H3H3'HTL,7_H>'7/^T\GV0DR$GSK"TX5+9]GC,[O)>HD%HX+([UA0S12? MDWWJV"]_^Q3,0^#P'3&`"'")C]X+^`O\^>EDHT1SLVZO1?GH]K!C&G\!',K[:)3_EMW%Z<`?QNEMX6:SOPS^;UR4)AT,O]\E6;&] MSE?%03S!@2KA!7Z`'1]+Y3#J(D=1"#="L(@C*3V)V*7)<@793#V;?C1RF%)B\(-3A/G9%H%SDBF@B.=7@[#CB>D'V2O(L0C"O M-,-=Q&S5?QBT&&?B.U9:2:G,OZ7$\&\I*2)B)_1TZ").I><(%0C0J\A8E"L< M"8Z6N10&HN@E,^CQF7^IW;UT!D?%F"*[:6$E'+G!$8@1[!7TR4G,NCEV5IAB<\ M(VO]O`$;9VQYPZ+-;.(,30@+=U<).KL+RR[E3%BIR78DJ0&!&6:Z2K:RN\#T M4DP%%D0QW;K`0/6;G6%^J:8".U*C2O+:U8!?Q[=?DOSLRANG0V/9VY(YH"1+ ME.;AFS9Y)BQ$R+V(.R3$TF$>R*<8Y@[7W*<,XIO48C*7$-S(=/7BR7B76-MH M.(S+)(^'Z;^2091F<=;?22J&Y4[TY&DTT@%S`\^%0(1QZ(#B2\<-@9[XTC`Z M[OF$LX=%*H+0J3`DD,R`5U;NM9%0%@KP0B-O;469UWH_OTC(> M3J+7K.`%X3P:E^,\^0!QWI;ZMD6($S)-[R!&`2($V`3>/B[[0GA4)-U`)R8*(5EE3.8[&EE`VNYS`DB&QR/6?&!`BGFNR\ MH-,@-YHBL+^4GTT1@?!"Z0%QHW:`@O!!J>3K5WUVY$8?TZOD0U:,_^\9;S^-Y\Y'Z+\\'9G;EQGDM-?GA;P)ZL)%>+.AA"E0XU M.-B0>1"(0\_Q?$0=JJE`D0A=P&H"C^$*0G%-Z!(/K%/JM:%[$LW<<7DSRDVT MWQ,\('](WV+: M>9*!^Q7RHNLD_&XJND5RGJ?;)S;/%2D*#[?Q-E9EOQ/$K\\1Y@.['X3=$B$(=B;!M<=&FV![]:!+QW-:!@BB14C M'D"'D67J\W:V+RC63,#5*"_J_-6?35-NDML?SL-_PC.?1]V=#!,@U(JYV",J M&X*K68WH7#)'*\75R=`7Y?LM`Y$S"!AY.'E)(TPUX8@Q4-`9*A92 MU>6!+YG38&`G.AZ>`RW^D$U7F.8@Z9Z@E)L"J*)L<8%HLRBK%\8^Q]]G"P1@ M+S_G8"2^;4-^>;JS1]Y*C[O=S M"$H?LO[H-@$K[Z1<9B&)**06_?*3D;?3=E(=@*?U+""9(7(Q<`O-?0`@T(X7 M"NX$G/F>IZGGJKDN)MY0GXG)Y/JCZ\SD<@"DEV3)5;I]#:H]I<-VNE5R!#HUOQZ8D.+`Q[3&G M_3E.,\^DO4:U]AG#F)*!*X%H$@HF$2!(VD/7*(BK3;0*<.@;DSAZSQA;;$U^ ML9B+J%TD)5Q,!B&D>:9&.O4S5%$[:OF6RZ`$W2[(ZQ'?3R8.( ME&N]E*6N=?!S%\`?M)J?59U$TWP.SFXICFT29"UOW*7-?A]BHDGGX$K"N**5 M_B))'^I*\;VQ\^[)1`R)D,`5E^QO>>1/YRJUX]GXZHTM*V1XDC$^>L\["+^I70B'OP\3 MNR*>#=S;45ZF_[*?G^>CNR0O[\^'<5;"-6.L=[?[9<%21SX3RH12'SDLE$`1 M83(=%W,_D*%4.%(39,"Y:B*7\\Q:Y*VB,ET`:PLU`@\FZ#*=VDJNY=6#N!R7 MH_P>,#<[O<$-G!M2EO:3XN':=/W%Q(!Q?C<<%Q<)?%M>PYI@]08)%V@D"MS0 MT0$#C"C'#B3K$OXOX-3%D8>X?TG-:BJ65IT65QA>(N5:8[2F:DI3>7(#.7[Z M-9E0([,Z^VM2GEWM-Y&M&@6%Q8BN,[DJ4E7-]O=LDQ7!%XZ\H9I.MNGM0"&XJ3G1-*:)*H^X%.)@\ M[0-*J_^CFD$ M5NN:_%>*4;<983)1H#E?;6[KI"&9]1I.1,UFM`:!#:K530."7$T(LD&=-MO- M'!G>KYQ;T'E:1=1%0:K:3I!\*5LA8E6GV33P4*2J5E06Y=DP]]U="(1$B[.U MZX!SHU]1"N\LG9"FRJ\6D\>Y$6_-.:<;XLS:M*TYP_B6FY^FMW1RCK%Q\5S( M;=EF=;&?=P*+IC)=*C5, MO<@U53EFC,Z.&<,",;5H:3N<,[:;/S-J-ONXD[[;I.=H4T:VM:C/>Z9)-?VP M/#8SI73.G\_>-@NVS/03TTLU7[WN;).VJ>@RBIE:XOGK)*BXIF%IEC<+:5#W;)T?O1>SX]>VDV5._GK9IWM]G=O7*$PL:VZ5^T/6 M3C]&=6YN]KA-LZ;VD-EHIHL-ZITT3D-=D=IHG(N2S*ODA.3/MVQTS_@(-_L, MR)RZ/!WUBB-]IK%H^Q<ASZ-08OQXI/WTA/\7[?^;*,/,VN=R#W\T.2^E'C0> MC]D6DC*D:CG;U_4#;$J>H/LN=YAFD:,)=AW`28&!>QBY3Q$<*;_SXC< M/*>>P&$./0-X"*KRXH\=.3:9MJD1A0G:E6(W#($)D'8CI2A/!O+,0:"%( M@]Y03FOE;&EC814$;-CPXS(N2KC[)FDF:-8>)!F'/SH('6D2":8`$NU!O@C! MT3A>CZ*(/@9)OA`D*TK;Q/;ZN?=R8,D%KB#[T]T=F'IC*7.NN:!*,V5CI1*['1-;"1UJT#&'J,"7DMWV<#D,)4[D\W M+&4W6V.)7AF M$Q[6G'7=JEJ(S9/J(YTD^MW$9C^*HBT6>KMVBQ;!:#P43_97@4W=VS[<\NS0";O*]_[WNA.[19K>0Y, MA_.&G1W-;"9;[]Q>WC'9LBLW?)97YK.OH*NR91WFT].;VV^Z/#SNN:&,5S>? MF6R8?GL?S6',E2D,O7'/9LK>5<.);0'AHFK-NW/DLP7`6#-M`GMCGRU`1NV& MSQ^1?=8&=G6W"F";.LL;_6QW&LA#VOC&/UN;!'N"7M6RZ"'RSQ:]?$&__<J'H)]M3(-Y MJ7W=:P`'33_;F`1SF*:NNE!X@/2S#6>.[2$HNG(SRZNBGVTHL7FA!WGCG[M, MUZ:=>G63&ML<(-\(Z&',E7D[P1L!;69G:]5X,EFGIZQJIUC7&&@;B+&&M@+O MBX*V@1FM9YGC`#EH?6A7]ZSF5%DA6%7._T.0T#;FP9X\4_A$4.4[O9J-%^&D0ZU0['G.RQ" MPO$X_!.+4`B"0N*:MD+CG!_>UU=9K/V]JG"?4.`7OKKPT)8D-IX-7S?-I?;] M3&_GA![&7-E#_-_6))IYF4+5)(-:!RU>?I)&*XL2K0#6U,LG]K0LT0IF=@?7 MCWA8:(UH5_>L9G,BQKSJ.M"/L##1RCS8]X76?6CK(:],M#(+PKXJ_O6>&-J* M0S>U/QBB?D&%]7`7)UI18PY.'75J=:+[/'1/O8G:F`-YHYV=G)JWRO:@LOH>SMK1)[QMWV M?,JZSO`X;%ZX1]A?[_3(YD41,*3*6T%>!^O;HY*^G8SR@NEIMF)ESPDB M^(WG=7-R()\F\HWHU?/V\:H1P;X2BPCU\J,0VR)ZS2-D%%-3I`Z7Z36/D:E8 MU7!@SD$2O::7CNUAI5I)47>/[($3O>9Q!]_(:J_"'CC/:QYUP_-(Y4TC!TGT MFG?()M752%?>W/#:F%[S:@I,3W>+Z7VZB?/$BPLSB;=W25;$YNO=/(_A*\W] MWOWC+>?QO?G(_1;_/WM7UMM&DJ3_RL+OZ!)LL2 MMR52P\-K__N)S"*E8HD4LXIU4>8`[;%%BJSX,C+N8S'9VLCNU661DG_"[Y[` M\$8*]9T8*ADGA>-8NN\YYCJP0)H4&!O9<5%P%)*B4`<1PD$H"0N4(5KGVS"P M#80:H8MK_MH"8Q?R_YV.ODS!Z?@!+T`\J;W)(26B[7CR`@*G]2;=0X-89])]H8 MI;@':O(5:G#Y$AR0$'$C`#42&Q0F4J!8\"@,#0L##?[]IN7<+1;<44IU*=XC M_997Z]5R-9I-IK.[^H`P+K!=[$-!?%466Q%.`B52BC21`>(B3)`VJ49I$*J0 MXS0FH)Z5Z^FV.%C_VRC#C<0EX56DI43J:C[^^W[^,,D6R^3?:\"L<5HKV"3> M]+KR%[+=7'28F/:)A7?35HGEMVI#+'AME/1-,"?`7ZT2S&[EAF#0RHS3WBEF MAK=[Q.)6;RE6M!I+1_,':\LM$H1F>_*MDD@0(=185NF%#/8`R7QNF4JQ8QJE2"9,(T`EA1I MGG)D2!H1J4T@I89GS$4^5:Y\LPC1(0@&"I220'4MW>@%%"NV09\]4#YZI"9' M\4W;OGD/#*7;8RBQF1G#ZO+3PVBYO/KZY\CZ2ZNKQ]_QA.OX1C$$[YE$0&W>JCH9D^!`''5'S"4M8&'.*TC3!B`<10R'A M&+&`QT8$3*;QBTL,MYSO!B3?IJ.S(,$&@>Y\7[E!1!+-=R/CPPX2]`,4/094 MQ2#!))O^(YFMX'>C^>/C?.8,S5,=7T&(BZ%5E2EI&L4Z2`T";08P:`,FL]02 MJ4`',I2"*9[A*'X*Z"R'G M4'0G]*B%AC"[#=R4TM7#5@\](46.(54SB'R336?+-9AAX^PF&\^_@;G_Y0&D MZ^P:/BU/*9T'0!]^4:7:)`_2/+'(L3TG-,"<\$&B2%C#,?)GNCN(D;-MC)SU M$R,_2FOS!D0>(V<]Q,A?$]MNC)QM8^266"[*72P]$-QRC)QM8^3,Q<@YIOU3 MW&Z,G&UCY,X@=B-7JM!;-W]_]>3*?/^5+5?9!'2FU9%C^.OO<_NC37#'2LH\ MA%'9CRQ;EYX!F#@(P@A<)(`-$.,D0J$D`J6"I4QC0X-`O$QZID:#3]9`,4-% M,)H]@H)L'BC6MH,.OM]0UAS6KZ@N1Z!++F^P7MW/%S88VQ$\20`.7@#()*&T M)4Y@<.@TI@@;E7`>)"&.V"U@0S<#"TKAXX./WQKS_)G90"+PKS5Q[K*=^.S) MF!V/.=-7",:A2$BL"*(44\03ZR:F*D6ICG6JDY02F;Q,&/ZH92O<]18L#9U% M+I@_S9:KQ=H5G%VM[C>M$_GC?)Z[8K1LTND%UY@:L([A;KMYC3@5<,$CAF1L M1)08JA.>/N.O-"4-X%\5BB.W_H1P7K2X6ORVLH6A+K1TG2W<1W0@%D_A M,<`.?[3%$WLY[!!1NRA<+S:!QCYUJ;\D(L_:](7FMTDXBS;.U\#Y=@;*@!B; M+$=!)#GX$#Q$.F*@3DD04QT'6.KD>8RV-)>VS6$JZ=-RN1Z< M,O3T-H]N3]FP*PS^)I%]CA=/U:O;C@AA^?'EM05 MYVDF=HL;R@]>$H23B;NBHP<;CR M8Y?USR(;S^]FU@*#2QYFL^SKM$:1G2=M>]UIF::AHD!-R`UV8"@P5`LUB=0?_NN_?0Q^IW:':>E;P['S'G1L\EF3(3[^?5B#@[]ZL?UPPA\Z)G+D#P]=NL#*9-&7&JK3".,>*+` M08##1`$14:P2I4FJJ(8)]>&8(:%7@(UOBSY@''WF"8L/YZ]5\ M\0,PGZ^='+BV)OETG"V?7]NXWU8+K!=/#^OE30:?MF@@F.??AA8(PG$<),C$ M'#!B@B##0@5_Q((%)`VQB%YB3_ERXUT?\Q1"#UY(=UUM2&N1W8.K-OV6?9J- MYX]N/LCG;'7UM5MSUE<5@M."6+D2OB)9+0V3.X5\'DDMC`Y1RK6M$X]2%$H1 MH%"$P">``!'Q+7V^21Z>>W[=-A5\GJ_^RE8WSP[CRR?EOU3. MU+<%('XM<`,:&<`)192!^VM"CH(0W-\@2&28TB!6C#^[OZ51\KW!4V;`NF.9 M.G"7;>TH)JPT>;#&*-PX^[+:[#.U;LA7FWG*9C;95'M4X"GDRT`H%JL8!9&P M2HA+I'E"00D%+$P"2K64STH(-+KWH@8?.@]:,\%RF:V6\)?MSS9APYU,RVRR M#=;LY]@:$]2Z,7FXG>=%#UD\C='^:MI/UNG%\I7H>J^KGC]NOP-..Q`KMFK, MS7UL;YQIPWW0[3.$[>"DW/"]%\2GU^\&9/)B:E.J^YODAD>SMEDSI7?-FF-D M#'%J[6FJR+7P*/$0K$T@"'D^L%.)**A0F M6*!$QCS$-`5$7KIW##;>N\]KD'WDDPJ!7.9S578)J<)'O83??&\0 MF*P:,^)KR._24^\V_3E=W4^W!<3##AU8>(3QW@#L0^>1^S+XRN(2ZMZ<9' ME]9X\E[^W,F2&C__9MAJVKETNI+%7H'D5]45B[5=J++-%N89ZR$GVHT-PNO2 MG3U&1OLC]TX2\IXC]X@;N0=?1DN;EVN,W*NG&>R%W?YXD%K0&A:D='=.)_5M M\9.7Z)Z7[G.%6UR\[0H<)^Q5.[J=NE:LB!ULVQ]QLPN8;48MM:,?(,$SV])U M)-6_^M,F(`PMU:&]3<MBR^M;R7>-F@O7P:V%C)9PY2+Z5OUXK].9]/']>.V;!RP7[>7^M^'G7^9/'M9:[-9E=D^$@78/V>K'N

K4MS*XB>&:4:46>VWK>;@)[X\(O"X@72'O?Y5F+] M_37<`[W=W-YN2BO>[F,DUD7MK5#A0`%D#D!>!T`_:O=+RCQTM,ON`PV"V8FK M1.^7C?O)*+)/'DLMUNP/SYVA=I81V;9;'7KNH@FTF:VVL5NSQ>DG]VGS0,7K>\%CF_^BAI%1J`Q')C%@O@@"_I8F`E`*.0YEA$.#\WVK=C&1 M"W3N^O3UYT"U$>[--V7:S2F`$<6BO?`OW6["I+)^]+=E"#@AV(KLHO"#@SRJFE#T=$`2:4UIO`8D7!&)C'<'W#10!`X9"F_=@ MNY*12C-8"(R4M$5IJ#8J5)2JSZH@T,RLO)==R9HH(4FM81V$A<+@F"&6V-U9 M,0N0H9(B0T(1& MFPA\'Y;R&"P!%B)@9X)T(F)".("`V6:7E%U16+8#CH]L:FA#=AD",($PWK<1 MFQK#K/@CA+*7#=D2#`/B;\CF7`>Q22E*M=!P$Q*-3)#"'U0IIF-),`MR MN^"4E>M-#R)Q4"GI=F\I^&&[@TE8/I@$H)*^)='=DF__+3&WEX592]?^6QNN MG:V@9;U=>W[P<`N/;<(#UO1M9NT-'+#I%.D0'&G!L3D=A2FN-].F.W2TDI*8 M#M'1[F;9VEKJ.\2S+VP,7"NJ.\3&6&RXBUV)D@TZ)'2Z08,Y&2R'*H(YHS[V MR2D:B#H-)##5OHT0W5)?5$":,-7A36$6'>'JE,H#6(8'#KAL,8-$F.,*" MHVS9BF_12E_0:'@3H1U"HRPTVMFT='"JN0Q.#ZK9+90&P]][P';WX'3#*;:% MC]IN@BJ5D#V"T;HJIGE##^>^S8WGM)RK@B9K>%\4%N[&\7T+HR[+NX9W6&[W M\)"6>_6TXJ$5VR_2`;PSAF,P`0'P38QT",=`<:S3*$@BSDU^#/3#+]S7**ZU M`Z(-X=TC7KP=4[G5^84]0V8C.-YN9ZT)AX,:?=<*VOYRU:*-)?.]TPU.QAO8 MY+2>S\'%^WUGY38Z6&U0O?$]GX*T3EA3X^T::9UOH$^G9WF>=P\HWY#(GF:= M4W[-32_'1TG?RWKSZAKDS* M>V7)X'S0'@#C[=0+=.:#]@"9&QC^<_J@C:'M+U?M:"75^%3I\W9!>S@&-Z3' M-U+U<[B@/9R"G0C7+M-X-Q0)NWN)LK`O*5-\HU=35>`]25O=T'8,QNR_L)K>WFL/:_[\Q6 M=OKZ-C^%L=W'*5!_CN_(U&[6S.M#BKB)8=YRI,Z@]X$9"\0S@AQKOB2WGYX;V(M'=5`KB79OYKKS07I@8 MO%`I+[53M<[KV-R6IEV;?+OSOJD$%S=T>&=E=VM>O-!V1A#Z*A0WUU1XU^$. MS`OM`R_+M%LM[`&MK,'Y'/F@OF-F&-OHS#I!H M$&U_P>K:!QEINA+TG)W07L[!38>]U./V?`JRR5,8GA/:BSPG3@=RZEW;\IZ\ MT%ZX>(!3#)?+]2-\=F%=[1^SI]%TTMZRWHK+>?10)P9`LAS M@5*:*,Y#;L!*R5?RX>W,@AT&KTMR>VL+3X?$9TLAWR[D5&5(CFTI[)E+;I_7 M%FICE.+M<0W?!N=P2UPS_+!/1R74QL%,]S7S7L(\_1_.I;[]*.C-FV3F/.O9 M.\2'M[-#J?6H38<0Y?7JWIFE=Q&FZ:R6T>3UZ48UE0\][[!,A[CG]>@#&R_4 M4QRF0]C?;?UYAQ+9^1-<>.OU]Q%FZ9!)+_7EIYQ/NQEB:=F?RWTYXHN?U__A MV%+7KM(V0#$!J['6YGZNJUCQ&S583RYQHR MVUFV1N9K!`7GEY%8'0/OEC;(2^%WQ[#;18'">ZWK63I[[[_=CQ99.%K:0WRT2;^1_?A@L1C!1]KWAS]>WG(]^F%_%/S_ M:#'9FLGNU661DG_"[Y[`\$8*]9T8*ADGA>-8NN\YYCVP0)H4&!O9^7=P`)*B M4`<1PD$H"0N4`=,UKZK'ME78"$T*[EU;8.Q"7LS#MI>$-@J+[T01S%5-KJ:8 MXS!52&,5(4ZE1H;1!,%_*HP%58`N?*=-.MN>,UXV-JJ0>1@@OT3UY^P4ANL0 M*7(,*6]Z#U9TW&3C^;=L8?EO>37+/R^7".YZQ/+;]6&6,(4-;AOBCGA M1K9*,;N56XJ-%IKW3C$SO-TS%K=Z0S%B7*E*!%^/P,,83Y_`$)O=7<\?X.]@ M7RVOL\48Y-OH+KOZZ@)"G[9*XM,,!.+X!+D.]J>%18-;4%1U3^M%5L2#OH)# M\42`,Q4C8^`+N-`&P8<(%"F!1:HC84U/M]41?R2%O<5U22PZ7+/9.O<1KA?9 MXW3]>)-]RV8GN.Z'4#C$'*(N&GSC$!5\H@.T%,C=6MO/B+R@Y@H=&R=[^_G' M5)HGT3;V*82B&XJ/D=.0PW;UM,EF@$,"S`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`=:1 MWL#HQ$*UU0^!3B5*5>&S^)

C(W#");&F6RVB&6 M9AN68FD]S+6JV&B4D>4=P?O)F2I6B!:L$_H3K^#>CPL5**[%)`?A[JH&S*1< M[EF*)O..;I$J%%L5P"QK.K*IWFFKABYK MS+8QJZO(AHU%K)TVI:RK]A0[7C(K/:N[YIVLO`SX`J]?,27CHGN6HNN*NE7) ML@7:/"\?2N9CSLKH?RZILGY6SI+SZFT& M$Z]-98NT#>Q*I\EMUFG+MLZ(KK859N%^N"CR8EHB\Y!?CG0QH+"3X'YL]?\S M]7P79FVX-'S[-@1KL48#K""<'&BN.3C_8`"$1E.GD>07*;.KX6S:1N4Y-!'= M5M$/5-RVX,6KND9D;JE=V>S9;9AVS1[7>G:'4A44'>NV-9A/4AU$LH:_+.%- M^.+ZD8*4*E=.`S9PKQQ?EBHQY!4R'7U<;!MK>=(0'7LI<*JDN?%BV,L2P>>^ M"W.7[49_PTSEN[@A(]F.,WZ[531&W+($@:JQ7&)?1*H-;WB^_^M^#+/_ZWB4 MK'(^PN2T!9*M_]_IQ^2%N9'H>B:<4S%P?`)]< M5?L2OOO(:&QS-'/2X`9PJ^M]+]:_N$0?`\&4S,'TMOB83($R M]GURK=FZ M;:AM"APPJF,D>MZF%ZLB9;_F/^#RT!T=*N0_/&D2/2=,SC+?='+TVUR:((Z+ ME&,0N$6*SDOT:$@3-:9N<6A9XFR#X-8-0M_#97I,QX+.9&1@*PD)-O=DJ?.K M=A,O!\,6FE7Q60\WKNI&:I]?'FDV1KBQ.54QQ,4#S!1&4B<<9PX__ZP>?8R^ M,^)*59[=,:%GTM0&]4+"+>-B>[[;#VOPYJ/NJ%HJB,@<_L[S/09>95.=G+.^ MA@FM72?]6*YTQ-@?.D'@/7G]*`%X\W3OOD[&ON._W8]!@UZ=$?8U*+CUN7R^ MB^LHBDF7J7\AZ3*R81A+^>X+A%/SW.FB.]`_(0P'*YM!>S-*]&GR(>H:/2?- M$)"'+R_2*[!$7H4QIYZBD\<"8-ND:_7[_A17A&?]DZ*OK?@_[X-6O-)NK&F4AJ='^&OC/VP3C!SUV'[FOP=3Q"N/SQ M<`BWSDK.JZA%).K8EDJ!'1&$[7%25C^D2FH?L$)996Q;()`M49;6"2`QSU@V M'\HI,0>78Z:/'%@=^B:R6^&%/-&C1]-TNH'L9BWDY5]".$H]W6$61]3]%DTSFND+1&QHRYP2XOM(EO-M[X-')6L;R MC+I9BFWN[/>1*U1FID!E6W9.Y3?%R3D*W>+*,J1)QS<15UW@)?*?1=OSE3?_ MZ2LAWD81-B9R*_INQ;E_H%2]ZN$<&UL=J[Q!$%SU?EP>>AK M:%SAN@7#-M453#Q-KQF MR^X"R^ERV])TVS(U*ZI0I,KR>NU^,N;+W7T6&='EE."BN`(C2^NFX[[H#D:+`!1<,L&^>_G!\45I>201P4J$J45-,;),<*ZYI0R9K5JQ4 M<@D%Z[*VS:GCI['_*JZ"Z6I6P@]?-76&X=N\K^OOHX'K_X`Y MS/6#;^#`?3Q"[G`=ZO?G2PHS=(U;MJP8MB9SG71DHPT14E=3@`OW#+4S*WPB M;#D2*@N-;'=?A;@BIV;B)&\J/-/+YXHNLJ?#1,JQBE(SOE+_N56.;>XYYN+N MK1N=AQ4?B%#5A`O6B1'-V.*HUPN5(KONH!:U40S/8#;3G#9C\`5X7'SLE'`P M1W>2>V00X(U3QJB6G]%E2%:L=+3J1H`[/U5C6['D6IEV*J)ZA^1ZSOHI+!4G M>8_6SI!I@TMXAW7$G&;!,3]@I(A\QMAS%^8DEE??JKH63O'P"ZHJV];"UPJ5 M/Z-4U;P0DD8C51"W18ZT"BRGEA<_O\H[-(ROB;(\)KW%+I3/\-GT$HGGS!*RS[**2O+$A^$C=T/3T^GM. MD=*!`\PE?2]:2P#M25A3%67'EE0D55"U7H)E4>/L0%QY@:TB(N.H9)X2BP&) MHK+4"6]K94CIMPB6HEJJV2WS'!'8RQ0CJHKN!R6B[0=)'?F95Z(5._\.X:+( MJ]GCZ6/X-!T"9<39H9(.3IS*O6+7:T5(',LCHIUNY=/OHC,F-^+F3^M&GCP@ M*:X+22?D"Y]<5EX*1\>U%]W0^4+&+5(DY+T+@_%X:UMQ MB7(=BIX1V8N2NATZ&Q]`*]I6EW0LQF6SHU/0_)XBMRGOR0JCI&V9)M6)$ZPL>4936EKYNX&+UUH86):DAD?5LOGXV-U31 M4^#V<&(0EM2)(C(M^8WUNT?CI?_N3]?O>T')4!2L&M23%0V%)4M.')@AJ[%J M&.(4PJ*B+!TMN*BR$E'!%Q<[!,Z+@6P,$F>_K[!*""-15#TQFQ:1+(%(1OIP M\+WJC;D0BHB4@TD*ZZJBZ`:>_PQO MGF[GD4*&'+)&T%516-P:KYMQ$Z`<,A0GBHDJ\DH318P!-1Q%49Z8)>!N,%6; M26.#3*+NAD^:0:?W<<`3;O=HAXK=_+FJX!D2G!#%$.[I1*4]N4.[&IY[2^2V18BL*O#/'C,[\*#%H1VKFU-BH4KLD(8XZ`H#N75% MHUP_'DU0Y\P1TT8F3V5%=VB:EJM=W^*QLUSK7IO:WP,OX!6:FNK$LH_LN=0K MZDY]O<7E>[,1A)0K6)FFF`O^1K:J6DO@=C7`#2(=7 M,H)_"*,D^QKD>X'$";C:HX+$'K2%Y]+,FGLN9J@:/QY>VMQS`4/2E6,YKE** MI!`UP^0&:AE55/-X15,$S_[!*K*\&S'7EDV]5U+V(%CEHI8SK&2BFR8IS"_7 MYVEWZ/9U&-4RM".JECA62CED(]/R;>_X`&%!+SD)V]L5JWQA78R53'7#/*#I ME1_ZEHR9%9!_`:/B-9DMFTSB3[&Z7:^,R4H<*KV*H*FCE&T3A2N[X:@ M1A6NM/'L(47OR)QJAFPRVI7A_WK;5BD>984>7_0J,?54W'@@!-8F&8ZS7%FQA+AAR+&JJQLW'/;TU8SXF\&K%MA*9ZZY6'4LH%X3(E7'PKOGE_ M(`LFU5 M@[5O+QD;/`#43"6CB@E:5E@/L\"Z[,L\#X%/1M1G74W.28\1U$?X(%P M%U6)N1F=-6(F\"G4+#UZ7$U`PAH0RIC!U)D*[2#K$0X83,(`U].CFA)_P!"5 M*07/':SJ46SEK;/P^3K+>Q_-=NR%K+(!/ZG;@0UY*.>KC/;3H M4$=_O`>%*DV9XKIHOC>-*J4L^#W4Z!!EPM7HSIM$CYG\N+Q"?4`/7EJWWN/T M(Z42D!$Q-S9$2V+5#@2X,J$C^7_RJI[HS M50P#&-[Q,&"(`1Y?H589@EV7'_,UZT`(,#UFIAH4Y0%AX'H?[7%_*CK7>D$? M2+>8OGKP6?%I1YU5':?D4+M<@1LUV>C1MLS;A@%RP&-LFQIMK6MWB&(^$,R5 M_HO]X\/&,2V_.]RO"K)@7UD1'^QZ$L=\X%DOZ0$@>U@-J.ENFV^9Z&%/+YFY M>%-KQ,C5[3+C0,Z#=+O<",DA]M20!QHUDE+9LO_:3]!ET.8KZ]%IKE]<)YCZ M[N`&`D=<7H([\?SWX!Z0:0]W:4*X3N457;<-S59DN]?%\UFH(;=[I`U_=+H= M;O28T5$?1%K[EV%X-?"^__(<7L'0\:>)%(1O0_?3Q1?K]K?KKW+[YO[^YLM' M29F$5](?_[R^[\IWWZQ.]Z,TPJ6#X95TW_WO>_G^UOIZU[NY_8*?CURX].;6 M%E=>?_T-[_YY)75N/M__*2WX[^]74N_FZ_U'B<##I5^ M(<*#,%&Z'0.]CSZ$IUW;-W_OO%>9U<_>4GO!SS*H`G.=&YQ*_Q MNY><4'H"M9"^B\0)/D'R9]H@/:(Z7(IOCQ\7/T'4.N&W#-WO[C"`L?GB1V_N M8`-\LNOT7V9?A1]*`R=T6_B,T4`*(1H(GH#[2H]N^,-U1[.'@,/L2^%*'$:_/_8'>*7TPPM?UN(F+IR.Q!0X$4T?8(#/#AX$]HPWP:/\198E M@/&MEPY_AV]S#CK<_.*!P?K]E[?+^&LMY:H70PJ^T)5>P1!?`LD=X;:P.W<2 MBJAA<3%36A+:WPQ:N._-=?SX!OS(=OOI>XBXA[?P8^9 M',M`W(]#9[A6Y&)2GA(N8J:"H9`&F[78T+/')M.W"'@2?N58*)7KVX_\SM:^ M!\+7*:6`]&_7(T'DQ],`"&7P]Q38QX>X&"\%#O<,HHV!Q/VET^EV>[TUJ(?C MK=-G448<1YF?NSV,3]W7%'F5X:,5I>YY/X']OT9]6+$U5R(\^UC6_)AU[WM= MUXRY&?,1W,+[.`&VT0G\?GEW*3WC0=PCD7G!@-UY=D?]-RF8+YF5;OG_E6OZ MB'_TO>>7*`J@K&52(]>]&4',7NKX#L("RS'-,Q&6M0Q:*UFSQI%/]C6$=($% MWCK/.O*#CC#?LTZ7,&WVE=@-U`U:TNMTY/6]B1.?O8(N$[.]H==WAE(P?1QX M4=?;\OUF00U842V5MZBIU=W.]GM"!0VN491&4=[),U?2#T^P9_Y0\G%9;^K6 MSLL276E1I78\=5^Q&Q]:>S5HG.@)T]OKT6"*5<7@69'2OGH!KEH[(W<\K1^3 M)41KJ8PWQE4QXVHTI=&4ALLNG.ZM.W#=5U$.-?'CXV)A!./^GS7TN6J+\5H9 MTGE*?1;NHX'L*!YW46Z\`>02K#;MK>,Z$%%=O50$\C,N`LEX8T5]Z[&_L[A2 M-2@V*#8HUA?%TTTU;"X]$@6ITM.&NJ/2R>^N"].&TF)$J1.7V4=:M<4Y.Q=A M.6\9FEXG:<^]ZJ!F[)3!O#(83R'X+W$RV_U+*\L)&AS?6Z0&QQ/&\3PRL5_' M([]"R=B=&=KY<-%:27K*U*Q!JJDMV.Q@V*#8H'A**)YNGC8/FZUC'9:IMC2C5MQN#VE5I44-^6;C;)[QHEO^M)E\Z]]3FG+4)K MOZ-LOR=4T.`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`X$;?T7I8^'3KS1FRK..PPN>O99XIRCWG&P+K2`4KU\BV_RO M@8N!)491)FGYD:70D3ZZ(906X MV)PZ-Y\_6]_NX"8(EX;_S]ZU]K:-*^V_0N1L@?<`5*J[I79;P/%E-T";]-39 M%N=30$MTK*TL>24Y:T;,=)[#J^112Y7[:116KFX7`XO#U#QCD8+:.B MR,%Q?##2<-]\YAJ&/73+*09>VLI:%GN[&5YMVR< MC>*GLHQAKBZSK^>O]^VM&*H?M>P&D>#AQH[GF<3_I?/_-J417S:IAQYWAAKG MJ^[1'->";\K',?Z8U@/ MNSZV:IC>9$VL_724?3JR'OP@WVN]5VF9]V-ZQS.T7_!U)Y1D"1C:.*.C:#(2 M9O'5L+%CN1N5K<@"W2[*.M@Y=+I&\5WJ>DN'J:&6T9@48.QAE`?I!&8Y:8+B M-,]11G.:W0I(_HD-\38@=E=:-P]\+;QN3CZC\/'_@>4S:Q?.RDUL>+9(5JY. MM]=@P.BQJYA:G^30;=AJ&$UR4D1I(ESW\0_M+:NGLH%-Y\!7->LU1%P60YH) M9]FF(=R!A%U5=NP#'R:NRU[[8B7Q2&?$=O[@R\U#X?<2_,0/6)P-#M(]LT$G MG%\W/.R[OFRN';2V_`I,;)5W5]Y=//Q$B\=?L`&T]GR%^#LJ(LHL?BRQ?CXX MMS\2_#.)\H@M?*`@S44,)@SLZ$(M'^Y#:Q_;^H'3!(CF<3=>)+\AT7%7^:18 M+ZY>'S&P?NAT:'4?)[YDZ9AFQ3W/X,48"<;L"A=FAT6%&RA<2Z@+/T*H7*\Q M0LQ571'OG6.(]L6[GC6UKJZ53BX*Y+3/MYU M\MV_6$VW72<$?W$;_^G]^BUOR"]?L[^8L+N3EX/+,@\OW<7F? M]N+RJH,,]Q1U/G_Y=/G?3@>==2XZW?,K].53\X);8'_N/+?B`'BAE.XON`Y: MZ6A,DGLTSM+;*(1Z"+)UX_]^_!N-8Y*@00KCPZ2?%R0I(A+']S!DQ8SN`!H< M:J"C<9S>4YJ?+E7&FCV+^I,"ZK/>L-?G+RXV6/SW*"XQ5#09HR+E#`LC M\C,:34;L.^D=)RZ8UP8FB%%&;T@6QC3GK`M0XJ$82[7'])9R6<8>J>H"_I-ZRB&&:7:"+XU1-`;HC3,$4U"")B>OT&.F+GR-7VV683+ M6DH$'LJ1+RF0S_3D\((X?3HD\6"ARP-ADYN%9NB.9A3]9IO8MW7^V=_L!O9L MG2&2CVE01*#M/=>(:T-1$B6[*[1:]JE`IFYA0R\E,G7&@*:S!ET2ZJE7?^*& MMW4QRXYJ3I92TJ2PPN?)>')8[]1QS[S.F6EHOM5J:[9NN=J9<=;4=`MFX%93 M=[KVV5;>Z?N?YU<=K?>EV8*>GZ09>/^R,U]];5[TNI=?/[/G"857893E;YY? M_,%*_WR/6I>?+K\^),&9^HVI#UG/3?C]O'WYO0=O/G5Y[]&GSM45#.CSCRT) M-O,R7`+MCO9_1(7&4-:@0=,?5.,L&?SWYYVG#2;M&J(NAL#:K_9%,_2ISWOBQZ02#)/^-=I[Q3= MI+F($^!AN26)6&+`IX5&!'>M<%99S\@4,*(W-`D>,BT MCJ$52,$\"/,,(XAFF$^+G_\6YB\%:39.(0RAJ)\F8?[(I:*T7Y`HF=+P#*"? ML]AS`M(,LG3$AB,43/(B#2,"@\3=,`J&:)*S\8PK$F6AQCSK/2\U'0C8?5;0 M9_KQ.XKH]"?*OY!1RT_$W0=S:3!IGHS&W!%B-*+%,`W3.+UA>9*GXB=! M/,FYGX17TR#B%VGO(O"_^2080@WS;Y?CY1-94$#B8,)NX.8SL`?S$6J3]F2B M$RC"/1]4S/+E36&^1\7]&.I+&>D$07Q1$&15D(P"/!],XVLQG692C)(&)C612G=HL& ME.7V+H6#CX0ADV(0)=#@#^IADO,FN,KX.`H1W20#K`A'^Y\)="2`!HR'MRS4 M4"+[O,9<>K!-WD=+[:>]!`((\"U0_I])6G"&A57^!0(0_GK:9[7RL+#LF*5! ML*"!,L,'=>A@O7+0E@S)TA@*,^B!#4Z(^9I%!E`63$9L(!5Q&$",@$W;S ME168?13>Y*X%G$3(WIRZ_Y6C<=EA&2;C-(Z"^W)ZPUN#]ZQ2X&F'89.$5=I- M)Q`/0(?"PPA<>18,(0*?1_JSZ(#-#J:CP`;3@AFT4.X>G$I9@#UZEC=J,8,` MR/D\(4D9LG/9`4\0@YD4B#WMIJS4="BV*M)3S2U[JGZ0('GU$IE8;NQ@4XAM M*0_7:K&2_O`%(#Y`8F]Z;TJ^Z-G')U]<4V1?S]6GC_KIK1CZ7IXR;,W6UIJ] MTA=]>=ZC9TYR*6U%2:C(N^S5GS`[MT_=9Q9YV3_6<$NBM922!]MP?9XM\CG] MUA-&KC@F_XC!![XE4.A M=%S??MP-\$4[&+9P5*SBIRV:&W4W^@G3Q1%;>YHMR\WG\^^.-3ZJB[M*YDK) M7)=,O+^X-/IH*?_9Q?*C]_QMDUY9V#;C1TP[WDIQ;&SZ0G&2 M*^(!92C*4.2*67MC&D3@:C.V#SP1D/.^H6-3%RY.W55MY4.%-P/E1&L[UB2AZ42\2-8P7.Q80I&F2=&YE*4H2U&Q[,+I?J4AI2-^ M'&JZ`YRQQAX`^U\&6+51'DE-K*=R'@DQ:ZH&E0R!'HCS9QS=?;E0*186B M0E%<%.N[U+#^Z-&4PFZPYMS1T8/?;3>F/1U;XF4PW59;!]NVI`XNCT>,Q.>_EH96,"A>-KJZ1PK#&.W0#ZMI=BI49"IY8.:+84K%!6* M"L4ZH5B798--MK+HJ\>W6\ZBV>FEAE`!GE3*UGDNK)!2L6L]1CJ%HD)1H5@G M%.N[3KM)-"OB.2S?P:XG5&RW@[:.CDW/D$19=0Y+!:/JO(8((8#"\;554CC6 M&,>-/&_QR/,.*1LZ/IP8[FJO^^"=!2>K+N$BR(_5^3GO\;F6=>BR,_W,$54Y.>*_'P?T^-]OZ=D5C+7YNR&1.3G#:R+ M12:X@ZX6-@UIEK]QPU>+WP(M?HL9+LE.?6Z;V#"%OU&V6PT5['#*4)2AO))G MKJ0?%IWZW+*Q)=;)!2EZC[(492DJ`I:''5UWL:X[JG-5K',I2U&6HL+=>K*C M6]AI"!7.2*FT%,Y#0:9./=?LPHY"4:&H4*P3BO5=:)"%&]WT+:Q[0LT==]#6 MQ0W/E$17TW.QI0M%!"_[J03!@M.:7=U1."H<%8[UPU&.9=AZ4*,;!G;%8O^2 M2MDZ!V@**76\H/8$Z3YV;*$.JLNIM13;-0HRM8A0L_5PA:)"4:%8)Q3KLGA0 M:X)TR\"F*EGC*UGDNK)!2L6L]1CJ%HD)1H5@G%.N[3EM7@G33QI8AU+WU M7;3UL*X+M2R[@[+J-)8*1M6I#1%"`(7C:ZND<*PQCLN>]VW!CBL])U@9[\UX M'6D[#SVDHNC[X_'[>OOS>@S?G<2@'S#"95)\Z5U<`X?QC2X+- MXE/[S7NDW='^CZC0"OJST/(B2W]0[2X*BR$7X1"?Z91.P4 M%T&.\P:-259P:J\B2A,(<.%QD(Y&-"OY9@CC0X:@EQ04C=*LN"$W%,4I2=`@ MS=!O[JFQ:)E1%,=E+3`&6Z?\NY,DI%E\'R4W4-%OAG'J/"W`Z[LC.4IA/(\2 M^%:(^O=0E`P&41SQOV/**LHQHV&`FF#.$,/S#,SQ?].W'XD]$SI.`UX>A/J2 MQC\`ATE2W&.HH@NSCB@DITOP9#1(LY!1G"&2Y[1@Y0KXG8Q8.90.4%3D:)RE M*",%@5KR(\[>2B<%?#4)05MX)THX9QHGC@A(EK'['.RMQ30"D0*J(`Q8 MKD:0YL43>6@$KP/X23&,[Q]5&S'B8*@,:AF3>SXSX<^9&C<)U,END``R%-T- M:<)1HT$100U)QN1D$A7#C%*H@W\D1PSJ$/7HN'A,):]S*GD'\U(S&6&F M&3)8N!"/S(G^#(8D`9MAYA*0?,B@`K/Q4-GXIT^[?QC=LC]_?SO)M1M"QN^Z M),J^D7A"/U.23S+*]#Q/Q@!V.\J#.&7/KJ`'G$%C__@(U:#?9T6;MR2*F4/H MIEF/Q+0WWXF8%P!4$M9_OM+!AQ.:QM=?.KYEZ8ZC:89CZ-I_=%UWKWM7[6NS M85TS]77?TJ_U$Q2%'TZB\-K7&X[CFM<-NVLV.\V&II_Y+ M!!3U:7%'N37GT",SUH/"OR)<4Y?@.8#2/:&`&*D0?F8!&#;'T[TZ=]C$H:SO_F[ M'TX,77_SF!4>]6%`HAE[;6E^N1R7E14X[IN-)Y&S,FN*[.NY^O11/UVK!`I' M3WK!DRRT8/A8")8^GA9ILK>TC4(">$?69KG"\G^ M2EA8S@!://N#1"5GL(+J>:B6;>P3O$858,5[-B-8",;G!OM%I58N="7N*@?- M4FA^Y!PT03XOIY+2*)DED;DNYV4E2DICVEAWW8W*5F1G>@=E':%. MSNZ@J.$+==A@%_NUL&\>^!IU?<,?V7/*.#8VQ#I.OP^M34\HWH%]J&P8PITU MVX-MF_Z!1W8Y`C[A<[HT=.SIOFP=P'>D4]G`CBO<">)]F+=YZ,R:LL:`]G+W$BM*MU#E8EW!*`%I7X6BB6IY42T(*186B0K&: MRY.O$UINLACY^ISP>P@P;4>Z<$O.`%.X6TS[V/\^=`I!%6!6>SA2*"H4%8IU M0K&^JYF;A)P"$K?;NH$M6[@CUMM>+<:>+XNN#1&OTVQ+R.\[V#WTQ=`:1I,U M8VA6."H<%8[UPW%KYO6?A^.\!66W)%[_J3AO%>=MN*_GZM-'_72M"!OW1:JY MW*MFP"F"V\WQ*K^A"&W7F))BKUV'#J.J1=\40^V+=J440VVU&&I79[IXA/B\ MF"*H53)+(G-=#N](1%#;P+HNW-'A;Y$RE M34NZ@^F&96/+.S`;G:PA8+W(:74'.[YTO(6N*UWP8XK%$[(?XW9A)GS@3!MR M!'QU(J>UL&-(Y_$\Z7J_*9W&8-B-"@1]@IVEKM4]'H6B0E&A6"<4ZSO-EH*9 MUO1U[#O2A9LF=CWI*-8<"1=7?0OKGIIB*U[:)XLO!K9]Z:9@$FXV.-+Y>3!M MMPH4.&*&?76GES5\K+O2!7P&=N3+:6U@7;XLAV#?CGW@44XM,U9[44*AJ%!4 M*-8)Q;K,L>5@F+5T[#@2AEL-5[C+*GN(,>7+8F`9V#ST=$+6&?;G-"MNR`U% M<4H2-"99P6^R%%&:".<'7>R)M>:NTE\IR,1PP4?H6FJ67^TY@4)1H:A0K!.* M,LWR!23UMDP/6^+-Z[>E,,>V+8NN!G9MX?8$M[5BF+T;CHH=7^KU:T;^JW!4 M."H1K?L MW[^_G>3:#2'C=\U;$L6LSFZ:]4A,>_-=FBOZLSB+T^#'1_@4^CVDT;MV&DQ8 MA->-\H#$_Z4DZ\*3'`5IPFBGO]+!AQ.:QM=?.KYEZ8ZC:89CZ-I_=%UWKWM7 M[6NS85V;NN'HOJ5?ZR9[FPR]: MNVUZ9VZGW3)T_]JXMDX^LDI^?[M&IH703?@UY&_$Y.;8HAHG'PY[:UEN$ZFNUZ+:W9@FJ:;EOW.I;9:K9-4%@_^<@, MK;2SQ[WG"?-\<3CF>:A\.^IYSM.Z=^KYN"3QO+B\ZB#K%)U??.OTKCY#/3W> M,_OS/CH6%3EW8^#L-YOB=C6D:)#&<7H'5HZF+/TA=(HHSE$!OX718$`SF@04 M]6EQ1VD"%I\7*,V@,)EQ9Y,Y63;_D1%)0&^+1@1^1`-&"7S+*($QZM^C$?F; M%UY,:%$`[]VDV3U&I$`].BX>LZ_JG'W5815#R=7TK.^JT<#FE@VL'Z1GK!XK M55(&E91!?7IOGZX51_F^N.)7;%:N2#J@\C3L#*'4>1OV!54L2RJ'EP'&LCLL M!/NFTCR\Z%""2O-0K30/:V8:CR!_?O)X\#,OK_6>DEG)7)O-=8GR/)@VUEU9 MT@)(<[#`\(6[DKZM_5K8-]5-=)7J83N'8&-#ODO;YJ'SS5=/9<.0CY7$QJ9_ MX)%=CH!/^%P/#1U[NE"WA/:AMG_H$WC54]G`,J;Q`?,V5;HOE>MA@RC`Q;9X MV?YVC@3DH^BQ3>GB/6;?)U0DLYTD1`@&D[TH5;<@:8PMUB MVL?^=Q6R,*H`4PWJ"D6%HD*QF@%F558S:\I9;NL&ML1*PK.#M@;V?%ET;8AX MG69;SG+?P>ZA+X;6,)JL&;>QPE'AJ'"L'XZ_X"Q?S7G[\W"?/NJG:T78N"]2S>5>-0-.$=QNCE?Y#45HN\:4%'OM.G0852WZ MIAAJ7[0KI1AJJ\50NSK3Q2/$Y\440:V261*9ZW)X1R*"V@;6=>&.#F]+9BJ+ MHH9P9W5VL-X*[*F(&?K(SDYK&]@Y]/FNZFDMX);KS@?YI&MDV\2&*=RUP$JZ M0='):2T+FZYP)TIV5EO$(T.[*FU:TAU,-RP;6]Z!V>C^G[TK[7$;1]K?7V#_ M`Q%L@`P@=W3;VFP6Z/0QTXLDG4U[9X#]$L@2W=9$EKPZNN/]]6^1\MU'W+)U M4*PO24L6CWJ*+%:1K"I95K;PCFK'$''E"^+@:$I>M7FA*P6]J^Z8_@HA$T,$US"UT,IOMTV`*"**B&*7 M4)3)RAA#Q1#/+N^;`ASQ31EH553;%.X,\&RHQBL=\U"W?&E4K]CP7\1 M1\01<>P>CJ6#>F?5!?6&RLM&]<[VC&EMOMXWJ/=P0LE9/)VYT9QX;NCE(8L9 M1#)X?>L&$8D3$L9I2I9A4$D<\1]3-Z0D'D,-&ZHK&4$EK+(DB&Y7GZ5DE@0> M)6_&+'KH'8L>^@O)8OZ[%Z<9U`&MN,M(O>XJ-"_[$=HH*BK.O^;,U/!/-KL- MQ7V:T60:1(N.%^5>5B74DJ>K7K.((>/`ZP4^D,7^XCO.9$JS2;QH?1R'87S/ M2[!!E1;=<(.0U[#HVWJ?SGF7DHAF:QP9NBEY$_(XLK\PY*;NGW&R!2AP)*.W M<3*'UA)>;S9)*.6N_!&02Z9QE$U20B.?,@INZ"S;#6VI\M"6%B_#]@M/'LRI M1B:!7G(2J'O/`8QL?\S(]HY^8&![]>6![0?-A7C'IBMINE-QGH\2;]M^*B3T M:/D'CT?,1#COQ&/1B8]^P-)F&)X.TGP@##@V=YGRDTCY/#W`JAMOBHCX1XY: MWEH8%FVLHN*O._([#X^_>G0W,E/<@#8L"3XX3-HT3#HEVY[D`.97V#+G:LZO M,.2FZ:?"(KU@%ND3]NC.LHVY%;#/$N:IUG*Y[>@]TX3**'$JR9BD.WKC?165] MWM&)Z^-20-;!"T2=NJJ**"**B&*74.R*K?[\YEUQ^7S[3HIPFJVNJ/+IMOV! M8L@7N$D\4_Y0BEMBTZ-RB0LZHH@H(HKM5"[%V$5M_&CHT-7X3;^T#^`O8ND= M;.M4NK1C;TH?B0G&70<3R^*A$!OPLH@S0Y=/F,G"6ZU?<>1^-)#;K4XCBH@B MHM@E%+MK(+_H/*9P#A9/JQR4-B\$4SUL1>]+=_3TIO0AC&#AA!% M1!%1[!**7=F8?%Z-_+P;:*9V%;*T#XYC"J=/E75+,15;O`2,98F5Q;/*4`S, M-_9B>=^QJ'.((^*(.'8/Q[TD;[8C>2>4+0[O7VGVTU)WXYMU.(O!D;[O5/`/ M#+K5!`P8=*LVINP138E(%D1I13V+H$1^9X&3B)L1::-I(?\KXG^GI-&3&&.8 MK"TMLN8P69]9W&:,DH5]QCZ7-E>$V*)ON2M$^2A9TFQ:V[9B:14[7[:&6*TO M5*2<0]BJ:%8+7&K%U'*Z[A'1UX0[?SSXFI.J6`.A0@E($?,)(<.3T8[=OD$4 M$45$L4LH=L58ER!,EJ8X59L][2-ZT%=4I^);_.VC6D!;_E"26V+4HW:)*SJB MB"@BBNW4+L781FW\<.C0U?B-5GX;53`G44U3=$TZ=>N-4WK#6##^ZDI_4#%[ MNV)$=_ULZ(TF2UP#7=$[6^XI07X&@M=T&W1A01142Q2RAV MUUJ6(FB6)H_Z82BF5CHZJ;#JI:9)$SA+!:.Y!2&F4;_$-1U11!01Q7;JEVW4 M)@6.G3709?',T515L53A3EW*.JR43DLB&*&ZK3@&WN)YJ<3O6)0=Q!%Q1!R[ MA^.VY'V;N=#&8QU;*&O+"")_FR^D9R.B.A1[YO.;XQ]7Y]1\W\.5* MB>2`:3KKU<>+X1`@7#6VU;&E MP=5&YH02C@H9T3"^)VD^G;H)**(IR>"GLW@ZRG)^24_P"U)#3-PRR%3^;$#\9C MFA`W)4&:YC0IWD[<.\K[QM=PDL7$<\.0Q`F9)73FSJ&2>`0CTF;2%N/K<(MJ(3T`D(^G7VZ@`B\.0W>6TA>@N0')T1`@'@U9 MG!LOB&[?OU*+YYGK^\MG_NW[5X[^>C<*#AG%B4\3]M66AK@M61?E;?7UWFK@ MJLS318[U'INNM6G!`D8]5N(H8;N>#BDU6O[!(T@]OBY!9ZH,M8A,VB>VVEF< M9NM>Q!L<.O7_S-.,^F\Y/Q/R=M&WTVF<9&R;;/TIKV2;C4<_;FH'7%]HPEYO M(#9>_\U/I.7`81V23PYZZ^9[!X172:2KC4-X;$KJ:._H6"_*+>%>URTOZK)> MHCK/*0DB`J8:F5,W849Z2-.#KU'M6:)LL@U+<>RF,XM4,\@?.?(J2^?K.L@[ M@(-5WT1O"P=+'U<^RT`Y3N69>'+'L&ZM)50V2>+\=D+&P5WQIBYA=?!,MAW% M4"49]&;IX!NUB*UC\%*M.N%36X@U2]_9K5F"B:-R%3)M+<)64BVCD5!"S5%! M%1O(,0_T;LLT8.6@O+:)K)10*1--6K'4?3ZVS_K@L[UG!0,P:QQ)%`5-[>9I M`?#0D,4TK8J'G='V.G8]'M%#]!`]$=$K[=CRHSI_!""VI%_+CUK]$83R^MG? M6>-E3C_C.`SC^R"Z7;C_[./X$]&,!-$=3;,IC9C/3Q!Y\90R]YZI^V><;/Q( M/#>CMW$RAX827F,V22@E;N23B*6CG?)TM%`'?28A;>$]Q,JP[$X*\PZ:42\+ M[F@X_UL[^(I..&(YX8"*>Y@7CO6,A\<#17E1IM^WOD=+:'D=WN';#U8=[%(3[Y^YGG*UX_/)"ROP'U'1#Q9DO>6PHF3974A M_N?,73'T$?\T88?UBRDWI:4<>8Y2YRGM9@_GUQK\F&0]<3IVBIP]2Y2.S>88 M3>=3J);"@2'(Y<^2]%F*;C6=1[+R,8J);EJ9Z*::]>O!`#"-I@,JUD2HH0LB MJPX^0E9T66X\]*MV/I!5T3ISTXE"//B74!!LT"G0<5-^#I!.XH3M`2?3C<,& M4:2=9DERCT06.@U;$I=*I^+4&7)H:=?9A"8"RBU;$F?3OB2S69-%&=6-BNWG MSEQL[-25>,0.L4/LQ,*NN[;NSW._;%R;*V[4":(7ZHHERUZ/IN@#6;1@136: MSI18$ZF&H@XJ/B.3P[*]6DLP^F-&HR-D0ZW+MM4D.8'09-FKTA3#E(146^]N MYJJ6Z*UMU)41.\0.L1,+.[1O-^Q;A0=ZWGQ?L]98_KY27Y`07J4IU/1NWQJT M%-OI-H6Z8E8=:*XS>F''W,(1/40/T1,1/\,LG3C8C34Q"(2!%!#D##54]FLDOB4W2T,(NK#:S?CJ"TK MV;BX\Q<6^P`^'F7\5B+=O7Y=%$[H.*1>!G6Y$-2&92)4GI640AV\"QOM0J_N)X$W MV2*JZ'C*4YP&44Y9RM.I^YUR*H!>^)',W#FGC$!_7)(!OZ'QD9L&Q;U+GG4U MBJ&MG"5EI3Z436$2!>/`QB) M<9YLCNZM""%LJ#.NS+=B@X0N6'\N'\8_"?S!)C[U=C_0^`YQ$Q.I^B8@_LBW/(>AW9'A/PSNF?2VB=+"N M-1'%I$7@%)`L`"%QPL%)=A.\'@T:',6[C'H^,>KG?%L#B\>O$S#?;GJ?U MA:]H')I?$U!QU]WX]TH1WD'H(]>$94.'Y6I>]^+W!I(V-PX!SAV<.^V<.YU: M!9\&N^S_4\)[9Z'E2RSO@(L#+!UI3WV&?L<_8YYKZ+,=U_'^?W)R0 M6W;H$4V+W7J?N+3[AH1SR]C-YF;T50ATSP*O&`&?>)'_&PUF\7LP7-#DN8C/[@+ M4G;;0+PEK6E'R_HIUH03"X>2["A]M>E;X_7S63:"A5O5#^:PC4'!CN(Z[>=I ME@2PE+&%;1JD[-J*&]$X%W`]DT_0F>*9I0>3S%*BRD>U;`3+IYQ6/I>EM>1F MU&,K7$+O:)0?'-^H]H'1>.R?VBDV5.D$O&$K@ZH#W;:/ZJ9#@=9.L'1360-M MK07^P.*;:E^I3^F4>U',$CJF"7-'2K/8^RZ>I::;\LT#2[HE35,5VY!N*TX^ MVU0^4TVO>J>IP1`7+P9S=SF4(:`2HH@H(HJ((J*(*&*XOF/=VQ_&F1N2\9$S MW=:_D6_+=UJC:+9PUT8/MV\MQ33E,WZDV[LQI;M7H"N6V=WL5:B$H"J'*"** MB"*BB"AVQ,1]G.1FSVP_QU'2H6-;Z2P\Z>QX0ZR#^9_THT0-#R%A18LJ6=3/ MJKJ*D"%DC4+6W3WGYY?HB]WHV<*MRGKC203K7Y<5TU!E(UHS%%N73R.1CL^V M+=T-,F?0@B`&N-F,FRJ((J*(*"**B&*74.S*9O,^MZ<>9(,JQ;%&[5E=.*_` MLK&[P(P5SJ`K&U;04)R^=,Y`XEFO)=DKH-%:DE*T5277)A!%1!%11!011411 M!%NU+>>P>UBOI3C6Z%F-(XO::RFV>.$5R]JJFJ.8FBT:M8<.9DNHNU\'\+>O M"N>T59)20['T%@3*%<; M9IR^+]\V,FD3V1)HOP`AGE`;>B!C)NT7P,0R:Y/?.YN,'J<43JFN3*E.K9E/ M8XTYZL/:S[L>ZH/GU-M-4:_Q%/7FDRHAIJC'/F.?L<_'^ZXK5^6E3%$OW/7J MLN?SLAS?ZDKEZ;U;.(Q%([CL*):%3K7B^!3=-2&DSU`OG'?4P10+M[0=2G%? ML6WA1*%T:]RA!`MW=?1@#O"6IFB6='?' M->$=5;K]I%LV(HM7RH@]&WI+!_Y,M.+%W[NX,FLZ&K% M.W-HW[9;`T$4$45$$5%$%!%%$>S;QTG&S/3'/.6130TVI*-85RQ+.FM'/BY+ MQV+3J?@B<7V5VZV:\IJB'=#15'Z8NUC?>3?I2HX2$HK&A1)0N`5%57 M$3*$K%'(<*NYW9L!B"*BB"@BBH@BHHA;S9+GI1=)>V8_EHW7I:A]X7S;R]*J M*X8IG1.0[>N._O;571'TXSE`DFOHG,ZRDXC_Y.;?*>\:'&3:)V5#GX\HTGF M!M$P!_\U1^Y9EZ]\NK4O]P]F9T1N8IV;/="RS]^'28(\7 MFGIA]E7K\OR;!@7_P4!98+*[TBZ6RV4:-[[8_O';U?"B=_/E]`S6WRA.IFZX M6$6'7T\_WUQ>?_W$WD<4/@55A7]Y]?E75OK'.W)V_?'ZZZ;B4JS>Q4K^_-K] MQ]7Y]1\W\.5J&>]"[IZ/O0=9C*/?2+(F_ MT]Y]X&<3_ONFPC%B?W^^'EX0S3DAIV?_^O?5S=7PZOHSN;XD-QV\PS=?[8GD5D7_FX9QE,[,4DDTH@3DP3Y*,S?*`C>$#^$?$H_YERZ?7%`)/'_X>D:^PDR-$SY[EG$S@S1+%6C$ M.U'(F_6-CK-W\/WZ\?S=+\0EEZ!V!KX+]8W<%-J=)?%=X/,TE"39J#JER5W@ M+?(IT"E-BOQ`["FA'LL=-(#RF"4@6DL7PV@MSJ,(EXSP,>XN. M,3$!>.<>:PMJ\1:`9A,W(_&,LGI2>$KB_'82Y]F2\!.Q1Z>F5S`\AQL#F$Y+/X(%):\87-@[ZCC*P5"B?3EP8.LL1E`0>8R$P M9,K&$?.H6([E12/K,>F\2XLOV#A@"2Q]`NQS9S!L?@138"',A;_JZ\Z<;/5U MXJ:$1K?N+12#7K)!G4V"!`:UFV1S-G9@',#(FQ83*83EI1C47 MPB+(%@,IHYRE4(%/QT$$?+@#YM\FE/(L:3"<%GPG_Z&SR3PAIQO2;E$Y%-Z2 MP/\YW97`P.<`^'T_B4'0]^+[:"'\`S^`D:(LZN94@%[$1.NJX]LU\^^V*E=` M1J;%D@##/UB6A[I64CZ(UHKC;^Z]&P0_$=P;P$$]Q8@%F3"=4NAOQGVG4LHZ M">.RJ'#=`/]Z@160RU1%MF9LS6Y#?;VY9R!56,?LU9>E^ M3J#\:PVV8!TK\?NKU MMDJ^H?B?A6PQ'P?4_S`_`Q4\<;TL=\-/1:R7^3ET:LBL@>,KZI8V.#]WC'[/ M[&MG/=,XO>R=.K;3N_CPX8.N]B\NK?-!-Q3UJA9O;J;!+`CC>QB<4QAZP?^X M]O/$DKL;Q@?6I[_\WUIFKF?P:JD:S3F[%X-B673.%M@@]F&A/.4_0"T@#_(0 M!-S4G1,_8'HLF!I%9B M\#V]8UZ,K\,WGQ<[]P#(Q],O-U"!!XN@.TOI"]#<@.1H"!"652>=N1[(ZO>O MU.)YYOK^\IE_^_Z5H[_>S15.1DPU2]A76X<$VUL[B_*V^GKO>P"K,D\7.=9[ M;+K6IO7685RV.(Q[`#/,>9AJ\$(S=R?3$J_5 M-A+/^O[XN@2=82L3[]YCR>$/)!*95#!)?XI''/.S.,W6O8@W.'3J_PE:,/7? M0KV>/I+"\;7,Y34T=[1L5Z46\*]KEM> MU&6](72>\^TY,-7(G+H),])#FA[LV[)GB9('\(:E.';3'A[5#/*'URI*T_FZ M#O(.X*#3M!='31PL?>7I60;*X7K'Q),[YIOW2PFU.!`F8W:VP][4):P.GLFV MHQBJ)(.^O$]:+6+K&+Q4S::C==?%R])QV&N68.*H7(5,6XNPE53+:"244'-4 MQ;2;ON):$ZUZMV4:L'+0>!9TL5DIFU(FFK0:F(IM-YT=N*XA7MIW7`AI!:PT M[:;=X\5F98,^\7N6V)5O,O@J(G:('6(G%G;=-66?CU!]%/_B/4N4W6D>@%G3 M>'CBFA0%3>WF:0'PT)#%-*V*AYW1]@R0XGZ4BOQU__G[TK_6T<1_;?'[#_`Y&W`Z0!*:W;4O?T M`#Y[LYM),DEF]KU/@6+1L;9ER:,CZJ.9VZ46^JGM%Q5*O6ME7/;EBJUW"TINNVZJ[1 MK%3A\[JCNN"BOE2,LU!T,W%-6?U7%"6/K`@94G?=32EDE61S&E`P`_SZ. M0F,L_WRM0`?OP2[^;ZQLF060`;)09C)9*\L%_PW%(<\8LK0@9&*.KDDWG<'Q6VM<%?O`NB3_<>8TE%--9_,%J*28?_9E2@VL_VG65A100 ML06$>QVV%/7E)8L[J#ZI]IY@$=?MOAM8%G*MLC-D8FAO6!3T*PM^2/N5T&?! M].ZT3>E[72?G+.>\(56PNX7_^HO`SD([DITOYLH->(WJKULV]%YI5[0ZAF+I M[_TB=%?$NN^]-W]G[T85S=WRCD;^O99#/V?;Y:^+^-JOR6W%L[CJ)B[$><`2 M,F&/IIKF/G:TLV_M![Y=G"1^$C^)'R_X\19CKW(,[?SV!.X\54/1Q/-5:ZYB M.N]=^+_[H(2[$'Q=BO]3U'OH+V>.15%;)G]GG4K>KDBH7MOR MZ:XRL-U7QUCB)_&3^/&+'_^![9O>BY35FOQYB6[EL(`S5\)1C)IPKX".*[\, MX8R[AB,=14$-C<1/XB?QXQ<_WA*'K[N%YXN]/';N$E:N2?$L[ORCJF4:EN*8 MW.T3J4JL*)5&IF)N^VR,0_,"=]<::_TG[J<=E@A*!"6"N_4&9[J+E53T*1J! M+T>ZLUR[SEPS;Y4DW_.B@.I]FX1)&SN. M8NOO?6CASAA;XZJGRSIL571[#XI%]]MK.?3:@)K.W9N^M3<(:8KMQ*,2V]16FN)G\1/XK=[;W%_TYSO_I)F7>MZK%=/Y43NISQUU!J[I;9RUOP>^CO:(YU42KS#47WA'L?=5R]'S5G[-5KBE==4(G\9/X\8L?_U&N$&V<=''<"5.Q],K]+[EU%W5=F%9.&@2[>]"L6/J+ MTEY+_"1^$K_=^XO[XAURW,W)-42I5-$U3;$U[MY^5#Y/71!"#4?Q3+D[YDUJ M_9`ZP4@$)8(20=X1G->P'W,?GC'[11`^X,>?/Q:9>N_[PT_7W3X-BHA>]*Y& MCA?V[<"F'3=X[PW]GC>BI/OM%QB!_!S0\%,KZ18#&N8C,BS3.U6^V(A,&7HS"X];2: M;3O&K=VV-+C14=V.T5"MANNJ'ORBMEJ&VW#:K::N>;78ZS99;[WBJ[M6:JN5ZANHZKJ/6ZF[=:3BV M6;/:,$\+V6P<_0+_ZK;G.HY=3OG%R95S?\Z0W^.Q+XSLN(A/XP>:Y4CQ`F\V M1IUEZ*ZIM]IJVV[8JJ7;IMIH=W2U`:,T-5MW#+=5<@&%:21+BP(_\O?'756F M$<*;0P:V9G0#KY\+&:R?)NGD/B6])(J2QS"^)TS:,S),:08@$3\F_CU^G_1( M4J2DF.!)P@F4,$B9A"9W3S-?DV[D9QGQ,[SYY>88!(&$AP0P1(MV%R_0V076 MIV=+>F6@&.&S4&C#Q9JXEU0&0Z%BK#925LV+L[/ZY375]3\+NF1E3TW-])S\N>MXVSCR>OW9[R?7)^0^>:!I M/"A3OP'Q[VG-U<7>=^3C.%#(HX[(9#F`?:)V:UA@E^Z/H1R8J[('P(LS#AL9&8<"4CNL[= M\E^79$^I:<)UB^.JJ;&0UGMM#CM;5EZ'%7N=QD&1Y6D()@L-V"#,<&N('].D MX-!NB:?0+/["S+5)UA130*I%(U@\)W3K:_G@([,A[8:L0\$#C4>O$'FR7RYW M56CK4FQJPBERTU%<3SC=YHI&L'!+60>O;`\J$/D)O:YH0.F`[?XVYJY?HQJ*Y8E7@`C7/[%$NY= MOZ'8UI:5F`Q3]]7-D/A)_"1^$C^)G\2O"GZ']>[T/(G3`WI]*ER4)EPL;O+U M@OP'\Z@PPG-(\-9R2&RUN*VI2L@D9.\*&?_YX4,_/5;`TZ`MQ3*W?&S4_A&M MFXICB.=Y",=GA[]C/]8.(-P]*.J7B6&9&)'X2?PD?A(_B1\O^/&6&%YEMQ+E M/R8UN*N8J]J/"D)1[H*RJJWR3,6K"5=`PU\$6O6X2?X"SXJ4RGA36']!XB?Q MD_A)_"1^$K\J^/'_/G2%"+026][UG8DGBNMJ*PY_;0*KQINZIUBZPQNUZPJS MS=5>JS7X6].X*W2J2*FIV,8>-';E*>0\I)/1)8(208F@1%`B*!'L M?)^B(_+E2'>66_B9:V:.?38V=0/W)UANY@SM)?N]Y6GC&T%*GCZ^:TX9JS)J MYFAE(M2)RF^`AYVP#(\7[FCE-V"$1RV3/P[S4'*YDN1*XG\E<6\5E^,KSRK? MY5GE+=I=/*I<9T>56TL=.GE4N9RSG+.<\^:NXVU[N9!'E7.W);GJ^W!17I<: MRM:/>=Y#,>:-X*I2+`J=VI;[,O`?$@A_4CEWE4-K4\R="5N7XIKB.-RI/.%L MV;H$<[QKGBU/=B,S75HQOE1Y>)U,3"V?;KQ_I%L.HHCWC$KPIEL0S@6ZXJ][7K' MPXJ^#NFL!%T\5<`>3M,,B9_$3^(G\9/X M2?RJX,=_.E6(0\H-G;LN3.N2;(GWBLQSE9HC7/0BW@GE_+546WLQ*X:VY>R: MC%'WU<>0^$G\)'X2/XF?Q*\*?H?UQO3`3B@7;KN/*1S%AF+;PD4LXG%9.!9; MWI8WZ/*?7#WT$[Z%6^6ZHIG"[0CQE!I?*;4@GRDH$ M)8(208F@1%`BN,GP\V..I2.S7P3A`W[\^6.1J?>^/_QTW>W3H(CH16]Z4">> MS'D1G\8/-,OQC*KL!H>YH=_S1I1TO_T"@Y&?`QI^:L=YF#]UPHBF33^G]TGZ M1+I)G,.55[3WY8@FT>UEVS--S;955;=U3?T-Z'=NKV]:MT;-O#4TW=8\4[O5 MCD@8?#D*@UM/J]FV8]QV.LV66^]XJN[5FJKE>H;J.JZCUNINW6DXMEFSVK?Z MK86`6D>_G">QZG>[%*8",PD(F]3/'Y?,LB1AC$'#S\+LHE?O=I,"KHWO+Y,H M[#Z5_T[(WAAE==VVM4Y;5SMFO:9:=J.E-JQ:2VU9IJ%Y7L=L-1R@3#OZ!5DV MXMBB6(U"]O$9I=,@_\U1/Y-,9_[`^KNQI\=.>&3XD*1'+E.:@3SX>9C$3)Q^ M=`#D%J>[D*.P?IID*/H46170.`,Y@+]8GH<)12^,_9@U3<[P7!LFV\1GI.&) M`+TD)7D?#W?/^RFE[+LXC"D9E*>94Q@T(-=TF"\>BJFQ0S%M=@=N7X0APK@; M%0$E_Z!IF/OWE)S&69'"X^&K)`I`RC(%ONN>D./10'!C\_.EG\*LX/YF,ACZ M\=/TM];G#VS\$.;\V$^BZ(DDCS'6@Q5W61B$?AK2[-/D>3#$99H,:9H_+2A0 M_(\T_:SPH_QI9EJC)\[/9W:XR=W-N5DI,)VPVR?#-'D(`V`:/#1+XM$Q"]UD M,*#IJ%,US!.H@[\90*,'?YYB].O7ND+.SIH*\H$`V_U[`(KC`B3P#W!T2+LY8VM2I-,'P4T3K&:`]3YGY*[(@-%9!L`` MKU._FR=I-GL)J4=1R&`ZI_ECDGY38#0V4WS$`X@&"$]<_C2:6OJ97'][HN3, M!Q$:\2+$PY3&M\$(PQ&+1K>P$P&GZ'T>@DP<_D(ANF](EXIS!(?/ZF0S!-!C&=G2FLW8@I;:;`@_\4(]>3@1YF;#I`8(PW1(P2E'#\%N:; M@BG+1K(/RT9!040G&%(([/RIM69_2G#R"10%]%3);-%:3STP*^!),J3)T MJSB?Y(GZB$DI!LLGNR<*$O"?SJU7I&B)9[FGE$896967NO0%0%`?S$`RJ[/P M+G!MDJEBA:7]W)F`$>:=ZCF.G)!ZN2*N*+HV8'*8W*#4_&N">R_,NFPJR(`2 M_BEE8SZ0"?PP%M`%SA9E3G=7@?H.?"5_K$.\KY4C^ M@$F(@G\/D@!GQHPJWOG/8C`$>09!0[^N,?)M\"C5-"^&;+C2*8"9&>1XD<'_ MO&A$J'%H%-Z'V"8$%YK_#?1]\``Q$0H"/*@+(88/ M1-/O=#`+WV6 MX%PMN3>?$&R5>H*E`D*0.YCL)?@";0`B>:+IKW[>[<-(<[]#9(:N8^4D81&' MY5T05],C4%5=B`>C[,N1\2R!:-0:KJ,WVJIGVW75:C3;:KW5UE2C;;7J3JU5 M]YQZF4#43C1S"D5ULN;AN4CO`?XR9&Q.K`A\J,?!;(KPHM<9F_CKB7UO@9V- M$K!-=/.95;-AV`VWU53K[79'M72[I=:U>DUU&K6ZT6XY[9IG[SJSBA;N66KU M_.*F3?03TJA?GUZ3BPZYO&I?@_6KWYQ>G+]//E6F?V7Z5Z9_9?I7IG]E^E>F M?V7Z5Z9_9?I7IG]E^E>F?V7Z5Z9_9?I7IG]E^I?#].^F9C)7;S3K;=BZM?\?N8PJ47 M5RUVY>GY5[S[^V?2O#B[N/I$TON[8TV!_W\H[5UI^T"3#Y/L\X+-*[^$T4Y; M%_^^ABL7C*"+LSIKW]RTKZ8/FYO8V#BR&:B/].Y;F*N(L@K^_@IC*N2\?5,UA;MO2#HK`VG]M"J. M8]EGCA,="[Z"R;YQ<`K::APR)E&4/+*P%&WBC\*XY?[]I_U@A%&1$=I6)'IY MF02K^D$P_LRN_7+D@O<\KBY%K4[3(W*'CD.*5\W5?\X7LHSN=VH_K5SD.;Y' MUY??LZGOW^_9*Y3-NF^1L14*;+=7(#5?DC36(--U3W18[V5;C&>(PTH``8R9 M"S(O84M?'+ZL_F9B+M"#2]\C;KR0?I^1>M$0S`%E;0NH@Q+PI:QP7F+%!/[C MTY@E9"$8!K.OL(O\U.;;D]S*L6\@VM8LX`RTHEE._0@,%0;%>4[H8[ MH'7S(K^/`MXH0I9:W;F0OU$+/I,`3[$]X=KF[(!H434]I@P+L*JD[Z?!(V:" M,;K-DEZ.'[A;'H;B>-QU'EJ?:-W>\HGR8EB%T9Z97I'&(=NO-)A&E_%D&6^/NX(.U+8.Q99(/I4OC7*9T1[V=-_',MPN)1/'M M*!ZN__/Z,;9"?'QSG/&G\'5/,6K">3NZJVC;;D0LAKMS1K/L$^X:*P:X M+YL&)*##E';#Z4YO?X#[$/^:EAARM3X4US9%6QZ>L66-(%VB_3;F$D7I$E6W M":]LK]NY_J_X/G7Z(+VF6`9WZ=*JIS/4%,V5NO^M&F1WW:8W\M"]U?X'AN,/ M&G"Z,(_3[$"E]6*C1\ MT=S"$%C?^G?MQ"2#,(K&P\`7WN2+5^O7__8_/ZY@-7C5[#9L-*_:.1F65]/NH>#TO7WVQUU[$OP<(RQ*[1XIOB+NCHJ

QV1_J>*EB6MG;._8DVS^2E$49".A2(4@[7&>?@&0 M.GQI9$D4"0FI))9E$D1_`!O=0/?7?7L[ZH30';\>R\.\(,9@0X$E&E7/TAMI MJED\'I.Q9/EJ39[L=\ND,8OTVB4R',`NS9.DFJ)Y>V0T*+-%G19"VIC/SW5R MUMZ2;O6,N(Q1H-3L9AZ=5G4>89"3-VA^D[JS)*U@X/NFX;JR9421;.BA(_N: M.9`]+XH,1U$B\K,%QJUUO(]Y;M7R`C^DGUE&E',JA=$@^OPY"J7+BX]GP1^2 M%_SOE[.K,\K!1:;VU?45&Y[AW(#<44;TVIW_%LW5;$Z/Z*CC>9HOW5O&3!_D M6=:P]3"M>$\F+]%#Y.XIG1^,C"B)TY0Q#33<.?7,D9:FCL3FSG=/&$!"\FXN M?F].AS\+A'IY2K2:(=I8FES9)(<[7NX(R#`X[']7HTR[.=/ MWNNC.NF.G:1RO9@_M&Q3T`\L8^B::KM%ESXQ]VCQ>_286>:5%#DJ1Q=) M<3W`[YSHU)[")UZ&%7F-ST>RT_3.'@C?6LHF#\*+D1<::"U+IA M(_OP!F49=3G]FK>1@;'%Z?&:=VQX>*JKP#5:KOC>L8B:"72WZYSJED4T@&XK M!RVB"VR+NVRH;A34ZMC?9F,U7MI8K;?D1LUVYYX4UM9!CA903$XTU]:R:L!6 MNH[HW).LA@/ M"P_VO>!_/GR^^'(>RDO/T4P3-/_]N`GU]KH&KL#GC:>Q`JFU#94MDIT$V`+L MML&>@2!>>Z$@Q3LKP!9@"P4I%*1X9P78`FRA((6"%.^L`'LG8*]@2:G_95\_ M2ZA?-RW^<3(]S33.LZN2_.6WG)(X?*:;M'AGN?.&[9ENZ+NRXON&;.C60';= M@2Y;CAJJENO9GN'7N?,7&93N\A(N)'JE;X\%N*`%FS^B>-CP4[19K=4P!HJB MF[H<:HHC&Z%MR:ZF!W+@A8%A6);M^XZHUKIFM59*+G)Q_6OT6?IXYOEG'\^N MSZ*-R0CZ!F`;15J]3HO\*YK$)4P? MI.^5FA!'4T_5&>7*8SX;T%2LGA,>W-=4,@&BK`.TY#JEWVE8!*2XKK4\*^?= MI.\#Z9[TB)4POVTH!QYHC0322TI"`O^I:NJ2G(@ZDO.JG/$5L.:F3>5OTN^; M(IZL51W[VQKBL4JYNHT+.(PQ'-$N$['J6MI%05/B*46)_["XY#)^H%]Y]W$Q MBKY.4<$NOJR9%G:E>`:F[NF.XLL#Q])D0S-4V0G<4%9,.XI,W=$,TZP5SZ6J M_+$0?6>2K%DJ>_3?#)C*M>Q3U*C^(RM'+'!L0_\_*^N\?GTY=OOZE4)?"]]/;N&H M2N'%.(H+6BT!7\*"A;G[,48):2%$:45,^&O:T=V'K"N!8RH#794UW1[(1F3J MLJ=Y`UE5(\>WKY&-I M2(%DR]ZHAI*T$EU>SN;1U76BSZ+/.WKU^_*BG\.2TD+D$RC%95F@854[T&5.??\)*L6<%3N3CHW+FSHMEW8L#>RVAK0-J_]Q)FP M&CVM:;DHYZ';-K]#"B=EP;F#17P#:X,&2WE5XC+.N,R.(\ZW:MO`TKG3<-M* MKKG`=@VB[[HN5=N%Y*ZI`4_3)U@]\ M^RP1^`G\!'Z\X'=83C1]3&]WRS;T-)13L^MR:_L3E3^S>5/_\=3@+@%NTPV? MTSXXRCR9A_L+3]O^B?UF8V?7B3Z+/A^8 MCR@.6@_1R1`'K0MXJ!5'+0VDHN#5@XT86_U'DN60W.SZ$V@.ZHP&E[ M'U68F7U=I@1^`C^!'[_X'=96)7W,D'[N9P#*YK'+QW(H>U2QR_JQG#ZKIWTH M5L.3@7A(48\"08&@0)!W!+_!CON<[W9#_MHG)+C-]7!$"YS"##/N5J\H*.TN MJU?G/RRNN8P?Z'?>?5R,+J;T2OR!7%GBL^R24;G.CK*]>K MB"\6T5#>Z*\*E_31.\!V'2Q5W=,,U0CEP`DBV1A8ONQ';B!'H68ZKFF99N#\ MJ?]IO_M%URW+6@)T0[EJ<$80O0^JHB!?#!!.XO0/XG9$9'['Y1:SZHEL@T$0 M.M[`E577#F3#<379L1Q+MCW'LWS+U&V#SA.#J@']W2^D>4W6U?_^:57G%MV/ MLA*5#Y_A#<(EG1KG\:2;KI-Y_FOT^>S:^Q!)9^=77SY[YT$D_7KQ,3P[_W`% MR'?!:2W42UU>8[)>C%\;UCU-4DV);-?63-DW79-,4E^1"2R1K*ENX/JJ&AJ1 M3R:I9I)9JFB.JVO.-^;IZR(]QB.$8T@FPN@R3U'RX"7_5`@CJ@Z"')>X)1IQ MVQP8BJ[[LAKJ`]DP?4_V'=^5(R5P!YYF&GYD]8Y&O(YE'\(TOZ<%DE!28D8( M'BWCI!=*H*ACQ^"TDK924Q9=1BY.E#\H3RC\[ MYQ.'E'U6>IET5J)8TAM)(Y3R\?VSE?NP*<==;3O&<5-[.^.XW1WWMGAT*X_F M@&+YI3L$SS@GX`EV\?Z-'@]->2BS$7FN9EFV2U^I\C>7*6,;L^ MKS"QSIL$5M3I+.JE)(<>N.C#&Y31_4S)C],X2R`3>HMCY#7OV/#L35>!:W0= MF-:NB)H)=+?E`\:N132`;G>=Q-*NB"ZPV\X]YRW8974I^WH;3XH7^WBLICV6 M1LT^WYX4T[9!I*H%%),3#;6UK!JPE:XC7/8DJ^$`U^%$+6\=`NX"M0^5>/MM M6*W69]XD+TKT+SO*Y$1UG:@F,#>/;?J1AZE]0G26L7F`/Q\R&@IP-E^#^)!1 MTX&N;4R"NU+&#L/OUKSCJ1H[[*AN@9I`3:#69]1X,9[EZ_AKB'"2YK@J6HC3U8W0#!1M((>.Y! MP"SX5V+!OVM&_;*87]`$$=/DCCA[D`J8T`C8D?2]89S:T@2E*3WMH9=_KYJG MUOR;?#PCY2[CKZ0!^)4FAT#I_A8EMV2JD/F'IWDVPC1H.G#Z=Y0?U/@-JXF MD[A`_\(Z=AL3_8'&*(E9.LJ$P$#S9*AP>55(&2Q)$[.3,R9]C#$L\4\IBH#:LH:G'U@TTBMQL_-? M.HWJZP],(4R>HJ0^1NF8(P!%!%WO(NC"YZOL\Y6US6%^TT#M^KI>]YFW;>G5 M$05?,LK_0R;:M(`35$WV3R>Y*6&*`4R]ZPW)NZV.9_0?+`57M.N:U`Z$5K0=D23PI^0*2A_]+ M9CZ=[=S-<@VH3M<'66\3874_-FCA.2B+71'JOK35U2->,*YH=3YY2.EAV&[8 MC$.&N]?';5M;]D]D%6AMQ\L?UA)Q4=["@KN9K:DM&\7]$]DT>I`!Q!-/Y.$$ MQ`G\^A!0V*7!8JY1+^2%`SKN]+KJ`)>_PK,[D+KU)%VAW?NJG01^?=#N^]/E M;S@`6AE?P?^)"H]]YM^66.T/SN??L]QY_HP)%9@*5]N'NY#:!8;2P7]^\=48'B=N"SR*2S*!Q;X"LE2,:6DWX`&BW*W M4%C\%=;IO'?12N=LF7]E>X4^ZJ M!DSMZ$Y!B4]OMTWV*%1\7U64P*\/*GY_"MU>J=#/8?G"H>?>%?F&H=T6,`SN MPK,VEM7J0^`N3TK[D/@`!(*[5=S/&!4ZR2D_RYC"Q7B>T$_T<;V5SC*S"8@5 MI#GD+P2F/,WB3_(,HQ&D%]W?0KK9(J%20EB:Y`4D9OK?,'T@M\0941`E_5#2 MO]^C-"6-T*^:+7RR;$Z@-*5DJ33EOR"J**5=H-U[H1NG-#&>M%"E=:[_K/ME M0QCPPBVTYAFD+`'5E%Q32W$#,UC,;QI7954PD@`&0T,ZL*B`-B]UAK*:?.`[ MEBZ)R2UP0KH>%P_2"(W)DV&6D+$9PKH!.*J2$I$F6:]GT)&;9^`UN?Q-;=$1 M$>:.?!FGSR19=I_V+*P)SP<268B)F4I=^)#,+?HTGB(E&)V,] M7Q:SS)MFHDOW4+J-1^2E(XTM\T949+(694PF-9LK>7UT_(+8S^E?5I&X/*EY M.R^<^[&9PP^#O/B236,T"M(83;"7S3[,*Y%&#=/'SFIVZIYN^Z8FAU:HRX:M M#V1/"539T&B-5<_7=%_K==G&)^P?\\J-LRRY,E_U`C0I<]*83/>*(<^2BXZ/ M`D15E.TX0.P-ZC%V2`$B'MW*H[DGBNBZ,N/B5U&8411FY/4=$.7Z1(E&,>:B M1./F`7IS<%5#,#2U5^.P)G('Q)>:%3LD#G6]I_/):Q<,O14I#945(:B9X><$_Y]^-6'RX$=<2T]`!C#MD0 MG/:YH?MBVVL:L-QC\6,4%RAMYP3W15A+`QH?U$5]T5F7!?F?'WF8T">ZLS%C"Q\"6L#1-WYC^1!1W;P@UTH!Q?917YU3X=(+U`1J?4:- M?U]T]8923>>$FFTE[DP[W02VV[(AWQ?[@'BCNMHU$?/>O%'BH>E'XGH3;U05 M98F.=841Z[)`3:#69]1XV\E;;?%=TLP%<7PH>GJH/>7?93O@XT/5`;9V)`Z; MJ@&K;;N^+[*:)M"/Y:A4>(D1)F<&?[$2M!;;ND>%^L!-4`RK%X<+8+ M-(L#;H]=R*H[P#9ZX*T*\T\LR0(U@9I`[9!W^AYQ5,!LQ#$[A6T`XUBV[PT5 MN-:1R"K&M8]'%?T];[U,J]5LU=.O3;TB`SY/+MZ&(/'GP8A3[[J_S9-0=4H7J?2ZU`C>!F\!M M%\;=LTKRSXLS;U-R^;7BS5>W<0']&,,1K3!,KF3%TZ_*//G[8LK*1GM-3>)K MVK]Y,>B=E7!V?4<+S-"2;5O59<.U/-EU@TCVO<@*`D_U/6.P[Q+.RJJJW4W- M9E:<'&7CO)C4]>:72C9C"I^4U_A)>57B,LY&K*AY29I85?*;U6V7QGF:YO=' M5\;9U;:KXFQ:;Z_B['17S_B0'\U]2<>6"FLR?8O;6T2[EH^V/B9+PZS]WW\] MNX[DJTLO(".^Y&;\#JF_`D>R1P_!;I:J(7\HXJQD7:;MS-H<%M)/C0`A4;/2 M($:%]%N<5O!PL6SFROS9WEV,4F8ES+\BR\\3=!;P;8D)_T>R:^U&D259"F'R M=#U6V7IL;&16=AEPH@++,8&K=1V8NJ_-#OU4Z3K>N(,QUEP3.&WS.!W6YC/3 MBWMF)SN*\]T6WH^NKNMUGP]]/8Z^PB)!F$,"P1/=40"Q]#9]S[9C%M[72JN: MIVW7J#K4UY*GDY##.3SG<3:),1.!M)L/97V8%IC.EI\&&MT9KK`%7IFKA" MK-%=*L1#6UX/2=7R.)]X[/,685J;!E<]"=9ZL16O*.+L!M(0+_]A</WJHR5-^%V>'T.VD$$S2)4_R?=V?G@V?1 M7:%F![[IV+*EAZ%L&+XB.^'`EIW`US0],@=*&-;17_GUV?G'Z+SX"RZ8C-_.']A7@Q1 M6^JI]4I'*:PRRD9D)-X;/VS4\>M;*-%I$FD=,-)1)"0N%E&>! M>2F\B5,I3NJHO+A`F$;DH8PT4I)&\F*$,AK7E^15@2$UZ(85N01B?/KH*7&2 M%!7I2CS)*S*#R.WD1:A2.H>D<9%/5C\7/24L)K2#I`W21)6-X[N\R2BORB2?0&D(Z0\L38M\ M6%NJQ'(E]R9Q)A%3EKRY):1MD]L;<4ZE3W$6U^\9&;*_RY/:EQ_Q,KEJ^+)F-'14_ M&Q&4R4#?(DP:1PD9'0H_:8&B7B"B"2!K8+F%O\C3$T0NI0JO1H,V5@_N"-[! M-)\RC;*84?%](PU!8Q1/"*CX9W;3";I;:KDL8#9B$X/H(%B0YLB@9?D$):0= M\FF$_I^];VU.'$G6_CX1_@^*/NXWW!&"U1UI9FGW=OV[,3YU"&C MPFA&2*PN=K.__LVL*ET1&+#!"+0;VVM`*F5EY3V?*E')*?"`CD[&8S**(PY# M]>BTN\(?$^)GDH$K+G)B4G8[S,#!VN&WU*32O5C``!<%A$LE4$.^CT#VX40#_(*[M*-`DV1>]]^O[WZ!C+V;=%]*HO.\U(?RE<]N:,HDM+1AJ;W,;.-!7Y4YY92I7?DXP(>:A4'230Z'AT>YH M)W'(HN-5I&'/ZBEZYU*W](YV#5&(U1L,.XIL#:Q+6;[2AI??8'SMW2^*9>F* M89@Y,S>:4)D77_/S/EX_FI#[(`57UK"C*:8*_UP9G?Z5)'<&5SU)4N#7@;EW MX#Q&)$LB"JDK?!U^_'S[^]?^Y\%PG?CAE6DS5H#Z"^X]!]-8/T6E$UO`ASZ$ M]A2C#(=$D#@01Q22V/7<_W*;#"/5C^)&?X$OS=TJ`7OJ!%[P,!?1I]J.$Z*I M94X4G!`U??C+R(YM\%7!;$+*44CY`2EI\/^/KL-]:8GRF-#X@YKMXJ`%IS)) M0G2&$$]0GP&_4]>(/G(*W@>-/OSIVTZPDI;"@S$B>`@),SD0<0$E=AA3CP6? M"V04F0-?06B!G'F:N*,)^G6D,@8GR797\$G2,>A.BTG@.21$?XP>BLS8)H:0 MQ$GH"S3D0$IP$7!S191,67B(]\-88(WC>1;JI?.$VYT$6(>!"-]K`V,`Y<0. M?>!61,GS"*<&^5?@,MP?+^$/C#(+/'LJ]*B<0I18`9.I/%/8J%"R7 M\(4)UX&I[%4>%T<8+SG"?Q(0+@@'89%P)F(I[)EY]@B7/:[1#:HZJ!B%()L& M\O],_`+6FD&"5;@J#)('%,S?['G^Y*NR),;3RCCKSV(Q1T; MAO@U-43"H#"3Z\0'>VN#J,'3.NPQ<']ALI65'2<8:N?3&?QT_>O@.O]\]=.' M2F+G16!=DG`TP;"(]AKFP6\`BV;G`- MKLH3\3SL#]@/#YC>5$9+><0(8=N^4*S!AH]"]YY%Z3!*F@_E$K',OBP3VF"9 MO-8M[/9&R6CBOC-9DMYON-/L_29=%NQ3I7<6MKAY9!P7AX$H7UE_('ES$A:> M"]>X^,=2B_45,DD?71H=G%[;A<&ON;$!`%881D_,8=[B5Z?.O>"(10^3B&5<,&G M>_,\!%B:!*9270E,TW@#[)_6E0HFL!K.8$3*E`FSJ'GZ(\M\'*Y-&$C0\)1_ MKI;_@`I0;UK#*X0D.*`[L1.MBRN1&>0!':3E7NWI*G2A@035T:?%W#)9. M?5\9`[X]5^7R;-:(14MUQX)'`$-/;:W4+7Q%(R]("6H>;:CUOF15I;W\:$TJ M/ELX5_+9=VG%@'&9I@RL@,8X05<%0U3Z%2S!U$VFY25_HH$A-1,TT>0W,#.7 M8+A(2_',.[IE2QU`5!R#]*)QYTM;-.\5&4(G!.$Y+[R#Y4=W";:??)_82<3R M#"1E34>>RVIIEC12IO,LYL`YS9BSVW-6;TY3@?0&GR#'F=U/4[`R"U,N9*'R M,YWSUOJ?GO7/S#5-OZC-+MKI%?DMO2$S=*P8QJQCVN1R(*7][DZ3*4NQ62L, M6T;NU*72:4GOJ<50>M)"),AMAZ;FQH1J7&YH5L2M:12$=JXN%65F69:RP5D6 MR0C#FQ8"[?)LF1V"F/A/4%G4TF2&/0`DV0F>?/IWP5"FO3X1[1-VM="B4!O$ MZF$P$#P8&996,&G#D#[S'K-K+S?4M-%86I:"<M MGQ='00JF"&&8P:JQ)*[-JUK/6O2L_K$QKF=R" MEU5KH>9Z+O>*2=`S=5,JN96\@E+R?'@OYZ::CL*-`:I%3:VBMI12S)'0N*`: MHH&;4P]?,#2K:V5NG.JD4ZS$0(HU13@$/3:,=JM83ZKHUST$GC#[G1>;F%-/ MP3=,G2EWGFCQ)_%!AKTYCIM1#]P'`T)\M$Z/6&DNSX':GC"=9)VA(O4+530R MSYND>H.$A.S8)&W<2E-6=*:N=XUD'ENW1:6+DM&$^WY6(2U(Z2*C(G%5-26F M+P2UTQ.1#]P7?CA/J[4KF9KX8=E>S1U,:"Y".A5&KL3EPPGLJE2?(`P+:L<[[$9ODJ#>6^Y M#Z1YM$>VI!9.C^I*F[7Q4["B&5G`0=".Y\"-PR3BO8`0K MPAJT(Q)BA5#P;:2#@S^H)M?@1,!G/+B^3S&.?FWG42OFI&5::,XLYO"E3 M&QJ-2Z4"@PR0?NT40PR>QU4=C*[&&07Y"$>XCM[#@%\BYA!HT.BLEC M17S9>D[M&%@!R38VX5.[2JD\^X':T'NN\F@NDIG`]:-@K9ATXF&I0%(TGG/4 M-&^JU;@#(1B-4/*P.YYC/_)5$!#SRDE9JGSEAC]&/1F*F@&K.:P';61UV4!$ ML@5QJ>:C%P''&<_+,2T"I)`9,`AU)?C=PITT(*T\HP\K1A'#'JW;@U6E6W.S MLC869C)D+,4R!2.7IGLU-@7Q5C`(6EQ[-O-`8^'Q;X\VTA;01OH1H(VT':&- MM&?01OJV:"-W$[!1M#>LD=:A`O$,UBA%Q6R%-<(*2C=%,,`@E,N93P.N(*:] MO)P1\1CD"DN]U5X9KTZQ89?#B5:`B6A`N`Z<:!%,5!&OM>!$BV"B3B1 MAFRM%<=Z<6_A1*=5*]HUG"A:"TXDUV3&Z^.).#BE+OT]-^H1/[23RMT#IWL+ M:`^,4@;W**6VQ"JZM%*'>E/P3P'ZC`-:/DY;L&Z- M4(.!0&C6"F`@V=0+H#XP2VMB@;I+H"G4.*W1O'.C%T'7(9 M?+89"P:U$.JAUM1ATEQ69LGD+>N;W<^+^K"X0[;43ZIO M$RW`*=(*%'9/@B#&&CRO_K#0*?#CT`;;5UWJMJJZAZ`2;3*Y$6TW5[(RB1]*W#2 MV6I$1@6<9"IZ`<5/$1?8:E^V`^IY<)*;]J,JN(1-L$G160EV>!K8I&?CA[,, MG%3>3E@TKDK)()9@'3RGY$$=M>?G5K[UY-@13^75J)YB40$[69:THJ![5HOZ M>Q[J5"A\T.1^*Z13KK^L5K-'I%/T4J#38ODW!=6_!.2$6GNV,Z"3V<*<7M:% MUQ>Z\,81=.'U'77A]6>Z\,:1=>'U#A6(/7?A]76[\#V][<(SJ:SOPAOUXMYV MX4\K,3J,+KSZ&EUXMZ;9K2SNMMQ-%YXZ]W.]K@M?1Y_*H._%G]`03T M-)^\D__<.1-F(E@G2.E"UH"ST[BK+3 MU_%#OB!]?FLJ(HCI6(*O2(/R9<<;52JI^!SALCP\C3C*K"Y4K+/>&KUU4*5, M70(V*3^/.K.Z`9:46_DI'I'G/F;'`)44+[L0$RN4=-LIMK-XC[F,UAD"1YQ*1J11O/KXA&7H1%YFVP] M/&(%C5A()UKCU!JGMX,1*ON`$%'W3?%CYXY$@_C"996V'% M\695Q)_<[?4R^=W)Z68U#=S#/]SL%"%_FK98W7YUR%]439*/!O+W)46*?8$I M?\4:2,G+'0[$;R5TB\\!WW!"ZS@O]Y`YAB)]CVPJ2"S=#PE[1F8<4%X=%X0E MX6^-11-2>',->WM<3'?"L"$J-@4OST^:3IT/OAL/<_:2MM#)9$:`!LP%E4A5 M":M7V6MXR[L`B^#R@LY^S%5KV?G^8WL$'LJ.W<=JM:7"P,HV!7_.?'K(SJQC M*^8R:QGSL^N<#`;##5WZ-01J":&C$X=MMBCCX-],>_KXTD#Z9E3A#K@09>^0 MAL7N\Q<*?F'+$0E_A-B=\@],KVZJ]5NE)]8<7)6^'M&>P=I]IPU(L/?GNMFU M"B6[BY"`]$6$OK%74%51DB3V5D.7J1C(PHA\H*&M[R>L*':6(0HB5J"^O?TX MZ`K]6+@E,Q#X>Q(6D(R2R`&])4HPK==%O:?0F_-'LG(I?ZXHE,BK#G"NJ=WR M"<,9B2F!S*V5'U&HW:%:EO@CR^]7'N7/Q'R!0>P%<7#C"@8FLXO[J/$3J(T=^H7+4U+& M)`S9&3V%9U'S6IT&L4?+YU*G@?SMW&EH2M\_FM*38_.0[+S435UB7#C\`YR> M&]I%3&;YB$3V'M)-).Q[6<+P M#4F[>&G`0`^)!)=KY_Z)OJB)3$!)7%J<@\_DQ^V71&EB<J2Z_Y;6^;Q^]UT>7ZS%Q6"/.YK/8L953V:"867_'ZGLY MO5R?4A7_'XG^!ZQY+%";\FZ!PZ!PH&7PA5%5HVJDG)53[[!5F-/S6^#'DT)3 M8HC=ROQC?0"4%V`KP?1F3&DR&S^[_J%RL56'=TK=.BXN(L;Q1RO+Z_-`:WG0 MRL$NY:#Q%FDIS2UB4FV^6%GX;7D`;*9%I)##OP5?H87KE+T\#%Y&B7:[S1(KWV M=2W-+WV4V;K&RJHJ1NK<%-FZYEBI:YF]FN8Z8*((`WS9VK MYHY7-VG;.B]M?N>ES1K.;VJ[=OK`S26CY5_+OY9_3>'?L6>WGTD._W\J8&2; M4*;33%$U3Z668RJBHFLG,EE%U45=T4]DMK*NBY9Q`&6Z)H6(*EA\)TCN/;(O M'[/]$P_32;<<;#G8#B>W3%Q`N[K1HL1@MS:=$\['G@,U" M9US(LFAMW^UJ6M58445K>RS*GF>[[9)"7$CX)!B MD..$7ER88L\XE;Z6W!.E[76WJ>`#31=[^LFA:V"MS=Z.BY#''FTU%(0!`J]L M#YQLF$V[D"W1W!XXV;#9FI*H6B<'FE,-4=YU]^C8BN['T]=M^=?RK^5?<_EW M7(DNHC#2%QL*%Z[/_OJP]RAQV_J-88B2TA20[K:35`RQIS0%G+OE)#55E'M; M+V3#BBI?F4 M:#ZN!*]9$`M94D73W#$@^6!FJ_=$[62V$2B&)-:*J%J-LV8O!B;(BBCKC3-K+YVV88(QWS$*Y;@"L>:B M+\S>J2#*+M!R:TVIM+\<:R(IHJ&="MCDPE!$4]I-K^C8BN['TZYM^=?RK^5? M<_EW[#ENX1B,M."^]R!Q^X,A5.-46O8ZG@O1.-C]MK6ZGBD:S3O7<>OC7!11 MVO5!Q,<6(1Y30[?E8,O!EH--YV#3RH6K01B?\E?.?^H/\46-";Y=M`5CM#2? M$LW'GOXU"YZAX%;,DTD++%'=OESK;$'LO!&S]UEVQ M9YU*#0\W8,B-VW:R]4Y!15344ZE8&HHH:P=0L6Q26'A,O>V6@RT'6PXVG8-E M"_NWV(9GU%'%8[3+F[N[F]]^%/*H;N,PCTY,5O#Z4IBGO4_9<3^)A!A^)N,Q&=&_[9A^,0BF,]N?YU4,ZZ<(AK*Q232+W<`7 MXM#V(WN$?T?"Q'XD0H"O1>2=,"*>%\WL$?#\ MYW<2^SRS'2?]_.0Z\>3G=SWC?18,C(!!)'PGW`>A0T*\JN2MRZ+/[S?X.J\5 M./![9'GY/:_U_=L]>XT@Q]PR0=NZJ[.1&2T;KE3<\\PVYIGM`HM!^$#BX`NE M*E*%!]RG7'/QCULRB\GTGH0Y3:HDYA^4M(ON9LR^7W?)CXA-5V14Y9)!A6.]&](QJ01EM:^AP:&Y:)'%,K2%%-47]=([.TW71D!MQ M#OSA%E>:VAQ2+;%GG-P+'TQ=U.4V5#[1)+WEWR&$R8=BN=/F4"4B;IPEQ_-^ MU5V?@'N`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`9'O.+TNU).?_VS!VV-`YQ?[P*1@D.QFX<^@Y>MSWS*NS0 MAYH$-QH=\UJY[&B7IMFQX)?.U95B7AK#JX$L6<`.!=@!@W0DJZ,"4Y;259&H M&(1L$G@.V(SA?Q(WGG\.8G+E1B,O0$N2">(K3J>GJK",'>E2MV`Z,(+5EXV. MUC.LWD"RC"MMP%87M80KR:X]AUDXD,#CS?;/-W=#0>YUA>&_?O]X]W]49^L[ M[;LBRWCF[(@XB&V/>P9JZY)X$H3N?\%RC>R9BS]&,5^[R(UB-+N"+HFP5/@_ M&(6I(WX]"J9@^OCU:-OT]++"16!$QP3/(&/7=84^&E_X886A%(O'5@@3VQ'@ M%\7414TN#(V>I$I!3S05&4S)(XGB])%",./.)XFC&*YR_0?J$\<>FEH\1H,R M!7U]Q_4S/@"-Y[)E=HV7A>!O5&0I2,)C"0`QJR:*OW*G<#Q@>JF05*;#@C1XFHTQ^YP.#Q;8=2`< M*IQ!'4/90%(PB>.$[S-(P\P=1CLT78]&K;2J!*FBY%2`#.DF-R!,\%#^?8C,&."]&JE^`'Y&4(+&$\ M3&;,9$U6LZ[(N"PJSUGG`KT^!*D0?Q+X,Y^\/0:A9ZD#"T'H.GH>,I/C.&.]@&,)/&P(*P+M`C!3A)T9,E_DG$`2;)0[EZR/7_XL*/(@'/"1X="-J MTNW9S'-'3$)2/2^2!NX&5:@PJ5Q'5QR-5':%2-$X07FDZ2"RU0]\7*4HPD>_ ML?%G,9CP$;(6S`.B`W,`?=#S(..@P\)$D"DP@4$20@`"N2`S)6/7APFXE._@ M4U'0:=+,UW4.&1M/LE9EQ'G^*699XZKK%4OL69IH&=)R^UT4(%Q^"$<,B'(@ M$:#Q/_U.%@V(4"Q%+4<=Y;M1#T!'(C0$,-:Y;)I=54C#"M1!!]@!?^?Q2"Z. MW*<"F)@&RRE(S:T8)$%>1)[YIF09PJS]^C<5A5C>4\1%G_9P+)PE)FPASM MAX<00DB6%LAZ#]5L>>I:KYLJO8L^3\ERWZ*FBL+3Q`6;0$N=]5I;U5FZ`@Y\ MT+J2LIX"BRJ>$]U+:\'G"BRG!EGV,Z7"O=KONXD;'KK^_3/QF/#TDX<$O,W: MXJ/(SU0^:L7'8$I'`P/]-<0')283G[7MOXF0*2L7'E%755&#..6MQ.<9#2\M M#M9B`M_G*3)M#R";[1'$+Y&;YLV77P=P[U<"S`UYGO;1'W5KU[9GB:8NX=QC MX"RM$"VK)M''V<+8=D/LEB6$JR.O<*U3G%^[4%I37_U(";ZB(1JKQ=(Z=$1_ MY,7G(1<3YQ6*[HM%]H^?KQ?+[%?]_N7`4CH]_;K?T31YT+DT9+USK:O7JBE9 M2K^OL[HR?(+_5'BQT:3*3!FR0VUOQL6.!R9?KU]MOE(&U[JFP-0N!V9'N]2& M'=.4+SMFS^B;@[YA2E?*OJO-TH9'`CMDYN(9P$^A&\?$SUI9HE`!E'#+P/;\ M0LX^X:.L>XYPX11A#%'JSA&&6R.:E8.=I"G=,[DWW(OH()L5<+-$$"LY8/)X M(Q%-'@X9D@GQ(ZRBN#Y\)J=VY+"E[/_(8?7M3AQN'[V31S?^7-J7GQ]<>X!M M,6D:N)@<-?_P MC);FEN;V8)4=+M.V>V)D731[IW*PBBF+6O,V9&_]EE9%E)MWDLBV)P1)FFBH M[0L53O/,'%64F[>-\:6SUD555D]MTH8AJLT[".S%2RWM?JV/*PQKZ`$:AGPZ MAV>(^O8VNVF3E4U5E-2M-;AIT[5,T3)W,]MCVV!_/`=[M/QK^=?RK[G\._;L MMG"R0%IJWWN`N&V93C-%U3R56HZIB(JNG547HF!1UM;Q@&4Z9H4 M(A[3"4(M!UL.MAQL.@>;5BMB['FVVRXI)+=6;^LWG31M28V>:&V/N'EQ(^"08I#C MA%YUUMZG@`TT7>_K)H6M@KCHN0QQYM-12$`0*O;`^< M;)A-NY`MT=P>.-FPV9J2J%HG!YI3#5'>=??HV(KNQ]/7;?G7\J_E7W/Y=UR) M+J(P'#(*B1T1X<+UV5\?]AXE;EN_,0Q14IH"TMUVDHHA]I2F@'.WG"2^O*^W M]4(V#'=Q(:NB)>TFISFVR.^8&K4M!UL.MAQL.@>;7R=;C2O":!;&0)54TS1T#D@]FMGI/U$YF&X%B6**\_2[$ALU65@W1Z!U`D?^P M`Y'C1&$HFJ@V;\?,BV>MB*K5.&OV8F""K(BRWCBS]M)I&R88\QVC4(XK$&LN M^L+LG0JB[`(MM]:42OO+L2:2(AK:J8!-+@Q%-*7=](J.K>A^/.W:EG\M_UK^ M-9=_QY[C%H[!2`ON>P\2MS\80C5.I66OX[D0C8/=;UNKZYFBT;QS';<^SD41 MI5T?1'QL$>(Q-71;#K8<;#G8=`XVK5RX&H3QB;Y>_C4+GJ'@5LR320LL4=V^7-RPR1HFK&SC]M)ON]=`$]-7[[7-RZ-& M8LA2$T_S?.FL51#ODT,DJ'A<4>.0@R\6<%.4V_7?<27]"$WQZML0>R\$;/W6 M7;%GG4H-#S=@R(W;=K+U3D%%5-13J5@:BBAK!U"Q;%)8>$R][9:#+0=;#C:= M@V4+^[?8AF<4OW#<1_SX][\E4>?!MF<_#L=C,HJCF_%7XOI1$MK^B-SA77?D M>WSI!:._?H%[A;^GU]\F]Q'Y3T+\>/@(_T1?(,@=S=F_V2W"*/!C^/"5C']^ M1P+OVY>AI:J2KG^DV19%VR5.F;]$YPG9_?NGES=W?SVX]"'L%N'-+2193-65Q7HF_M?4K[W80(@V`ZL_VY,`X\+WB*A!B^FX7!HQNY@1\)P5CHWPZ$ MNV#FC@03ED^6Q%)M:;#6Q,7\AJN?A)!X=NSZ#T(<"%%V$PQ+Z&U=(,R-A(?$ M=5`6!8>,79]PTDCH!HY@CV,2TB_N;8]>%$T(P2$<.X8[DA"'?YJXHPD?5`C@ M>I#MR![%=&;QQ(Z%J3T7@A&D&\)3D'B.<$]@B!#H<2'_0/+N83`W&D&&`I]= MGSZ2LRR?DO53)`")0(=K>S!`%`,1TW0J.8\G=@34V%X"/SN%F:&LFE*G6O]2NUHRL#JF$/XR](MM:_V M+T'SK8/0^L\W=T/XI2O$?@PT"_V?//!A^2-0[ M_ITN+?JGGFRR58\C:G]!'#KW:**$&;=1`OL8,!,^MMT00[>$VU4BV$]VZ#![ M#2.D%#`!X?(%FD(]!_@-\IV$(S="5^F.@#PPL[;'C3<=',:8VN%?)"X_I=9U M\-$996CWF:OCCX.18`49)<1A"I)2,K%!FVQXTG=WFDP%\(E3>%(N'?BZX^S# MG-@ACC8.@VGV*"2,20/*UR.)<*.8"Z2[WAS]'9N8[?L)]6P0(,:VYS&.!H_` M?5L(Z9OTBH\-?%*@()P;Q.W*!L7&9L>P.)):'''#7Q)T)Q'>A3)3`/Y0B4`B,5Z@`W!-2(JK+U:@LY,2&>QGK.%,AF(@(S!\>`8L-3X-U MCYGYQ%@,KV<7(A'=9X:$P>PI<(`::]>/`V:=%Y46_K1!Y$,;ZTX=#R([5$VX M_9[$3S@3G#U];AH%<1[SB:.>C;8F-O1)/!(U/F-A#&,-$V\V)UYI,-'1NL`-\#M M+.K#[Z:!0SSAHN@K2V.Q"TJN,[5*2(`[8L.DX6!U8-=_#+Q'M/B(IIL58EV; M>H8_$^AZWK#I M'FR^=>/7>7A%*[CPLN4-%!:]R_N\D!B4"M`K#)W M6O)W_(?5#YW_HOH],]5%U:LH5JI\-%QT M6!1ZKG:E'H;-\(>NH396=)&&G)MK8UD7,18_(&VDW,IC71I&THJ;PP/_HN=. M8M?C(=5R,T,CI%2J4A4.5CH;M-VU"666B(,+J74>O+:&A/H0O%'F^O$DP@@6 M?EZ1PG:%/JPU1AZP8A6_AO*_XBGK/(-Y`NT%JTQ7K;B.TJR*IJNKT+,EW`XI MP7L#@YM/G_I?;N&F$4B&/8O(.S"VGA?-;-3:G]])[//,=IST\Y/KQ).?WYD@ M66DO%TLR)'PGW`=@4T*\JM1L+7UOG^[9Z_1HS:W MQ-=L#[8)VOJS>]^F-/\[12K=Z[_0;!\0)R._4A"K%F';O179QP2S&!A53#^ MP<+&5@W<5\+MK&/4%D`X^M9`LO>[)O8UIJ=M?7;ORNDU#1.Y6KB'WV>0-F!7 MAA5TLQJ;+]`B;N.$6NZ^]7[NO4VT$<<5-\BN/P98N/?<>-XXJ5?U[<6^$<9< M-;I;PT5/R)Q?N9C;0[8]=XG7O.WM6V_\;80,[V9VIV*FA=1,YX7^8B40"WH4 M@+!WH=]V*T=7?FNT_VXGB%V/?48H"_C3Y<6X[^5B''ZNU%3S?0'+BW&[*NE* MJY`[0I1,IW8XIX`]?QR$4U8[#QELCN(<2^VX((FCV&8M?QM+]ZN0/R[M37.` MYN+9;,==WK24EY4W=6/S\N:*BNAK?7^*CV[KJO7%0PJHC?82(KW)_'#T<0#A M`1__CU\_W@T[MU_Z`UCQ@G_)/P;`X_CY267E>S9_13760#9!6&%.SG[VJKRRK#VDF\FL.,54-O&)7"R:)@Z M@CG>.++=7Q`OO740_P9KS`'?^PSNFUZ8^0<#&^Q5H4_B\)\=Z,=;77?0-!^[ M/Q[R;1;-*YI>J*:$^*9M]6S/K[W;]GP,O=N\=_,WZ+ M6\P)W=R`&\KS\WUPJP[P<$Z/E#G[H7@N"A`L=16=;7SHUA\/Y`CGFJ+2^:$7 M/I>[%@PR=3V/GY11.[O"%M-X@AN'\-["9E,8XMDMK2(>.C5CQUIY\W4.97OA M"6OEX]H^4K;C%1]]F"-Y_8/8!K*B:$-CV+G6KI6.ILMFQ[3,RXY\:5Y=*7W+ M4JZ5K0YBJX!`PJGM<=&^^]K_?'M]\_4W_-XG<"G84'KEQ\__X$#!PW8&USIY5 MHBM7N9^$SA.Y_\N-.\CC3A2'P5^D0V%4E+ZB2E9W>C.D(#W3:NF!4#Z)\1P7 MOK1GN`<>5Q?/H)G:?^(Q5]F/P@BDYB$(Y]DI.5O+,KV';;4O"O6&@,-=K:NR M\W6E!*RWL*^#EEPYG:7(R0VX66#)JW%@7=RF+$G[!V[VW@X]V3YZ)X_>"C.Z M0K'6R$M>.Z^N1P+F)FXM,*"Q%/;QW"[T._0'.8F_47^0?QZB6\@_UOL'.J_# MWL*_-WY^=OU#96>K+!ER]OG%S18TJ\6YS1?KC6=>/8#B=&;>KGEK=99%-QEO M96TE,R\^LN-:@R2"Y"GZL'?&;I95[+B)LC*?V>"58-?N=\A4IW:LVP6YG:*KF4<]/%Q7]K=]HMG,9-7>\)>+UC=4AFJ;A?Q(W MQN.21_NU32]MW6IO_A*[/4U451IBJUZC&?_6C?@]3;5G['A-3S70&MC11!1& M\"^^Y\$%HNA[';`/0-]FT*'GC^7-AJ98.UG?\1D7AS+14YFG^N:[3/8T4>L` M7K_:_"CM!L]X;Z#=,G9\>."AS+-W(MHLGTHPJJC'B^E?\XZJI2L"_TH%W3V! M^5_CF?L0II9W+>]:WNV/=\>;ZZ[>I?&YA*GCB+J&Q(6*J)]*K4<6%?-4HF!1 M4G><[AW*5%51VO56FM/(;'/`=PIC;TQNVY2#=5]LP4ZE5B6+JG8B4S5V?2Y! MF]\>8JS<\J[E7"2*BM_O.6K<'J_4>^N3@'8]0UDY;M2@ M+AK6<<]0$37C-:3T&1NVL+U\<5/QTGW`Y>W"8%_ZHU&0^+'K/WP)`Q_^'!': M(?T"MG@T9_^^_B[BGF;U=>VJW]&'YJ"C&0.ITY?ZO8ZD]:[[\N#_L_>DS6T; M2WY/E?\#RKMORZX"^8B#5[(O5;R4:->15)*%+*B*(# M6/5V9Q]-2%H;OO]W6&2'[A@F&C,O>,27\BC\YR5(E'AJQ,?S"#M)!V%6WJ`(Q-Y.>FVIATM?^0,. MBA<@B*>%YV@7&9`%`K[#3C-6Z$1*/X#_P`0?Q`B88?#+1>^NG_\\+):>=:,H M`0SXL,>'Q'6H\"`<;=[A"4F&68@;TBX^K%SU\QS[0BTNV[O[_,RJ"%>MT5:5 MC!OSS@[*'_ER..-],'?M?&A';WS\6 M8AX@LX'EV0F>.2E3O2B"__\SZV-%11F4#S@=3#/*\N5R@?#Q(U(.YQ7W&Z.E M)[`5.`VJ7@',^.#Z/O7\F<0PY7*/`3Q0.M9WO#\[];)U9Z(81J0\NO&4.L$' M$2O/C5_S8AO1-$@\!Q;#.>9SSX43#%DR_.R:>>`*7S>XM25D17" MB#`=:_.:&6Z$W\[6=R@`7($Q<1"SJRHX+*]<5>N>#C]RYV,`5"L#G`"^".[.^ M,L7F]`8S.`N$B6=0!#"3=@ST!Q<+"<`<8Y8#2+VB"L"O`%C\S0J`D#@SD'*: M*\IE0*:=A"%\`$3"<"8K3E=(Q>SDW4_\K(LB`24LR%4RZ4AJKKHD7B(^J]L- M;%$Z*RA@%2%*UPO(JZ"^*`:[STG-_(L2)1>E9GH$[["_6/C-M0&@_&/C%]@J MD!4>82[$A$A5NJ;Y,2W?`R5ZQD_"K MEA1,)$^A'I0%"LJ2%`E@SX;`!#@%#/"C.5"V;U/#M9*B$L54\0AD@N5@*W#! M.H*&8;3G6F-J)TM;3ORYY3J*[5GNC,M0^B.P^K^3!8M93='PCMXXG>NP5;P"G,U"+N\SN6-YQ4D0$P'(`ALW@9>6 M!1\\P=JX&!=02&E`@NX,-J;2BJA8D3"*GS@C4_+W!!O+T=_C.(?!%1',:1

S-0]=[3GAE#&FH M9:%+HN-R-D]BSM=$6Y=X5$`Q"_*9OYPM"[6!TC&:Y1N9BQXA9,"48&.JA`0[ M(VPO")J(:X M)^4EL0X*0)A9+7(YL2@57@(!Q46&V+1#!$];05&`\T5U4C:+E^<2YZQ3&6'T M5OQ1TAAADA75U'Y`V8MTC6=Q,I2=XQ)(3.)'U/Q`^.+51>!R1=L6NQ=&`L[!=YZ5#UL<#*HH M2Z\"NE7R->DB7.8#RP;JCUPA!Y2`DO$7IP7BNP2@<(HR6"6@,C>!@&X5<.]^ M6@79$ES%:8GY(ZX1<2!(":EOQYF(Q.UO+LZ9J-47)E_BS&>4\N)NXX"D$S[9 MPKIO10:NW"4D]&=3777]F*!OK+I^;D%O\<'R05D.TPQ2U9)39LJWT;*JVVJT M/G*,XPJH9\;$1\"#I&3!-ZJ2?:KB;9)J;L6+/A3KBVN(WRODD"JKPE1'`JDA MR-5?OL>4AJDX)JFY$_CR(>"*$A!@E&KQ\.>5TV1%`-/!=!'[@9^?-QF)@L+L M@.Q#X"YW[K&4Q8L,P"U2/P7B*66O0NE.`3;LPV&`HWAQ`XBL&39Q@DD(EA(D MN/T,;)26?GKUTM(AFWB\7.B4I?+&$8XZ')O7%Q7[*Y07'8M?>@R9CZQ?>XI" M0*`);\2E#8%BFZO;17L=9$[NSG"*1/!W@HY)U'R^\<*+\`LO_;FLL8?L`2R^ MS&;'$A<@GG^LJ:=8%H9#46L/7?(!D`;S'#UE+AL\@F?%F]"@0S8'&PWG%))* M+8HO`F+A@[*245;$U9>H,&VABY050I_!9%JYJ/([5AS"8H+[FP<5(*$W6*2.S(`F1G1'.F2MF*78IED*G'+!7O)*!3YT+N MJWG`_IP*@E#T>::**.*E7J)A,@I+@!1,0M#!F*JW$FQ\ M"RL@>!1'5C[(]%H4)F9V7RWNSHKCT!TGO$PL7O/9GA88)[ULBH2N3/%$/#@= MYPFVP%#I0),A/>_LG,4>E\(1Q4+2:U'53YG1_+;]I[ MP6@_NA`>8"=D(K`I3"0>`D6@N7@O"-LH.*2(B'E)8\;D/93#(]F MV"Q8`T$2II%/E'JEV.?J."FLD>L3*0:D=9-.7G36%PA\+L[V M:+,K_F*\130 M#<;-C$ZS6=,::NG6'FP$N%ITHG$.('D:@%Q.!Z%4H&&+!J_#X/!95)23^:T[ MMCSZ*)HRBJJ16':X:YT++3XIT2-J_Q:YU@3)8F)!8(,9JSP6I7.N3(.($5R: MRVJ!LK*K95*(:A04MA*.44P*M1!FRR%/MYC,A>A-X4#_?.I9I/O%3=->-LD> MVRS_B^>,.YJ-`^_-TL(N+@;#3N^B6].Z[4'-['3U6J?5:=7: MO4ZOU6\UC;8Y^J)],1OXS_M??[^]_^V__[FTG7)F&VCC>$-$-RRD^'??BH`\ MM]YQ`F8QC7*CP-2U]I?/=\,O0&E?2(^,W@,%VJ`">!&UB5V`3V^,VMVVWJSU MF]UFS;SH-VH`Z*BF:]U!MZ]I0W/4_P+KM=__JM=-+3^>E4`L9/#94^8D'KN> MI%\PYX;KLSW4,TA?OB:3)/J3FQN!WP.*F?'?W>-U_O:9?D9G-&B:>K_6:P\N M:F:[T:]U=;-=:PX:G=%%OSEJ]QI[S_3[P;4F!!Q)'5)RA+K/Q8J5XTQ)0/DM MJ&8PO.]9]M<:'$;@80@O<)A':DL@1I!""`/@#EO1JEPW>0Z9,)*7K4Q=Y)@I M5T$VY2/>P^F\3A8I5(!B*+N%&J:+M+75[=')PP>J+XB4&&Y-$!]&LZO"$:=K MH&&P9I5-UN"1MM=DQ]&I+82P-PB@\R/C=W,,@&RK#F M$7NOV,S#EL4VX.%?[QO\YSG&.<7/CZX33__UO@.4M=#06!D'(6B\^%5QFZ4J MBDXZOM7YQ\9U9M,QFOG\F+?Z_>'6WJK[]<+);E#7]S55\-:/7=V#_#_H4FML MVH"\3%+/*IBK)$@I.K38FGR\Z8&_&DF'1LUJ\;L?Y&Q7,W61B'=;)_6Y*W23 MVJA_,:S9R)P:&'"A]<"4T(V^UB8A.J]$2%T!<^W5[4#V7I>\N77]]7]4H>RZ MN773D[7@O0VY'PMQCS(/!3H=R??`'?T^#WU6CJBU>D7*QKX>T!UWNCD[N?XM M0/<,9BA5CNJ-YO9D7PEA;K3J6W<[.B-Q/G31M@=K^\EEGE,Y,MZZ(74E:'@W MT)V+F%92,;TZ#)D]L-@[T6]9_]VH5Z6GU;8%[NOM'3>8?W&E^[?U*Z_WS;^] M^_EBH#5:'5.OM5MZIV9J6K/6[9L7M8;>TSL7;=T8#(^C#CX]-,=$_M[MU>75 M;W?*S>A6N?N]=SM:\#P<.A#(XR=,G%SAD58I'WYT+RQ16QADH/3?.'Z$@5.FKXXDR#S#% MF*<$.+@GS&=8`\OQ!/F7HB&8?(DQ#9$LS?.>TT<3B%B@#T2"PU&/%C,@/\W= M2#-%7``3GU(ZYQ81T!J-5X8$M)>'!)J'BPC(I6489-78U_OZ6QO[^N^G(2O4 M&/B#PI7YSR.,6^8_K@Y@$A"'")0<#QJO7/]8L2C9877H:_D045L^65K>'`>' M"WP>#PXD'<@8[]9.I@R;SUF$/Z^Q7'?N53W4=W+/?@"\@/(*-+^DV2P$T[J(M.FCWK]*\-AV@H6KMMMHR*B?A7@NYWE7; M71/DW8ZYXB@A[S9UM=7JG!WDNMIIM-5V8\=WW":2L%#G[Z"*[Z+\%/8U14YR MX_J[,*Y7G,)+Q=U.%WPYE4C\2?Q)_%4%?Z=E1.,R1^LMV]+2:-2;ATXY9Y/S$:4@=93-#)DH/5$@96!5AEHE8%6&6@5 MD,M`:P4DX='*O>Q-(!>`%11Z3;6[Z]OP^,#6NFJK73EW^:L/VVB!J#N_PU:; M;5/56N;A)5V58@:G$Y*6^)/XD_BK+OY.W9J^I_+-2[4LJJ];JF;'4)O-WLVH\JU">$I9CQ*#$H,2@U7'X(N+ M,3];,'FAKG+:,?>2L@GOK>^W5LP&`79U3&#\==8L]0T:(\'011?!?'_,0`S;<%\0\5K+X)0 M_`J_T]ZN6'5/'W3-WJ@VT(UNS>SVS5JOKVFU7F_4ZE_H/<"7R?%T8_Q1P-)> MH2UC^I-KC:G]!WQUD<1`"M0T]*G/?#9QXZCG.Y_]N>4Z`\]R9]$PZV+\]J6^ M3;W3'`W,9JVM&4!EPT:WUA\V.[51;]0>FJ-ARVAMUVGRK]\O[T>UNYO>`#0> M'UMI>\)N(99K41P&7UF-JM32WR^9>52)7-/JRNWH;G3[YPBV>ZM\OKKI M70Z53]=W=Z.[-=9>I1#9V@D>5]U_K_C30A-RADVGLA;'V*D]%(W1$^(S!=@K MP@1*7[%\*K+]S742RZO9(!%@`BS/S=NT6YZ'V>;8^R1.6P6G7=B]E*WAJR@0 M-<^I1'E:0YWW2\9*ZCPUW7N"*28L%+V0+2SP;2?TXSB)L6_ZNY^R1:@;MP"1 MRL5?]J]N\Y^'OZB*3?("YZ%FQJN;-[^P=/BQT1^O7[X1`9K_V)3^\/CXLX$Q M\X)')4IF,RL$<2ZZU^)]B@_ETGM=>JL*Z&L8:P/' MWNZ<`ZLK0.T3QR\R+'6?[KC5L7I"DT>?>$16, M_@?7]ZD]W43T6ELRO(XTHMW2U(YYZ()RNP71,-7FP9,Q=@MB4U/-@Y<`V"V( M6EY<;6\LVS<^)OO[M;=OE0SQU\)J&&J[>>A*)GN"M4JF^6MA MU3IJL[7C5]-2B3SN"TE>YA)W$G?5PMVI^#W7JXR7:6YLGH6YG%"Y:A:^[L"59=5UO=<[&'&EVUT3X3 M0[>EJWKG"(R_*B@JZV793>@&(4FRZI6-^Z"K9JN]+15\K`*A?S`Z6U!Q)W$7;5P=[HV[2:5A=,GW953!8VF MVNX>NH;N_JQ:0]MQ=NJQP*HUP-([>,FW_5FUFGD$77:DSBCO;HD[B3N)NT/I MC,>H(=[@2PT9SI0[/=6=GJ[I=\+A3*VCMO4S,?PT76WMVCXX%EB;3=4XE]"M MWE&[N^XQ>2HZRNE&,TW5/'BCT7T),M5LGHD#2S?4SJ[[B1X+K%VUO>L$%.F^ M.FY36+H1).XD[JJ%N].U>S<)>6(!DLKIBJ!5:-T==PMK=);Z`NU5_,F:C!)1$E$24=(_ M<)ZVAK33).XD[JJ%NU/Q#VS8C^.POH$M&QQ4R73<$L0J>0+D*1Z[W5\Q)=`` MX>X$"=CO>[Q1ME_TR*YCB3V)/8F]'2B#_Z2.T*LVMM0U^_ONNF8#L%LV<_\N M6XJ_OM_ZRSK=1T#2[L2U+3_&ZA0ALR(&?Z!6]^L:VD>%CO8P%?==XT!L?JE, MPF"&?S(5-U+FH3NS0M=[4IR$*7%`8ENQA5N93UE45WH>]II\F+[[B98);"IA@@O#6I8R ML_X-$Q2&\`65J?6-P5\7Z`LF8),)LV.,>01)J,RPSS&0!8S_.['"F(7P`]!7 MXL61JD0);-[R%?8-'\^Y$0Q/?,_]RN`C``#`B0)8'4:YL&V8>2Y#WJ)9<*#@M@*S"5:#69!_`MPO(FV.7_(-`-IGR$BPJLVBR`H)7W/8 M$Z+#]BQW%L&^'9J"/S<&PF`^,C`G&=P_<&S$.",#K[I.#AV=K"`#G`10#XC` M=45`7XFFC,6*`U-+9E[+S&71F@E14=O:24+L@X*8C;&_.F>8"%TBA/BL$;AB M-%0N>$,V\9##+)2ZXJD6_-))?`=.ABCV/_5Z4YFYG@><0*<7!;9+5/#HQGCV MOO7`9G#?P8V!>Y$`32`\D%!`5I3/G4&^57QI@A M/!'0AB#OF>O,`Y=$@R"AT@RJ`HP6)2L&3L&"35U#V3#<2JP,@>HY4C1"BEGF ML1G(!8?3]8J)5D`C+BS8JN,QE01-8;HI_/Q@N3[,.0M"1MM&0?<='58D)8'I M@D?U?_V[B-M'\_H/^#D=L"+6"E(D5]M=<%].5M#FF2-\G> MHC\%BBTGNG,LGV1G-_?7OS,D94NR;,M.XLB[6UROB2-+G.'PF6>&U$R4\84* M/TOTA[M\AA&&@`6?.R,8)LIY.\O@)YP@H4PIOM"5,QC$")(P[*>N-$$)_EB'TET'\ MB+_^XY=9IMR%X>37TSB\C4?@DGI)VIN!%X\N.*=RHW$T!"4ZX\%'[CT\COY^ MG/5!;+CL&I#*'27]_[R'>W?^D=_O4NC@`DSMZ1J600:+`AUGS1?1>!'O+J/A M[T=1,KJY"&Q-4W5=48A.5.7_0!/&S=6U?T--[0:M1+4U]48]ZL2#WX_BP8VM MFKINT!O5<#1&/4.AC*H*S\.N@0_;AS&9PZUX'?N7`NK__J<%$=[_KD_.R*V]#M/*5VL-[9 M>&6FC=A^&T5C#KF<1#V"8TAFV1PCY!\**P1N$8\?D]$C(E(_2J?@&Q`A$,F2 M(1!A0#.`U3B%Y9VD`O;*'#F;PJJZ3T:#"/^<<:\'2`*N&>AA\OEX:8B\1SP, M!OQHTHE"#OK"FP&!"U/NQ1XX?4.OG*'J!'3V9\`)]G#H75W"#?C(:A9,L MVD*9!96\F`9@Z8U&V23LPS+\_4@5OT]"X#;R=W[M[T=$57\\ZMPF*:PV_+RT M4;%Z7S3_NO;C?$]E%`VGQ>P>52E=G[PLWHC\N$W:DW^S^MPB+(PPM2)6+"HA M$H%;C/!R'PYX\#:)^04IAO:2QO&$#5QG`G?Q`#`P%^!`6#L#VGL%L5Q'AS]< M38_A+A<1+/?L=I;>=?-\@^#4(8:E(PP4,$PH4-Z^&!K/\L"MP4S@^;=/F")8 M`%X9W):DD/B%H%*/8(.$QPE)'G<+]#KN]"036\N_EC&EG!U8$$00)T>_9(C0 M5&:>1"7(_\K"@,M(^CFQ3`01%P''[2P>H5TB%157@%2(H1XH(/V,P`HL%#%T MR@E_<;(`$P<\`3=.IB+$YX^"`0([C8307(T\<(FG'*T%QG-RR9,2@,=3SM%G M$WCR0*:1Y("1/K]@WOD[]'Z'WJ\:>I<86UY3B%]A+\!LTPQMDT>8\3`$#-&P_@+9D8B MP(K):(94#:8,LX<\GL_-).AA M=C;#8PAX)Y`6[&C6%UP0H0E"V6YYB'A?_*O(62GC*,)/;\,LSK;#)_&_^CAZ MB[BW'#!?A$^<8E\G3O^_,YBA"PG8%R-@]1!^!_#I1$[QCO'R;!R+;\59PB@Q M;SY>^4>=0=0'QS/*?C]2M*68NJ[ZK>);=8T;/]RC5;[0;0D%J0HE>EKMV_&41SS&!?S*&Q1KM53"J M!J9M4EUQ=5M76,]5%=OT`H42V[-=0GP6N""8=?3>I(R4I"H,N2S+6305'Y]B MRK:%TA`3Q:&&79*G-.RR1"=R:]&/Q']/QC"7F/RZ7+R"D\]N&U6ZIF ME\UR&ZG6S+#S&,8C1,/K!#P64.&K0KK!!33M[U4E1'/`4ID/:Q-FGO4,5W$# MVU,"G^J6K1NZ[EEH`QM-8+-#?LVR: M`_7<[V(QX9.Q%T[B:3BZN@=/>HNQ%)(4<-:##KNDRM><3HM\0@D]$4U!! M4<0R*_#]R@K9A#7")*_#+U$&7XWB1T[WVP@S^M%[`_[9@#*U\E3(3\E5XIO= M+5Q4("TU+<,NR[LT],KJRE&EEZ17X0@LHS]+P1:B[$,*H',))#[^7S3X$`($ M[U7HH*=3RZ=,\8AA`,4A#N"FR13?\$W?TET*!`CF&!F.7>4W6\A4/\^?X/)I M-.:7MW&JP5LP8NFZ53O5Q=%O(/&NW"B-,K",\Z$79O?R+_LEM$UIO`HK6E75 M]31^C5";L(V3R'.1S!_?`5&.INUD4";&,W#E>FBK$V>3"BXA9D_C/@2)J#A8 M0HOOB[@UWC.G:*H2@`*+,7.#2IJ(5[]HX%H($/L0EF>]-'GX,TFG=^$=W)IO M\K12)Q3X@V)8S*Y=,!L$:A!S<+AI.0D`K#1T@VP.-2K"K(WY)<2V,>BG2'JT M"@NH'WY91!Y/G,"%T<#GAV($/>2,XE5_](^$[6OD=SL>+1S@I&-3XKFAJG(=`A-%*+LE]A*&5N>1K:6"3 M4W'Z_136ZLC.DG&^VP9?/>%;=UDK4QB8L2'$L.TE%O]:6M@< M#%FE9MM#Z@/H1IMK4Q`*J3J,[LN"(QK;AOS]]08H:00VB%[2V/?1VO M:_'F'?`Z:MC$TM;PNKJ]NP+=):V<-FT]1R>[;N[X\6@VW?-D-MS>T9^WO2,E M*RN&4]DJFYAG,_:J!=/O60ZQ5(7Z/4UAIDH1WBV%,0(L70T("WJ@!4`H4]7* M/&F]%)O@^2.^=S9>!+;[1JJ&:QDI-M.(N2D+42-.=5-/D.^%PG@6^U2\X=%" MCV[61&=KA5B;D&_I]&+20=-U6K;LY;%O2,:OCEK;"./40A@GEE61NKE43;,1 MWCT>\#]!#:X,/]\D--HV.06.3]&K?.5EY*[QF65(;2,X0+RD5_?`.LC?)A0,B8299T`%1*'&_AN=0._C3B@U1Q1J!]]A8>#T&.\`&*R M^':&%^"YN^!A,DJ>HA0/)*81/]J0/A4O7W]JCI6@:!Q6WK.BQS M%R;:\0,@.P'S'4*S/PJSC+]BQ;\_/R*" M`;-S[IU(<#D?+N"EU=DDM88WO)H&*HDWW"\>\^U!/`#Z"%\"?R;2F%7*ULH% M"8Z9J:95R<1M(565@RWV"#%"P\S!^?`3?^^NG8DX#7#7T"K1UGHQEK!I38HN M/W.UYP,Q6J"Y/J-*KP?8PQQ/4US"5$5SF&_KC@9TU)!'0RS;JFP&-9-GB42@ MM5S(\^GNT\<,.;OPSJ7]\KJ,7"OM@@(!LS1"K"KE>(:@VX:HK83;H_>:22G= M,CQM9"\]\3+L0=J+68,CSQ.S'F?:P&D;Z@2(X@>'VJ..;&LO/'%:CN*VDVH09DB!& M\FV=O/A%6S,!XC63C1M?JZ6J$#!\\>D`#E[PR$=3M7+L4S?Z+=@%4/]T&O^O M:#5M]!AXVHZI5N4$ZK:2;7<&"[(KCA16QBE16RHX05AU!PH.=#/[J=8@(1,X426=JH M$,!#9EAE6-@H2"47'O$C.Q\@FDC#$:C.&3S$XSB;H@-]C-K,DH`B:II6>06M MF3Q;G$R2$-K.!8&97&(Q<]-K>#7R5&DS@"B6YL+T+BBM8$1M%!QPT:ZPGS42 ME$7-JQH*'H25"/+RM6TT5>-O"#7:K^.+D_Z M?SPNCW6R>X#\UZ)8V74T_BL*TTS:#6:2LNE%E/:!/V$MG.?K9C)+HZ)2Z)). M=%,/@-^Y"E,)A'@F-13'4CUX@N,%5._Y%H7[JRK?_U6/*9,:>269=]7J^3A_ M`#[K@+1*4:M,WT6KS64N:#4_:U)-\[.6 MD[/>,^P%H[#CN1Z>*5U!3U=3N'B:I$\`V:?\I"8_GSD\R;G:U>PVBP=QF+YN M0+;LIQV=,-5WP#9\QA2FZ42Q-=>$__-US2&`XKHGJBF+Z'2NG*U$:F0R-;DK M?J*Q%\;I_FN,N$Y`/$=CBNV9%-Q93U5B@"<9\3=7$ MT34J)6TN2!TX.GV>O<#=W_'@,KJ;C<1N[\O7D(>A.\1!%V#K/3Q3[BM.#WXR M5,>T`TVC7J#N5$-^?9W.2H7.2@\1:S)=4:6='G>NKIWKC]?GEW]U',\[_WAV M?7+VH>.<^9W+X,/'4^=9]=J?,6A>6KU20CT7XHH7K1R%GT7U\G0QH;S([.=H MQ-OQC$-9`E)>D&`ER3O910<;ZL2I,*-NYP[?LQ(5>XNEPH>\84UNU?,"DLDL MY576\_Y'6>Z0GD3%W;Q(>]T(\P?S@LCY7?#F#X#7O%8[YIH>8$&*'CI\%%EN MR/"HE)?&E-USXNP_"B\CU>F+PE*_H0R\AQ&OHC&_?;'C1$>V:I!->>`^8(?8 MMF.0_58L.*Q@"XAXB&6:>0L1OKD1SU/%G>G3),I'4OCX(?Z"U39Y7?G9[;\C MV<*HMO7%7/IIPJMJ`C1G?$JV+*;^G-5!UUC:RDXY=9/?[?R!79F0?E[PJ_%? MK]MY`.<#]QK&(U%`6K8?RV]0M,[9]#Z1R?-PW%D\TOO-&8]GO`7)58Y^B[_Z MO\FV26DT`<*(RG](QG>RJ5:,;U=V.^.(]U?#H^9BRN:FA#9Y%Z:#3/9!DR\U MY>V[8J``(1:"_:'4&J"L#S1JL"A1\_F#XUS4EKQ>;ART7&B?&XYH0K+>;%!Y M7(Q<_R!&'XOY#@KKI2`U[Y+"CDG>DT6T2M&.&=Q$?E3I>[+=](L.88/D(>[' M(UY[=]$(+>]>P!&!U]T.I[)?6A$/9&G:YH^<@X9<_G+5\8G%^N+_G8F&"/CL MNS22M7D[[\B\,PWV0R#JCWEMW]%BMWMMSYJ%AO,GY^:$];W?`4XP<,'@ZA:KIM+63;1)FH!ZX7DM`;>3<6&=Y37T M1]%=G(U"WG-C@H",]>FQ/'O'A8GK$$VUH M27J\F#RG`$K8O.LNPT>#(!\#.@?3%?+X$^.%T1U]@NC+QD!_^)MO? MY9Z;KY"%N\+1CF:#"$N;*PM+PMY74W2IX1#P'ON4P#JZ$GZT+SI:B79\G[FR M)EC\7O;,ZYV>GUR*883``:+B30;BQN@79.,S<`^+I]Z+EX[FQ;NSIPP6ENBA MPLN;<[/.\FXPO#'!O`<*4%]QOCAO92:E+,R<`(+YXI(EL46I[?RF@WF%ZF6] MXLO\$VSG)SE+;D%87QL/X&6<9$C+X7>7LS#O"=+1H]($SD("6K(U8R_ MWD;]$)S)O(,!W.6?(;CF]&DQ`MF,;%W?K"WCDU*\BC5WU\>W;=QO(_@^(K5- MHQB^;A9E.7&Q_OI\"Z.-&5&L"JAIO'A&)6_13*:"+@XP:0/1O,GRH\E-A-@A M'?R)@^/YF*?5#V,G@>!.@FIOF1EN(F@Q#X1O;1YNOD]?,ITM!"KNHN`QOP/& M#X#0^59*(OK;SN?FA[\M6BCCGV5AD4OVV9H:0Y6MA9JW-S'-!;M>?J<@#9L]2._;\AY7MN+YS:93I.'12,? MLOH[+_7YVSV[W-%FFM9,K;5I9H_6RK)%%Z3Z;ZS_KAROM*W'"VI&(P/+&[,_7S9I*I9=?PAQA_J4QN+7Q`'^2#CN;)OFT[Y5Z2FV@Q/ M24OLM;1T\.:\4OU&G?KG*O_I1'163689.(KLYXI^7U^KF_$?D/H.I$D`JO_N M>4'0ZZU0-/9"J_-HNWG\TZ"'S8"CAXK'5^"C)1/^N,DCS_WQKVMVSU[3(+:: MTI>^KM5C?ADCW9]):FM-4E0K_0NKL2ZCZNL*>_B(N]Z\989L_]"YG?==FGL*AJZ9AV;HSY6:F%V5 MV6]O\85&N&_JS*KK1+)J'D8O*/472:EK9F!;DW_5!^Z7T7Y[^ONZB(EHS[6< MNCIU@H-#`U\H;@=KVC'M<9AD:=>$5DLXTB$AMP9` M,$AFMZ-H7]"S^Q/;B=U?DP8//P)HO&=4>RCC^]90>\9\:$SB:]H:HIK5U6WC M&^$-1->[!GGE#8+#A]:O]K\U]!)3_Q.A6E=G9->Y M__FP+/TGIG4)VWF!KY7V.UEIJ[/]KK]OBZPTV9%Y:ZJRC[(5U7'G7_%$R2IXS)4H6>7SPE:3YU7OWZWB+ZCDP\I2 M9"MJD:TNF/,B*JB6B#ADBV.5&A$[6-I6Y

OXA-@1C[W%!-EYVP5HY]M6@"N-LHFWGTGFJ6 M;ALK11-C;V"B;R!D0QL%4F%1V[0WF^B2L`WKIF/%=,1&B/9;71G>P,8N*CQ( MW;8R?)V$N^FIW;7S*=B*J=IL)P75%LVO;QOL8'/Z.UZ-UWU:7'(1/N%'SN

M1M2"$J6"(<;&@J?)^`K+,,LY@#M]"G'&IMG^UZ.G!HZI]ZAB$<-1F.X&"J"V M!0[*-5VFHOL"JR/X1-Z-J]BP?6O)"@HI-J.3J'\9]:/'&&W0GU,M4Y',B%] M?>F<7?T_>]?:X[:Q9+\OL/_!"'87N\!M@_WNW@`!^&CF#N!D#,?9X'X:R#,: M6\A8\I5F$F=__58W28FD**GY$$4EFR".9T1)K,/N>G75J?3VW0_V]\LY7'K[ M+G%7WOSXO7WWUV]?Q;=O;M_]]ZOUQP__&?P-_OVO+/F=)<)?_F/?OS;O=EU5NK,B4NSM`O\\__+IX1A9EM'E> MKWZ=(T=-Y5[?*X5UXP?DZU?OS,V//_T,$L;FU=MWYH>;GW_X"7X9FYO_":,W M6<=#Y@7U-_A#EI'F8?YE]65'9PR?X0C? M+:OPXWKU^56\L'&-G:)0_.W5ZO?Y0X7+>O;ERWKU%33"\_S)\AS_&V:OV3:" MSVA]/\TVKS[,Y\L=(3O\8@8_[1B+BT.4?_T7=W.+W^S&/4F8VW;;EQU>2^,+ M6K6?V;W#@F*M]%?X/V7,3B.DC#/Q%6L)#H>V/TN)A7U=8:SVS70*KHJ2!@E0 M&!"NIBD";0+^#$YC+)0.A0`')@C<`,.W]!^%JUNY^Y)8/\R^6NN1_3X?CY(! M%'YM,5B?_1,H+&, MI4"&$XU8!+X@?&6(8AJ0D.J$!LR&P1GE+!9,90<)I;FW(Z%XMKGQ$X/991QX M'>6#H^8+7MO2>J],.RJR%*O-L%NZ-R*"L#B2&O:UT1!Z<`S.LL(<1091BG&X73G!:\EWBZ:UP+YXF:\0G&RV MOPS=S*'M9XX`F_\RXUBRR$#$3^+(PB=2%,6A0$%"=20$3F1,,OC<5&]1WWA= M02C'89MGY_G`_LUG%,R>WBP^+TIIX'CV=)^[6#9JSC[K2G$D=D1V=;MV1:`$ MXN[*V\?"U-<^[`+;M7&\IS=2VPWK*Z'/HCKOVK$_PX7,F0(1\+.N)6)5O]"> M:ZF\9,[D)F3(**VD5,,8P236DBF#9,+M$90,4(3#$$G#``M"XSC>N04E(WC2 M+=@.[L[2;QMPQTJ:K#\&&N.`X-)J8%0R?!J#[G,=\W,XO(=!LXCE!/5#-JEF M]E0$1+>//\WM`)MX]CRSD?*73_.F>&&HK=3L1\+/C&A-X6?XD=@*"$8IX?`S M["W<;6LQIL)$I^`>*`[!DS$*Z3"%/XB45"4"!S3<>E6\NK-ZXM00-M\^IHOU MYOFO#+-UYVLX=T&GDL6L>!RWCV9V_VE;.V4/:L"2W-Z[LIB>>[U_V..SM8N! M)KJ"4DLQ?5W7PDVSTZ?Z&8,#BTPRJ3LN*BYTG/``L23FB%&-41@SCE)B)&,1 MTXS(K8NU%R'ZBGQY'_^"P+%6P/EX^)=?<4J#XF/G`X[DP=&^Y>VVY-HV*\!"$%/A]C5E MD]55YP<-]J`0'--!=57GFBSWAZW(LG5'[NP4]\&QFAOL5&V6!SAO^3]*AXP# MBC=IX/(T6A?@BC#Z+1X%N/UNK5,GN-FOW\*5VT/?33_,9,"_8HD#B!R[%1&3 M@`51*I$*9`RX"H4T)0;!?S)*.(%G(>R"I'?:%4L+5C$,`T%P,&-[GG'-(R-G M2^BE)H(>2MKZ3'(>`O'898J>+>;7LNK4-]]Q3K4>;-65,>B+;-%YE[U\+9"Z M,GA":%],:])?7V71B)ASB;,+[?[XL-HMLQG%W=!EE/+`^*A%4E<7 MEIO\?K_Z[/I9AP`$KB?G;7Y@=W93.O>)%&WQC>+4DC+;';9YO]H=Z5KK?[/, M^T@<@A_J48%K)H&U!_'G^K?%?5XV_&Y^O_JX=)_2-\HNP&.8:7%>\,#0VQ4% M;CM6LNIZGAL@+XWFKAQ8H8T'*[/IUMIAD*^@(SWOP$']8+04&DM1F:*9\#[OW$F4PC8P+# M$4L910RG&(4FTDAC+(3F1$0\S0KFJ"51J4'71LPJ0"[]>+/\;9[IR\SDW(+_ M-[-IH5Z02$P=)(+33HM*)JD*L0H025*`Q%9$:QDKQ!@F.`D,9B;-/%R;T2>J M@LAQN4;&H/OYF!<&Q"5A+`:N*G>R($CA4V+4$01J02#??$<%GC(&70\?O#!@ M%H/`,@MQUAJ$[)SBX\?U_",HCKHT6/4%';KKEF<_F!(/!]\Y;NUEF+NXO M<\LC.7\(L[+.PM=S2ZDM6CP0AS?!'3RON_W0>[]G2.DD9>"P(:(-00P>`(J2 M*$6(=LPM/YU_NS>V]4.E1P2K#!V22[M^EQ`0A%\MQ9(I"R!<90DN]4+0P4RU%K:ZAAC?'L,T6#\ZC M62W?@X[:/,[MZ4V+4ZL]D`Z`XE]]F_(4NU@N3C7X:G%L2T8BC+"1G%%81PD3 MI9[@O?+;-G*>>9?A#!M>=V2\=I'6J>:1%(B$)H80%U,4<@-6'[Q6\`HC0D*< ML:/0+#G<90=-V_8?P.]LMM]5V&#Q6ND_N^WOM3(]L71>:`OEWM+XY]G!XLH! M]J6WW??7U?.#6SZ&$T'*S_:4=G;+H%W-T<%]'YRK4 MM!Q`3>,XE82%MOW9,-A928I"34*4RI#Q.$FTIH6:_BN$:`>0]5N=GEC:9O+I MAFBGU]9QU>4)`J@NQ3#6T]-<\BR:RP^67',1W&)]'-!.O,T\#=;*?,\ MA[?!UG,?>+MV6']XFA>)J^QCLU=[P.?B$JP5P$A;PR4TA7"-4&04!"9,D@B% M$0^1))R9).)"Z'!;HETK;!E&\N9JV/>K/-8KOF2>G>G9M&R'@-<3,_\$M#]N M0:Z%FJIA?:3L'.LV/HMP^5`\C.N`#S>4'@P(PA5Y(6HL+X3\U8+%.K(#6AJ7 M*,X((2;MAAQ97`.X(5FFF%/*U/3\$'51/X0,Y8>(_,_Z_6%J,I7MJO2FV\]` M!7*#9PNWFC:#-%RT4&ADJ%$R0K`(0(\):5`D1(14%$>2 M4VR"4&V).7%`ZPOE*H@Y+XH;>.UDM\$F2<3IC8\/\:8_,NZP60>=B#?33_>? MML3JY:JQH:1N3['9!PQBB^*(JBBA@R*>@W]T:#!Z;)FLBH=1ORVSMS/&7!D] MZ#9]T7"]@84"\5L9YR-#.P1,QL7:R4YK$P:<`@Y")0(QE5+KJ0@DTS!BH5T$ MBF[M-*U[>]VXSP;VUD;$`%2F9M[.V@B4Z\?1V-'E24D#(HZ8DOVLF!Q MP>N`#D:Y?@V!EB?,_NK9'VY+T8[W0MI1XZZ\G/@PUZG13*K$[%ZBGN MY+:^8DP1,OS6IQ8EX;8^^_^MOP_SP(O2P>U:*O_*6W\4E&T'?G#.O3^8_]>? M-9@J$25Q@E&,I4*,A@%2%%,D!$MY(&4D`[8-I%ND'YK\OZS9:+-Y^7R.,>$Y M."P#YWPS@[.#0("ES/?73JC#@Y+S#YJBU+`K%.=EEL/F>R\)=X7/%IPKCEFY M:]W_63H^BNM=UGQ/]!8"E6#(9DA?,Q(VU&6,E`Q`.YG*0R!L<'C-6(`?O!W9 MT$:6P>;^8^_%$D[;>@@LL#XJV-_G]7*=,;,!S-A*DV"1A MB@(6AXA%7*)0&X82SJF)>6HD+LUM5+SBU'4Z99IL@'(`UG+VE+*@6X(L!`>1 MB"!`)@HY8IJE2!,<(@!8<<,B'(1R"[/:G]MXO8?"PZ&ZOWC]4;6'Q('_-,S1 M3T2G@1+=)6>'/2$=;736/IQE^.HSG#H..X%_=&*0M'J2J9@B':4A`A@%PSBB M0;K+]U_I:*Q)P3CHZ*OQTHH-X)TXC&ZHJ\6"RU0"2"35B!D<(Q5Q@2+*21*` M,R(-KQU%#Y1&O(3FZUW3``N'""(Q"J,DM*X<:+I`&!1I3F*A)`D-W=6"J+TC M@`$TW7"'MYV/ZDA]T["/*N,5>1W(B3RJLQV=L0&/ MSC#1)@AQ!$$ICQ'#B4:1$1PEG,51I&D4*K&K0>UW='9!QW9,H)HHE:M0`1U"UJ\[S1-+1[1[-B:@GLV='FOK>'.G)PBVN1-CP*%[;^<$ MQ[2T1*_A,"&@2@H6)BAP=3C29852@HR`SQ6IXK&)[KB+6@=N+CO/0)8.3;85 M$`=OLO5;GUM&O=XL138L@BOM)'IW7;)X>GENI9-(B52PI[8G@9%:$HXBKBU3 M?!18$FAC9PG'.L(X8;"Z0-LK&_KSTMX\($55U)H.SY@[\BLSC&Y?GC?/LZ6E MW=\MJOY0[(O>T'1.0\(P2U"L0&"6B@B\!QTCDQ"N-!>NH= MQ?+`YO;QT,>,@XGOQ&'UT"!F7O_6-?OE(>:I>6<<0H8P4HA+@1$+N0'%GT2@ M#W3*1)I`[,^M=T9-_[[Q[JL"WCY_FJ\S8OPQQ?)\9J#1B:[-)BW=\2"3 ML$83!MN"':%P=6C3D8%7E9>V8V+>KTK.Y:?5$_A"F^%WWPF1/>T2/BGQ:;'J M,?]O\V4[QVRLYZN_^4YIPE@M@,_NMQ[ZE':5^DYH?\"US^ M/%^ZRR?XG!U7@]*:-C[H\LT?-8WYA1.TC;;)@>*\3/+XW5:]9YT^:"-7A%-D.XGG^:+S>+W^:9Q3HXANUV MN?N*<+W8P$OE6+O]M+KQMC^8+82Q4/M.UAD`J)TL[W_!A)$BCK)8UT^3#\M0 M%7;G\]A480SB+98O`%`^CVJUW$3SQ]4Z_PQX^WQCOCZO9ZLUX#Q;_W'S//^\ M^7&UM,"L5T]/\-:"[7&"8&%N*1:D*Y/;@75&#(ZI[NF&;=@Q`*D:Q7S3W7<- M#\POA1=#(FWDRS_Y_LZSU@(QM MM3U7/E@=(0*"Z^KAM##U>#`S1SNXG">>-3)-4"_*!F_EJ`Q'8XII/EOF(@JJ MR+&(8N])NIU?7?,3?'[.VY0-.JMZYTVF'\Q9?A(5S9?SQS:UE..9;2M?H`/2 M8+;W[K]F'%52H\S9;F\Y>GU1_VZ&$#F]JU&JS_*%_4MK:R M)18-*7,9*8$C6+NUKA6C=SIGK+C'#0HO;,!L+GU?VL.%W=*[[*WW-V_;5O M"-*0Q)J%!L6$:L1TQ%`("Q"%H1&`:)C(@M&=D:K%;R?2D7+ZZ28506J!J^YY MTYVWT+9@!M?/B_\M(S1!O6-/4C'GF/CKW0;!.N59QP]:/%.L]BBHJDE:231@ M.\EHR\!VG7%5<_1/=HX<8N_?@]A$+KV1/8PO#A\V*YV#S;+,UO\PDK.,<'.\76 MWTZT@@$[>F.I:R4,G@*5^D*=33-3CYCLOB:*4+;K\VRX\3)CPR?;];`?0[4F MK!O-*97@B$A!=P*>$*%,^-'&8W'YUPY=?_V!T-)0QCE(3@FQ/4,:*1I@9$*1 M&!I(1B7-[!<2)#_Q[RO?/I/C<1ZP8I-,<(&X&KN`$UX"IHU(=9:WZP5"U3C> M6LN?'4)>+P#")D"(*&V1-A)YJ,F6G'>C26ZI;D%PU!DWS=4)JTO;0S?551S-I=LM&K72UQ M@-),?774%ER?,BE#CC%B3;_M9:5N.*=-3Y`:)@ZOX42JHK5%Y;KH`* MP9;[\VBI\T,&VT\0ALF@6NK-8O9A\;1X_@,^XN?EE]GBX=0)<_;KMW#E]E!Z M@WL@J&7`OV*)`R:[(0CA%@NB5"(5R!CVIU!(4V+`!AH9)9Q(AG,^'`WA&9/5 MG.1``-0RMQE[R08^\WC,>QVX629W0G&M5M9;R.%67(ERXDJ6G+(\>)(,M^;* M$/0%MLBX9"]?":*BZ62AM^Q75;PT,N(VXTV8J';Q7::@:9(*E>'W.T@'B^'LDMI1Y5`ONPR_>M30A]TMK"[U-2\BY$>@>#'LA0/)@F%$] M80BD\"&O[0@!S0DF,Y+YJ4+0-=CP@H`5L;ZFHC,&_5FL,CK(\6AJ2,YB56;I MF0B+U0$H!F.QR@8::2'QU9!8]8#$=S78-EJM,!/T%"R7)K$:`0S;+*FE9EJ< M(CH;A\3J`MI!GM(.9R"Q.BWF$*>Y)".Q(K06X9^-Q*JW6)[/3+FZK*HE'YS$ M:BQA;(&-!A?X<-/V6!Q6O27VM$KXE,`C4%B-]73U-]]!&%=KR1^>PFHL<>ST M4PZ1:F,?\K@45KU%]CL`LE&#JC$=78K`:C25!"+_7WO7MM0XDD1_9:+?&72_ M=#`=@:&9Z=CNI@.8?=B7"6$76+.RY-$%VOOU6UFRL2P,")!*65*^S+0ODE&= MDU5969DG';<649>@7R5K6>20VF;-)F7(5TE;]CE^NE4O=.U9O4J6O3IO+:W" MK%TES?*%=E4M3J22=)6L@0+I*M^K%;\HIEPEC51"EPA$,%14KI(V:4,K4=>J M:;ST*UPE:T=@OVM'T*UNU;O'H%F,7FC\&-[;#RG:UJV2Q7N^XAB.6]M2]*A; M)6M6=!_Y*;)4JV0A:T'NLU%34.]6M$H6>*),HI;7+4&T2MJ*[4!M;TUX&Y=F MU>N&XHV:598X-G6](6M62?.8M4<3GK**5>\>LT:*54;9(LS5=B,5_2M62:,, MGX4\_[6>`?J]4Y])EKL"JE1V3=2^5X$F::L] M),88EN,WGV9Z$VB2%47D.](W!?W;UV>2Q0)+]#NRGN%_M_I,TA85T&?RS,:. M2*?J3+*""^L('"9U)FFS&Y1OZ;54_;[$F:0]-*BMZ;ZVNX-K*,[4@4"1M.?6 M1<*+7HLYR!8HDO6X0&W?*.:)O>E\3\6*F"*094F;66,BO=Z+H?'A,:<0S`Z+K61A$C M=>!KK>]X)*YQD@=,ZV#9DZ\E4Q]`:97W(AM)MVHI*\IHR?0X;J`E`S^]>X:D MCI9,CT,GJMDWWP]"=;/)G[W'<\F;L9OQW^&K^CK5_QU.(-W;D*6_I)-YWR&^^W#/,^7 M'P\/[^_O?\W8]-?;Y.[PY,N_/GSBOZ3;ONI]$L M_,A^+J-P&N;?&,AA_#(+%Y`IDL2_?7B<47&U6K+CGV'VX=/FL[/P)YM]"_+U MYJN\R='AWGM_.CK<_/CZ,0]WGO-H*R\JWE0J2K>?GU<2.[N'%`B"1'$ MLF(CBI)[V#K`]N""92SEF&W1%>')QH9&AN1.5!@EDI?\%V<%5-@\1(:A MV&89<(>.'4^G4,^435;?@K^3](2_=9NDJ_.;K6F2!_3$2>4(T![Q@MLYO,J- MSK."IRB-`<=6SC[0W`--?PD[NQ?L:"NG/(1HUR(D6SG$X-%63G4D:2LW&"1I M*S=*M-$NG\INY;#!C6LKAV%TM')T3%,OW1'-\`QP1SS;^7.,O3`BZ_"+/_[I)>Z,N=+V'Q>X'OS:TRYV"(U`AA4%!NGL2P M_:AM4;;Z=MU:FMZ,2^8!-$KHFDOH+*WOT3&=,J:D&QM3,WR?>_Z>[[NNA=.T M+EC$1V'V@X_9ZBH-XBR8ED*>J^HG%9_Q/%NF;-5M;+`)D-:!;L@&TG&YWV\/ M!,@_^#CEP2T;&90F]Q*LGV)7;NE(H83JR-T5YEL8AXMB,5*L3-/1L)K='JR" MGV/$RK(M!]8ZSW611IDO6+A)C2WE16KAD*_!"IJ5L"BY/YM/Y^,$T'$]W7(' M;GRM409X(F@S9K(@)0=!]SQTIJ5Y%=_6T_E7U(3R),@G23QK@F9W_O1)F*=% MQTD3^,BD^YXO%@G+,NKDPDFF:E$9)TZ0Y6FRG*]K\2:K[5OA]//=H\AJY0I9 M:\PKV#UH>HV;3H."%E?H$,_PF!1Q>A_3S690FC*AW-D9PVO7U>&U97D&TDFM MW9WRFWYV+0G&9]6'>E8X?@GBD'&&_4B363'-+\LGJWKU29'^8.F4OPOTX[^W M#!J<"(V$$A/`B9%%L8LRRJ]C2HF M.DFG%RS+D[(9\>623<,@"K,<&D8,-270:Y;TYDDC%:67$I?:X!*N&#&BT7$? MIN_Q3M=R*A9<:5#2I*GLI(F*2^@F32RC8Y.E*6]I=C,NV5*XA,[2>A\=K5[V M#NX)=$TP+*1%E\^[)_]AR_DJW>FB"V=!7=:^B#K`?LL%'\&H>[HNPC^^.$D< M*ZROGS5_9\EM&D#0*8C*W\_R9?KQCR]#IXZSH0ZMMYQE+%\+0W$('^\:6`JG*]`\\',&>XW105ON/2V.+=(LEH9;P./I MM%@4HL!"V"Y\+V5SN!OL6J&!RUBQU2T?:7)[4VQG,Q&2"B)H"O@E/@F681Y$ M(\73Y-]7VU8O6![`=/TY2.,POAV?:X0^X(; M3*^O;*^`#IL>K4*4Q*T6,AI*2M`Y04]*(F$C$@Z.`V6=+U\9=>VYB4J(#8H( MD6G8_#7?Y^A()ZZO27R;LW1QRJ[SNC);%&39\?;HSM4:,5NGKFN&/O"`4'MU_\&TB'*1$UKYZCB94]>34F6M5T9/BER, MIE3S8H/*GV;"A`4NV9NABNL\5,1[.0^D"O M23S:GO7^G:3@V\X#OG@FT0Q'7T^)P%)1X7"@I.*G<<*--JB@;/$32KQ=S>1+ ML&MZMH.TV.FRN,["61BDJ\L`4!>>TL[DS!?8>X[>^);9-7B:8U@N;5;;H]27 MF/\Z_^WBFM_H_.:&8Q??@V8-E&7;W@_6VN`S?I<%TN2O(#W2>!!F;P0+.+RDC-_=! M.@/+X'_DU7W2;7I2J=?]8OY-9[+>`DE+-S1C'3IU;3Z9>H;E&TCW;24\NX&T MTS!ETSQ)*QT6NMUQZT8CL?KUUZ3A!NU6#*352S7<'@(EBV64K!AKWAQC6,AM MYD[3]K"6LK]Q[CR/NSW51X4D-A!H?!G!-SC<,3*L1OX3?*V[P;%TEWJE MM[IOX(QV&P!;?JTK8$V,K#>;L=[LFO4&QL$QF@V.T>'@[&V#J#N>Z?E(#\R> M[Y=W6<39G'\N(J6U\I&6==?"F,/&OUTM5=B\UR5"E)ZI)F`C/<92"B1*I$2- MSHA.YM0`AN\EG#+^XR,U&TAS.^&/QVV!Q5-10?H=TJ'8^%3VT_=-QP3J[@='!M^#Q95%,X7<7A=9-Q9@Q^X@\/@EL.H/:%! M::(#PI!R/]4%D=3L$T!RLGKXYQ_\GD$ZG:^^%GDF?B&3@3KG6!H?;,!$VR03EF=8>J%RE`QCN)V@S$!A>)X"IL`!161 M\5ZE0)":O*>HE`)6H%#@0&TKH"@&)@L8+\.5PLIT^9OCF9T,F@SZ(IAZZ5FH M"$>Y8L,P@+$%Q'HR``J(X34!E;*/%#8!2H5"1WR%,E;4)#ZESV"VA/$R71&L MGFE(7Q$^YB\-4X@UF`9H0CJFB559\&L2W^8L7<"D46]T'059=OP]R=MS"*D; MO9QJQ),P3U_WC'*E\=$!T\W;4=K/"_-,=QU^5__"(QR0T$$]!3\7W'P:I\W$CN7Z#S M;S8/IQ'+SB+&AE'UNT;'M"T-:3EW3J'4+)+5Z`(Q$K?*+6J-$A46MV#TR] MRV>V-&]_*.0A(43S_7T)(64"B.\ZMDVADG8R4DY$1LIIP8Z7:1A=W2=7\Z3( M@GAV"7F<.6,OR>YWDZT2\3\[XY`,.F/E79,Q]Q$\[$:*=/>AG)%.R$C)2+LR M4J11-N6,])B,E(RT"R/57--'FLNNDI&2>9)Y[HG^Z0;LP.FHL+5PK6YT&C[8 M`Q@=%>('B8X*4:-#1X7(@%&A'1VNIFX2T:$#).SX4,];1&C@5Q]0LZZ^%PS1 M:JHJ*ADJ$T3U--%(ADQ1CFF69II#X-2WA/\WN&5?DR`&CY;?>RDHIQBV%^DI0*P>5B::07",I)"I/-G7ZA%!K M#N5(1@U&B6#]$`RM;S9@@@W2*:,&H]1@E"99:C!*#49IZELETJ`A'F7W#,("Q!<2HP2B9`#48 M[<,$*!4*'?$5REA1D_B4/H/9$L;+=$6PHO9V2#%Q7!-DD10I=&^NY]/6/#SF MXGIJ@*@`.M0`41FLJ`&B0EA1`T2DN%`#1+384`-$I5#;+X.JTHX`G>PI;5'Z MH_"X*8H?+TS-5;I_9LTQW+6THR\"E9[)9U*<')T461BS+#N>\E4Q$PJHU>.> M(L[F_',1^*Z)%W'*0(A4!!'C@VO6Z/R9^::3E!,;HV$?&!TVJK,T M2W?WNLK4$>#U;FJ''0'>Q2'N"G1JT7LY-&[.H,;+Q.>K:F:GOJI)K1=:):G9 M]>9B#V#4>@$_2-1Z`34ZU'H!&3#XX\_80J\2T:&@"7)\UCEWON>ZWK:IG6=9 M'M9S[9<.3\2I239A',RS^73>Q9G-Z[NTB;_L+"G2'RR%J(<<:>K^B>2ZW)E! MZG*J2Z2K>TE264W8#>[`)B_D_ M<@BQ3T1:RS%W7?)U+7GZZ!;KSS[R MSQK<*9L'*W:1\N\'UFXRVQ[<02]O#QPUN)5;M<,\?(^ZT^?1UH_,7!^*O MVC-"V=:,;?&$Z[X7W%""/-G::),1+;'>?[VX[2F+DT48/W7C?:.\O>?CBX\. M*W_[WD=?5["M]H_AYM,&8R@<&.XO[;_1YM,&-UJ[.T_]0>+#!K=9NUE/_D7; MSYN0_I^;QW]0D:&UL550)``,; M&3U6&QD]5G5X"P`!!"4.```$.0$``.U=;7/;NK'^WIG^!]6=N=,[4]NQTYS> M9,YIQY;MU#-)I)'MYMS[I4.3D(P3"E1!THGZZR\`OD$200(4(`!.ON2%PLON M@P6P6.PN?O[[MV4\>@8XA0GZY>CLY-71"*`PB2!:_'+T<'=\<3>^O3WZ^]]^ M_[N?_W!\/)K-1E<)0B".P7KT:PAB@(,,C.Z#;PE*ENO1.(C#/`XRTMKH`T1? M'H,4_'E$_XQ&Y-.OE[,/H_.3L]'H*H)Q5#5Y$B;+T]'Q<=7= M/PO"WHU^.CD_/_D+]\LLR5%$OG.?QA@4'4>$I'>C\U=G;X[/SHY?_71_]M=W M;\[?G?_T?WSI9+7&C0[F9UP//[7Z"Y!*2F]7`5H M/;J(X]&,UDI',Y`"_`RBD[+1N&1W1!!%Z2]''(??'G%\DN#%*>GF]6E5\.CW MOQL5A=]]2^%&A:^OJ^)GI[]^_'`7/H%E<`Q1F@4HW*A(&VNK>O;V[=M3]FM1 M.H7O4M;*AR1D*$D0.!*6H/\[KHH=TT_'9^?'K\].OJ71T=]HAS_C)`8S,!\Q M&MYEZQ7XY2B%RU4,CLIO3QC,"14X6U#DW[QZ^_H5K?_'JR3,EP`15J-KE,%L M?8OF"5XRJH]&M-V'V>T&^4\`PRQ8@%4(F01EI3B>TL*GG>V=[DOMC-3\UUU& M1([V,9G?0$3&"`;Q-$DA[>(!A7&0IG`.071\BYY!FM&2EW1.3%9T_I!"Z1#& M-/3J"OO3`(-!@ZNIZ^P)9#`,8OV`W)+5=`EN49IC.G=9YS/P#%`.]N2WJV7M M;-P]$9B>DC@B*_+UOW,RBRY0-"&P8;HTDI\`2N$S*&C:DS&UONRRJD-PU3LT M)Z[C('VZB9.OZ2V*(`9A9FK%4NAH;R:O8!K&"9DG=)+`=#*?8K)YDQV!MG\1 M16RU".)]]QGU7C1RUL"74G4ARF,PF5\L$YS!_X!HG*09$:J;`.)_!G$.Z.I1 ME;\#84[X@F#0D&JFP#0BGT`V`T%,*7H?$(7J0Y*F(+UOO6I=V*& MKXL%.?5-YN\QD<@'A$LA;0H4DJJ-0\GN-/+*R5"M+!+]*,\`]'U]&X_=H=WJY'W&8#569!H MGDN8+],9"`%\#AYC8&",!_2GD=LK,`<8@VB:Q#!<7X1$RHI3/]47FMWS(LS@ M,[/Y=%>XFEZ,]X/#!$%:]WFJ.=P'WX")U;RW=3.;07V:F=UFY[+Q\>/Z:M9)[N,]^3,EBCP]^T\0#S=1\2.` M4GHF0"F9-=30']4VA;0RB5'%41LT"F!4J-=48,D_ M+J+?\D+KOOZVHO33'QX0(/L:6:#*U5T;I@9)U(HIN^"Y23!/3;V0M_^\+T9# MNC3.LY$%1[XCC?S1F9AG"2;;;9CD*"-*&Y&B&5B4EY8F6!W8IT:NF2V9VY<, M,"G7A59)C>G2.@W(*8-?.XS(JDI7.D\SI'BR!N`2(#"'V30.3%BKI7O1R5EQ MS6&`F8Z&M:XC2?B%W5/0S9_L1J:N$E0Z,L]?FN;+%9/]APPR<_0+ MNG)O>JX^/R492.^3V@3)J>IX$2#XGZ`XD5?*/)5&%/$W>YS]LJG<\'4/OF67 M,1F@(?`@M4FH;W#BX0G,.0K(6-FEGU;D@&)?LTS3IWI42- M:H_TMO!C@+^`C!HB"X6@N2@D/XX!S@*(B"I'W1R+-<;XA#5&I:_PWM/JFJ>O M85I-0UW?B7T$`>V_N/%=Y0<03[6NG0+"A"`-(<`T*-6=&CV@9?S%FG'A4.K9 M)1A,B,:`_DU#LGW]:$@,Q-U88]#$`/=U9II9P;WJ,Z3=&Y_KRKV;AJ/[FK2F MXTPO#-*]NL*^B9F@V+=Y3;2\A#V`LM[1DTTVS2C-O?T=<,DSOZP=;B3;.C4Q M@AW]F&:QNO)9WR3X)L^HZQ=;+,K+A.*.EE[PC>,`+LV?8S30XSYD)F1(&U7& M+5U]UZFFK%WR_9J&8)PLE[!THD;4TX02`Q`UNQF?8(I]&S\2W1H M?E]IOY`^P.%`OF/C=@`:%<<,\VQ(ID0EQ2"#A:VF6K7,FT:&4F%^F22];`05 MTK+&\9#OUOC!J?%-F?-7J:4,%UZY]'S/+ENGP9K5,@3+OL0X#I:1PZ<6DDP# M=YFG$(&4;HN/Y%=*H/$Y)MEGR7K8I.3X0!C=@("4!2BB3AO%5]JQRNU]5V:% MHO?3K>Z-TZ0A*0*CD5!)4-R@+*:I,Q+<)S'TR[^(DHCS31^.JEXOSLI<'7\L/U=T<&[N M6]1V%+1*[V9@9!-_TD>^L)XE;O)ESI8U4=@_]8_]!(A0$\S%O"FU8H73VI5G M2HZ2MV@`QA3>2:G^;L@!LVE M-[T5YR/^VRF7K>X6;]L7_,K<[31@@S^:&8,>KVD!:W)UK7#5S-1.!K:+V:"U^]Y#0'E/)9M\U.%I9.WOH7ZCJ!V:5U1;J[(Y MI!LA?`+2Q35L<%#K1KW:2%M).Q37;E.UXTMSHA`2WUG)!A_]LF);-O@(&13M M&DOZR6ZO9I,7>F-07`K0G:?XQW:L7@]?4DTH\MA^+ON8D#_)X?%#$J#T'R". M2AW@,\R>-E+.M)W6Y"O;&`^F]'SQ`V] MNVMQ[A&S(:I@AWZ!TYU8H^FL8H,''LM@W:$6M!2T3"\1YN098&929?F:^BG? MK6*'AS3#D(82M9^,A'ST5+/#"W55!U'EG\C9>XCV#D,HF@D2%6WP(ZW].*+O M[*9#:*56D))@T^I]@3?)#G!8-4?^N6/RWLR^7)8X36E0(&WM&&9@6=6?XV2Y M8X.J.DND]?=1@@G>+"7X7UZ].AI]!33M-?L_^=\*PX1FV/OEZ/QHE*>$VF15 MF.=<95?2JM)P_>8E<-V__C4,__02&):X&&@X_NM+X%A"46TX_I\7PK%0F6U8 M??L26.W6P6IFSUZ]!&9;#6<-CV4"JD;U.;[<>CU4HG(+M7L`TD'JUM\I"H6I4;.#Q: M^UILMKPXJ-T$-(N&1R>.'@1V;0,-EQZ=,GJX;+-@-GQZ=+;HX;/-&Z[ATZ.# M10^?G7?M-:K>'2HSU8]JZ\;2?:XMK/K5:: MZ[92#?,>KG3&DF-6QF.V8=^C8Y@D^ZJNT0T6'FF7GF[!/-DX_V1ZV_DL$:6>;):XO4M67723PGYE1SADIC0M[A% M&O/-?2&8>`:)\W;F?\@)PBR'M-G92FA$\3ENL5D]T6+*_)?M)@273:) M!HK!WMU9PZYSMO,EK'@X,S6I.`-R.9>*6Q1"5TYUJ0YO9]GJ-GWI"X6KRV5[ MNYQ-:C\342:'PBY_Y]:B=GR#MU_/Y=Z6%KH%=]6QPP4[)HL)+G^VXJT,F*[[ MGLPM',1D:EU$2XA@FE&M^1ETGX4D*UNU0?4:"C9<7J17*R]]U)2P4#\O>^G3 MIH2)[&SQTO%-PL3#8[%U+O+2_4&197.JJI=N%9K0TW#@$WAK''\W^&VA\-8# M%/KLFFW!`)NZJU=>B2KLRIC0!/Z'C@[V`0W#FU>+E>;M90#%@='J4(4$KNV. M2UNKZ78W-,,0P%YZR$M"UG(Q(7":=UQ$A#:*Q]4[(R\#8+BY[;(1>AL5V\;MA\]\O!-:J0Q%+6S0^_B9.OJ:W*((8A)FN-,%Z4E]RUL3)G`:?T:`D M^AI%N4P+[,_]]=Q)=%E8?+9/=B+?*94F;#I3J;FI]-6RE)B1S`=8K.\HXD5* MR(6XAAL.-[N!/MV9F51:<(Q#Q4390UK2XL#7TG'TW)&P3+*2&Z,Q*+&L%-SZY MVDW"+7EA!I_5EA6IQMS@VWLW=8KP%"?/,`+1Y?HAI5IM&7W&P]UVS2'V%=^G M48=P*/1[S3C(-NH0#BW3;W\<9!O]$;XA=,XMWWDC"R0!-P0@8C>250*>,J.% MT%]7LK9-SNX3=J##0)QDJ8<[F1:YH\Q#"?S.:".>T*/>=GZKG#'7I_L>9VL MOYX[W'P.,-&GQ4MD=R7;?-!EC$R"CT%&5[+U9*Z^2@YLS1+GSY"^+TS(N4KR MQVR>Q^7SXQWLB:O\"$T9'/Y1OS3;\:1G3V$M]O$'1,T8M><9_4??:SOR]>QZ M^0ZX#MSRXMA+D?79;C_>] MET%/^G$:Y#B8*LA( M]0,Q4;"#MQDOC`,F_PRF3\D"#H%<>_2)GXDS].&ERZ.I6IKDO%2VW&1OT_\',3^ M[?J"!E6I3:"QV:YC:&P^4J[*\T9MJSN+(HMRC]I+SQS!?;GCN_&!,=N:7UY> MHAN!;-]KV>Z+FS;B)4EY/7JX_!K\EN*DQ)D*R2/#:K>V>22U/?OG.K/+J M*&Q(2SR(>K^UTM46)K)/LQ27:.5>C%.G5%A:FT<4H M4'+G&<`W\!GO&>>F8H(H-RI&9M:2WC\-+21])&B5%H2L?I47K6M+9 MOA-28F(MD>S&>>DPIHRXHH&85CN\US6,*!@N:!4F50F-^L.>G!H0:P\E^3/, MGB`BBS(=%9UK64?#!QUG,1UZ!EVJ?6\D0-=:)FC4WLAK7LMZVW9OQ/=P?]JJ M;G@4AXY0&_HN7!S(FO+DK@WDEV\O4SX<$CQ)F\"+<&LQCF._G?9%W`(:Q[$7 M//^ON)04<8EKKB$*GU?9)ZSBJ6Q"].JY7?O0JMST>)7DPCZT"GAZ%`.GJN;O MK5>VN@MX%`!W",`D;@P$>2]^8"=Q8IN$U*'7`L,QCV5[#QQN4E-\__V!U7DZUE[R&]+.-KI;RMI.R^`B'1>S>F3 M.R]MKY*\2\BJP&3JF7?VQ8(F?9AO!8\V!=C+(EJA$?6A)1)AAZ3-!(<[HRQ923=MW.)8?=U]B**34)D6+,L=1Z+:1BBJ MZ`X_DAO)3@UW.%"U8ZNV8G#&;.9YE9\G6_6LGAJE5,6V-_,TK>=>'K4/!-JF M4N"E>5P:*=E-T\MX'Q/R,D#Q]BK<1Q]VY1[I57".XAFXD_]-P+P*I-$#@U#_ M\_/Y0WG-MFUAE=+XO0H)TH[+ME[G94"/&AJ#=70O8W=T8K.]NPR*PW'D!L11 MPSM'87/WSGV\)W^F04B)2">(M\V/$T(`8LH02I,81M3OXBXC?RZ+`H5-GRJ7 MBG9Z0?Z)E(@?Z'E^D?1)A:S&92,1A5(#5O*!%!16![EK=JP3^9RUEG6`ZL]$ M\(APRI%=%=9B21B#:!_Y4*EN`V=&GY1LM)6T3G&W7+06U2,53P%:M#P_6DIB MJR3T5#%*%T-"A:JB@E&:KB`&X;;54*:&'@LA:VOXQ%:J;\5ZRPB4FMJM1>W3 MW#VYV\O:"3?J>Y58?/LM5]>*ZS/S/7E*8J(G5\8J(NCC.(#+M)+L#C=HV>IV MW+IY4>_RY=XN9Y/:4L;[R>4*6CVV*4V,^HS?MU]X:175"T6M9GAI(]6+1:G: M>&DF55UC&SN8DO;B96DIEV*XU;`A,'Y[(M"[^I]8HNNSDY?^&G(R+'<;OSR M.+*0NQ6XGL^)`*<=-P4/:!7`GMV+_K"M(NJ\*KBM2.LAH^.R0+H)?0;L?:A6 M:T"C<6X?HA5;T$+U`#(/0A?+1#(<2I7J]O)123*V=8*2Q\6K?700(LH+G%?[ M[-"94,.C`(<'GHY[PZ&XK>QGM+.KH3"'WIL$\^I'';39_K.-(,+*QV5=TU*8 M`VJ[P,ZX%)^GM&3A14/S[9T)C,O:FK=A0M^'^"F53I:)T`0T?.M^(%/9AXJ? M]6&RW:Z5JY9@S1R-"-'=2YKH!D:ZO@WN[O+5*F:>5!L.8X38RF%P'*1Y$-,0 M]')A?R!K*/Y*5DJ`4VX6]XVE`)X#$N`AOO528`==^>ZM&DJT+5B\7>60,\.K MDX3+J"O,%Z^.*H,W(QY;?=J@5^<:Z]AM:(LO[=3CJ+\Y=1#/R9Z^O@C#)$!"$QPE+NLB3\LA.8ZA>QU*+)UM3T(8,L0(PL:)/BRWLBR42J7:6]-C!Q M.)<3\3YA50H^[-//12-.YG<@!B'-2%=DUG))6CXE&4CODSH5-A=6A!R$D7M:XBS+LSNHML&Y6N M(LK;9V_RC#Y0P68?%PG!FVV]D.S]>7)UM'JMLPZ/RCA9+F'Y?AFB24DH]0#1 MLZ074K5M8?:":)&]V0OBIP"EA5V%83\E6@`&&2S.3=5D]H(39F0L0LS2XE1. MRWI!.G?%,N>-JJ5D%<\NU(D7J[O"E\N0JUO#99Y"!%*ZS#Z27VGG2O+U\RFE MYY'P3/[S_U!+`P04````"`!*@F9'LRM0L98K```:YP(`%0`<`&AR=&`L``00E#@``!#D!``#M?6MS MX[:6X/>IFO_@]51MS5:MVVUWDCM))3/E9\=5[I;67@X_:___-=_^?E_G9V=/#V=W"9Q#*,(+D[^'L`(IB"' M)\_@/8F3V>+D%HY1C'(\V,DCBO]\`1G\OR?DO^$)_NGOUT^/)Y+[\\N+LX^_O!\\;>?OK_\Z?*'_ZZW3N:+%$VF^GDZW3\OF%^=_ M__(X"J9P!LY0G.4@#AH=R6!M72]^_/''<_JUWAK#$>:KYG6POC\O/Y:M,_13 M1N=\3`)*4PET3K@MR+_.ELW.R$]G%Y=GGRX^O&?AZ7^2"7].DP@^P?$)A?BG M?#&'OYQF:#:/X&GUVS2%8PQ%FD_(.GW_\<=/'TG_?[M-@F(&8TR8\"[.4;YX MB,=).J-0GYZ0<;\]/33`G\(4Y6`"YP&B_)97O'M.&I\+QSO?%MHGW/./48X9 ME,PQ&-^C&*\H`M$PR>BN^18'$<@R-$8P/'N(7V&6DY;79`<-YF2SX499'\0T MS.H*^D.0PEZ+JVGJ?`IS%(!(/T$>\-$[@P]Q5J1DI]/)G^`KC`NX);ZBD;6C M,9IB,DV3*,3G]]W_%'@77<7A`),M)09/$$0$HL\`BU^/29;!['KQ!?PS25F/&\RGDR1= M&*"(*@2.\0&B+R`G/YL@DQ:P#-&NF,U`NJ!+R7[N?_6I3V(& MKZL)5A$'X\\IYLAO<5HQ*6M0,&C$>I@F6,*BH162N.9D5;S5&_;8&VZ'<;TKS.!M87:69-&)X M!](8GRK9$*94JF:T):)T4XQGT9L;^$8IBD,ATF$@L55@+FLU/J)O,!NSZL@ M1Z_4YB/N<#N\NMF.'"8`TGK/$\GA&;Q#$Z=YY^AF,"&[*XG)?3$8+\F)/UQA MP0%?(7'XB,`+BK3H-KWF-+.[S>YEX^M7FXN=D[4?G_%_,RS($]U_$-?)C47\ M$,89T0GB#.\:XA8(5S:%;&D2(X*C-G(8!-$,3>_&8QB0F;CP?HOG`(6E>$T8 M%O]Q%?ZS**7NN_ MED9]IC2.LY$#1WXBC?B1G5CD28JOVR`IXAP+;9B+GN"DB$ICHP%4>\ZI$6MJ M2Z[=2P:0E)M"*Z=&Y&@=`JQEU,\.([RJ,I5.;08W3Q807L,8CE$^C(`):[7T M+#HQ*]T38]KL^O20ZSYV1E@JR)ZND$Q.@O4&KD2V&><&,H;O^76$%Z@/>78(G6_DI%:3GGJ]!2A-DW>$)C$:HP"?A4S,7,YNB`LVE1(QJ+\1;^`6D?\*<&")+@8`Y"O''&YCF`,58E",QD>498WS#&H/25_(^ MD^Z:MZ]A6$V3>N43^P(!F;_T^,Z+';"GVM1.$<($(_4!P#11ECXUHJ#E=<>: M<>90FMDE,IA@C1[SFR;)NOO1$!OPI[&&H(D%[IK,-+(5.-67MDI_7-`ENDMD,54'4,8DT(<#`F)C=C&\PQ;F-FY77_,[F M#>\2$YJ_5]H=TCM0#N0G-FX'(%EQU#!/EV2(1=(4YJBTU2Q/+?.FD;Y0F#\F M\2R-I$+2UC@]Y*^IL'8(%[66(+-L"XSBQC"B? M6D`R3;CK(D,QS,BU^(*_$@"-[S').2O401I(8]]>[V%928(4>OB>$@5$T>E) M-7`=JU4O%.?G(9J=5VW.20>#\."IRG/X+(1C4$2Y&G2;W7<#:S(#*.X-:MG; M)*1TAK,9G+W`5!',1E>#,$[Q$&E0O,"S%674(&T;H((W7%6^><20-6#&FPS& M(8EV*G\E0ZF$O8A*DI23GS=G-PV1AEHBGL+=+*A@&PE140_;L*G5Y:"`8=#P M7=2`)R(%B)*T=;_373H&V0O=JD5V-@%@?D[NXW,8Y=GR%WI#GWV\J"H._5OU M\Q]8,R]F!14/>&!]J0ZSL7WY3`"`9426O=;GQ%L M\`>C7V&L;-*)+`4ALMH(N%%Q&EL`VYRU6-1GQPH7\$,_UFS\PL/ M3(F.5O"A+#`HLOV= MPZ[\G:A.I=;8"\7-09S#\RM\HY]ZX<I^V1 MV!IJDQQ&U9?^Q\1F=]=PV_*0X(SA&I8]CXBUOB9W$YVJV@I]]E)[?ROK4+QD M*$18%ZJ)XR+9D=M^!3US+5RE33Q`&BR'K;QIJH[!JO2 MI%CD(8]>7%Y\_'AZ,L>K0PK!_G)Z>7I29!B^9%X:?GW`K\/@SW"]]!]7GKK, MD/SD/Y(*_BF&]W?.XBUO*B!$Z&5&9&3XWA(9-B-+6DDAH[?768'#,RM\/WZT MCF]C!4V@^\>E`PC34"8ACAM&C#IBZZ:#)3X?/U88E0$K/Y'H+!C^Y$I%UO^].]1`G@C:$ M02JV%9']4,#ZA*U85,%N0#:]CY*W["$.40J#W+$*'JQT$7D>.2.O8+-W5MJ? M_K$,9^V5"?8ZZ-4L27/B2"1G'Q8&:N^;L_;,!VE%O>5Z1'G**[^#6^4.:H&5 MG],DRYA;E_ASKR%F'=BGTH'LN+Y0@UA"35"C.:YCU*AO3'6<&[WU)/]3.Q@[ M%/AZ$J>EO=()C"["=&9.8QMPWZ-W&'X!N0S8[6UM0/TKC,+GI`*E1LC5I<+! MH+N?)I-B6)#`,!"1]Y7PO0BC",0P*=KI*]?'!IUK-SF'HO46EB%<+2*31+J! M;NMD`X\OX)])^HQGP0)>]3#7QG-:KN?G8*F_1`I:.3%<,Y4]VXTE^GKT)I#%>Q%'HXI/O;Q:ZF;H_@'*18 M2:G>:8QI0/R.,878J3;"\;_/1M1(V))+2.O`A#@S-&Q4N( M7A&QO(I5*LG.5LW#BJ)IW5BL(/O9MY5W^X2415GF"Y3@>!_R"7I10'6G^)!D MT)\5^,>P#RD&_?'N-HKXD&VPU0;H4@U\R#S8B@`2FIX/B0C]-P'/MNU#'D)_ MK#MM*M83$/AQ,7VTX(:_7%[!W.=HFFW)*.V_LAY3LPMJ-.SR7H3/&5Q_6=^V M]>`[5^FTYO7VHG:#.3IY4L9!XQ'2ZCCSHK1#7R*H>E2\J/JP+4=(.-6MUWJ0 M#UA5M>LKFJT9&E M;9PXO*`TU51OQT*)O\+\J2;B9T1^A4M*;=+'K5!B*GO7P:^J*2E'7G('TN*B M4Y^7%WNW]7!NA'-XRQ*[7C!LIN<5`#J]3>4)LMU#5&+MO5 M.MPQ6'K?@Z6/@5S'0*YC()=C@5Q']]71?<65)P_"AZ4HNAVXEXNO-NZU6VL; MO6:O_5C;JQ%[[>7:WH9AW?_EH6G?^4(71].^1];K+M.^%[Y8:Z9]20^M8Z9] MQ2HAUPOZ0@<(\@)$2\^U2^5/BMD,D*6EM7:7/Y?5/&VX)4BM&TQ5\C_"0*_X MCL!0"NU8PBY'X^&^&P^II+3.NE5)).Y;\1V=[-8)**%A_[Y[)S7`NTL%\/K9 MQ89$J0B,>RT-[<-;W6[H+WY>O4+'/CAHKU23Y9W1[&"[_)+&O#DIIU[H0=N+94PDE3_X24-)J MW356]D.X6U-UU_[8#V.QEF7=L&@,;ZD;V;KYYN@K==1F+ZMR'H1W5$)?/0B/ M:*M>8MWEN1O?3)M`Y7IA[58SZ-4$;]S!>"WMD#6H?/Q.Q8\2PS**BZ182Y0< M)N7KF(\PR\A==W'Y!;>88E15_%64[,9 MCNCM`JX.U"!]3.()3*\FDQ1.\-J6.Z.VU@\QOR:K14#\XKXV3,UQGW@VJY0; M)VG6P.4A;LM?J,^^:E#C!(L>X#HN=D$,-_ M0,"SQ5D!Q2UNW1+1Y>$F26?3TQ]+P!\=D[W6?&^*IA]+>>^\E/>Q#/6Q#/71 M*7;,7CIF+QW+4!_+4!_+4*\94H]EJ'N5H78WOGJW9:AM%;MRI1SSOM4CER[# MO6='@*QJL+=UR!4TO;VM12Y9AMJY]\F/P1E.^.-W9\8^B#`/@_[G@P@/,>:! MMAYBLE/J[=0/Z$.HJZG$?^MQN]PTV\]K%U:+-K`%CGMI;I: MQFGUYZ\(IO@"F"X>X2N,!!YYR46`NQ/%N@AZN8'"IC,&E"QA\ M@8#<@LT7B%:,(@QK4!OC(+"T5#;B&#MZC!T]QH[N$#M;Y6&.L;%.Q\8>XRH/ M**[R4.FD?O8=(U"/$:A;A9WHLG0TS+I2%H,]#D(Q052I]WQM!?1)>[)4C$D< MEA(:;*S[58Q38D_<><;II.H&_N2"9U-4;D_-9MFZ>>1L-=;WD)RK=T?T\*58 M7R^#7"M5VFS'/L0J&J'`Y28%;$4;RAT3AY)%Y$Q*E2\'Q*Z2JMP-)]UQ4I6[ MP2M&DXHA2$J(7V(QTDZHZ7.K3S1E]@PPMT2]82AM\4 M].2-Q\%X^3D;)5&HBE#;$%IX9HB/5+S+\*"#<>L)6X>HC8G4!K"Q+BUGJC"8 M@]_>:^CK4256]*X>-V9=-!,0PKY@+Z4IF2*`$[K-,;3$U]"2/O>`5XY`C8PG MD%#L>P8ML(U8Y/3!&[13+FF5!*V[BHP'X2A=?-9O,@FFZ13*&L_D"2P=JNXR M>W:E89I@+LD7E9]@3C;#5Y@SDUQ;`RLIVZQNS"V*Z0%&(=ZK0T+;62(N:B??`O,AA^BM(PS>0 M0DR)43+.R9_\^._N3C9H^`@X[(.E4S-W4,G*!W.F@A121[RNU%JW1YI# M<]W^X4.TNB*JLN86'P+5^Z`N85'P(42][SZ6-O[X$*/>9_U;M0#KH>D]:CS+ M:5Q2MU==B%:5A9WS.`@B6.W!>@?P>1-/LB%,1U-\RK)E+(]B"N1@?`TR%&!\ M;E&$C^?P;CBR#?@31#'^/_'E#5,X0\4L>X(!1*^$R9PD]6V5<4/2[X+%58!9 MHZQ[3YRKV:B8S0")^KX*V47J(\5?X#-ZA*#[;"?@(.R2IW[W,L(_"L MJOW'L^-RSK#&G66U@`K>S>)B*9-RG;5`N<]P!0H7S.ML3K_@!*V MMYI_?9/$9%G3RJ#ZA+(_-^V6G%-*<1`]E)\&T]7>+M)@BCEPF**@52_C-]8& M2X?HN-Y$S[Q)D5;;<0C2'`5H3BDO`$/<0PM4OU9F1#X4:RUL\/W#2B>G)AVA M1MS>5D]E`<(2V36,DC?"(7R2M3>T$@9?,X_5;OJ2-M>+#8568,;I-91UG/L9 M%Y6&L(/C&*XX_2'&8&*9K;2("'E'>@#[^%6@=2P/OX?W&%CB MLB_@')ZI5"0V,73:ME$,$KTU@\M/N/:ZX^UM-*35)K-4[@0Y(_6OUM)%6,Z;3QA M[%*OP4+3$=:E5L[!TGLX.[@ORA<9DK1V_G`Q:VVLO?+9\EY9LR&V,8],-SOI MAZ4!B\%7G3_/B2@M5-C)9AKE2A$E^B?("A"16+Z*`T9E9I+PNNTQD`U\GP`6 M!@5B//MN#3KQ8>!A=_> M-O35R8QO/F;7369S$%--'A]N81'DU?$EB:#RD#[10)I%>PQZI(--&T5?H!\[ MJGML/ZY/U!#5:=AN3,M48![;;`A06/K3\8_4CRJ%<^<(UC',,;%)3G:9P4(# M&/"/`/%#ZJ2[NX5;&16Q^G$):VD?4,>U8SBW<%_!1>,15AJ9,M*\<>Q@2PL. M$`M%EQ"YT=`S>*W=C@R09\P.&0AH@=+K1?V+4$*4'D"+W65M-P[&=R"8KI1T M5GHI9$4 MA^_]I>%DPUCRC93U?4M1#M-L2/*&_P%!WSB#G4VO9>V?\5>H%L+4U<5>5KUT M1A9[[E&&]5>)Y=\Y76FJ(X.K62VDDU#6*TM)K'='ID^C5/%F\M4*PT^V2J3( M%5';)MZKG01KU+*_U%+\;9@.3I13DV4)0:!5HV@*)TC()3Q%*[X5FFXL:/5(0KX;D?[#+R^VG MMC>"&QHOR=<]]_;73HI_91'RA1U;HB<:#QDUPUH9V[E;&;0+HV;`,Y,6',9( M'(W!WN)J3])BB^9NU5I9%#`3I$ZKD$MTD MF<0^V;R1,+7$L;65.5:)$&="D!_WZ':4DO-9,MG"W6<<--.DJQ(%(XFERO#< MAV*T!4'J.('V_W$9(^3>HA"L#\_2F&;1CC!('UZE,4*BUCJ+/KQ5LV.&X<97 M^O#@C1%:[2X&S(>'=K226*T\G`^/\>@GCU0&K@^/]1C@G*[2C3X\W[-#LG16 MCK3^`I![]V%7KL6*9!?[9UW@LYB@8",CR($)X6IUY1B9#D005RO%P\AS())Y M:P5D1H4#D[GYE;4920Y)1I8K!<9H'$>.@I&.%\H6,0@(P@!R(K2];B9'0Y$(&9Z>."&NB,*@J)B/904G,W`=5&3T.211N M*UK+*'$@4F^O`DLLNNI`Y.#EH*K/$C%"'9@DW%6=EA'&DE0\Q3W3H'B!9ZM@ M4+WD:=1?V\@:*F-$K<=SVJ-"O[(%%<$N#Y!@W#HF%4T^'2!-5&IA563Z[@#) MI)*$6Y'I^P,DTW;Q_A7A?CAPPJUETU14^=L!4J6]3$M%D/]P.X6#5Q21N1$: M#VTS:8[(BPWP&79O1.I]6^3 M./;S.<,WCY,*S:Q,EL M<4XIL&:.&9'"=Q[#^T;36ZH MLSLGR1`7!NC2&-XWVJS21#(3I*F/[@=E\+U#EK/ZK(\FZ^/Z2`WM9PMG>#]H MPW^XK=]86FIAJT]=^V4P'N"?4#RY!A$1;3:D41@W17!&G1E\/7SRHR6!VWCQ0`R9\)T>JZQ[B9.DU(#%H M'8]A2G:V6#Q7H]6"%WRPG>;O0Q$2%ZG8L!'X4+O$%!$51&4?RI;HM@=HK%ZB M),_Y4+_$85KWJA3C;OBZ24IKL"=:+YFR4<5N!X8C5@;;@&5F#RO=[6A)MBPA MX6!UFQT33LJZY')U&XN,IF!E=[G8C?,4Y-UN+A?,<9ZH;?J"RZ5U7#D7FS9J MZW5F.@-.#;N3ZC23M0[9CXSKEL%5['%GF2+JZ"@%0-P:<5)?ZDJM7H)M2#'+=-R_,/LW7O_9=`BU-;/A9U@G#,>CL-',LC>[[3$;OO^ZT=I;R"UY MHCJ?U.F"?M/?M$M?]C).?$,&7?T)9CJ$72V7VW6!HA`K#*UB,:>1E0!O2`K.$ZV&N$D[,H1:V]J`^@OX)^7, MT12D<)I$(4?_Z&YO.;3XB9Z5K3"OM[(":>4H'T8@SO'*W_U/@>8$JNLNT5BF MIU,8$:B$JHI,3SM*"R]_>D-;V6AH&][:T=VEM'1V(J%!)RA_7( M1L$SG'(';D,G[+?Q]UAU[$-%CG!M79LTA.Z&7.N2V6N'U4H<.-SE[07;W/!; MUK$[)/)(B1*JI2'MV5_N9O,H64!X#6,\6TZPUM+4+].TCQ:9\/ MTB9W[_C>0-7KBJN/6?656QBEWUC.8+VL,C^"09%2E\@-UC9@>+U8!UH% M?X51G:'$H,BS',1$NU5!M=[-"B[LGA#:R3?;68:6*MK959%/L23T%Q,(^'!O M]'`"`PF^$76QC,-O"8E]$^]P3FL;D-]BX?`5BR*OY(D#&H7>:=P7=MD#'"P% M5#&0'N(L3PNB\)!W)@2"B["+#1Q*%6)5I5.X!.UM[?BYX!B2_!:58[2CDR5_ M70!AF-UCM?PARPH2MD#JI'8I3-W];&-320A+*5#@2.5WL>L3HG2\7E")1\[S ML]G#"@:$L:\!+;,[(S;9,L*>T'8"2YL,:U(9-:_>0!J6VYN=2QF-%'J>@GA` M#3/9UR1^Q8HP#$O9ED>/G/4?\. MB=@%PZORN=>&BMF7CAHAL!IFO'8Y9P(A1-S'#A;XY"07&0QOL;8<3TIJ5W>ZT(E^(518P]DR9X!4-:KEYG:`9L..X;J M'DB$"A9FAO<>R(CR-DN&MKNRHDS%$3@X@V@FD'C M#=I<9T:%\2?'SRTI+WP=8. MKU-Q$!MN6ZK(=Q0K:;:Q'&Q=F9Y+N;NJEAK>)^E]D6.N6JKAW6'8DN-H21N[ M12D,<..Z.8F?+B9H;27`M\IE'&$*8:6VG957[@_**]ES4GH'5M]ODBS_FN3_ M@#FI[#V)B1NM5"1H-C3]B;3C90CM&(B]HC,;J>RT[KK:-BE(A`X6E+!@3+*Q^:>OH+65 MD'@\_5Q":.X/EBSD2=PVJJT3'POHKI8J^_6H!/NXGH+RTD8O;U; MDBD;6X[O9%`]#V3ZG]_P?;\R`_/D-:U36*/12S<"+R($2J<196A5$94WN+]67=3+4VNE?\Q&`OMX-N'MH8WRN^V7!=Z6*91ZO%-7J# MO?+&EV[)5X`BBF4M=T7M&N-9SEX\K-S!H=AU(:G9&I MCC13GLJ2+LU!A8))GGF8PD$LUF951G`3P^>W9$L,V0@V,*QT'(%%I-["(H3" M3=5LXP64]3UK)8JIU3^I)WQ9="A:CP^1"QNP0ATWXJ+DV*?-?-X(8/5SW=70 M.X33:?''])VV'@<6:F?*+6=[F70I7Z*-&1XZV&9;M!D37ZKJ/*= M>T4T]!GH.14WMJ7M'M?G,$/['B&5/I3X,,2HQOPQ/E02,4A3/1Y1'VJ4.,:8 MK:$F"-#P5='"-A7R^W#[5A'+O: MQ<%S/M2=,4-0B[DA/M2Z\8SHG,0G'VKCF*&T:K*E#U5U3`9KM'*IJ%*%Q^+2 MEF3JS+^T7@%!TI/9$@+18EWUS(^I@I0O7LS6&`L)0;0](,F'&DH:,*X%**G6 MUW&NA$&6%;/RC/F6HXA<^/BJKRL1>&HG(1\5LQE(%X-QK?9"]7KOK.1?ALQ_)7EL$\TU$_XOCTZQX\_:H%&TL1J]QB-M)8V(J";(%E63D[ MARDD?$\KR0U2ZE5ZB6#305)^E4>TS^".T&5#(>K&]M%J3M(2('QCO*"X4FZQ MB(=O:_H/^NI[636?EQ6J-(3C.+:R'E9%EKRW/0DZ9]#SI/DF0)7-;3#^`M(_ M84YW3W4PMB:FJ`[1?V4S&'R8)*_G63Y/R:I>T+\(5A>UU22__?'KPQJHRU^M M5!XH]=;L.:F(L"09J:N-J70#LBF'PKV&L)MSWW)T82V^]B^YU'K)8:S@6@:, M?(;))`7S*0I`)$ZGX;;W&GI;&3W+8GEUB&2>J]MHK^4$_6\XGR[2&E\2G0K$ M"[Y6T-%C;Q_$-G3A@FN9&;,JI'>TRF M[#6^QZ&7JL13D_-\B*=4I8!6#/#.":J[0KS;)!.0(S^6IW1283"T@$< MAT-\49.HQ=)%V=*9.3.?,8#7$7DL;,_Q&^(!`@0SU_`6WG(/ MN-`4GO1Z=8X75]'C7R`@X)(?'^)YX<52*0'O)OV':8(EN7Q!X@EI2@_FKSGY MX@'Y56!WD_IW((WQGB4Q_U35?I+$BR_N&2IF^*<`OB(" MK0>RHN&Q3W+V15]X2O<;G+-0XQ;PV?P[@&'B&!UD[JU/>DL5=M@ M=).:C_@H0Q$6!5=5"\H]=PUC#$U.Y,)O\1R@\"8":.:#,+4]1FZN%/FKR)-T MP70MC,H3G!01U2;=U;A(P0Q4:B)$S4@H[#`F6J('_$03^Y9,Y0?(5>CY$&"A MEMJ]04`YQ`/0AZ4-#?,)I?L0W_&UL M550)``,;&3U6&QD]5G5X"P`!!"4.```$.0$``.Q=:W/;N+G^WIG^!QRWTTEF M)%NB[IG==APGN\TG,W=!Z2=#Q%:!\'VS<7%UZ]?SSW/C*2=&^[F`O7[D::_ M,YO>H.FYIIV/4W^Y.2;Y/?77E83T@3R.36/,&:8/AI#\<]@?3A^'LS41[ MHTW_+_VTNWWQK,=U@%X9K\G#@TF?O#%"=^=WYRGW_H+N7<L'D>"K5#=Q$)IN/_>);R\'GIV>>N]WA!U(PNH@?/_O@'Q!Y^ M\^Q;F1>^CJ+'AQ>__O+AWECCC=ZW'#_0'2/S(@@[]NIPL5A_P"E$;W@0O6_SC MF6]MMC8^"[];>WAUW`K;\R[@_0L'/Y*V-$'#`C0,IZ#A3^'7M)^=(7CRT]UU MKD.+C"SVTD5K1CZ0+HQK69IZLT5SW4"WZYF;O!F::\,_``4R!N/G`#LF-B.3 M049!9Z0J:#^F0D&L:V0$VM"C7>]H"*BLE>XOJ<"=WW_4]>T%0,,%M@,_^J9/ MP6(P#+OPG\*OOUP:!L&9@.#@K6M;AH7]RZ4?>+H11-JHCS^><;QP$=L/KV0\ M\+#O[CP#5PH):Z.*5GRQE_#2QB:O`+ACI__I_@Q9YH]GEOEE,9A-)E/MRW`Z MUF:CV9?AE^'97Q-A*)*&/D?R_OD#,T2L;T$J9QIU4*OGX*67[8&Z9T2&DH\E M'H9/7!@N@?)MT,\TY,IS-UR]*=+O<@?EHEK^>,$CS8K!8C2@.0'?@`YOATT8 M#K'CTX%DKXER'Q/<_TW7V&VP$U2Q@;-SS!<+0@>^C,+.`5)06DPC??Y8/HOQ M8]BJ'[FY*\89+>V,4>),TWE:EA*0G85N5\Q)46,:V')-"/X&$\Z._7R0W7^P MW3%L3SLWM$]FXVFVUS,IB(J1-F*=Y`[M]Z$;`;R.MOJ+OK2QY/$IIROMC4O' M7)?:]Y^P'\#HP8RZPP:VGB":9:V7^YZ,S,@SAK=G38;#\6P_42*A4WGKO%7O!R2QHQ('][__O.VH)#^=U"C/AV$U>(S=PCQTR;S^/\ MCE2CM.X>BK4CW3%16G\/11:03V!#CSX2FR$-#R0$D<+&!^S[;Y">"J69LH`& M1T^IE@PF0K-O#W/$M8!D:+H)UM@#6N[A-6'FUA-F`/K!]?V/.+A9$;Y2WA&Y MI,@!&A[3^%-A.AH=X@E5@3(Z(O+P"M2\[B&B";DKX-_204-\0+3]@+@T($8F M(*]LB(0:-*-.Y\\!`.YH*IKGO^#-$GOU>TWXOEJYS8SB[L2CQ5@+L_KFZAI= M!H%G+75"C%5(U- MTP(JH-M7[A/V]$=\L[K'Q%'S2@]T/R`,84WF+);C[SQ8X+Q\]#`&BD!XQ.Y@ M"B!$9.O5Z-/LY>S6,\)61[.PX5YX(Y7H9H684I32BE)J4:P7,<4R2O!MADK;"U7<_P@;/.PT42^DH=(C MO?(J^V)@*UD%$!!Y*3PJMOM6M\QKYTK?6@$XL=FXSGW@&K_EC=KE+[;)G$JM MX28/X\G\$`9`*F!E*+>'F&1$14NB38)=WD_G+9':)RX;3*Y43L3=23-DB"]` M"F5=\8RE\!WYN5:1HP_'B^G1-.LG:29[8B+.T?WDHHY>\SDJ.^`_N'0S'AF7CCSA(*AD/[A5YY-9SGRP3FV]?/OFP MY'*SA7VOA"A?&H'U1+PLWQW6M-I6,[Q97WAS9S09SX812,0F]5!H%*)6]6#J M$AM&RY'963WY,]B'(@-A%O0*;"0#^FL4FXD2.^7O@5.J`;2]!H"(>G'`'1RM ML,+W\"_:-MM4M-TXQGILRANY4-<.1F31LH4VE0RX#V[.F'"_UCU,CPJD]TG= MX=]WEF\%^!Y[3Y:!;[%GN2;$X]&A4OZNV[OBBV#H7F(68?2ADH'6$5B#A%6#HE"<,H>_=CV[F=`Y3- M-8VR0`F=X-KW8>,/^2^4BJY;^>=S^>+ M`5L(B^22Z0:P"]);5SJATFP6!YW9PVSQ-\".3OJXC>'A>/FA[96L!L/!<"]2 M@.+`4!6(ZDBM4%$8I/4G?RUCG:K!0&C90&PS/43>>E.M5$^6EZH'3"Q"I9:N MH@6NPH8]]KPT]#EB#._)I,%\.!B'B^YQGTJO^D8")2')R:X-);G&"1`G^T?A MX"JU-*W8.C1'@AVB0%Y4I,QJ;"HVT;#$9A#01A)EKJ'*161\_,.JJ'KWY&^]@X?W2? M+DQL03*/X0/D\#B5P^2K+Y<$_TS`P)]L_7&OW0__WD+F'2CE7JT8C;5H#WOT M/@(![2;+B?9K?/8WW>MSNP9TZ.,N2AE]4J=1;E;O\#*(ZAFW'MY8NTT>DI6^ MU^884V8,]SG(P52+IH(IF3!F@%04UWI>A8)?2QI'Q#JL'7-XZ=):%A,K==S@ M[:*9H8(K0F+F>(ZSTVWKW]@,1=_A)^P#3"$]:1-YTIR*9G*%;DO92#U?9R_S,3^V.:02#7R+V?,9Q'SHR\VTZ%3 M]Z<),WH*1M/[U5"^Z:T-59E.D!F/$M?D]%2!_ MW]D)?C`HOK]__W`OOPL7;L0Z=%(,C_)]PEG,ZZ@R![NXL'_IF/`A67`,9_G[ M4%M+1.NLJYI]O.>)M/%L%IUL8QHB]J6O2)]%3[J]"^]AL&WW*RW=P@9$J'S" M259Z<"U3V"4=A;:NWX.]B?8.SKSUT'(7(,<-D&UM++HHZ/80Z0N!35F?2>1$ M_Z+'W]C+.\^#78SAJQ[>$F).OK"IZSWZ?Z3'KD>%JA[:PD5]+VB)';RR`K8: M&7[GL>ME?12L]0"M]2=,92\Q=NBQ"Z33A7J0O\8XH+??MKUFV623 M#]--'JM`3`HZI``%0P*G`$ELC<\ZWN%J,IU.AEFN1KHJVSEXI+M^XPQ.#AEKHD6S MN%U*P%"D11X1:R(**M&P:K"T3\(J1$%1`NR-=59`)::^EI,*3;MG`!,DLX%ZW,2QXWV,R1K$C MKFPQ''9+^<%;W;=RUZFJBFDS?2K:QK\%8A[?!!RIZ)/I=M\G2MBVCT1-#\6* MZ!$G1%5)2KQ&`T)3\B?KF3BZT8-0*-(CG>QJ,Z*UA_0@NMJ7;CKT&[JXJW3Q ML-%P),N,/=;PQ'W&"K%YD>T34@&L)@YDH*U.(%4`/;@].7@1`'L<@B0"7[EU M_-?^:_')IT/H8WHZ`GZB@T+A+XR`GXI`'K[)2G#^/E^4XIS14R')$R,Y>T;J M!8E)FUC!O[UE-,WG)8D\-?*OKG^,9NB6A^C=`HTX\X2]I=N..T,MV8Z4_(** MW$6'T@0J0H:]0*B%`*GKFNDFU$^.A]FFP)]URWF+2;;@@C-3)\M5`D\XC>6? MD`_B@NYMX4P MMHH!2GH>5;U/9=Y6`QS2)O'/J&>S_#*#G/I"U6JBD!!,V5T*V>HAND#JU@]+ MNC)G_AY$3*TLO5J3ML/7SD<<)-#RWZX-6V:`LO#\X)D8X4KD>!6+^7\-;#[A M8P%,.UPQ!YILP;(0_'A[Y MH%(G\_@PIW+X%8,DUPDL9^?N]LC.K>O3J_;@YS8?B(M#[1?RY#I-D>"QZKWU M1'UJ`-=I3O!?MS(;<6)9;-`^?T>133T$5L%!%@<--<0,R\Z%X'GET*W-4!=- M@\+X@2[T\!7;3SB,H:*`)R:O.3%00"-U$Q993V!>P>)"X3WH#6GK%"0>=8$_ M2R=#K0E`S"1T#S6\3-0"'`H(\]Z"V3>*?X4)+!;]\MM$S!F9V@:F#;OQ/KB$ MSWKQ#8;A]O0$L:^=ZX3Y[W5@B8:T?F9'AI>\9R1&@\5$"\_^Q!OIB*'H/@N4 M/#B9S79TXR%F,DKN(HU.H:2XY+6#KHN7I1L9J+K2-,-ONVE*C@6IWS[%,X%L MV$G;_4P>(3[+.X@D$_N3`TW2VK5;DX=CWC8W>2C6UHG)0Z$+5;97+\1-'@XP M@)G5Y\T9-&B14]!$K1O?6,0CL0,43E+?@M MQI/]\-(.A[7LT3]Z+%`_!#H3P"TY1Q,>*70> M8<4:KFGSK>=@3?+8-W2;YFV2R.2O<,-/]J\K%ZY!`0'P=YA^@.[D@?/4E1M^ M>`$*9M>?Z!X^N`)%-PP/,P*IIRZ.AN,^MHV-Z'HA^-'9'MR1^V0!"W6);J\/ ME>I^@#=;UX/[B*S-EM``JK?MRTU4Z"$<%92]@0Y1>Q`8E![IZ/#G[P]WB5E* M%4A:#'"EH2^;JO18BH+%$"&8SU'N.+V5NLCIZYO/G\>#C2A/%[= M>D2C$:P$7\4QZ@I)KUF!J-,,2I#SV*1FB?DQ-5TCY4=\X%T0F8['L\DQ0KZ" MI('[`O%W,MY=,GYRSQ!-Q!,L[C8)/SFP_[$$O`#7A9'OO-91GGC?.)$KX%4S MQ?12':H2\#+#^8N_L\DI)/SAJQLC&UC2V6JZV(#N(9KKX.RHGT#Y?'7,K\?G*S92%SF]T&)ZH?P.WZEJNK@05H&O#A;3>1)0)$&774PO,JE98MZY8CJ?#YS9M!@M!HM9 M0\7T[V1H7&4)]Z-;4?OUA[T$S=*3[5] MW.+DV"P5XZ6_SE;)!<1O#YZ^P5WES6PE5VG_>-.;QCN]4US,WM3Y;#19C!JH M:(=I]WW;21-$66C;UV;(W\!>;Z&!S!]R.LM_&]W"_4WLVVYDLW9W=FC7WE0\ MGL_&?*?'RUENIVK()T8L'V0Z6"86O]%:E=W536ZI[NP^:A$[.0>3H>AZ[W>J MV@)5/;G-!=#43M9NA07P&Z:GPFNR@G3'@^^&B@^K"1_P<[-]?W;UE-%$AC$FC MY21+_`2!;>Q_&TMIY2E7IQ91$OY6Z6.^+6*X))=\58DEC_&\TZS9?*$U>#C$ M`6#J7&U"36(JOMEKL%1F!-UH1C='=W$537P@BT><+I8JJ@!P9:K+W0"=X;VB M5M)RA*K.=VL<*!@M!'+=KBRFB0A:,=9T:T&M.(=.)K$2%]2.V]$`>>W2@EJ9 MX;R#[F`TG(Z;.4#13<*J:"E5;'L+8*M=6TP3&\!OG*6*7%#C"KQZ[#3Y5RVB MDGI=&<:9_(N?)FF3"F<1DB]4Y(YUW6>_O6$]DV&'#7'!2V8U,!X:Z4`)D2'? M!>D!]-5>!8B`PI]'\T&/3'B1[ICHS]IBT%M,AH`FT%GIE^3#N(=(G+8PECUA M^^5UN\M7S48UO535!:9]B`?\G'HO1FJ!W?O?=Z1'GP!W!P*4`+Q]J_C7/::3 M_4L8CT,>TZ`PZ)T6`@I[H8\5X2X&.6W0&T]F#.-&@]YD,JD#0_9;AY$J M!+K0*]"FW"`N)B9T."=OH?CWW1Z)*#6SN:RS\V5U8=P:+I#EZCZ(=Q'M:6CZP`;TCOW1)_:/V)E;`"9$,BQ[TZ.]*YX54AD/UD MO*,5,3(HXOU1$Y%&QX^N1T4XV((:%-)]M,:VV0_;4"1+7E>F M)B4X^!QEJ&,X2G\Y$K"FZ;6*FAO[!$?I.+2F9TW0*\$$!8M,W$C%45?BBZOB MQ*KZ_.J("#7)%/<$8SS1.`__'4E_Y:99I\9!BRLAV0P_ZJB"[*GB;"@G7&TS MIMP3NR<(4I@E53YONAAKDUD9/WJDZ;GUW)45?.=(@D-?CQWYTG9PM!677+SL M*B4Z?O[YQ'`J3(.`MM6H,Q^3H1X18H;QKX4,AOM7L'`Q(:9&;((O6!`<_$B0 MV!1`AFK%8GPDO>U<;Q7C0]FN78,0I4+6)B-B:H7QHJ/B%&5'QVSEW0RB:=.1 MQCA2I8&:Z42OJ-;738_8IY*8TR-4G^+G*;(E"IRG!R M@RN5YY"1VL_8?.U\N;P$^^?^S(U\"5CWA=Y9OD$;=>?CC;K/$WLTJ M?NIG\BY_DG0#&.S,EE\>4;2L6A/8$YW]@'V?>LH'YDVK5V+:+-8G;C`8 M%.SO:@JTP5:&V(J@M%*-48#,-'`@.(O12@!S2QC!5T1HH/T:KC_4/<"EY.&L MZK^B,9[-!V)^!O[[?53BVX6C8*'HK5)U/>[,U5&UCB0I?=SH`3\';XGFWRJ/ MVLF;2C"ZV!S>\7\T&G!MMD>?'V@>@@)$-?Q3-0)5TW?*?>Z--39W;'U\[Q80 MV":?JOR1!ZZ=)\Q0ON3H@7Q"=-"Q^;A,-I12!^!`/091,A*I?IN:-QNM)8#QSI,IK"NC7].;ZVY6EX;A M[IS`3*?AKMNJ&"*QK%HPHJH6/0Y_+_T ML:@)[[6,][=LKQ>=$S/G23[4,$J$.)S:1,[@11F&]#:;X5;[L3YJ!6U\%69H4< MZ15/!LM"(F7\Q0Y>68'/5K,O'?/]\Q8[^9OA\I]OOO]X__[^C9+I=&SXJ18-,;S3,^ZP3YZFX]S]%AN6 M;EM^X%\[QB\8%GN.LH;RMUIGH:4F\9:UYP-M'OZRZ=NK.Y22BE)B$9&+/C/) M;9-2P:XR?+B[DN=J"4<5[*]6TK0][5L.]OU+ MX_>=Q?9&T(\>QN_G15SS"&6BE-`>BL2BSTRPM&01 MZK!VHL/M915G9\TF&D^L5,F]_.6WO*S M(8!`YCK&;W2_XS**JIZ.JA-'#`SS+".@=^FR=W-C*!%,3LC($NRIVT:*0-4' M\L5U@#<5QO7D%;FP$MO!7<4<3^>%(SQ(1%2D.N-\32\+!OL2+R5FZ4%G+,F] M;&QD9M25NUE:#BT/7;F.;YF8U8H>/-WQ5]CSL#DL:7,N$1(RCLD2^(XC# MFXPU`8FK)13!J^3,8.GV8+Z7Y:+,$8OXSVO,HU_..@8@J4/`_]_>NW8WCB-I MPG\%'W;?SCI'U2-1]YE/MM-9Y;-9:;]I5_7IK0]S:`JRV261:I)RINO7+VZ\ MB00)4B`"JMV=V2FG308B@O$$`D`@`OT.GQL\@.@\Z[X0V+.[NO22('&%5W&, MZ[O]`N*[P7A;H"M3EIYDC>IXXG[:_?87-_H#)VSQ+K;E3W?J>I$PGL;1C3\U M0R3CCYWY6.1TI!CT"A@\\#&H9>[9*'QSB$]!9!S#]U('U8+<$XDQ:`(O'X5O M,Z:'5X:7-L-KPJE>HBY]_?!;0&\[OT;A\>45.APYQP/D^2$]U&E)0-&:P=GT M"FSPT#V+<;%8-P#5@GQ-;4(Z?84$#`^:DS?;5`.!IQLW?B4+!?H?NHAXT MVL)5;VZ"QA.X`TL]*TM.2':S*NB!-AGGK=(_XQ<_ M".BW'U8'K6YW`.F=1NDA'6\GGU7TP.I:LL<5-V;%-KX"[G@[9IHZR_2RM-3? M`J?0ZA/3Z2\F+,KD^;:MRK$'4P_,4]\%7H3=&'_$_+^=/KJ$!#CFZOE2-L[5 M:N6TQCQ\#)0.@CZDPP!UHAQ.$^P*9B:G'_!I\#+FPV8C;T=N@_ZT[%G>N(E+ M%C_AX15?O;Q$K&+Z5^P'\3&B)T`WX1N.)*7\5%\UO4>IR)=R"??%Y,% MRB@CC0JT44K<['[D(!)/+)"X>?-Q$+&=4[$]088G*>:"NV1$3`T1;+>Q(W:S M7<8N>H,)%S+^6N+NT^>,3OPG@ZL?NLUF3A5=T#'U6=)40&-'Z"PQH_*L6R&[7&5H^0 MJBYTA:#7(=U4?EMY<8.FQP%"31DOJG?>E\O)>)R%EXB20XP> MUR(_(VH`)VI>X%PI:SV!02D[>(-S1:WU M"+FH]GD%.0CK/8-$0=J]@YI#L,`'=%LQ+:>S\:H6]O`X[R-)';0MP7(?<>K@ M:Q5>%2"J'95X@S=WZ?Y05O:,_G"5]2:1E+SL0<`XEKMPIVA-JR6MO"I@3NG3 M-BQ'LOISM[3+'^T#PY,ZW=TN_,8V%"/,MQII0X1CL"%/%;<;B8FP'*5X))J_ ML-K5M/W+:>N7&"?)3MQB.0;IO[R=Z^_YRT=Z62%[-<*',$H*#4GI?PL]9]*R MER-TX`6RGT7Y.S:`^!TMQAJ]8=8,*T&O[AOO2/.,<8`.KD^8886GDU>,GMT= M$RA^Q3A!&S?!II.V#BYXJ[U$.&]?]PCC_O; MO[2CA?"90WR_@L=L]Y,H'0.D7?AP.IA9XC"[^9ZRN^R@&)#3%!K\EUG>,KV!:&%+NRCJ;3D5_8$Z2!+4H)9HC`*JCDEXQ)\!BMFR!:)75*=\)<']"J*&=8UQ#&!8_TV1\LKUC@&SH_JO$$6@NM9:3N# M%M]AM.-:>T(N'X"'P*QS-R)\LDZKIG<'=*J@U6<(JC![`%HE94%"@SBPWJ$, MP7;G4%#!H+Z!!2M=/@Y_P1:_P+A1W2`B_V^YZ.05^.9G$MKI$7H(W^H/!E\S M=_8&?:2T80]0!7"M?B`7?E`O\-&/<+>E@WC#%C_`V5&-,:?KQ=KIX`A&Z!EO MPPBW.@9^N'`:4SR_L[-:]M#[B-VK3Q])1[+$H_118ZM+X42M\BF]Y&1.12X, MJ%2ZP!D=ZXMN5/\.`,=L<.4%WV3B3#,3]XDIWEL!UU,`1U$`4PBK&'@16F49]6!J1X*[JR]A@N./1WQUB/S=T[?P MZ34\QB0$?,3T:A?&00/H.A$PCLHNW"EG]"_(#P*VE#ZZ0FP$1(9`;`Q$!D'I M*"@;!@K>PREA8IL26OS$<)IPFC1!<+>TP+WTP7KN?SKK3K>#4G)"\(ZFVS2T MF$XG\SIG`NXK^LA1XP_L@'L?86H@;1.&VW$Z"!:OSPT6E`F`8%B5NRZSP[*( M[VLKYLEF!S",$B:V*4'!>PRC":=)$Q8%"UVQ7G9"G72GST'=G.N@E`F`."A5 M[KI8Y*KHH&ZLP&:S@QI&"1/;E*#@H(;1A-.D"8L<5%>LEQU4)]V!I/Q2+N^W MC[3-UN>65JKUSYI,^JUC0+DXDN/,9D4`TG9#K+L8?-M4#8(Y/00SE@[<9&2E M?&"I'@"Q\0\WBMP@N8^^^B^OR>UW''E^C!]HQ\OLC['X:RQKDMJ/EGEL=6-0 MO3#9.*NYEIJH($8[F3-J(Y2.AMAPA6?B["&@UN8&E,/PF^H$<]+LIBAKK4K; M"_#N0Q;@N!\@:G#>0Y_6^(&L+SKVCA'+:+EQ=SN\N7X_9;R+376@"NT;U%E5 MOL(R=N:35B_!Q^7-`M.1$1^:I@]9[3*&TEG1><0TU^J07EMD/B,^;:AJG1/I MCJ96=])1U]8XEOMC$B=DA>`'+UU,J_@:M&LH\*(\"2YG"A%"@;!%J.XM;AFV M+<*!XK/&*%L!>*H6$(2%NYU+OJJ[\__$FT]^X`8>X4-XDH"0_*,\)\ MF=V`*Y%".2T@\&B1S*F1C,S[;NEZ/DUD`4D]536\$GJ:]`*#FOV>QN+N[BMV M=[<$Q4E+17SY"T:1(^-"V2VO9ZL,.RDQ1*DA3@ZZ7+XF"9V>$II#3YL!EO'3 MJ!4H!/FL$`TM37,3!@D!-":PKM0I5'G#,(8D;"B[Z<5Z[N0@$M1X-ZDB/3@( M:1'0J1/0*])#'^CN/YI,:SMCF<12BRF>@JE)/Y:AZ:,?>[N03/NXI0]T-QIV M(*[*F/JVP&*]5,`@RH<`;QX]H")JL=I3$1;@5F[TBDB6Z--:;#_A[\DU8>*/ MT"5.`65L`.,M!XM5X'?(+M)B/>R_%.4 M=U,NB;.8+ZM`M&#WYPQQG$[B`."F>8>G*CFPW3^XT7WT M2#>;-K^YNR-^P!%#:_O7D[X)@PT9.^J'6>.U4S=M$<+T\(Z31HPV;1_.IS%P M#.D1NS(UC6A!8%;_W9;YJ,U0)4AKU`\P]OBT>'5,7L.('IJT?^W*&S!8.V6C M0[_;^;P.8R(DS"F"X^H\$6OP)')8W$81`7`E,T()GFKU8@6.:#2ICB'Q-"1^ M.`OJ.P3K94TTEV)GA#@Y2X#31S8Y:'RI:&"`*5M;(U@*NK`"*`JY64VO0$*F M3Y+2?#*9-N$&/AU+FY1R!(66I&4IV&(CENQ(Q\J88B%E^V?EC\$`AXVM?BB\ MFBWJP,*H6#/'])"I!AK_8_SW\7@\R5C$NSU/LCP7`(3=!CP08;,U/B=";@7/VU$?LB=].V&]G([HG M>,!>XK_A76T_%@"HEJQ<`L_\DT!#,J2'"LV7%B1/`P&TP(+ZJGT]F=7BE!&# MO3.@0[3J7OD;ERR22@8!C!I;D^'C5!5`,*$-Q=C%^:M@\Q4G?H3I<5R7!!1E M"F;AI,I6APMMJSQNS*@SMYW3MRSU9!@E.-J48!"C70W]!+>=-`F%Y3"@1^GW MVX]XBVF#P"?W^U47N9YB44U!%J'PL^\^^SMV7Z\?%.L(P..QAJL.]1WF MDU90%@:P%9EGZZ`*SUU.TD:,-ABS`E!E^H)":X1?R=1.EM=W@1?N\1>J^Z15T`BUH2VTWO=(Z]=*ZJM*:J>BFBLB\BIN2EC2YBX#/&02'\2?"-!\@ M3AT364'G?Z__HET(F'HEPFQWC_>&J__:/>B8]TW=F52TS.5B/5V-4Q?%AZ%8 M9`.APDBH,!3*QD)\,-.>:FAU3"Q41UNX-+1.G)).R$)RRW3B%712+''BIF,! M^K7^+J+@WGKJ5:N7>\"1']8W]RT_`>69^/"J!C5W%FG[WH]$@^S@B?SOMU?? M>\T-A]I8;D]>:GD1WKODUPAOMSR;PG3'S3-$+OL53@'06?01@;F!J^(W2K\, M.-#+**E`N"!M_RW*&'M_?PG?_F.#?;H[.:,_4.#."IN2Y%?_?7.,Z([:)S_V MW-T_L1O=!IN/).X\^1R-CQK8AFP:7WGS>[67R-`[SU9>=I;6\9W+1O M845YUWH]3TOA9:=&8L^>+H4%4?1!D*TMTS/\:9E68L?*!ID M<8=>12N0V'H(=[[W?N7]^^C'/@VP;L*8AJ=1XO_)`B[!;\M'5R8#@#Y5WM0M M=+E8GL"1CX$*@R`ZR@@5QTF1"HO/8=3!`"NTX!:TX!'BQO?G#%D`VZ4KDK'! M-W4%=)VSZJ0OZ[R7+.F[Y25;/)-Z_;[U>'(:%DC\T#!'!`>V4")18F\,=I25 M`>Z67ZFX=G>#U8GA@CTF;I28$FU.1;O&+WX0#"W=>3-%1[G*@=Q!,D&,4(!! MZQRK.11E7PF7X-_,UM5FX]>=NW9]VQI?F;'4Q2H7BDZ31&\I>1N!V%/VQD@- M;<20]H*Q8L/JJ"QKS#YX/M$TN[8BD9U(6`/4,E_J9;Y7*U6THM_9&`B\/N1P MBF#0?3SN]V[T3G?4K^BYAI^\(S]`[?KY\/'AZ@:TAG,?ZU='=XUF+81XRI^L MPY[RZ_9`.^.I0]N8]'Z."JPM!W1/\9W>"S=+X%JQY`Y0+>L,$J;93:*?HC". MQ1E(BR'4OP,`R%I&U,/!Q?04A?F]N!%B-$=(4(7)^=;6"!>K,'*?O$J+>$L>AL0)XT#=\>5#41.2@Q*ZQW[<9X4WR`+M14O[:.H2!AJ(%_ MY2E@M5R<;FD605>-**TT3GI^@26NC;16H1V%;KRO.CH[F):SB#]=7]#;2-LE]MJ MX59Y0IY,EDU+V'HGE8["'%0Z_`A1!K*_6>N0M&J.N1\RQH\1WK&F$1L_]NB5 M'WI]94?U(1K_6.Z*%%'5T?&HJ/IRW,RO`7:C`&\>(KSWC_M4#*V6*!O#>N4J>,@2%V>+VJ!WOENJ4G;6BYN M5MCZ-8BPNZ/5IJE+K`0NBB^9OM[9RI%J_8/U=#UVQ(W/*N!13A9QNF:O=&H6 M4^;7#(G9?/=3LZS"Y61RT2`(["*H,NJRNZ%JVM#M$@H'$>EO6W+=^U``=!8* M[*G>.A[/)M-UC>23<*.]*SE9INP89-JU+N-$BLBSKIE#QUI)U M1XNA2A8334JR!WF*IZ*5-\"QUND8<;8D"]PVD-EQ2'J>B-:=E,I,K1TTUIR9 M%GAZB,(#CI+W!_(MDJM@LV/Q M6V9*=6=EN5Y.YBU+WL*6"R5MPSKW'&&;5[)8("KUWHH MMJQ9:W0"%`'X`4Z3'QYH)?TPH,Z,'@.<_)$LJ:.L$11[1KEKFO9AS,806GE7 MO_,X(USU&RA(_G%3;Q7\M5*?\?$1/LZD2:" M]CB0!BZ5H^[%\C1R:'(>Z8BEAT9(#$IO0]ZFN/D;/S5$#^Z[E1Y%F_+X[BI_ M4S26\(HJ)/^;.A,4NSL"+(M=B@*2.KB3-AW#N))#&/L)8XFL;XIWJJ6&)'_# MJ#.0LJ$\_6-\-.[*(6XVN#*MF10#A M)L*>GU[**A;=E7].Z1MF<2-CH\O=F6R6S*F-$/G7#F=7'XND1^A+&!RB<'/T M9#?[C`!*C^C.J>A,7M>:"M.MIGF"KD:M0*,K,ZKN,).^"H0W&3_JUC?/[R2K M`0\>:7J$;H<, M@D_.1X=ES72<@BXEEP6*Z'=.#6SS6)>`3A\!S>&JW03+>&I1"RR.[H(XB5C^ MR5<__J/QS*;A%1`<5?E07HN,G;Q^5&9F.3W@0QA=`I[B2$E`\SB2FV`]CB1J MT9,XYI/)+[E+6T/RBUID]J,_7&W^=8P3.JZX_5E_DZH;!>/)9)W84\T[FB^G M$W$'D^]'(W=+#!V]9178W+0"&R+CLZZ)M/#V,=B0IXJ]7;U\U\,/O-V1-NX8 MH>=C@H(P03M_[]/:"$DX0C%.DAV]J$."KV.0_LO;N?Z>OWQD"5_IJQ%9N4>) MN$9(DN8_**T3-OQX'B5TPK'KJ)Z6:B0WYI[CK9`"@;05P\160,7L`C'R6]:`]R M96Q`/3BY'N`2['JYK#S5KKMZ-'K:YN'N!(CEGU7Q?1@OJ\:V=F;BIH(@AA@U),BAWSG!899I+7[B?,DF4)*IN(#S MQ7-ZBF?0$S3!Z@3W4GV`;-XPEM+Z0K>LVI!L+Z'N49.;-37CJ]^0FR[+*XVL M"!_]EDPZQ<,*-O*@OC1>O,7 ME&RP_UY"60F`$UN2(Z`H,@P$TIL@]]MBN=VOO&XHJ^+""O*R*L8/[CL-U.*V MRV;G$34*JG,X[;"!OD[S2O++2N&V7"Y;C)FV_BR6U4X'AK\U9E!?SN#Z,N<; M=("L[$3._@Y6>YOK(MNM#4G/I&JCOZEG51E`SFJZT.-PX)L?FE19H6S_=:6A MP46XD&;D]/(A#8K5LR\E]G]H]8X@\9/WNV`;1GN>N%SEA5*`\=&`@W\#2+N[$`G%;=K6TR^R<+[.9K:X.2,TWO535 MU3\BB;'W]Y?P[3\VV*?!R(S^0!W-K!"#D%]EK'PBKL_=/>#(#S>?R.].RH7&B9&84&^V*,(V'?V(W M4D-#_B0(%K+AE>UE.LE274_LA=*R`P<]I:I%0;-4YC%0,:UZ!)158,[^.?)N M@\U'$ODV?*CR8H(8MA_1KD^!X=^"F`'NF< MDG0'(EU,B4'NLK596G'[K%$)-L#DVHU]3_$+\FQH01H*%#KNFSD0.($'- M#MST$DUDC`PG1H_)L]\W*DIB._I/8-.$^Z(R+$)\QVGT]"UX#]!Y`3:?SZ3+ MR\P36#>9GB7M!4*JRY1:IQL;(-:6O"5_'A!6W;.'9N/Q2KY?`YY$I4E`IUY` MFZ#3F/+4K`80N&RWV.-U*+QPCY_<[U_=A!5W\8,C8?6>."B6*2&KI-*!@$E` M*7/5P0`GX@@W(XXX==:&A])'7S&U&'^7E@\314B!,#>0#GC5RR`XNCN$,U70 MGI81T-E7?V,N@;.;ON#0&M]OO^87X)_HO?C66:[]1>/H;.*FRT[%NHA*5K&D M0);,?:QN`/P,J%EFGBGLO>+-<8=/A7XB_XE=CU]090VN]XUBLU7P=RJ;A`0BRK=CSAZ\SV< MIS@7DZ"_A,$;CFE`_`MI'+,W?BL2OZ',3 MF3F:9<*DI4^1"I@PBP6'IXD.1"5;;E[.).)^C\@4*RB5Y)D'O.$$Y MHZ,T'X6VFR@P"^3X+/X>66_!E":*V=U^KZCEO,P+&Q#4%X*XCI)?-?\U_U(^ M.J?$7V+MGY]>W4!48S`-HE9^_@J>NTU(];8^B[2_NCXG7N>_B\3X2[QM.ZW4 M%Z251_YB[ESO1^KBV?^2'EW5T1AQ[DK?%M3/YP5Q:BM2M3\/X2=/F>B0_^94 M_%BAJ!%0R2;-\CG]Y#..?)GIU2*S5B7#)V[SBW,WF)9:W-T%&_S]?^'WD\\G M?\Y0*G?MX!VRHN=I=@^_^R@((48)$5+FT[LU2.1TEC.:6YWW+AC=E[ MN-^'`<,G(E(ET6E. M&0PEVJ1USI36(((4#/0$3FU:,H6M3_X.1Z)_L'PF*3]E%#VEH;L8T+($%T8F M[0@--H6<(8S321ASME]K0&5CKTIMRKJ_XA>?)L($R1=W7W?5K?8QH_9='EO9 M)M:3^;QDX#D=1`E!6?@YXCC=Q#%GX_5F5#;R&L%!5M+_/A)FVC(9RP^97#.7 M1N[0P6F>'B\S`O`IB6?(X2C+86P-7<I85O55XXZ\Z.T1M[M-4_:]S63QCH M<#"6=NH6II(1`F[)ID$LI[-89I$@,;`J(.JTH*46&B=_Q[9X:2Z(O#Z_Y$G3 M]<[JV5`N[SZ>I*V>A%GDE(!*\NL0:`(@4'/-,AU2.=VE,E*5K!DS61VR!A7` M36F/V#M&K.-W\[E'_J^45XY-=,S^J1K-RG)F8]0J$ M>*\LVOJ9MN,*MZC88XOVWWK!"*<,&.YGI55P[@92BJBH`D83<:(0LZ1.,9VR MF'OWN[\_[M'A](N/Q">'FS_5@)E/I`I:&M9CB'L=!!$W[LX[[AA@:7Y##U?2 M1LL:']/"J*)Q+J?S]7+-G0]].?,W`?KVZGNO)?NL\4#<2;VZ,>]3Z@E6[/%( M6M74ZJKRT5!A.,0T:Y\;TZJ;$_]6\6LT7S?5C5?0S7-N=?:Y/$7/TNX+552M MQTE^]W`1%D:A M`X\8"_B[NS_L\`CM\`OYPQ;C^`<2.&PP>GXG3)3\\?[@!N^4-F^DFO51W9#P M/7AA]'G"O&G'/,3'FQ0^WOW6TM[0@TCN%"0G:P)AI-0@)>UP02K^]O%$N0_M MH#=-+I,X9S_F?2_2=`R1"DN&_X<;T>.\^#=W=SP].^[^OGGGJ]12^3YW'X<'S'K5._27LO'79*VK,>"C_S94'3LI,;[3;!AW#D-I1SA MH83,]]M2YE+6K)1ZK'00Q$8!\5-#*<$I*:'QPX]8JW&0\_W>/J#@L3IJ4(O; M^N22.)("_PT7;M7*3X@:GS?MEIJ8436RR63L3+@;*I`K7S<'.3/2)]P$3+AF MGZ%/0J>OA$;<@@K&,C?0JA2(.. M"KC(AD;IV.AW.CIBPT/[#"-:ZUAG4V2K#3:\ M"N))Y/QTN,:QG%>]Q?.[Q/1%,`'N#71)7D%\+\G-([K=B.M1VZ(W8&1F/_[L MXXCHY?7],WXCZOWNMT<`C2_#H+.!HP[W=.MF\XP@^IU2@X>C-E$K@%01%0!_ M"J8J06";JD`Q>$.50"]5TVG[?OO5C_]XB/#>/^YCLJ;`_IO*/*E&!`*32IRI M&NQ\,E^NJM@LC<&*+Y)11B@=!^4#`:-V`&4P]);HLH-!CRQ*_01%9`0KX-O) MRFMAK*X[4#A_]&-O%])-@;CE]EWC*Q!0K>%#/>]YE9;K*&P"%0B"W]33)Z73 M6TKCJ&LPQEJ,R70#BJB[X'!,8C9C3QIO132]`8&G*AOJ7=.QP[T.!WKC2TG\YH57!D]CH7H MZ25G`3W-,D&BQ^F&'L<6](CS';JQRMG+9TCE$U,E&A`(4V%,V1:=Y;3FK+0P M1(:_?!0+.N$,J(S3.-'J(]$NAEZ+7F7]V8+GN+HKU%A'HAL-8#Q+&5.?6];K MRBE%<6<0M/;$@"*?HE9-9$B\MAIR&UZ;-:[T1=\8>B#F\NC%^B'RO M-I]:_K#Q+$49)\I[=*O5>B6N]HKWT8$2H#(&=W[3!O'\$N?6S\-W]#;XK0*R*\3-;S._KFOI=O"<>\;+3IG&I-.N.N MA]!"*3&4:9"1@\AZU".:4S2'37Z7\B`3RTRJ8QM$\SS'1C5H\Q>?W7<<-:0S MGSP"X1L*XZN:P'(UF8G;9\RZ&0FH/.5S1)B8%*$=E[WEX!/^SS>?%.0P!L0: MVR_![U1:D*#:_XXWO[B)2L&:^F=-!LEU#'38]U^DBUM*!^6$H'>1SA?+J8CU M;L?W"EC2E4WC`^436RHUKS:S9;.:)( M#2685CI`)9)0\YA&"2>0$K9,`50;U M-HWHPSGM"D\+N/#<(NG7.7D,!-=E'I1W(=:K:0G/G$R6+P<`Y7,$F9@5)*$= MUIJ!>XXTBUR:0YJ_B!D]6)C6HZ(,SQJY(1:FC)>\L"MOG2W:Q5_9Q!:K8Y>&5-]5GR_6(X03DF(A__/W1_^ MZP9^CZ?>\+-(LD;B\]N$Q;Z_N@)GCRK:G9%>6!"*UXB$>K''XB+-Z$ M`0GTCB36$T%?&,37>!M&F#_WY'['\>WW)'+#:.,';O3.KOE_(2*3-XGXA+^7 MNX!\/1)!2L*"(44,J8$;Z$N36D1S>HAF%J]28ZMBK5X7<#@A MF,X3[96P4O^&<;S4LJ%L6*MQNO&?SZ*EBR56`$>#C$Y?&T](EY@B<;HL5FPVL!#_S=JD)L^>#ZFR^X M=?K)'X1`2C:Z^J)CFM:V*!H.HF3($@T;;NFC2Z`B$MBZ"1V80$&]0,8Q43&G M6B24A0>U?]&8XAH'>.NW@N#D:0@DE%E0MI[5.*U-49@N!"WT05#[`1@4Y\CF ME#HQLGM7=NTO2(VM%B(UJ@#%26M5L[HG(?#1O237;#6?5=8E&+X`V=DB52>+ MJ%$DXWAH+B(FDQ\(!Q%V8_P1\__>!5>>%QWQIC2GO3?C0YF"6=RHLM4AZV"V MR/#$J*(/*?T?:-^VDXCL'11CPXA?%ZA)Y30(O*Y6?`+(3LJR#*CEY"R5":TS M)3N`*V-/>?98K";-`!9#5=,3!YLTUUPC`7ZA[1A[0EJ38F94,ZD*K$IJ$(M*58U@V_>:&V$IN3^]I=,)V*UJ^.#^0)/4L[:IS^_(.\8)^9H1[Z&:EJ"@^8'/F/<$ MWM#^@`ER$>V&&J$-^;\C].'YAQ/:*2&T#P/\SK,,:9_6]->NY]%'XQ$58W?< M4#Z]<,>(TEZIM%@&8IU7*;T(;8\)*[81N4'L>NQLE+[J)[0:DY`@[57HA7&2 MW92)?5Y5.&(TF6+\E]>$%_"@$O@!^9&,1<]0"67ZI/L2879*-*+_^N#]P/Z^ M?_:#K$0QU1UM@$IZ8/.^*MCWB+:>ODAW#G>_RZ%T?C#0&HK#]!9S*@D58S;QWR8IQ5 M8YB5CH/X0*@P$F)#V1-C:54)@VLF_($+7_3KU-?'-NQZ][+]YE!+09-V`/UV M?]B%[Y@$@:Q%^F=1^\JO]*GO10(4X'*^E"UYO2@D"-6!.QT#B4%0811;-D-T MZ<$IKIAHVWM,XCEJTW;!M]VBFZ';HBX[8%O8K.FQ!U+_-BA8:UE2ML_Y>-5A ML]+&[0T=\L\JVY4?Q'[E#_8<&G0QY&:@RE5F!T:SFZ.\86E[BJ#B^Z`XE3"E MG@HT7\X:D9H-D';[M2"A<`@=\.Y!K^1)3"].HS"3V^5RTRV*73[Y_*==N&TQ M[F;D-BG0$NPFKS@Z85/=/NI>AD5M#4?JD\ML/FF&+*5>`:X]E39KR@ZP*C?/5'H5%)[]>T/.%LZL>4-X\.:8Y\R59PL^XRF<0L1\V6GA M1J]:&TQE'5D#0II-_A5G[0@D1^Z]2$"#4L*7LHW.%O/FC2(Q!BH,`G:*:D`3 M*5J9S%%!9LCSU7.,NQ6Y37JS`\%%[OCVG3ITZ]X%Q6P-0^HYF.N6%-022`5U M6T+;LP5G06U10BMS3QN,M1F*,OU8AT$RR[..*UW"625.+`F855*:AKOUG+Z13L,L*YVV+W/G?^WJ<+\>!(^69/A`?B M0A/?8W#**>'+^3HK=)BZ*/C$][.D<;I(8VZ%)#&C M\FJH3G!0J[_9N?Z^N=%[_;,0UE]DH$.KDK5SB@!."+C1NP:QG,YB&<=#G8'5 M8J*B!4TQN"!/.RK@F,P_](>KS;^.?'4K*BG*+E'UHV$^#N_&H&KLLEXMYC,> MB>=&QL=@0]WO:MRW'/D)V57>WI2_R?-JJ5U3^FZ+._@3A\HS&9Y1W296BWQ!KVA)G$?_3X* ML+_YB)\3L@"]_?>QU,R^]?!"F0",+VGA2KT[Y7I5G8Q'B))G*.`#%&T>_C!D M&"6<3NEG*`$`ZXIF+D&VBB*!<4S=,?/&>=^W=@.I>PD&KS6<*.]33):3ZNP^ M*DY0.5%P3)XM*,,A2R8MYM1!M?O6)]="62X`]]&`+HG+D.D#V$W0@K_,E_WB M1G_@A(8C%:\6;&YPE+A^\!2YFZS64I?&IP,-!^.:M,J@'H?/%ZOJDH55Z1:S M;LY.S03\@3XA>$*"*5'N[`?;^K;:H&E+-RP&@:O$8^G7/JRO>R)#77WWVW<$ MLP=!_$LZNO(&VW0YF5;VS2D5$G43.N`P[B?0Z3E3BT#FL7AJ3O4H*@D/;_\W M;H)?PLC_DZ5ZM&1EM;X(AH\Z;I3]^]QQQM69]/>/X9[X,2O0- MHVC5)S)J247\[+X3U5[C7?CMTZOW*K_U4_^@Z:3"6BY4.VNM5\NEN'O(Z2!& M"%%*PYJO-#=0@SP3`'F:4_PT".54A?KYYA/\]9-&N&2Y>7(%@,PX](XS675] MI<#:-2?=U3]K\"H6@*<5XA+Z"9]5ID$V4R;,DAZ[1LDHS MEU1R,$"\AKL-RYI-_W&WIVU#V>VOYJLGRJ^;AHT"3^H;6LYX+J:6C#3;,"%Y;&R$`-3KH4\)_D67F#=ZA MH.WDK3?[A6.V%B&,V7]SAP$;.@@4>"`X>Z37["G.B&OC.^3M'ZG^-1A[K^6E MBQ7-*R`HI(&`XT&#>/4@84(62?^M060`]#2:I@12=D MK,7*633A#SP!;1B)^:["W=7UW>>[I[O;1W3UY2-Z?+J_^5\_WW_^>/OUD8#Q M___U[NF?-H.Q*=VLD]H@P?G^*8QNW,0E[(2'5W'-^OH]_Y7OW;Z1T+/A[+47 M*0#0=N&O2S:EN/=4I(,8(=`CW.&E=CI+;1JY?8R[#L6==0B.:,8A3?#@/YQ> M1E:QF3824`ANX4N]NO9TO"I/O>^LP+@HD\%2KOB/U:O[@T#Z@",_W-P&C<5^ MAU,%J_I[[>[H5?81PD3\<(LX3P.*^YBX40(C\+PD\#-^\8-`E'P;4.QNCENK MP#SJ:B_&@/S`VQU9DF&$$_(7/PP&T<4;CIY#*&U,.I:HL&9"4_3MTHE,18O0 M$]BG8W*,\$.X\[WW:QS@K9]0EOG7XHRKIS!K(`PTV?7C5KT9VV12.P7R81$? M%Z4#,W0(O(B9T:K<8].*$T>`,8[>,%.;T`WWL+:XB_.0)',B9^@7VK44>91[ M0?[K!_*DXC;56:2!W$M??CML]DR=.@=3]B*-H?8H_1-EP)KM,'/:8U[F@??) MW+'ZPDD(4BUK""S)W,M9JKTT!W-SC"+R^W]B-YH,8'8E\A?B:(H\JQ_VK,B7X'%J0*7+X9SJ M]C+\S5W@44#B&=B4'D,Z*]6?X'0N MRZ-(8'.>+ZE3Z25Z$>U;,A+R%^13.F\NK)WI1+=KN<#M&1U:%/=UA2HN=INF M&6,Z/<\%;M?(FZ_VHV6U:^G4FG2J80&DO5MKWY2*@?0S2SNW/EN=7S&0]/.* M](K)%O;Z2DE#V_[*U'.'O//PA=_<;^_)K\@W$2DQG_T`WR6XTM5^R)&,WV(? M1`Q5=+#[">(:?.8[/U5\YU63[RS][GZ+!$M(\(1^IUPAQI;I&_46Z'9RV;IM MN=UO@8(=4`6;J30PJ%/-2Q4,]S7MFUM8Y>S!;9J/K(:> M3QA'ESR5]%#IP-/(@"HU.(/TT.O`LX=D;*@ODY>KS,ML2<23=9'T`\0(CI`@";6OJDE& M?LQ+TT9]=L^`;A41,5VY<.;V`%KMK[S2;]:(GI@K=(/X$V'SU\#=;@G0Z<;R M9QS0>Z2U_KSI>>-Q4`,SJM/$9#59BA:SC!RB]%"1(!(4#0B@#NY@&:F:`6`Y9-MFTY`ILTP>"&?EGIJ9,6*B%D?J1T6/'\$7RQ[//E;#"PTH0HTX(-J.#UDQ6_GW@8 M$!F<`V4;&L\FC=@`+8ZM0[8&?%A0&;O9V)HP4M`%#$KBF+:V(TM`'-"`_/K] M"VUOA^^W^:_?&V<490)&T:3*51@(81V.DGL#G<=37? M,A8[*0T>GX*]EJE,_@88`DML="@*/Q_70VZ4F2#PQ*9)R%J8*0D)@[1:0Y1# MJZH937LC])8U+91*?I#FFTDR1?M0,+]_TH4]U47Y?+F:+](=%5;S@NZQ,^NK M[K#G^9T#)W8V;+0,IX2)94IHVY$93A.GA6$^7]UF:?,@2:QG(+RP7=-9808< MDV3?MOD5NUR/\@;@8C)9"%_S4\2JZO`-L2>*1;KN1W_C948DGFG3'H[Q^T0@]'Q,4A`G:^7N?9V6/ M4(R39$=^IAP<@_1?'CLP&V6&G[T:X4,8)3@M$C2250@:H0,OF/)<+)@B?A?Q M.B$Q2E[=!+VZ;YC1?L8X0.S$TXUI+F3RBM,L212_8IR@C9O@O]OD=#M^?D4O M:_A:DGXY%[F9'RLUI8A#M=2-UFUSMVL%8C7TB_NO,*(-+%_="/-BJHW=(>3/ M&UP)29E0+P(RGHD&D2DM5"`&W.Y!DWA.+_%,K7Y:#:^X]FG6"!ANZ&YC?+\5 M/6$KG6#E6WRJ;YO&5#M+74QP5D`8VUAFDW'6G+G:D1ERNV\0^1U=\AM%I;I9 M5S"JJ$!+$=NX"ZC^OEVH[;9Y-IVM9N/.N`7=,AQ(!UVQ:\&.8F<3[XA?X).U M7]SO_OZX;XE/B\\816)A8/5&7(NT#YEX'SST["V%HRJ%.334F$O9XD^%U;)5 M)<@^L`N8]]NO^6[*U4N$>^'^X`;OS#L+ M*C@RO,6C7UDEU\#ITJ3\`F64DP;8/]@B"A)5*()U.5=JXP3 M4!E;9CN=@CKG"&IFWE.#7S[E*:A'NU^(?\:[S:

G1W^!]^\GJU)W_T_\2; MFS"N35!1?QG25S1RIGQ79+9TZKQ&C"AU=C.4TD=T`)2-@.@0J7B)R':T_0Q/WD?(3=!;J8`3Z(`X_Y&"=:UGJ==@2`1 M=Y'#^^`K=G>W,7$%LJ9Q\N=-1N(R)E3CV?EX-7-J84CF-TH.<7I`(;H>\7A= M]W"_QY'G$Y$B*A=FA-"^B#[0$+[-_DKA?*-BK((/!?7]-OUS_!CN9!?;.Y&P M`60U?*FW4EHOZJ>_,NY&;,:C)QO9,(B.8QD>S]:$:*H:OZ*#^RZV%#WLOV&V M]1C32("6S"N%WWY`]Q0O$]0-J%#"N4SA$-#_@A/ZY1ZB\,W?X,WU^Z\QWMP% MG_S`#3P_>+FB.\+\>+FY@'$/0@;=0'?NE(]G5JNEV!JCY2(9#-)AT/,[^D!' M(N;^`\H&0_EHX-6'AU8,\PV?[KYCI=]/8$(Y2/C?+!83H?F%38 M(E68QR*(@L*VF9K<;+S++B=HN0YTGN(2`81"%R7<9PDQ-5@<-'5'4SX78%C3H`N`$V"=B@N/TZLWU=]2$GT*:M!$&CTGH_<$OEWY6(B]0;I,-05\(%0<:018F-9X!YT*^3$@2#WQ"]Z7!EQ M813T83P>_RW^P1JPJJ-`"F=%M=H-^(_^[IA(FV%TIV,EZ`5SZDTE9O,S8"]& MLQWXO93REX?^"1[Z@;^H6BT)_VQH<7VN1R6X+J^;3OKOP)MJ]O=ZO5R)M']J MJNX^/`8LR>__58J[B$IQ@YE$P:6G7\W.&G*#:2!;.]E53:Z'?\ON/G35%5@\ M1@^`*#=\$FF:OT^>-!U3E8=7#Q#63BEJ2LF(``HP'CI'H$+$DPD$OG%RCD`+ MJ4!D9L%Q7/P];G"!1F.W>NQ4HK,:O>B*OPH%#-B/-$V<#O40X;U_W-.,<5GL MI?0J0-REPI=J\8J%,TZK\J97*@Z<3"&@>3\M5N('*(QH($66#E'*`GWQS0^/ M\>X=T;XF?L"Z>HE`YAN]L9@5.!FA#28FRHB26(V&+YX?$=$))3J]BY`F)4-T M0<*OH_=*PYTMB>!I+7PR]L%]9\\)ED?L'^D@&UJE)0XIJXAHA]:]VKLTRB)/ M_/OH1RRJ8R(1K%#^BR]'Y+EM&.%>;PBS5+2K21(,[N MVD`4:1E$;MYSDC#ZZM+CO/+G%78$&4]U\5?%6$I94[H0S`89[RH!I[CZ?D?X1S=*/HG1UE9JO2`&<&$Z-OD9\D9$W&+F!5EI9UJS?. MDF7KM_,TE?F4E$SJ0H"\QWG2./F:2TAS:)#&E'^0P:[H"VKEAED_?;OR/`H8 M`IV'*`S(CQZO(<7:_K[S__N$OR?7A(T_I+%S1S)&5U[=>%/O!K2>9WEIWU`^ M!BH/,D)\`/2[^"\=";&AP%+2AM0(0Z54&[`+GG[&7EX-]=`="++#@`30&._I MKBKQ,UM,EPIL,[VQ.EO[>R:QV\:,>H>\U4*T;"_11!E1?M8$7-M-L[Q.J[RQ M%67@E&VUA$0E7>D)IL,$QQ^/^.H0^;NG;^'3*UE$N\'F$;\1X)-845XV3O55 MXT&W&E_*E<>6T[4(Q!EE1$@C1AL1XBBECC+R0!7E!A%[8HO8+?'V$+([=;(3 M!"WAJ\QU1&T>GW?0DQ[W`@ MKX"D'.=M&M`*[NNCOZ.[Z?7;<)6'H&"<<:#ZGI`TC?@<*I MC"%5U[U>3=:S$FR)J>?9.RE5),C"`%B/D!-0(=4`KD?2$[P?4OG\`&W#B+8\ MD`MJ%/]M$*RX@T;]@&RO"<:RFV2/^*6N`4O[\R:WTV1,*%\H=&:390E0Q,SR MRY8I.:#-,SW252;-V`]H]D[,J8'ND[4976E_K%$=6F?4TGEVGL%-BR2+$ZXF MWZ?P-M0LV\Z::D`V78[7R],PN93;$",WNP'!ED M>FBESIDP,M`>HXX2(%7[P]RA6C!_?UVZWOX MTS$*_(20%JU$#Q2"\C.X]I=,>X56CE1#UM7,<41V,*>),J+LZDU&%NB\3;.@ M$VA!FUV!9FF=6FE=96F-.`1E1&;^04U+>MS%/O#)`NZ.B!#0]IX/1.T-?D+^ MM'$'(65%=7)Q%M/91'@&3@QEU!`E!^41-$DV@9*LQ05H$L_I*9X9S+?"*@=[ MLSX@MN[NHQ<2(__)L'<3!G&X\S?L'\03/=#KO`*7]UM1C-K=/>;+FN8BC7IH M&]P2U,*P M+D7F`W\=:B'4F_>)*=Y;ECJ]!7`4!3"SF*DQ\'SY1OQUH-FN+_].SK\KY=_8_%0UC]+4/I^P:;R"#*%4UG18^BNW+. M6=&3Z75?:Z[G`+_0$_F^#LRDNF=4WQ5E%HI;4A72"BFT`;7_)VNW'] M^LX8-K@^+4A7]8CG?S+;'&4_=V>1T^J`A?EXMI@INQY+O49W>1GVA7`)">H^ MB'*#/Z05;(NI17Z"]VR_+60:\DH:$M6H/]!T,=!"TXH6K0IK&\'Y:Y"ZXI]# M=O?I)^*%*;/W0>Y:KB(_)G_Z2/X9O/`PK6<0<_9P%KB#I*Z(A2O'7+D? M>)'E'WBXPBN[I2&,E=&++H2K>#DM'PK,/3:6-NRS:Y38.5-B*'3)#;8);Q)MV87`UN0OA3>MP&#W;*+59*P$0OA\*]U" MU^/03L0U9T0I:@8,-(VY9G:4S6^]F$^+F$L(V>)& M1Z%O#6R15>U".\7U7;8!845EU0Z66@&?@HH@P/?@1HGO^0=6TR(O!_.`(WK% MQ'W!]]N?HC".LY(Q=\&GL&!#)];0FYQ!F/;E4=V,G:68+TM#Y162W!CEH]&- M239>H9:2'R`V)`RDS2B(=R:1%54:T6XV8CA(R)^+CZ(?.$NO,,[AG3E?PD5S MRSJI(:F^;Q3^BDRI;ZY/TWM8G[.B$#0?X%?>O/"&=Z*#LP:>L%CN:,YE\'91#S!:'Z+0PW@3TZR*7\(H>2'.Y2,^ MA+$O37I6?1L&J4TLJ6]1KM?9O,PI,YA^2(FSC*@?4$H?I0-`I3$,(S]+9RB) MC&*1^U5JM8CVJ1YVH0MZ9:BC84M0VZI"8,P6.IJUVT/Q81A$%CA0/_]:S^L` M6"`%%?">+Q8+9S^YWG%'+UB]X5+3[;3RNFBG9@F8:BQ.@IU3K8!#)9"=A)P^ M!06.0#US?C:?3&I146\HAN'051"G(D@D$03$XH/:$XDZB2%M_"F\\EC/UJSN MG\B+S7>06KZ="@4`;"BPI=XF>KD\Q4T2(D$_KX'Y(['!'UF$DX\!'='I5\.L MV.PW;OPJ_G):*;\7"4@H M-_"EOC1Q5DLYEO,1LE1..DKZ=\.EYH=7!$_4I!(>^!@,MEGM;)<2)FSPAFO`%.)B+]VFXFO%5^2P'4C8ZK36E6>"ZR;C[@*'FGM<:28GE!5=.0 M$X#T6E*NU,/=Z6HM]UDI_1&K,I>,RI4FK<&M+C4PU-*NZZQ5AB#*9,99=4VW MP5V#8;C5O!L1W*P^$/S2M'56Z88=.S^03Q+AA+!*N;KF%Y8ZI#7U)F<2VSUY M[-#)8IHBG0_%#)OG*)1'0^EP=B5&F=$0"UMN]X==^(YQJ@GF_D`1?R8@2O@_ M1X]:"D@5#XMOPOV>_--W=U^QN[MEW0+2G>W/H1O45O'O1L!T":I.W*E:YYK\ M5Q3O+:1=W&]1/@*B0R`^1GX`Q$8Q6\=J0`5,;%)`A$YO/O6F[NZSO_=/ MEQ/*KT&Z*`E/JO7;IBMG+CKU"DHT=$Y)H?S\R`O?<,0LCY(?H4,8Q_[S[ITN M.)[)G]F=S@VBM]`CP\U'M*NCQDVERBD01HPRL&O2(F^-0]K7&,-.)J]QI]." MWUI7TZ0ID%42^3*LBML-@(;W_>Y#I'QH1RF#Z;K46['U;Z MGA%#.37T.Z<'M4K1(Y_33SYCZY$VTRLM.!I5`H6<+^X>7WWWI6>0Q4<,XR,= MM\N=@V4!$O1]]#NE``B"?D(XJD*8M/134SDU[I*HD/;0NI^29P?10$@:1'R&,9[9SN1E+2T+ M!0Y%T;.!=H-:+R<,(C.[FT`3"G:YW)^O;FF=-D80U,%TQ&W)]731%HA3(K0P M9>(Q";T_'E]=8C17Q^25!+A_RA-BFE\RZ8`:.>EP#2X[0$X)(D9QA#A-E!,% M@$`35R0QI]ON]XQ>\2 M/X7M")"\!`"'>D[4%TS.8EG&QJAXV5S0I`<'<`&L1DE/=L]9YK.X0FXCE)IM MLPY7#4J"!-E7[&'_C29=7R4W;A2]^\'+;^[N*+V[UOH>`-2DS*@O(U:G:$,Y M4<@UHEX)G9*$44'"H%Y"T[AJ-<SSC5.S`29U=E6'C(H"+`!#>PQ7>!`. M"%TB_^5R,9;!`'PATU>>TY6,A?;?$G*=2&Z'[>=]3/&FI1JLXLN@&*GCJ,-^ MTGK:@!OP[124:'F0$Y1O%*-C@;Q#&*JQ?1.<-2D$ACLY$5V[N+X MR*O8^8GO[AZ.SSO?N]]N,6V/(?W*JN\;198B4^J-I=:K50JT8B&FE#H2Y!&G MC](!H*`WB/Q.57X_E3_^[U0QX&K(Q3CL>T'^NS&CSU:6`=M,>:7 M#OEI-2R6.T*A#.TN*K<%Z?Q*01BPP[`.QE1^#QC9)6:4ES[K^7K9B.B0W[:A M[:HH87N0?(:\+0CVN+SQ8/*^X>@Y-"KQ1,UI41<4X0W&>U9TA1]RV^:,:M': MYH2JNK/'^?S#C4@4)*]PV?P2N-M).5%O3;M>3MM\3DK4)G_33]`:Y.'O]/I: MS`1E7@:%!WIMBV=R?6L0'19WIX;:#KJ2RJ`11VLL706;7]R$EEEZO]]VKU+6 MDQH01CNPJ!X"SU>S.O"R/MS4?-/1J'$;+&;6!]J#Z:<&\U1XCN\]'\ZWOMS9 M>="1.8>N2H?V&L*%W0J?K>(:*J\`X?^4#_68<3JO714(@BBC"(_A\V3,*Y;Q MY`"\X8**.3B=J:EUV@)%F3W*\%:K("!0L9I#6;,!FMKMDDAAE[QGK2,>\4MK M^Z0>A,P"L"-W'7I[3?+M-U&E*V_=P&Y[B($*/5G(HYNCEY`'`PS<IDK0!'R$V0%\9V(JTA/;Y5&5:AB6Y5W"6X(7&Q]44;4)5QH[Q4 MF)'^_:N3WN*SES*H_>*-T?>CO?25JC]UJ46KT;I M/E=S74B%-ZT`8\9.EXV2=8>]7=C:DKKE5M_=M:$4I;KYJ@&RK#0]]?]E@_T: MX^UQ]]G?TEPF5GPAEIQG]J=CO$-`#R85[7,Y6ZZAEDAW0UTR2?"A$QV)_ MX:,-?1I:YYP,J61BJ4I:N@D,KA=G&+V8Z3IPAM?(VQ#T53%0*,(;)'P*HX_A M\3DA'%YY[&Y;PR:>_!6SP8>4CP[5AI9993]!CN7PI@112A$LT-`D(X/EM;M! M&_R<6')=L=7R3L*'9E5`P. MQGHJ)H@58W='BQ[?91=Q?B):BWE)>=GG:7S'I*4W,=*A_M5,7,A,Z:&<(&(4 MT0=.\P<@/.B3TTGK?$6IK"^4%%1G:YU?<*8NFC$'H(*NDDMHU0>,D_!V;AS[ M6]]CVR?Q_?8)[P]AY$;O3^$#CO9N0%B]9=?HI5^Z"PVC3J0#8\HFN5BF19DJ M].DA038"+>F'-P[6'G9?AVU:&6 M?=I.P_)V!W7;6GW(F-ZE[<&C:F//Y6P]=`HE$Y'5X]]5VDR1JD@*Z<"!9?SI.$5(TI][:%JQ)W]89S3+W.0?QES MZ):!HHSH6M&A4!L)S@84.F49KIP;4C!3TMKD.T2JH4!`-`ATU MQB:#R*DNK,!)R_US^?.06.EQZWJVD*'%@@OFF@248,::N^2MQM>('/![XS6E MTC^%45;HY2;<']S`Q_'UNZCV(TJ_*,*K,TD@!';E4]WO+R<"I+*Z299`=%@- M.+TT`('AOB"0P;R77B_)$R@'I3V(7H`WZ!8'SL;KR;39'U@3Y@ZMA4:?8%E$ MW!\0.OR"1?%U%[8_MURV/Y_N!?B'SUUOK4_GR[2&5%VO(9;\FZ,F&W>$GM\S M#(FQ+;C-;UAMU=7"$&JSW0-5@*?#"7T&KR;0E_,O.+G:TS3LEKJ0^NA?@%^J M,*T,-&>U6I_T&N2M[NUH-0BDD')#:-Y?';0;H7:TZ'`B]4J^)&?RI'B:UIWF M!3B-ITY'0=.94[=!V6M&9B-?F$?IH2U-\8M<6[9[GR>5<[E^'T%3.F"%C:_8 MPV\^'::]UF8_&N83`;LQJ&;CA('Q?+7*LP`)"WZ$6:M"46*3&GE=!U+10X$. M;SQY;TA5R)UC/H@=)4@-*$/N^[YF7Q\P2:\?[@L9>CUT!QP8Y7J/'UQ_PV]* MD%^R'!6E,*B5`DS0T\:6^LWE]6I917&!/'C$HE=4AE$>P1>=B[J=TB))FW8CSA>U,D-V$!4& M?U+CE&.N7D<6X:RI(G?C*_`(ZU2B>K9>K\?-\`(MQ*U/QFJV:G7=82&FI%6Y M6S5C$9KN@WQR[?:A2V_"8ZO(CGI/S^5LTC*#A0&BA!&G;!74^HO,$/<9Q_%_ MEM;[44Z9-?NGZ`-RIV MT?0Z%$0;>%*.VV:+<G#C[>WK%.4KI6H-'!<.5 M0K)-1W:A\O:[1R*9[)E)SG;OJ"+)Q6/_M$0W:108\FT=:FH?A0%NYU8L ML\ER67/&"=\-]7RA3O=]+0%/8]<8J=0P$-C1*I0/Q`.U%2>H/&C4_$]'5[^# MO!YG!4P9$<2H@%_3.D\@IYM`YC`@,Z)3RVM` MV*CCI8M'7=4AI4#4BOM(.L6MP5$7<2%PU62F,I1)%641YMK37UI>@\=<]ZR0 M\6PU;\&<#2DP.J5MAIP]63!J1JJ`.!OR8.H9NWXO_J6Q(H@R`0M06.5*/4MK MO:Z/%D&+?`PC9ET,:4$ECZZFJH)`B:ILPF+[U9,^%"Q`8^]K!?28S)F.6Z=' M*ZY7#*Z%EFG31LRVW*KHJS(8U)(IW/<(FS=N_'H5L/_08LQO[@[+&]FUOF84 MG\V\J&=<3A?95G]*$E%BK*`[^Z%`%@J&.H5U3H3U"#%8P*E98QEE"AJ!@1;/ M"Z`E"/S@);[RO./^R%S"1[SU/5^^(&Q]T2B\VKA1K\!+S"X%&">*4JKH0X$N M$H3!&B_IE=@I28P%55BK$!:RT5^VL?!L14Q[KUT^G8D>$(NC#_ M^8(YW06#PDU3^7VI(C3=]B^EF=QO;UWO];/O/OL[/WFG::(/.+HG`(U8,YN3 MS]6+A/F[_IWX4VVUO9J.TX8_&3&$W\+=&[\LZN;716ES'_)/=Y]U+Z&93;2S MCXY^B^@@*%%OSH,,L+$W37/X'T87[#**90V\9Z,`.PT7;:'\L1< MD`_26%M/!4\>`S#>SO7FEN/)B1%;<,9WCBP\%KW][?;+K[?`-?/JK:;.M,&/ MY1[=';[?LG937]P]^;&P^]F8C*7PHD$8M'/3H=/87$1)E"B-(D4;-=!D+=T" M.MT$-(4==7,LHDE1.5I6*]X%0X@@VH'3VM8MWGX\Z-BA7BB,D7 M;Z8FQ9,\>G[@B34!61E#"'&$70!/'#=,M]_FUMP,2._=*I]>D6=F:94N?2/OZ9VFY:G`UM0 M#^BGLT7W4%\2)!#,97ES_1UEBDA`9]9'[!TC/_%Q_+DE);D;#9/A81?&E`.I M]=29GS@J@J9LA!^W8?1C3$.L?!`+DI<'U(6C5Q?&@LX^IE^*/SNKU%:$-Q4F M5W_?,F1W*J$]G2XGJ\ZHAJPL/I`*NH(9OEQX9P/OBN'>9<`UX_?Z&!-O0H() M[]]'/_9%>FGA7VHP5B0#@F8UWM1W"*=II9>B1:>#H.(HK!A^X1>V@'L(C50P M?K9&S&.]&QCJ(=]!M[#(_XBW.(KPYLG]?D56%0E;5H@5A]^RKW0N-1`_T(E% M]68[XU6-.TC'0F0PQ$?C*]Y\/&'Z"#S'VXB&Q`'Y_A`&;(M*34=VN(5>2*GW M#MTU#.LDTD2F!QP]OKH1OG9CWR,\?_1WQX2*TY# MAML\R8WFQK#11HB-QV`@1K3030RHHTH405W&,SX5$Z/GTLYP#T2JAY M]57\S'#J,^^)SH=CO5LZ\^-]K.XY^#S;*?P^< M7P.H5-U^35&IE^+CZN<]O5?#Q8OU<]1+[9N?Z>+CS%#Z?'R*UFW8,DB$_K MSJ=ZZ9?Y>%GU8'DRR39/)N%#\R6I&7(]:!;W!(O0K=G?^GWCS M$PD^J/OLN$';\CH(0IMY4J\S.I^-JS-V2AQ1ZN@#I?^#A9.Q3AU4E@A?<%+6 M0\P5@8DJLN5!8:LC#7'M@+.:Q=?#64&MT'!6*0"F-OMVH04$=&4&U<\>9VD! MO#+J976G6'["21$Y.Z;LP;13\0>ZM`/A"SK#1>88NBD;UDND9T1X0T_+R%J! M'9==183Q%\QNA%R_Y\\\N.]L6_:;&VW4/,>Y]$&\R9E,*R]FI^-)3>8VH_SC M,R6-BN.C(@,43<4'!1.(<6&+WS&JQXHO&E:/YCV4)JC6>RT=G\I&3\9N8]X? M>/%A<3NFX\*F-V&+?%<[MQUVX"8U^2@RL(W$K5XQ]BB_0&??2LF,ZDXW+^^" M;1CMN6=*XZ,D+*G-9O^C#K`NCD=1Z;9XG*(_++).SX"X(XWCXY[_KK?W.6,0 M8$_4GW/U$&`UG31[I=+,7G%+&2NHP(O5/LJ44AOCJAY*MOWFYT;*U[+J[X!XWY.V>AR-%&38L)MFRP7&$5KEECG25D%M[*4`)B5 MF:($@+6J@473KT$D]HWIGO%]D&^-=XT+U"F!H$^9/65[G4_K$K_R<7A%"#+7 M%(:R<`(?2#$,R%%(QB;,B,ZPZ$>Z=UT"N(!\`MEYR<< MOD3NX=7WW%US6JCT>9-HEC&AGE>X<&8L1R.HEE#%MMAE9"4*,F M8'"R(S1??L(!CMS=5;"YVNS]P*?5"1/_#;=D&:J];!1!*ARIVMU\O$PKO@K" M(R1(LZ29,O$T/Q`*9/HE%XC+!7;+`J>ERV#QU\6`RV!4UA@(,FOWZ61?O_YA MD\BKY4#9PZ\FDS3C1[*Q#00K#6+Q-1]='`FQO!:QC&><1*6)&KP1YL%`[/ M9&=G[/_\1F)5`OP''/GA9M+IP_<<`AR'_?CND*LV7S2CMW@&W'@$/!(GP8(3 MQ%FQ"?PF=)F[#!1FF[M"(P>I1F#]QGGP:_1BCG"M"5P2J8WSW(7J;;9F]" M2^1'EXX3([(N#A(,[]V&`F[%S0WR32XJ)J/W,F@%7;+P8G7%X_OD%4=/KVX@ MCNV^A&Q[$6^^'!M:QID;_Q*BN:Y"=0E/5MI\)><2%=A$C$]:?CW(C[4S7LF/ MC-L+"P>'_1C,K_XJ"*"XB\)C$B1O03FC@+M6D;]`23?;Z;)?E>K\?_(@] M_-%-&H-+#=0OPFV66.Y0#FLQT^<4,QX09>+2?-T9&JRN>ND6*O0O84U[RK0ZB)RIOFVX@AL"WX,SKT7FBGYQ MO_O[XQXE.!#M@XK1%:+N@;4!HIZ)_I4M7L%=E$X<:EFNUGZ)BXJ3LO)"A<11 M>C[HT;[J_IN_P<'FZP`1E/*XEQ!;J0K3)6:8:W-WA=I;!?Z8&V0JD^"-M[&@R*(-$/T#MV(]@3D2\]>"R+H]X)9^4LS;G)G,F_6@!YCOJ9Z_P'IF>8 M>/.CR]OOHK>,(KC7-`/ZP2/*FF]T\7[TJQ__\2G"^"X@=H_CQ)07K1WW4GUH MG3`=^@5.]1U[R#PHY1!1%E'*XU_%@9ZO^WKW&1&Z/VZIQOQ48]&EGIUT!?Y@ MGE3ZL2[*CWYNZ^1\/N%+\(2?._@%;5AQCAG%6>_-*O#3XJX^ MP[>8[LLZ3YP1M3OB8@?>G^A9FF[S;1ON$GQ7BPSJ.;DS1U_PQIG*BM7$>=-H MUB/@)]G!Z-DJYIL$(ENNVX8:1+F%'E[''7?B.,>]AM?$C[!&_!'_Z.(P# MT^+X6S[)Y?O\=(/PBN\/LC_2=.%LF\N(D;=S<;%S1:MHRMB>+-?ZSB0;YI&4 M8R18YH^P^P:%C?B_PD2C^=LPM\LT]);VZ12)'@TW5R]O1M)MT:6#"I0>5#"5 M\>SI;:Y2LD9%,67UKS-I*7O@X28TM2]ZB9/=?7['<9@+PM)Q+FC"JC"OWG=H MOIKJGY(*_`QZJ7?8_4$]RF4;@^7-OT'7-T-O`NK1"MO]J^SP#:J8P4.3,U52 M5Q7HTF]XMSEQG3-BO?HO?,X[F=AOO^/(\V/\$/G>4`L[U=$OT*'EA$]5X/1VS:8K^YFR&:8$JVG:;>:S'QB.?*^5:")U;,#EW1+O$Y6T,6 M!:B;Z"W2[N2RM2M=Y5BD8G&E+M<'GR[3FH%T#Y'5"X282XPX1SIS#/\]+G'I M\QO[_DPD<34PI+\J"#CH+J#R\!>T^%&5J<.UV(F^W,*\NYU`/G.5Z6W;D/UZ M5'2>%UHE<-"/P1QJ08&XJ"[YEMJEQ.5=G8+.P+S3!_MK>ER`/:@SF?I+>6<= M*_O9=#5KZ<`QK,^&V,ZRP)GK^W9.EUV9^JG@KST%F-ZQT?#QK9PNXL;V"T^$ M/R+S`S'9+^X>-W?=&V(HFUQ[#_[5MV+7TS5WV**,MK@D!]OK#UPC3B>-6./= MS@!5)Y_55_^7Y8GNT_(7W*'*LJ"T!*IZF;@([]5',O6,P>FB0\)1K!J)9LPV MYL%>1-`)^%TZ!9GI.':7A1S$B>CQR;V_YT5ZZ\:$52.NN@,'E^2GU<7J4@!V M/8"35KBI\)?PT$-]D>*Y&48'2F!D_T M:!)C:R/"O?>*[P/\"^Y^P%A+`7X2J6.K2UN_UJ)(W,&+(1`9`_W.1[%K@^)\ M/;34..JF!V"/TF3N"AY!JDP[$?WT+3P3T3D%JQ"=L:6\QILY\]9#H+(EDS&L M1W1//71"=)L>[$%TQ=R[(;JL3#!$%_-AFPRC])QI=!8'[U`8N91C6$[[!\[J M[R]0\9+;LV67W/I+U?V2FE$_4`>2"MHKTH-@VG\)_*WOD07"E>>%QX"U<`]W MON?C^`E_3Z[)X'_(/J+:RR;1K\21^OG^V$F;[N:$44X9I:31[Y0X8M2AIN,! M1'<41`<%6R?K+2%075MZ+G4[NZ_X#0='_.D8;&I#W^9GC5^JD#"B:D3S M]7J97HK@I)"@A2BQ8>-7^64&+5)-8*1JN42@132G3C3(&%L)07GF?I,20.98 M@C"V3\>S(VB`'P9TV^[JNR^M"=CXCLD9M8D1]=EDEJYO189(3@?]3BE!39KZ MI'.Z2F=LDE0QO]+/73[OP6WSU'">1ZTE[&C2]`H&)&CXZ M+-JGJU-TA%M$"2)&D;A801,:*6>+Z?07TSA^&LRQ%DDRY0!CZI,?N`%=6SV$ ML<_.)Y2Q)7\5!F-2?CJ4@UY/:K"6$48I99LPITGL*O8ZBPV`P5;SE6"Q66G` MF&1EZ5[#W898`5^OJ8.RX5T85,H9ZK(6KX-ED?+?D%BF6P1,79)7D=E#<@!L MMINQ!)PMB@-%YQ.]:]CV[?E#$'AC(ZM7PEQG*2KY0H61@$9/#SE.%UQR.8QC MH60TM4:?RZOG:(K0/9*'W_.#L*M@\Q6_''?L9$AZ#-SU;>/'5\JL*1K/+Y,ZW<5:`/>`(_J`(9Q;AJZ8\POO2@%T+7>\&3/HOCAY%?E!^8N" M(^:N!4^HP)0=GAI`OR=^O1!%'%)F1G7&6+3J6&+6[S;-!5J=:]/,H>\CVC?/ M_,)=VE?^[3=7>TIQ<..N'_6BYYY:D=33HZ9D[9C-0ND\XS(B%(MQAN<4N0*M MK/C6,WG%]8FD?D!+0#'TTJE'I&6C^!5CT9;I&&QP5%Q#D+7``4=[/Z%7R7GJ4-&Z/]- M50#?0V5>ZCC[Y*Q8-@,-KLR3U5/;.FE4,'XKYY,S'*;2Y-'W@T`=GW67(Q6@ MX;#H#**&C^?Z- M9^I6;Z#Y!2>?PSB^"[QPCR7A<.-,I40`+$A4X4[58M>SZ6R6AX!B'5;8*J?! M7(2],-J4@K2`1'4^8T"^8PX5M.G7SXG[(P,@.@+B0\AW"2"C+?U:./%KK29@ MP8J\BR>HQD?**H2)?D[SF:137^5!HU'*Z>CJ-5[6LRQ#KR8U[2I)R#KRF+#V M4V0I^N!&>*`M-K7Z&V=*6E.``[3PQIGBU%?>&,8CAB2R&%*6!9L?Z2BU69*P MX9S,#91#M%H%V.&W6O.0[4@^/C?O=CJ;S*:=_9D%N<=Z!'=D@O^G7?!I3B>V M,(?XE*4O88(_^K&W"TFX@EM+\RB_#PHV"5/*;MQQ%K,&[%'R**=O0Y6>8510 M*#Y@%^Q:K+89A4VJ`0/E71P?\6;2]'W31TQ#2XRKOJTURR]3D]<1?Q\0&+T$ M8+9/WV3+5'JTQ:JKL?QI8K-D28=%]K1(]7,]8EWBDAI-J$;/Q]@/<`R\?U>U MK0HZBOH!!L!'EH'.*TKS!3C-3ZG(4\\J[*=5 M)HM#@&-/IP8JP"342"S,>A%ZX7Y/X!!PN)WT+N M;AK%($A>#6%$AMQ=\E%U$_3>Q MSD]\P=_8GWKYA_QE6_Q"QI'R[M%T/)VJ^P-"GS]AHQOH*7P%_IBM>@U)I-%W-1O_C+D9:0S7874,BIHP]D M4N:_.09^$O_`9M]O?,"TPW=N[#1\]XX1.P#@AF\\F<*8VEI;V%,4>7><2PUFZHDM;""0<60BSM]7J>0D7&NDJT+ZXI!A7N>82!_C%37![ELR0 MUC(K>LF-]>O81C^@'#?*%3=\#'E^T&AYE-A[VEXZZ\FL-BR,T\6-2^9MNJ][ MW"7IU2EF-A2C/?MCNS/U4`GF\M`-SF.=`7:U6,WZX(SU$NY_ M0%E]'3X0J_"D/*&2*57A>%*T7[;V=/),^1E069_I-TJH\1R.Z^>B3BG/M8YA M#RDM#-ND'D(A6*M7MFWN[\R320D-2QQA_Y.XQ72B<`XAO*'MQY(Z=-'O5/*, M0TGZ\_]8CL>V>H5SSB0;/HAM_J'GB>3)NY;X@\[G5+/Y9+90]@.6'D>>([KD M--)64/8YC*M1SY#[*&PXL33JLXM2_[XE>RBUS*F6MEVOG;1"S6]I]%V*M2]I M_T2#)MIV3[B2Q!@V[IUHT(%TY\2V'9-&6+?ME\@5!18.\/WEVG;$\N=,3_/% MP9533U;SU;+4=913`>K0JTF>PNE/>FH.V9NWU90J\W)%=!#+/S['),"A34[? M:$$,UOK[G?_?UKMU2N^:1(@*0^KG;4LGK:*9T46<\(AW?7]'OXO_PM^GTR^Z M4RLZ*+:Z&&L);\K:@<(@KRCRZ.ZP:.73U-%7^KQAK-4RH>S%EWGB*Z&0M6B" M;>FK1RJGBU0FT=-H9J>(D2M"SVKQ&,2O?H!9/Y^L^`S-?G&#]]HP3/DUXVO# M=IY4#6@U7:W%DC"ERBK/X7)_'$IXV/A-OOS3+>P$7MB6Q9YNB9VS)3:S\%-' M:+[>4]05S$1[..Q8+IV[2QO+W@6TXXFKTL55\6VCD[`22^JM$U>+]")\@7+> M4!@5B,-7;AE">$MN#H#:0\.IP3E$T1!C[C!W--]H%-3)'_9'(,-80XV//^YB(?++=Y..XPY;.&<2!IMG^'*N7MEUD[0&*>R+IR#1\+HR- MTL%9-NSIAB9M*VC3GI$I]56WE`92'X2_.Q^2,F]VYN>!\%7947*+VZD^9]"# M5`97MN;U="$R@_-T!W!$GRF.TTD<4PB3&E(1+/62:SF:?2)_Q:(%VD,QII4? MR[:]8OI(MH4?U9S,Y73L+-(&0H1BVFL0E6@"G<1JE7$"*F/S`:Q601GDI_^S M@W1&#EL5,9<=M*KHI/\D&&/O[R_AVW]LL$_GOQG]@3J*66':([_Z[Z?(I1U= M'M_WS^'IIZO^W<`T5QE4_?QOXLP%"OC[B!,P:^]G\N^H\3^T14M-@YIOO8A: M)J["VE8^554?,CTY53A0]6#3U7PA2FX4:`!-/V=*,3$J1?,$]R)I0B-THP!NQ6KN*8P*'VAM?DB?-X[&.#54;*,$??X<,/`9$ZH=V)WQ M>B4R=:\RN!]3P\YP[U&:].PB)!".$.'&3\QWCSU?T'K<,D*FB^WIDHC5TI-* M``':$EIDD,U%'0*P'UEU"@6-BP>!(Q"6N4Q@\<9IV.K=QZ9+L;UI@Z4X7*> M),S$?XIHFDDE!H%*,CGSVSBEC],DC*ES&1D>BLKCN? MH:_FZ^DRW?$ZP>G0AX^JDVQ/H>J=#]B)JD;)ZI$+LE`(9B`^N MO^$I;E/P2S M,PY/7)8D"VP_>,-QXM-EXPAM\!8'&Y9[&>,DV9$7>,(OJ]J'?!+/'^C]?U\D M:'Y[];U7\FL4'[#G;WW/W>W>68LQRDE,Z3,"_R7*]Y$_^ANZF-_Z[%)!QN?& M)SP$7D+?<$5&Z''G1NGKOP9N03SRY.ZXH?2)2&S1@:._Q:R2X"MV-SE9RB/? M0-YTCC=I#$. M6^DI8ZW8,)L99-X.7P+_3[QYU5I:4VY,L%I-TDGM$.57$R:*<+M2T MIUG4";BH+1.C9GFY7_C[X]_12RXQC7I=+G6L)K69"509G_F$JJ8ND`GVD17] MH<$X+:V7T(7EX_%YX[_Y,?7*C:55%5\V.?TJ<:1^W6`UF6=@Y)2966:T49$X M^HB?$WB$#JD+4<"5DAVA7XX!2V#><6D;%&-#D==NEEZ:\M45"0%A6I:9%P+: M[<)O]"2;%'/;=ZGMZ#S,BBG"XSUY0R^IW3 M!D*J?K&=\\4VA9 M0>FQAIW1^DK@J$E@;%ZJFDAI\CD1$]"* MFQ=AI6?,6W*W]<5TN9P[)[8,NWCJ+X6C*H5ABVY8]%2$A;#J?V#_Y37!FRO: M._,%\T;R'_W=D?R.-]6^/R9Q0F)9BK_L?%_R`?M2,XB4GBRJ-T=:C,6F?SH2 M$D,A/A82@Z6]Z`O#%?)@8`!H1#E.23FN4,Z&CN*_T:L;4/WI-6&B"/)S%&J- M.[C?RCCN8D8-5*#A+V>MPU[`Q&F&/6U%4T'\*/4&%N%=ES;$K9\!Q0L3=PV>:#*=A(-$+ MXFP8NU'=0Q,,TL.)IG`_<\C/_%=R6"4,]_%6N0*U'$W];WQX?8^NO'\??9[P MVMHTL>4-TP=6S>RH61H9;DS[I;.S*TX0%2@"-TG4*>$$4L+F\RV=8CIGB&GD MV$L-=MD)F()N..Z$0)_)V^3?Y%_DAV(KBV]=-OAG@GE M5LZX627=5);=/2\.)@5)M"E2S26KY%]_`9`421$[00&"^&)G90+@.1^VL^.G M__JZ"2]>0)(&O_NL___W??OH? MKU]?/#Y>W,11!,(0["[^X8,0)%X&+IZ\KW$4;W87LP2D(,J\#`YW\1!$?SQ[ M*?C+!?KOX@+^ZA]7CP\7EV_>7URLLVS[X]NW7[Y\>9,DBVK,-WZ\>7OQ^G7U MO5\*RGZ\^/[-Y>6;;QM_>8SS:`%_W_C5=0**#R\@33]>7+Y[_]WK]^]?O_O^ MZ?U??_SN\L?+[_^[V3K>[I)@M3_O)C' M40I;;[9>M+N8A.'%(^J57CQ"5I,7L'A3#AJ6[%Y`2*/T[Z\:''Y]3L(W<;)Z M"S_SS=NJX:M__[>+HO&/7].@U>'+-U7S]V__\?%A[J_!QGL=1&GF17ZK(QJ, MU/7]#S_\\!;_M6B=!C^F>)2'V,KU^\O7W[Q_\S5= MO/I/],&?DC@$CV!Y@6GX,=MMP=]?I<%F&X)7Y>_6"5A"*I)LA9#_[MT/W[Q# M_?_C)O;S#5I%T>(VRH)L=Q\MXV2#J7YU@<;]_'C?(G\-DB#S5F#K!W@%9>5Z M?(L:OV6.][8OM8^PYV]SN.0!^L9T>1=$<(X"+YS%:8`^\3GR0R]-@V4`%J_O MHQ>09JCE%=H3TRW:0+!1JL*8AJ_:PO[,2X#2Y&KZ=+8&6>![H7Y`[N%QN@'W M49HG:._BCS^"%Q#EH">_K)&ULS%?0YC6<;B`)_+MOW*XBR;18@IA2]#1"/\$ MHC1X`05-/1F3^Y995G4L7/D/#K=2U ML8;VPB*4G[(D/UA\G(;](-!&Q?&0&>".5/JB1HYG20PE#"QJ(9EKB[X*MUJ- M/JE!/Y;5/CD\SP/,KM27-')XZR41/%72&4BP5%UCBT3IO)#%IDLDH/F0MIL@ MS#.PN)W-^[&K_EF-O#^"H-(%H>2Y"?)-^@A\$+QXSR$88(X5OJ>1VQNP!$D" M%K,X#/S=Q(>KK-#ZD;Q0WYX3/PM>L,V'W>%F-KGN!\<0!&F]YY'D\.1]!4.< MYMS1A^$$[:XX0O?%=%G!"?\P@8(#O$*BQ4/@/0>A%MU&Z9O#[.YA]_+@\]?X M5GU.-G[Y!/^;0D$>Z?[3J`DW%/$7($J13A"E<-<@0_]B;U-(*Y,8$ARUP3$@ MB<-@>KM<`A]]B4KOYVCK!8M"O$8+%OXP6?R>%U+W[=&Z8`D:L44.WCNXJ1)S?X@)_^Y+T8JGQR0/[<0\BQ-XW?IQ M'F50:(.KZ!&L\K`P-@[`JN(W-7*-;VD`)L4^H76EANAHG7E0RVB>'8.L M59E/Z=1F8/-X!\`5B,`RR&:A-X2U6O@K.CDKW!P#,,,86.LY$OM_8#\%NOSA M;324*T'F0\/SEZ;Y9HO7_N(!/B]]\@#L#[I)!V!7Y[N#<[Z_A!N;E MT?`4XRX%14,@(/QMC2@T--+I<@Y"*+*!1:GFZ%_HTE_3X_K\%&<@?8KW)LB& MJ)ZLO"CXTRLT\DJ81ZLQ6C0]>PW[9=VYYNL)?,VN0CA!*O`@-4#@WO/%A%P3+PX5E8BYG5UP=:@X+?')KUADL)&=6>D;?PHY?\`3)DB"P$ M@MI1"/]X#9+,"R(HRJ$XQ^*,&7S##D;EJ<+[A+IKWKX#TSHTU'N?V$?@H>\7 M'M]M?H3E*?=IJX`88B&I$#`T*)5/#2EH6=.Q-OCBD/JR33`,L304OC\T)(?N MQX&6`?TSQA@<8H)Y'QN:68I?]25`GQ]\KTM_?6@XV&[2/1WO]<(@_%5;V!]B M)TA^>WA)M'3"'D%89WS)))O#",W<[QWQR!O^6#O>3)(^.L0,,KXS-(N5RV=W M%R=W>89"O_!A43H3"A\MDAD421.0!86MICJUAC>-J%(Q_#$)O])**D1M!\=#_+.# M*TYU;,JRZ4HMUW`1E8OT>^QLG7D[W&L@6/H28SE8@RB?6D@:&KBK/`TBD*)K M\1G^%1$X^!X3_&;)^K;AMGR`G+8P@(U!M$!1&\5OT9=EW/>LT@KX\Y``2$SK MFR&J0!$G!\`7G\1E)E+@OUG%+V\7('@+Y^);]`.:E&]?OWM?%IGX#_BKWR;P MTPOT^;O06U7#A=XS"/_^JOOWMX/3,EMM+B!DT8@C=I4 MDLK.$(*ESZRFDMEL=BS:HR0?H MB(NR3]Z&M!:)S8:GKHQ-F.\VSW%((*O]]ST]S6M_DK1I\Q*_&@C^V+GSV[6> MRA9OM[CPR&M_'81[<6&9Q!N9NZ.B(B;L[HLX@4H#+D+V_MV[5Q>0@<+[\%#> M4#0",749U#<`;HEZ!C%*___[J\M7%WD*F8NW1?S@:<%S(-_4^%R.^##NMAJG M;T:7NR_-K^FP#4Y\/\G;R64D4R"I MF;JNN_329[PZ\O3URO.V2.'][BT(L[3Z#::TH?F6OZ[H:-3?.*"6T=`HO>V* M;75A'![YU'Z&N,DW.?:WT.J1HL3]3P!N(8@YG3>I48QPNL\QG'D!G(9K;PM/ MCK!Q/-*8XWYC@8"^%YCW50"95X9B<3?/#7BNFU MT2R2%"VZ\7)\LLG=;.2%(^<)=S?)&PJ(+V+>T25:_'!8BH[#G]`06B)_/L;P MO]X*ZE->E/X,PD4IH?T:9.M61762SB_>V<1\8-61J=8T6QBCD'\`=9J9H)50 ML5=(/N;W,\0-2DTAY*[2V:!U,$,_):><+JTQNYC@H8FEMV.(/(2&ANF%BSE^ M`0F.&,;/$?`I[W8QPP.\(`-4*8NLMU+YX'0SPPNJQ`(65?I]PVH(-9/`#V@[ M0:"C"7Y8W@6.7"34U0Q/@M*J)?*IM$1JF0S:K5M MJZZ&!.K`JFNK=35`D(^6K.[C:HB@^+KBV7OZA0;&F1>>.D*"7@17XP+%@>(+ MH:[&!DHM!!MQ?%I>FQJ.RCN$F1G*.UQI)!;$9R@?/L>VKJ@^670-BC9>"!.T\7B0G5HV8@E3M/&*D M`/T]8I=NRME]\&(&M]7`N2F)JP!'SUJIT7)3/N^SS+JQ*#5:;LKJ.D2.`Z#< M-'WW`8H9A%X#YZ9XWP_*D[BJ[-&T$UKCOQ5T,[FJ7>BF\X92<5((*.T1LQ-AXVT*BF7;5QO2#?U M3%G;!3^`LD;,306SKU#61$A%J901)TZSY,4,S\$:9($/.;$@>[D=,]@*](*D M!Z(YS-QA;,C4[KQ@J+DNL'A1O<9&85"DIV&.BOHZDSQ; MPW/ASWH+TSGI]+""@_LTS<6I+UM;03F]3JY0%Z>S"$Y(8Y._`5R/(]>%I,C] MXGJ4N2J60G>7ZX'G&L#K7I.NEJG5#EIU,[L>DZX-,'*QP\&CU`UK?H4I95]G M$"MXC^`%1'76=U70\!L(!;.@83'67SI5"ZOQ#(A,U:M;R%:$;;IEK!!--Z*W M-R'P4:GA2'O\?D9$<+"H@X]N<2@23?(FM#2D-!P:'3GE#5D]K"M=54IT^(AA M%R^1'L8$KX=OM7,V";6Y#;0C^=H7)+QH:P/5-T&89]1=36NMI=@-SNJX925( M4YN9*PJ&SN<[*,T4L1,Y!*>VK5Z!99R`1BC=[5>X/*%<`H6<9'XC*'>`3C6?8WS1'()[^8.SV6FMC1:$*P_+\K9F4MYM;8CR!$"1 M[@84_[^/!(L2"'0TP0^\FNMM02&]W<88E>U<41:M!RV-%;_B>&R+!U4.%P9G M&VL8V#8\'D'E:?,+M7F?UH#.Z_/&<..>?HU6Q@I MW(:5HR*$H-+`]]E*D"[T:,N"4<1-M+O)$H&%Z,RJ1'?8SB2UO\*EG(&(5<:- MV-1,R;-B2]87.-J5I0F'0CR[CQDNL*F/3G#Y9Y.T<62,3C,CKEZ`-:P/\!Q( MO!`>`Y/%)HCPZV$9/,?9UAK!SB;X^A4$JS54^B>H&L,*?,HWSR"9+DM3@*AG M7G84BSCM$,=9C=+#V,PKRZHE-X9)CY.P5;Y5&T!8.'`]/D$)/GD[MNNA"4HP MBEXKKH'J8/1'N_B>LU8CA&^W8&PZ&T[GHD MBP0X`N>7ZW46)=`:U-G6KU2C_4>_-,X$QY;KE1HE,#IP.?6KTNC4ZM'A-'*] MJ*,$G/+V!]=+/TJ`1Q?F7*\#J<]U*[*W^SN^7*^7<=SYT."05BO!\4,Q(1%8 MH42)<4H(7FZUB@HCL,P@WGY%%^R7OV@^+U*I];:WM%4K;DH44/?:V5Z5,1W86,>-!K2!F>\$\N;&_"%$E_:I>NK%LB`&?KA>X%`&& M$R/C>E5+$8A:87+]JE>Z`4@=D=2O)*7]1XMJQ(F*U:CCU'/3)3,@I/20IW[O M`9Q0[C'FO5V@*Z)6>]M#6V8C?_NW[]G9R,W1_]=%6=++1-TF?B6[CP"M"4I@ ME'A_(U6IR)4-V1PQ^YCAHK)QI4\QA3R\GIY10GNS\O@C*$*1P!PD+X$/"OL$ M>F]J%>%16`^H#_Y9&^J4U4;"Z[47K>"2A?(MU?#+26G0-+CA"E3,W=%MIR5! M%C\R$#SGV-^-++G%X'M,;E`46/7W`](4!C"2CHS/>+1-X@CNJ9MX`^>=@C*Y MK1:D;[^"Q`]2,%TVIG**;UX4JO&KER0>W/&D@T&^OQ:*[]&9`<^=_#D,_.D2 MBAM(IHD6LR1X@??.+/1\?*T2UZW*"&.R)SU)H>U]2>'>`G"1)EZR>XKA,;_Q MT'IE/K@N-X:6%23UR4+F)2TCE6',S%*[O"[S0*JPS>^C;5+2_==P5OT>J:Z&U*['8'<0Z/C^!+_A/2OS5G;5(ILQO M452K2@,[K&2E8<#A>>K/1&^JAUQA6.U5/R:ZW6WCK>%P/,1%?2.)>3=>C4,2-:ON(25F#N^NOJ0I9FEH).N1U6J?3 MN9G_1;=E"3]EIE)59%LH!YF79$[@PZKWKW#Q.0:/I`O*]5HA;-#4O5]G\Y() M'3?)F`2U`A"GE&HA<;[S]6K7*T#T`JMCJ.Q7Q\$5M'0%;[E>\:'_1B68^?H5 M@S@'T-IVWU[5'EY`\AP[C1C5Y^1ZH0<-J-$6FH)VX,!"4S"3NU[N30`PN3A0 MUTN_J:\PJEO3]>RCOI#QO=O'2S6R$<'C97^X7DQ!#&=:[3.IR@FN@4*,R^I7 M/:&P1]Y&;A@[",&PBC443A0>D3C0]HIJAUJ>C5.D%5I*1(3L7JH`>G?&"-%# M1"ITQO73.JGVB\;=5<,+&VI!).`$/]Y!=$J)[3,\$6N0!3ZDW];DYUK/0/]% MCWNCEQ=H$62]AAQ3&L\VG6M,U1E3=4R&M?8Y<3[#NR/Y`F\(D-`/E6ZCA\M M@@3XC=JE5\A?4K^RLX>R+.'V_;?OV"7.R_7-Q':9Z@X_X"CWK1&-:L MSHP>!H)TXIWR%"/?3^0'(6@Y.YYBQ,HLB5\"B/G5[G.*BIB6+$#Y":Z@.?L)DC].(^RLCXP#0QN/R-EOB#BZ&%/^#]T-;_` MHP(9FK-K+TEV$'16/3BQODYR9:@8`9DV\B,#4NQ1AC#!8_5V*O5Y+B);O%YF M.(%WFA\4: MJ4]Z&#MXO=ULPW@'X`+!B;4/@?<V@[-:KDY3 MD/%$>?'^EG"'W)<')(JS1NIL(U\J6XX^@AT<5@>ZPG8C=+6&IRT4BQY!4)D% M*'>=TA!V\-BDK!"0Q)DC];6.*V2T0(\BR*Q(2G=;>$/YJCZ\=[%1+$X(IA8) M3@4&LX/O[JMH@CQV.AHJ#$TRD]T%$5QE,M8YA8'LYI?T5'IOWHF#6H1#H:UI MF'?60';SVW_>10>U"`=Y:[S"0';SVW_>10<='P"@40G%->S?@1<^!-<'8%%4 MQHB3;.6MX-VYC=.`JGJ)]C;)V5.,S2\)H!<;X'`G,H(5'%[E:1`!]#HA+HV` M707%7PXK22H-806/<)W!?9WM9J$799-H@9P@6]1$E$/Z`$;X:VR;*L*(&/1& M8T^XORW9&$S/1]MMMB%'SP@JU^V@9)YO"N!4&<9`#LX7Z&=_&O"N="K^-()!(2:P%H@$L[U MVDTF8&>&%?6J_30"3@2<+?6Y7CK*!.(<&56M^-0I558UKAZ@?F-UYP3]U866%@O`G\=+% M<%!2HL1J2-VL_3[DVJQ#N6H4W13"]:#8-[6C1EE%4H\S+SQ)E`52/FAK52I< MKU?9^M-=Q++PRL2)J[WL?DI2E%Y0N6D%:D_`GR^@8K'^:N_&CZBRL@O4WI4_ M/TS[YOWU>WS^9(4"R6`/ZN-&;KZLI0>TX:-R7']Y2\\\2%AJ7'^U2]MIT"OG MMM?[7R=PYHID;:CA25BI[A<$[X,A4YIPOGR_'@R99IJS*>XOB*%"$14I9D9PA>ZX')=PKB^^D],"D$GG`&8`V>FS*W9"KD M@:#=J?];P^6F1-T#KG9B;`W4T'%$)IY40*E^89SF.-LR2*?+67.J]J_A-)"3 M?/B`G"Q+^A@YEY?;W$A1GQR]H#1=[C6!.5AA>\(!\?SV)K:(Z`RT1%`ZQ\?3 M>,QND#H#*)W[:[#(T7,L9=HFRE-.D:7XS@L2?)]/EW7[ANO(Q$L7LJ4\+*O6 M02=GXOOY)L<18A^2.$T_1TF9<8CR#*\`/+/0K2?-INBXIX(&LF(.@49[7,O0 M:&Y,>9Y;O;74ARB>3*L/!?ISC926)O`M2*EQ(1+-:6R"[KO@*ZC"(WADD]N: MH/IG$"Z>XBJJHP9R?ZE0..#WT_3BPR)'*8=>B&)/X+T(PM"+0)R3\17K8Z:6 M\/XFIR#:;&&80E20HW1!-^>66^A?>`##_.T7:2UI\7DB=3+!QT?O]SAY@E]) MB\HI))SI;P.+]K:4,^9CW^+]M9Q-54C10^Q%,P_>W7ZPQ?H`_6CB==%.5XK. MZ5+4^#7(UBP11;*S$24XAH+@`H`-DJ!FE=:'C2?,^Y;?STP]/056.)V,5$RK M55.J=/O`>^A>:@Q;N60^)"_L8^A0QJ7['O+0T?T3+#3+?HBIAX2-X`5$.[G(H1E.O-&I;/14.YQ]0 M!8<(KX,5B'R>8BC:R\1Z^CS'GBB4@8UJ`<#;WPOG^?,B*&J$L55&PA."#W9D\[UVJKJ2Y!^ M!;M>&%4=,[ZQT/4:I[TV+4\==;U<:2_P!"P3:K5''<>/Z:=RO6RH.F))_G`_;EW7L2=I;"U-MA>([5\VM MO6#4XWZL,';6I*T)8Z&S8K]@SV#%]O=YZUS,AWYCUQTUP_C9FS-"B-3))^82RW!C'G*GBD]KFBSC< MF(+D>@J2ZXDG8WCT&!X]AD=;%AX]AL>ZH-9J]UV1I&?GR^L="<[.&\Q2(0*G M5,[XF`MTKY[WBPIP.$ZEC^XYA@%H`)6L)JH%"9S%,=#?PM4O@,"-P^!(SL8S M<(^-SD;SOIC1V6C'//1W-CH?BF3,V3AX@)*%SD;):H!7.U2''QD9L7QW3J&(# M<33,6<+]QO%7"8\DC2M%XE.GN%JTGB7,\:U8)4.<)8*?L7YU#":,V"*!#"UV MG+RL,8B`88-4,:0HH5%^Z,GI`,OZ!%98Q!C[J/-/IT#/I M0N.?S`K0=991!C4W\YK/,N[8]LUX,R-986X;W0>>1=49,HR^D;C-DXO;TG$O MN1Z!=!R$!2TBKE\CHCOJ?++H$NM8*M6?=O56T^R3<+U2M4$] MCX/WJ.-IUO$X>(_ZG0[]C@/RJ-L)@TP$\')H!'(I\L_%0#LHGD-6_OH]@ M=V`B(^+:2]=P8M'_T.2^P+F"5#*+^#"[C)637*^SD00%-?6_;[]N093R7^>F]3N;N`@C_*&ZUXS*1H2&YNDMTPR#/^E/=4MT M-/((-N&Z(C-`:FF"XFD&K^>GM1?5*[C[V!.1`Y&>ME8[>QAKNLG7=#L9V5H! M(]=3Z^D7`_GM$_IQ?%Y(L:XDJ<("KEM[9<#B%PMP\VTB-;38NN?YA.+(8"8D MU;@>4=.[U!U/AW4]]EGC6V)4Y=GUD.;>&!)5JK&@(J.^%TG6&RNBL1"SN"*: M-2;YR0J>^=/EP=.<=8.RA*Q5J6:HGE(0Y7%^\)CH+$X##!Q(4R0EO+_\"%NN MFT^0HF;2N6E]OV=7HIXH-T]?0/@""H[4<4VBILE#'*U`,EFM M$EP*M=@9C;F^CUKO,K>`,DC(::T^$J?#K3[VUXPBMXR3M,7+?43F(?U_.?PE MNC)>&B_:?LJ1-C1=[EM]@'VS0GN:)E#C],*GN`P2XL%Z3%+L6JT]&:T.-T&< MA_Z\EM.TL/)PG`FLEJ.3W&(G.7G.[Z-%GF9)X(63:/$1+C@0AEX$X+%*GWUN MG]%1K)\_X;>1B7X_ M$]P\JK#"Z62K,W9T.8_/B(W/B`V`#NT9L3YRS'P+?"B0/((7$.7@+H>""55^ MH;;50LGG^8?X!2017@DG@>^$\?UX$ M+T&*]!#FN2_8V0YGY1BNT@M(2?&TB:*$_#>BF'9?=!`^=5QWGRNA)WO2N5YA M0GT)\DT)KA>-4,>.+K[T*P;A*&:BZJCKM1YZ@2=@F7"]A(/ZAJ79REVOQ3#@ M:ZRZ/3)CL)OR5/0.PQB#Y`;'GA+$X7H14'W(']4-[WI>P5#/\PX:Q^-Z^H+! M4XH3[.-Z$D2OX%9A6]H8(RP6(ZSC96IG;8ZNQF&;1G-\F?J4YZ'_R]2.E@NT MX&5JI0*"IY/"T<#U+HB\"!F&[Z,T2_*#UZHY#>W*[)".D!UC6D\OIK5:D%=> M")P9K'8D5,WK8PL&E M-`>7-G#P$7AH1>!KN+O8F<%UW<>G28\5<:3UC_.#Z>(YMMQK*:,,M(ZN@QNF\)TP5P-$)-BB\TJ[: MRQ%!V@Y7/6O==RK*V=V(Z(I9)%SW"HH8^BC7#V-1GPUJ,F8M(HPDVZ3K8;J# MH'?91<_-0-LQK_"4\@K=##D^YQ<3#_?#5@&$5A<@0C^D,V@7'FU0_^= MI"FHEBD[9D5FA#&.]6&,8QV*)S/QGN0(@8?8B]([>&=\CKSE,@@#G$V/CL:$ M6'*>V=Y(M%<,R8+G-"9L&M5G%2VZB]K>*NJOXS2;+JL_I_.XON%%&2(-H67- MU(^.3Y?$6Z))$6D1R0U@8EX(]P(S#(G>WJ3TIW!G-D4[!@BN*R0Z8W%4]LS9 MN*K&889(ZGI/5K/EPEL1;D&2[TE>S1?OM$\AJNRVI@9$<^[J>U0V`V,!I M0\C`GT.`%UBTF&S@)5:^N5R1C19$UJ*=K$!I&]Z$MGB5PPT!-SG3GGK02(LF M#G?0-H>K_6/DB9#:&"$/N"E8`V%,Q13 ML__'_6:;Q"]%=!V;>M'N6M;%%,KL/KC+DRC(HBU4\H!7/ MML<*]#2;$TNG4.AI+$YW+;?(+V`=^"%([T*HR-#O#5(SHSJ(Z(U!CMCA38SS M*ISX%=5R%HCLU;/%CFD:Y%VAKCL#U%#3IY"Z[AW0O"JQ`-'/!1!G7GBBF'5% MCR9H32W6=1N^(D2'QA+7TRDD81*UZ[B>2:$"FX#9P_4<"M5S2]BZY7H2A??M(`@:N2583R1',A-SSU2IJK+U`5RU&*JPC3Q+@-5RE M/EP#"3@,F.4VUT)/]4#3Q$]0'AY2"*H9)A+$;*^5HDKP)H;D=AOI"16F'5.? M4[#,PX=@B:0T'#=!BX57'\?$V=Z;ZW:TD\@&=-4\I`5*@3WIJOE'/WZ-$\35 M$%!]H#$O)E=M0_K@DY6PSB5@[-9+(K0%9R"9K^$\U$I$833"GX=;U4L#'Z)\ M$X1Y!A:WL[F)H+%#8CDQ&]3F1IY#.2`&(RI(>-'6&JHE86_WL8&+_@F"U1HOK!23POBEDNY(@O/C2:9ZE&921X8J<+'[/BTH0%)Y51[.& M\^F21JT,QXQ1+.*T0QQKY\J-8=*.RI,R6N5*V/>CJW*Y#J@Z5YGKGELA6:I5 M@TSVRG35=*.,H.3!UMEK3A(IBN2MME_W@I_K81<**"KO M684(#%=7HK)0[GHXAK[U2!?S^T5JV!_+J(`AU0!SS$>#S!I:'T$0P?^C3.Y9 M`C9!ODD?@0^"%W1'6%/6KT$EI`X534?D\>J*\7J9>0J02!,KC8S9Q>2.$YR5 M=O%G%OO'4Q3,;KJ;DB]4M-XO_&4IWFBH2DHZSS<;#Q4HG?A9\((K%K,[W,PF MUR9V)9.JIO?^]NL61"DMW4MZ&$.%.1DSH,*9F83)`?CX[=)"3JJK2XVENK<) MSNZK(Y)SOW7;F;P-J%0?5#9B+K]>-\`6'K_Q8IYY26:WJ*H!JL;Z=C6R1Q]: MQ+M(S5;T0P%;A(,V%JX#A\[V?MZ"8D_>1L)0F97,"D/9D_<5V%/3_':Y!$@2 MK(E[Q`7UHBR(-+$UERB*UHPCE%F)'FLJV(5_P,43<1)FX#T'8?%4NYGG0ACDL2\AL;XF M#G4*90VLU5@C#6!2\]^CCQ1R`1;,!TIA$N=;Q*4LQ>X1W3/*"7V6= M^'Z2>V&*(@^J7ZLCQ!OX=/#X'`$OB:#2O7>YX29:H:%]0TO&8X'/1S(5HB6'67` M'5/OS@_=$I3B_1PR*1G0/:4T%))=5]/%Y+IYY,@XMP4BUPTHTN"*RABNYFNRY&H#*6H_K!0.'@//P-E&)2C]3Z"CWRGL5+<;5>T78(U'#IZ*GV`^?I*-7 M4/JI47-32=&#&G&-UM`-K7!8DX4S8#7/_OA*D8AX3N03)[A%-ZM_27C*4]&<_WTA'&T2H.%#$V$+MKI$B/% MY/H"B]IO=(N]2+2U16BI!Z\@2W+R"Z7=O^OY8NC!,_-3G('T)@<3*&:&3U_B MIW6*EN=3I!Q2SO8GSZ,X+$EPY M^SJ.T+0F9;WGQR#]HUNFA')*20ZB!_FUO][O[69);R+LU,;::.&(CH=-]'PW MSI-R.\Z\)`O\8(N19Y#![J&%JI]+4QR=BH,61C/_"[,(4ZLDM]6"%5X2Z14( MXR]HA=`A(SL?O:-3#JIJ0TT,TU%E,9FZ(:*%LY170&H MD@"X73]YZ)%,]&Y$]>L=5-9"U2KC!'Z'>4#Q34XC4U*0:T:YZ MZ%2WUAS5ME25[=Q?6+@,"_*!$^\XL3Y:*6M-5%T^^-<@6Y?3QJ)1H+=^:N$) MES"?_VNTTO+U:;I-P(Z^I%I_-W%:-+2J:%4OE]IH,EWB0*E#N8ERL"@/9X;W M'5Y\D(+&^4/EC-A8SRN1#7BJ>^7`BD5:/"+=C.!:FE!J^LKSYRFFIZ]S.IGA MHXA5W:M"2`/RTMP+4>7-<@7,P:KYOCJ%-^F!C%2@]:`HR!"!Z[\;HXX)<[.% MX0J^\+1@V!\)#4W3BVN\,?4%6FLK*.>HS_3VIJDO3SUXJ]16NWBS]2*L8<*# M8Y'[67DT"#(H/>0I82"\1!4&/24<'NIG[K5"48][2F@\"1ZV\F.:KP1?>J%2 M]-AKX2-LU$?G\\P=P3B'&00;2JQEF5'LE(6_A!N2:L@5[FX7;X6G=__+BM9" MXY3GE3.<7;SOZ<(^UKV,+\TT;1PSW(8XX`#JO#S1J=/0-+U/$-S4\W&=QJM= M\R],*4-X`"UZ\<':GBYO/7^]5Z+04097P-3W<1(7V9,N.X06NN=YE*[A`31' M]JV#FX9A#!+I9F+=S//M-L1VNE;J";Q%*\6VH\SB=\J_)`'*M)FA#)M_`D_5 M$WFTSYO&MG[*7%1FX92NT32XECWQ!/\*Y((_>%U,IK8)9X3L<\J%#H5]6MNW M;B;R-NHL5)S&CE3G8S3O;H?.-FB9$^@3UDZ`Y0=GUYL>)/ MF@#18C[.#1_*P2[L4:XWI)MOIPKB1<@RJ:\]1X\J:62DUM.W;A9,D4%-/'-H MC]IW9WUJ2>8NU:BY68A0/CZP?4,RHN_SUY>CF8=9QKK<> M/VWZMEU?+P1'?A.+@_C%>EVX65F2AT8[*K:^\AU%@QV2L+^]*'DH]6)QLZ"2 M*#R=!*]ZW9PW,*2Z"34V;I9Q%%XTS-S06@!TL\RWR@KJ5"BI01JW&;-L2@W4 MF=QC+/L:%57G)4$-@7`T(%6"RD:\18+NFHBKA$C70IK[]VT_E,4O"($-9QNED77%G':/`=ZE(=T_?V80?`6#Z!T_0690>`E5JQS_4F9(R]4 M:D2HZV_)#(+S\6+T7'^Y1NOTR!4'Z_>XS3E"*Y0YZ_I#-P.L6%[!0->?OCDB MI-Q:AZZ_BW-DN8.7A>/Z6SKZES:CM&&_9W7.#$QB8*NX/*;T],Z902Q7JLCU M]WGT0WM8W_AXS_0X@.#>^D"MN5W#.>I>8@M2K+Q;C>NH>,EM=+E2[#7.HR8F MAG/OI[EJR$=-37!IB[Y)5$,[*F:"JUD,S\M1\Q+#4SI!OH9XU,=4;`G[NEXU MD*/6):AU290-K=$=%2_A94HK9UF#.>I@6H8BG(`F51[AK%49M2C?B6, ML.R#8S7(HX8E?H]Q*H;7H([:%K7N:2>AN$B3J+![-V8U"(*G5EBHPGG,'A'% MF5H,K(+RA6.?QUQ'/@0:*@5>T'784F75G"\=EX'69(3BBJY:N7C M`M)^@:U.[G15.^<"'OVU-!_B:@6A1O^31F9!UN?6V?O#&CS=O,^]K',6;74'@39#Z M88S,X0V8B/@WE_$T0JC%$?+\8G5D@<+"%_"'%`IW"[1XYWMO.W)IP@\#I-"\ MTE'5OIU.KK0Z:["9R)F>)$D$DMC5/,7A?$IGI6Q1H9J.^CSQ'`2%0?H3QH M(=9G6,KHSR[SN@Q*%YXC&:J*#H/2=!,D0&X.RQY:J"K&4C]RI/J;V,$%@4*' M#K&I>9K9QPZYK0FJX30GP$O!#2C^WUVX]`>-Q?IJ6?%B:Y5UMDJ.8.0U9FRK M7,V@MZD= M<=[0$NQ\2J^E0AZ*?`$.Z_K&'U]6(P]NPLHC)7_7=F6.J*>6V?=#8?F(<$[0 MPDZKF%Z\NO'.4GEYYP=8J=^HY=HY"9>D<*J65==&[BF&YYS%\*D)P/NU)Z2DO9@5\M#Z(!2RG"J5ACB9(Y'=2CEM<=^M2#L/2C5M*$FAA0;CNL% M?-4!HSEA7*_)JXX8V3FA5GGW%$ZW_HB1C#']*NC:?X1I-WS03[EN\>@'<@5:WK,)_O"*XUD2&WBZ74$Y-&8&AQ0L\G%<'X!\.CQ"=D:'[ M.><^?M`-2I`=0E^\8A^JY0;0&/'4AVC)$;10+?HU5MR*]!A'B+R^`GLZB,Z>M"4%B!=-23H@5,L"4DE/[J?;VKLN!+2CRD^2Z'W\@H`4,L(ZY^85D/1H^ MG8!AQU[3[05.-SK8L3=PA=&AZS.N>N)[+9S#*&DIC_HI^'_ET"$:EH[W#*QI M'T$*DA<`;[&F`V">;S9>LD,7'NG/DC9_3=F5U:-%;--8MYT)RXK?[LTSF6Q!WB$%K]&9;4Y2U7+T*>&R35^7BA#S\>_'P"7UO"GALT,W16( M]'0(:)JCGP8RE>N^^+,^3`['/44TM)\ME.%/`QMZ6KG:6&?)M?P-2_%X2W^\ M\9OI<@I_%42K*R_$%JG#IP!:CO)AOF0?"JU2J(,A4'S%2-6%^CDRM@F2LM[% M^QNNO=!X8R6=1O7;*Q2^1'I:Q5%+393DJ=77=,S&?;2,DPW6ON&BFB7Q%B39 M[MI+&*G]#]E34AXY(P`GBNQ=@S:`K_GE-\1'U;JC* M[Y(B(SJM3,PL>O2HL.R%8?P%(8?P*:U':;NX\,&L"'6UCZ>Z?KL"5_O.)EU< M5(M:'08P@`CC>CUDG?8BVCM#_6PNKGH:;9Z!EF7'56_FT!,@H22XGM2LVWK4 MA/F84K"K_MD3F"<):;I7[O4V1J^UO9SQ1&DP?/=S1]M[GAW!7DA]K%%BV2N$ M7,,-&,3H-84D&Z$7M8$Y'95M9IE+>!)Z!76/ZUWOH>]^5KCU$T+22HZ7.SY. M!L$_V:^>9G%&W48VARU:<".W?3ANE]VT4O1L+W0%S?CL%CKUJ5!1([ZS#]\? M`>M!=Y+[#[7*^,X:(?U=[Z#K.5ER#CGQ4^#X3W7:&/,_62R"@LB&,7&,]!]C M1L:8D:/&C-@6"6#2W:!PCT$UYCFV_28[!N"*?C@%LX8DY&8O/_2^<0[/JMW$ M]U'U12AT8E%@E8?XRV=X#Y+CSPA`S=#H`12>T-/0U9O3^7,:+`(O"4"Z[W+M M;>%DA!#8>9YLPSR]`:F?!'@=D*+8!ON6?4A\#*)@DV\>P;_R`%6EQ"5`!\>$ M_-7!T1$F:`82'^W]%3'(7?\6[KD^3 M#TSFDCF#$!=Q=$CKZI@!)J;]_B&JV3CSDFS7?/S'&H_'50[G%FIZ1.V"TLA( MI1[@I0![C9!OCE/BCMC6!-4?O=_QZIROX4XJ'K=F`DUO;[A"#(*20O-A*R.4 MEM[96>A%&9SYVW_EP191=<73)D1Z6L41HHJIVXGT-*/GU4Q6`?`%8C`,LC0"K/&['H#*8K`HB(-"DN0$$0A2ADX^&,,;TF0 M!0FVHN,VPL$*VC]C0B$NZ;R.HRP)GO.L9*&!D^8:-7Z>Q%)J(8!:T"3A^50>Z=YCO;!VG6=QP+\N7O^>"J5X3L.BDM0 MZ+3E6JL)025\[J,R6O0ZWFSB:)[%_A^4HTB@HY;,B:O$?P0I;(TAFF^!'WAA MD&8H:X`>8"G0R\2%<)6G<).DZ<2'JR#%^.$?$\#V$/'[V<(-W8A/:VV"\NO0 M2]/I$B]3GGN(W-8@U;]Z"=03LFGR&*S6V>U7>(L%*9@E@0_V?TS+OU+?@U(; MRQJN/^5H#\-9`7Z>X+BF:R\,X2VV.R1:AG^)4:U!8IIG:>9%R!T@PVJSFQ%> MZGN"&5_1;6>86NQ=2"=YMH92QI_4I$-6#RLX$%@WK"Z&>?@E1LDN[!U.:6U& M$4R"%P\5>,:B+Q2AN4$AS"YF>;B/H!J0(_W@,4C_8%SYS"XF>"B%;[8)YJ"1 M.3KA"M[&$<2,N5#(;ED*)++!V"1WD$E^CY-(EBV)[U^=GB@/ZG]9>-,5FC?13'+U`51J;4*OFR,]D$7\HFJF0'V1=KL;XZU`F6DEZ;8SZ6X2MG+OLUQ% MC/Q[!]&EFQ$E'&MZ._Z7"[#K06),"WX3*Z;ISG7'KS!*/-7=]8!7]>74LJ.Z M'H@O#-,1U5W78_N%,1=QY;O^E*3*/F[[$GH]X^@40EQO8[_W%AV":@#S4Z]G M%9W"5E!-[_4JXDG40]<#&<4"T.M90Z?6VS&-HZZ^6JB@?W!=;JX^*JCG8I8) MB.KU/*#S2/(#ZEQ][*_7KNVZEGL]SN<23!)^E!JS,]<^Q*WZ-61N:B$BL6,= MY-H^@QHB-Y4)D="T=JX*"U+73>?D(#AR*C\AW.8\X*'$WE%,2-V-IJ"$G@`V M`G%8Q$J2Y#"(,\JY%X*+?8R=44J]$%I4?VD%U.4(%$OF097567.XZ?I"(ZC):WX)DB`#QLWS>'T=&)&:R.I M./7+-LOFZBUKR5S':99B%)\;-FI>Z=">@QI)DRGKQ__CAC[%&?_!-DC\.-5A`)>"F,#+O>&?X7:T3)ICTR$4SC7(Q6=#H,] MC@TYEQZCZ`L&@]+;FRFH_A6]W\8IHMYL8X3*XI4Y-I6M-EINH>DF"IYS%.4* MSU*H]Z&**?1;B-':2&(9_/PG;\.LU=YL8I)&=OWU=B,C);*1=YE5`7O_=V/4 M,?=&LX7A!$%E_[U@.F'/\:U,^**1C/_S"[Q%]PX8FA2D]1/&,'KF,_#,8J!P M$5/?Z1[V6R>ULJ"B'139'C=0N]"]J`Y&/ZGU5-->;`?=:Z@S_DFMFX[36->2 M>3!:VDF9['W<3Q%,\.(%(;IFH-:(X]!TH\3[W$EA1PS8^Y#$J?;%Q?C2Z2-V M$.*(_XB.W3LO2'"\QE'0Y%.A16/K2S2ZO%'1["),"NT=XBD_[+>L7'-4N;FV M=4<+(7UND$]9A!DF$KU>N0;3B*V7R8Q@)X=/7^*>'-8CF."PE-89NGVSA4$* MF5NJW<:D4Y?H'=,3P,\Z:%R/>M+C4J($D?4UR;@./LF2VHJS/K/%2+[E]]4B M6%9SUW,;.H;BUELB33NMZXN$8)1NO0;7]NBXGK/!0Z/MA7,]9EZ[.X!T&I]? M$*M^+!O'V3G%M^H'LJ5FG%,$K'XH#S2,"LQO1C`5P-1AZ#^#2&5M[A!*@HIH MB*;K!;&&`7HX[XWK=;<&G`\]OE?7*WI9MB&(`2>N5_C2.P<#NZEU+I7BRNGD"R829< M#O-!9U;C+S'CB=#UZPO(M0KN&78^I.)%I:;[9>,ENNFP4(BVG[RENF#I'J\()6A7&0A:N8/?;Y6FA-Y8!T?=L MX2!X=;\SHB7QG1/=CPT^V(_H#8TB\^LCL@-]_417[2]%/`\*G2Y-$3'Z52.0 M>M#-+_QY-[$UL)Q[$F7E//">.-T_\B?VRJD:[GJ).$F<99Z2'09D"0J,(*SP MTC$9*/F!1F.6\!/F"KZ0;8%_YB79:%?4H,B.KA#I:>CSBKJ49^.'`N4(K!"I M9X?S`/IN/V]&U]-.3_:,:PL("EDPHX!@R(+G>BZJ13,F7II()>-TE!.&<+OWRT^5/M7, MQ@@UWOV&F(`0GR>3-`40?@U/%I.??[A*_$=X8,5%%9`Y/,0"+PQ2)+;Y](?[ M!'J9L)Y>$5Y01S\F@/V^`K^?+=S0B^[36EM">?$2>15;GA9FJ&F""_7MU>CJ M*"C^*LZHRN"6X/+`>?Z)V<4D#_"L?PZBLJI#E`;PG,;_0%FC:7%(TS*]I(:P MG$?BTH/R8+7V^D/`_8*69X`(!)5%;J;+CU[R!\CP[BF/1>+K/K)#6#*SO)A5 M9A=U'E+@OUG%+V_3;)L@^M_CGQ#=[QMTH]_]]O/]`6G5;XT\0%M*A$]Q.9$5 M/B#%946NO71-625*0YA]?)5P_*97N\:_Q-Y8%1S&"*]@A2;C`XA7B;==![X7 MLM^BHK8WXR^'2LLA/0PIB=Y>RRGZWV"[WB6->44:D1?MZ)(TIX=)35%8FMY7 M:1%1)GI9XT_`XB&/&F_1N&YVY>@Y35.#`+BNU[\1T2%:CWM(W=>NI_O*HJ=5 M$W`]9$45W+YF`M?3;T5Q55/D7,^3'7#+OW<_[D-$828_DBBJ.KE^8:LJDSRY MY]P>ZU)'CZ$DGM$;75I77^,$/8/'C'@F$@36WE+G?`U]GLFEM?7HT!WOW#?A MUOT49P#J7'?PSHR0%62/6CI-5EX4_+D7+.(P6!3S%RUF#8JF2T+GVEO\!`F\ M"F/_#Q/%(7KQP+&WZQG;A#%2^\P.`!#I,R9/$ZTKJ7GRZ)^,X]E&W#ZP9G`` M/P"IB8/KRDN#=+J<^'Z<1_A-+D3,KO@O;^,)=C9Q]'P"7QID)7!>\\@O9D"& M0^EA3NZ8=?;RF>?/*?A7#NFX?9&==K&^3EX3H@>"ZX;QP0"6/YE<-Y,/!K7@ M$7`\<[E=6/-^`9O*:0`;+P`,Z!G\/1$=+1XAHDF1<@QPM* MA"HBXBTQA#1X*3GIT,_>R1(#F-C9@\T5%PV]GS-Y>LBOD>9I,MP,C.>/7D2Q M_\2(5:.9.C7W0E!3S]MP(CW-GCOW$9Q;B8/CL+WA4_,Z]-(42@-@<;6#PC[> MYKD7?O0RA/,.%<3&ZT;B9)0?TC`&3MZ,M6/U$7CX,;`/\(QXB--4:#Z%NYOE M[7.4E.0ATJ918U(DV10?Z73O:J%SV'5+4C\(Q;>5ZV8B;6*CPA7D>D2E+FP[ MPHGKP92Z-K?$O7*\"$N[U)3].RD?@8?TC&*];7-K;!][`FMZ>#(=LXL)24<. M9`Y30F.8W+TB,];3[7C3M+XBU(LMTL1+Z:0I;9HK]8,L97X_(Y4# M9-"69,RVFU9XYEJIFE(`C9N6CY*YR_9,MJ[RAG5QFXZ;,[WUD@@*&.D,)#C- MU.CU>4@,9^M1FYO8<70@Q8BW8W_Q9J"YK1@AWR$WBN^^NFY+,(:&_5RTJS MVISUWLAKZ:*TD1>M<',PM.,J69:`R#C3QOEKBF2#0PUV:]!YFMA0#46$6[%#K!&:C';_$ M8GW<8C;Y$4Y_H]5VA.JHA[25SYI$BP>HYP1A$2,K9W61&^V$MJZ4=D1JB:B1"28VM5ZR)#,X;A(;KK7;Y1+X68JB_&NR1,Y_@8XGJJ#U ML0+75\;$SX(77$*YNBAV=W'R.=IZ`0ZUQ@F-Z(?)XO>\B+A&3Q=&*>?^'>PS MUA\C(DO5_9P>!E##K<#CI?C8=58W@;O+,R@O%M:1*Q"!98#%P`+/Z]`+-K;D M`YR6^*,!8S)[&@:V=JOK!.]15SS M@\*0UF_K?H"=ZX9&/^5P">_J:D\0ID>PRL/BO02]$1\2GR.)\.*]QR@/?5$> M,I-VKOOH.MYL@B('&!TS,48)1*AJFB42KA"%G)4K-X:)/2@Y#SW8M$/B59K5 MYK4I"]BY;O!I!GLV_!>6[&HZ6;QBT?R.1NIC"\`LRY`=.U5\IEHO`8C@<:Y[ M\A%``00L9EZ2[?#+9A!$)(]8LC=IY'%V)K>;&8>;.-1R;-FV3T5GK>VMDT#G M7'?K#&K:1:%P?*C-8H@GR(*BY$1E0+)DZZ)7C"&Y567SQSV=,J*R\`A&LF)5 M9X/,KO)PAH5GV5ENY=(J0WBN1\`\@^ROXQ!RGQ:UMU!;2_9\01`O)[#=R(AE M6!A$BAE8N+_1;#_B;+1?QA3&X5SW6PW&=-D\[$IY!4>I5UF12'PI7ULWN0N% M27YNDLS9M3T'-;'+^TY=3R`HHYH\$?2LC%;Z1E^,QW-%"3B#^5;CZ7+@+*VG MJ4DZOENGVT+Q+6.B)$/V!8]RHB9?O&31)!N5IRO.O33--\7OE+'I\1&W MSF+=,^!Z5.-Q9D#V3#C7H,>K\I5YB- M9G8QN9=%>&F]^RDXIX;%TY_>(LK1^0/_\?\!4$L#!!0````(`$J"9D?-N95@ MEA8``!T(`0`1`!P`:')T9RTR,#$U,#DS,"YX#PZ,#1)@7^I1-/A]\N^^=WI]?7Q_\_>>__N73__1ZZ.X.782, MD2`@2_2;1P+"L23H`3^'+)PMT;TW)3/\(WK$@O@H9.BWL[L;='PX0&@JY?QC MO__T]'3(N9\*.?3"61_U>FD%O\:J?$3O#X^/#]\:)7=AQ'QX;CPZYP1+H$8^ M*/$1'1\-WO4&@][1^X?!3Q_?'7\\?O]/DSJ<+SF=3"5ZX_T`Q$?O>L!Q@NX. M[PX-J_X7W8=,`/5LCMD2G08!NE-<`MT10?B"^(>)4*&-1=""3'P^,.Q[.CD, M^:0/50SZO]W>Q(UR\->_H)CVX_,C#VB.0SU)>4[ZE`F)F4<,EH"R/RP^+C6H(]&;8#Q?T8^Q>-3424%?-^[1H'U8A07$BF;E;>!+WE?5]8&H!U0@S3-9 MM_,5>!2-+U=L9G._Z\>%!K4'X)1\F2<7Q#NA%RE5,?,OF:1R>0WB^4Q7>H"H__G`2K%2)%7% M)V/*J%9Y<#1`/92RFS]!%(IE(4/8I_ZZA'7A$4P40_:S_NWAP(L"S7@#?R?, M"86-<FV6:^Y&GJD=TYZAXTUJ`:CJ\H@Q&?XF`4"JW.-^8%6`@- MG=ZU[F:*\DQ-K,.YFG:!2,3NO`-AO^]`F-WS)^#N525(S:?,)TS-\_!+A`%5 ML["/SG"@YBYT/R5$B@X`^P7`",/\(*=$4FB[G:)!2]X"B;=U(('>Y)3^H8.( M(T2N86$^(]=,1%PUI_;7'5D0%I%RS]L8[(Y]Y^;8%8E`X1C%U>F98`C>Y7H- MSOY^"CUF&@8^[(XN_QW!)'O*?-W&N2:.6[@< M"]5$V-'QO@XZ[F7H_9$H\'\H5J$#P[[!X#`_5)>W!1X_[0,>W:Q1$R[G6$RO M@O!)7#.?`L1H3K'6@U9V_FMGOV[;IG4T$()"$M MJG-H/8?>$9I&&F&E/:/1#!YY9$'5)%VW4U<6:G?_NW7W&_)16@%2-="%JJ'# M0CTL7)`QX9SX>MF]//5@Q(S/'LY#(;/%_<`)`\["[+Y_O^[[5&Z\.5@B0S+2 MHCOOU]TLJ%#A`WZNO^"W"+![^:?BHET?.X"P;O>W@Z&]]O#MZL"_68;HSG_U M_'<#TR4-8)=\%?*K2$*[QD/>&6&@L%1;YF]LCJE_'F`ZJ[T5VT$U=FP48GM) M2AX:AQS%HM%-"-O]KJ?7C>_!KTB&?)G%SL!K=V22-$_5&)^[.*OGCXMQOE2R M&>53NS-#>`>">B`X#VY5#`MU(U+F(J?UAT:*HJT@Z$0F#.D:PSDY'7&#([']==V`7JT'6$N5P^P!)+8$^/G/6W MZ^[R[#XOA.`2T4C+1J;PSODU([`JL4,?P^K^-((M+R>2QB'T=,U6.QI;5[@= M%L7XW6P>A$M"4"(3J?!OAXBZJ[\L"2<^5E.T=2'@+LWN\T+0+A;6.;EF;&[5 ME,.QRO""CJJ-2P98'?G2@7"=WC/"2\U5S?4OK<,.B$(D3R.MIV4AL[H.(O4@ MH`CIJB+6#HQ#8M.0==:#85P)2!01LDV%W M=R&N64Q&ZKS\G3)1*CB]HD@[!@IQSJU9*1TD]IB>4FDUN56,W?6%6*:9JM)Y M>0\Y*Q6\:V&W>]6:8M@Y];4362I`8&>5V0%3B&9N3&KIX/.ZH>\J:X2=U&0' M3B$JNBD,WN'&[=ZD55OJ&.!P;$8`3WU?ZX6#XFU*U?GLCG6,2?90)MR\=`F] MN2`2T^X=>5=W&Y$X=5>?'P70:T]G(9?T/W%?A:%^%0I2]ZJD]%FT,%67U=T#:!9"^$GE'<*!:_PN&I6`\EY\M M;_&_0IYQG,.\,`GYT@E(565:@?2V$)/<#"05>$IK1KIJ]":N_`?TN$2Z?A-, MJ08=E%YA3#I;JD1(CCT9X>`62_78#5\[J<@..MO;U;L9O0"/AEHHU:N#X@N@ M&,UFF"_U`)0]-N^=JLYFATDA1KH&DUAR.C090$BO&^N<7=?9IQ/*)L/Q%P[C M^S?&DU$_(XC'?8O;'078`5`(D.8!H.M0[M>UH*P:$POI]KG#0B4L&*/^:HMK M'$MFT\46PG6([$RN'3F%^*K+46M^YG$ZG.U0M4M4.6VT:\FPHZ40MW5#2[<% MWPDHTH-N\Q0=)O1L*"@C6$=%/2%V6!2BL[8C^?S@44[906,WT'`:)RKQVH%0 MB+;:@="-"SMQ_GJ"1=:758`[2E-"58#4`R=?T""2Q+\RA.WI72*P^CO@X<]5<>5=<9=;I\R7OQ MV:HBU^-IU^-WX=1LHV"F!!K7#PR9V9U7M]J;E]H;;[DE'V51$6D+,O98J1U> MA9AI'E[F/L8L,55#>A%A#CM5OAZC3Y.[A<<+`'LY'A-/.7TC=.*DPOA01,TV M\./4_U<4'Y92OPFQU^OM"I'7SU7.=]W?E_?0> MM^3E*O5*O9/CG?GL/B]$4DOOE>O_":I3L*%G=@P?O(% M9DV80QUAX"+)CHI"(-.&BJPZE-:'H$*4U(B2*CN<[`0GJP"-T063)=9#J%GB M=G?#BK,T.UX*<40+7HRPCSF*I,M$&<;,"7PZU%1$C9&-,!RG5SLF9Z,N4TME M?CLR"A%!^^63W2P#C]4_C]!U[L@8/>LG$H@^'P@*RVIRD#S#W%/\.9`\G1R& M?-(??/CPH:^I^O,XSQ+VVOU4;"J@P/W\R`/-?WQT=!+C:JW]$JU2"5-.QB"! MRTGO^&CP[NC#R='OP''X/`M2$DFEJN4\DX.4(/$CPD%PT&^NY7DW.A@.#"6& M7ZS$M,3N`#^2P-%DH"TQ^49):(FUZ]WV?^G@^5TD%^F_X MB[$PIHX?@.DAEXCA&1%S[-D4ITQ(=0YW@(0W)3-\$WI:D(5%_=5+^7KJ46]P MW#L9'#X+/U&QB@992U?3(.6KJL$8BT)JMZ<_B2]Y64/@M9CT4SF*0]MU8Q.;_&C*I9/JAF&;Q_B2;U MM*BG@NGD=_HO7SJC(F50E;ZK#(25.U^.`_6D*@RT6$&\PTFXZ.M##+Y44D]< MU"GC2__H94)J*!)Q3IBG);ZMI(G)N/JKEXFIKHM/:&4U4A[UXT65DV=OZHR. M`I/^]2)$4/W^;&5`&&S)[Q?!@6'JZ<%R4$6)C"O^V'+:TEF:C]P@/"CT%1O.T=@JU;C!KM14[#Q>$P^Y3;0F] MD/GG6&+0,)Q/% MAI?LW,LIF;S5&1L5VL8?DV]7V9[*5DKN@EC47QM0I+1 M=D<6A$4Y(S>2M,)`%>)5=T\D[MF2AVC:795S?\CVR>-NF\-NRS73BRB_V!BN M?*UHB@6F6L95R.]Q0+(+A.*O2$9A9%Q>H@P>A7'P[^&)!`MR"U13,>0W(9NH ML2X9"I(F\KQH%NFP\#4S+BXQF_1UZF]%I]W8-.KC'&$+B3]IV\0;OY>V4+F4=N_G*XXVS1Q)RCXQD&A@6&6E,KT( MSRB;E%D3:[CGZ>.,>W=$R#`6>3\GZH9%*O3'E6[)[)%PTR@'XL11(5.^\L,9 M`/CUC"M^^CC!U'`.-L2LP)BSD/DW M>$GXZ2.H?C7UQ@4H6ZF:A.&^+5.,BKRM6&R MUR95/L6HQ-6*M>'Y%+,)*+U^>4;)TF`[:8/6!QN5C<^A7,Q**5OM1XU8!VL3 MNE;;>@%+&B?$IH3ML):J4`X3&Z:'@*'Z9A)##S[U7N@B2$%2VJQM=0DVUF-5;ULYK>76Z^$V,;0EKE-F5^5:<$6YM@G;P5ANL-1HU( M2U7&-H1:8ILJQUJJL;6G(4)NW"U07&_;B)JT;KD(/?TI*_6!'";UEPI6+ZR7 M!(_6RAIE&?"B">CI[KQDGITKH47K=A"V"2C=';3*>Q!C*]`%A,O MK%19D@4&BM>;-;62ER4W\VV8HC[);D?JH"S]8(FX0KV+@`&02Y(_/\U M._47YD?D##L<:%OAJ&OF1VI=CP.83&^I\`B(9"0L.2#:3MHL9U()JHZBQX!Z MP_&8\/CV<)AS%NK5Y@![I'07496Q64:[A2E*MH/561NT-=3SKS@C0?BDIN." M3S>4-\EU:7QMN?KBP7F`Z4PY(OE1=,7JR7`\A$?@@;-XB+BAC"A+S!%K7Q4T M"0:[-/%!*;.O]DN$?^>V\^7'Z5)EE4:/VGL;6C'$\?G5-X;'8S!9;*SN-P7K5:GCJ;-;N3- M.M&[#4%S6%&K_FC?XVVE;-)\:"HK?B&!G[S4H5X5R[U-M\'`+3PM.+C\2NJ< M5U7B:D,7!H.,?JA_IA\;3/9:ZP>WSAPM,;_\VWVIJ<72-LR]U9.E6IDF]352 M.JF/AW.B`OF@;QK\-&-5=K*F!*M2+<\B&OBPB!$E%AAE)@PI>&A"^*N]:I>J MMQH:]=?2U8OLA>SS[:1--"PWRHG5FY!JYDL&AA(379A>:NQ>$)@,[_D-25EA MDUPUA%V21ZXBSH!/9T&J`^MY:1#*@;9)P]QPQNACI%[>A&=TH8)DQ0'<1M0H M8\2"HO MGL((J(7"@NB!J`MV81G[$((W9UA]CCS.]M$O3YN@KL6=LUX_>SWW&UN7=$D/ M-I$%57*SCY<\D&=Y%H3>'SG;J[+FAC&9/G]-XZ6:'$(69_8,QY?8FZXBK_K& M1)CBO>1&<)*SO2)G*X[G[KTI\:.`J*T!S)DZO:T8B-ZRS]?!YC*\[$5ZTR"E M^WCQLV0J;6BBZAB-\Y"4,H64__U5T:Q08W)/ M1W);\%7$_,(J:3-)DU9,6S\L7=I;*C`UKA,4=1^I^F&3(8RM[CU(IC[%'+:[ M*Y9S/*=2'_K?1WP>1.*""(]3X[MNFYIG1U6XK4U:V)"WE*G5Z!V)TY(*";'? MH[(V!`MM[>!L<.F543N7W*!]Q$K_KT2_M`$;[W!&-N"FK$W<^-JQCE)9P]=" M1,2_B-0($D^P\?I_0TIQFGFPM:-' M1$Q,*2.JMY/K[(*NV1RS8O#+B;I)*[R'*2?I!:+V4_&ME$TR2W^$Y8D#03$1 MO:2L6:KGSBF+!R^;"%K1G=:47[_DI[RXC985KO394-Y&V\K"J:VX6\LE4).S MR86\#=D1IB4E`V*QL%$CXOT7]4(4T^&@B?K"879C;=$8!^(F&?`Q0````( M`$J"9D>N#=?0UCH!`#2Q$P`1`!@```````$```"D@0````!H`Q0````(`$J" M9D=?%0&[FQD``/R4`0`5`!@```````$```"D@2$[`0!H`L``00E#@``!#D!``!02P$"'@,4````"`!* M@F9'LRM0L98K```:YP(`%0`8```````!````I($+50$`:')T9RTR,#$U,#DS M,%]D968N>&UL550%``,;&3U6=7@+``$$)0X```0Y`0``4$L!`AX#%`````@` M2H)F1S[Z;VQ/DP``8OH'`!4`&````````0```*2!\(`!`&AR=&`Q0````( M`$J"9D?.?U6\5DD``-.A!0`5`!@```````$```"D@8X4`@!H`L``00E#@``!#D!``!02P$"'@,4```` M"`!*@F9'S;F58)86```="`$`$0`8```````!````I($S7@(`:')T9RTR,#$U M,#DS,"YX`L``00E#@``!#D!``!02P4&``````8`!@`: )`@``%'4"```` ` end XML 55 R1.htm IDEA: XBRL DOCUMENT v3.3.0.814
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2015
Nov. 02, 2015
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2015  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q3  
Trading Symbol HRTG  
Entity Registrant Name HERITAGE INSURANCE HOLDINGS, INC.  
Entity Central Index Key 0001598665  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Common Stock, Shares Outstanding   30,285,410

XML 56 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
Reserve for Unpaid Losses
9 Months Ended
Sep. 30, 2015
Insurance [Abstract]  
Reserve for Unpaid Losses

NOTE 11. RESERVE FOR UNPAID LOSSES

        The Company determines the reserve for unpaid losses on an individual-case basis for all incidents reported. The liability also includes amounts which are commonly referred to as incurred but not reported, or “IBNR”, claims as of the balance sheet date.

The table below summarizes the activity related to the Company’s reserve for unpaid losses:

 

     Three Month Ended September 30,     Nine Months Ended September 30,  
     2015     2014     2015     2014  
     (In thousands)  

Balance, beginning of period

   $ 61,846      $ 34,533      $ 51,469      $ 19,344   

Less: reinsurance recoverable on paid losses

     —          783        —          783   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net balance, beginning of period

     61,846        33,750        51,469        18,561   
  

 

 

   

 

 

   

 

 

   

 

 

 

Incurred related to:

        

Current year

     38,258        22,699        109,070        62,281   

Prior years

     (2,467     (385     (6,831     (136
  

 

 

   

 

 

   

 

 

   

 

 

 

Total incurred

     35,791        22,314        102,239        62,145   
  

 

 

   

 

 

   

 

 

   

 

 

 

Paid related to:

        

Current year

     18,721        12,645        55,399        28,971   

Prior years

     4,471        1,454        23,864        9,770   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total paid

     23,192        14,099        79,263        38,741   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net balance, end of period

     74,445        41,965        74,445        41,965   

Plus: reinsurance recoverable on unpaid losses

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance, end of period

   $ 74,445      $ 41,965      $ 74,445      $ 41,965   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

The significant increase in the Company’s reserves for unpaid losses in 2015 from 2014 is primarily due to the increase in policy count.

The Company writes insurance in the state of Florida, which could be exposed to hurricanes or other natural catastrophes. Although the occurrence of a major catastrophe could have a significant effect on our monthly or quarterly results, such an event is unlikely to be so material as to disrupt our overall normal operations. However, the Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter. The Company believes that the reserve for unpaid losses reasonably represents the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date.

The Company’s losses incurred during the three months ended September 30, 2015 reflect a prior year redundancy of $2.5 million associated with management’s best estimate within the actuarial range of loss and LAE reserves being set at the midpoint of the range of loss, versus being set at the high end of the range at December 31, 2014. The Company moved from the high end of the actuarial range to the middle, as the Company has gained more loss experience allowing management to have higher confidence levels in setting its reserves, particularly in commercial residential, which was a new line of business at the end of 2014. Additionally, during the three months ended March 31, 2015, the Company experienced favorable development of losses and LAE reserves for its personal and commercial lines totaling approximately $4.5 million. The Company’s losses incurred related to the prior year reflect a redundancy of $385,000 and $136,000 for the three and nine months ended September 30, 2014, respectively.

XML 57 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Income and Other Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
REVENUE:        
Gross premiums written $ 148,993 $ 86,771 $ 418,558 $ 254,943
Increase in gross unearned premiums (20,759) (6,897) (37,222) (50,084)
Gross premiums earned 128,234 79,874 381,336 204,859
Ceded premiums (45,873) (24,347) (102,640) (62,801)
Net premiums earned 82,361 55,527 278,696 142,058
Net investment income 1,973 1,126 5,696 2,463
Net realized gains 1,946 80 1,827 62
Other revenue 2,964 1,280 7,241 3,847
Total revenue 89,244 58,013 293,460 148,430
EXPENSES:        
Losses and loss adjustment expenses 35,791 22,314 102,239 62,145
Policy acquisition costs 15,512 12,469 40,858 23,326
General and administrative expenses 10,226 7,121 33,366 19,919
Total expenses 61,529 41,904 176,463 105,390
Income before income taxes 27,715 16,109 116,997 43,040
Provision for income taxes 10,902 6,144 44,728 15,620
Net income 16,813 9,965 72,269 27,420
OTHER COMPREHENSIVE INCOME:        
Change in net unrealized (losses) gains on investments (1,168) (139) (6,638) 4,779
Reclassification adjustment for net realized investment gains (1,946) (80) (1,827) (62)
Income tax (expense) benefit related to items of other comprehensive income (loss) 1,201 83 3,265 (1,821)
Total comprehensive income $ 14,900 $ 9,829 $ 67,069 $ 30,316
Weighted average shares outstanding        
Basic 30,177,633 29,794,960 29,952,668 22,807,705
Diluted 30,483,553 29,814,631 30,289,328 24,381,869
Earnings per share        
Basic $ 0.56 $ 0.33 $ 2.41 $ 1.20
Diluted $ 0.55 $ 0.33 $ 2.39 $ 1.12
XML 58 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814
Property and Equipment, Net
9 Months Ended
Sep. 30, 2015
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

NOTE 5. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following at September 30, 2015 and December 31, 2014:

 

     September 30, 2015      December 31, 2014  
     (In thousands)  

Land

   $ 2,582       $ 2,582   

Building

     9,599         9,599   

Computer hardware and software

     2,694         2,155   

Office furniture and equipment

     634         445   

Tenant and leasehold improvements

     3,267         2,812   

Vehicle fleet

     501         421   
  

 

 

    

 

 

 

Total, at cost

     19,277         18,014   

Less: accumulated depreciation and amortization

     1,853         927   
  

 

 

    

 

 

 

Property and equipment, net

   $  17,424       $ 17,087   
  

 

 

    

 

 

 

 

Depreciation and amortization expense for property and equipment was $0.3 million and $0.9 million for the three and nine months ended September 30, 2015, respectively. The Company’s real estate consists of 13 acres of land and two buildings with a gross area of 148,000 square feet. The Company relocated to these facilities during March 2014. These facilities and the related existing tenant lease agreements were acquired in April 2013 for a total purchase price of $9.8 million in cash.

The Company currently leases space to non-affiliates and its subsidiary Heritage P&C, and occupies space in one of the buildings.

XML 59 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

NOTE 4. FAIR VALUE OF FINANCIAL INSTRUMENTS

For the Company’s investments in U.S. government securities that do not have prices in active markets, agency securities, state and municipal government securities, and corporate bonds, the Company obtains the fair values from its custodian, which uses a third-party valuation service, and we evaluate the relevant inputs, assumptions, methodologies and conclusions associated with such valuations. The valuation service calculates prices for the Company’s investments in the aforementioned security types on a month-end basis by using several matrix-pricing methodologies that incorporate inputs from various sources. The model the valuation service uses to price U.S. government securities and securities of states and municipalities incorporates inputs from active market makers and inter-dealer brokers. To price corporate bonds and agency securities, the valuation service calculates non-call yield spreads on all issuers, uses option-adjusted yield spreads to account for any early redemption features, then adds final spreads to the U.S. Treasury curve as of quarter end. The inputs the valuation service uses in its calculations are not quoted prices in active markets, but are observable inputs, and therefore represent Level 2 inputs.

The following tables present information about the Company’s assets measured at fair value on a recurring basis. The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy. For the nine months ended September 30, 2015 and the year ended and December 31, 2014, there were no transfers in or out of Level 1, 2, and 3.

 

September 30, 2015

   Total      Level 1      Level 2      Level 3  
     (In thousands)  

Fixed maturities investments:

           

U.S. government and agency securities

   $ 23,928       $ 20,099       $ 3,829       $ —     

States, municipalities and political subdivisions

     54,296         —           54,296         —     

Special revenue

     170,208         —           170,208         —     

Industrial and miscellaneous

     116,534         —           116,534         —     

Redeemable preferred stocks

     15,344         15,344         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities investments

   $ 380,310       $ 35,443       $ 344,867       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

   $ 350       $ 350       $ —         $ —     

Equity securities

     15,028         15,028         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

   $ 15,378       $ 15,378       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 395,688       $ 50,281       $ 344,867       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

December 31, 2014

   Total      Level 1      Level 2      Level 3  
     (In thousands)  

Fixed maturities investments:

           

U.S. government and agency securities

   $ 7,008       $ 3,211       $ 3,797       $ —     

States, municipalities and political subdivisions

     42,120         —           42,120         —     

Special revenue

     134,381         —           134,381         —     

Industrial and miscellaneous

     106,005         —           106,005         —     

Redeemable preferred stocks

     3,571         3,571         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities investments

   $ 293,085       $ 6,782       $ 286,303       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

   $ 11,678       $ 11,678       $ —         $ —     

Equity securities

     19,547         19,547         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

   $ 31,225       $ 31,225       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 324,310       $ 38,007       $ 286,303       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

The Company acquired a 55% participation in a commercial real estate mortgage loan for $6.1 million in 2013. The underlying $11.5 million loan was originated by unaffiliated lenders, and collateralized by commercial real estate located in Polk County, Florida. The Company records an asset in the amount of its pro rata share of the outstanding principal and carries the investment at amortized cost. The Company receives monthly principal and interest payments and recognizes income when collectible. During the three months ended September 30, 2015, the Company sold its participation in exchange for cash of $6.8 million.

XML 60 R23.htm IDEA: XBRL DOCUMENT v3.3.0.814
Employee Benefit Plan
9 Months Ended
Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plan

NOTE 16. EMPLOYEE BENEFIT PLAN

The Company provides a 401(k) plan for substantially all of its employees. The Company contributes 3% of employees’ salary, up to the maximum allowable contribution, regardless of the employees’ level of participation in the plan. For the three-month periods ended September 30, 2015 and 2014, the Company’s contributions to the plan on behalf of the participating employees were $42,940 and $47,840, respectively. For the nine-month periods ended September 30, 2015 and 2014, the contributions to the plan were $203,100 and $208,000, respectively.

XML 61 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
Statutory Accounting and Regulations
9 Months Ended
Sep. 30, 2015
Text Block [Abstract]  
Statutory Accounting and Regulations

NOTE 12. STATUTORY ACCOUNTING AND REGULATIONS

State laws and regulations, as well as national regulatory agency requirements, govern the operations of all insurers such as our insurance subsidiary. The various laws and regulations require that insurers maintain minimum amounts of statutory surplus and risk-based capital; they restrict insurers’ ability to pay dividends; the Company-specified allowable investment types and investment mixes, and subject the Company’s insurers to assessments.

The Company’s insurance subsidiary, Heritage P&C, must file with the insurance regulatory authorities an “Annual Statement” which reports, among other items, net income and surplus as regards policyholders, which is called stockholder’s equity under GAAP. For the nine months ended September 30, 2015 and 2014, the Company’s insurance subsidiary recorded statutory net income of $34.1 million and $3.4 million, respectively. The Company’s insurance subsidiary is domiciled in Florida, and the laws of that state require that the Company’s insurance subsidiary maintain capital and surplus equal to the greater of $15 million or 10% of its liabilities. The Company’s statutory capital surplus was $200.8 million and $172.7 million at September 30, 2015 and December 31, 2014, respectively. State law also requires the Company’s insurance subsidiary to adhere to prescribed premium-to-capital surplus ratios, with which the Company is in compliance.

In 2014, the Florida legislature passed Senate Bill 1308, which was signed into law by the Governor. Among other things, this bill incorporates the National Association of Insurance Commissioners (“NAIC”) recommendations with regard to expansion of the regulation of insurers to include non-insurance entity affiliates. Specifically, the new law permits the FLOIR to examine affiliated entities within an insurance holding company system in order to ascertain the financial condition of the insurer. The law also provides for certain disclosures with regard to enterprise risk, which are satisfied by the provision of related information filed with the SEC. This legislation was designed to bolster regulation for insurer solvency and governance and became effective January 1, 2015.

XML 62 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814
Deferred Policy Acquisition Costs
9 Months Ended
Sep. 30, 2015
Insurance [Abstract]  
Deferred Policy Acquisition Costs

NOTE 8. DEFERRED POLICY ACQUISITION COSTS

The Company defers certain costs in connection with written policies, called Deferred Policy Acquisition Costs (“DPAC”), net of corresponding amounts of ceded reinsurance commissions, called Deferred Reinsurance Ceding Commissions (“DRCC”). Net DPAC is amortized over the effective period of the related insurance policies.

The Company anticipates that its DPAC costs will be fully recoverable in the near term. The table below depicts the activity with regard to DPAC during the three and nine-month periods ended September 30, 2015 and 2014:

 


    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
    (In thousands)     (In thousands)  

Beginning Balance

  $ 31,948      $ 25,392      $ 24,370      $ 9,765   

Policy acquisition costs deferred

    16,058        12,703        48,982        39,187   

Amortization

    (15,512     (12,469     (40,858     (23,326
 

 

 

   

 

 

   

 

 

   

 

 

 

Ending Balance

  $ 32,494      $ 25,626      $ 32,494      $ 25,626   
 

 

 

   

 

 

   

 

 

   

 

 

XML 63 R60.htm IDEA: XBRL DOCUMENT v3.3.0.814
Employee Benefit Plan - Additional Information (Detail) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]        
Percentage of contribution on employee salary     3.00%  
Contribution for participating employees $ 42,940 $ 47,840 $ 203,100 $ 208,000
XML 64 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Share
9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 6. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS amounts are based on the weighted average number of common shares, including outstanding warrants and the net effect of potentially dilutive common shares outstanding.

The following table sets forth the computation of basic and diluted EPS for the periods indicated.

 

     Three Months Ended September 30,      Nine Months Ended September 30,  
     2015      2014      2015      2014  

Basic earnings per share:

           

Net income attributable to common stockholders (000’s)

   $ 16,813       $ 9,965       $ 72,269       $ 27,420   

Weighted average shares outstanding

     30,177,633         29,794,960         29,952,668         22,807,705   
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per share:

   $ 0.56       $ 0.33       $ 2.41       $ 1.20   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per share:

           

Net income attributable to common stockholders (000’s)

   $ 16,813       $ 9,965       $ 72,269       $ 27,420   

Weighted average shares outstanding

     30,177,633         29,794,960         29,952,668         22,807,705   

Weighted average dilutive shares

     305,920         19,671         336,660         1,574,164   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total weighted average dilutive shares

     30,483,553         29,814,631         30,289,328         24,381,869   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per share:

   $ 0.55       $ 0.33       $ 2.39       $ 1.12   
  

 

 

    

 

 

    

 

 

    

 

 

 
XML 65 R14.htm IDEA: XBRL DOCUMENT v3.3.0.814
Reinsurance Premiums Receivable
9 Months Ended
Sep. 30, 2015
Text Block [Abstract]  
Reinsurance Premiums Receivable

NOTE 7. REINSURANCE PREMIUMS RECEIVABLE

At September 30, 2015, due to the recent depopulation of policies from Citizens, Citizens owed the Company approximately $14.4 million which has been recorded as a reinsurance premiums receivable.

XML 66 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
Income Taxes
9 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 9. INCOME TAXES

During the nine months ended September 30, 2015 and 2014, the Company recorded $44.7 million and $15.6 million of income tax expense which corresponds to an estimated annual effective tax rate of 38.2% and 36.3%, respectively.

The table below summarizes the significant components of our net deferred tax assets/liabilities:

 

     September 30, 2015      December 31, 2014  
     (In thousands)  

Deferred tax assets:

     

Unearned premiums

   $ 14,536       $ 15,567   

Tax-related discount on loss reserve

     1,110         1,022   

Unrealized loss

     2,184         —     

Stock-based compensation

     922         1,258   

Other

     217         545   
  

 

 

    

 

 

 

Total deferred tax assets

     18,969         18,392   
  

 

 

    

 

 

 

Deferred tax liabilities:

     

Deferred acquisition costs

     11,504         9,401   

Unrealized gain

     —           1,081   

Property and equipment, net

     633         633   

Other

     390         655   
  

 

 

    

 

 

 

Total deferred tax liabilities

     12,527         11,770   
  

 

 

    

 

 

 

Net deferred tax asset

   $ 6,442       $ 6,622   
  

 

 

    

 

 

 

In assessing the net realizable value of deferred tax assets, the Company considered whether it is more likely than not that it will not realize some portion or all of the deferred tax assets. The ultimate realization of deferred tax assets depends upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

No taxing authorities are currently examining any of the Company’s 2014, 2013 or 2012 federal or state income tax returns.

As of September 30, 2015 and December 31, 2014 we had no significant uncertain tax positions.

XML 67 R64.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stock-Based Compensation - Summary of Information Related to Stock Option (Detail) - $ / shares
1 Months Ended 3 Months Ended 9 Months Ended
Dec. 02, 2014
Sep. 24, 2014
Sep. 24, 2013
Sep. 24, 2012
Aug. 31, 2015
Jul. 31, 2015
Jun. 30, 2015
May. 31, 2015
Mar. 31, 2015
Sep. 30, 2015
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]                      
Beginning Balance, Shares                 1,685,923 1,685,923  
Granted, Shares 1,326,923 359,000 0 0           0 359,000
Exercised, Shares         (150,000) (60,000) (20,000) (137,500) (12,500) (380,000)  
Ending Balance, Shares                   1,305,923  
Vested and exercisable, Shares                   1,298,102  
Weighted-Average Grant Date Fair Value, Beginning Balance                 $ 3.09 $ 3.09  
Weighted-Average Grant Date Fair Value, Granted         $ 16.89 $ 14.02 $ 14.02 $ 16.89 $ 16.89 0  
Weighted-Average Grant Date Fair Value, Exercised                   15.61  
Weighted-Average Grant Date Fair Value, Ending Balance                   2.86  
Weighted-Average Grant Date Fair Value, Vested and exercisable                   $ 2.86  
Shares Available for Grant, Beginning Balance                 1,295,814 1,295,814  
Shares Available for Grant, Ending Balance                   1,295,814  
XML 68 R63.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stock-Based Compensation - Assumptions Utilized For Options Granted (Detail) - $ / shares
9 Months Ended
Dec. 02, 2014
Sep. 24, 2014
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]      
Weighted-average risk-free interest rate 51.00% 42.00%  
Expected term of option in years 1 year 7 months 6 days 1 year 8 months 12 days  
Weighted-average volatility 35.60% 36.50%  
Dividend yield 0.00% 0.00%  
Weighted average grant date fair value per share $ 3.19 $ 2.70 $ 2.70
XML 69 R34.htm IDEA: XBRL DOCUMENT v3.3.0.814
Reinsurance (Tables)
9 Months Ended
Sep. 30, 2015
Insurance [Abstract]  
Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Income (Loss)

The following table depicts written premiums, earned premiums and losses, showing the effects that the Company’s assumption transactions have on these components of the Company’s consolidated statements of operations and comprehensive income:

 

     Three Months Ended September 30,      Nine Months Ended September 30,  
     2015      2014      2015      2014  
     (In thousands)  

Premium written:

           

Direct

   $ 115,876       $ 81,458       $ 352,162       $ 204,630   

Assumed

     33,117         5,313         66,396         50,313   

Ceded

     (611      (4,517      (183,033      (98,983
  

 

 

    

 

 

    

 

 

    

 

 

 

Net premium written

   $ 148,382       $ 82,254       $ 235,525       $ 155,960   
  

 

 

    

 

 

    

 

 

    

 

 

 

Change in unearned premiums:

           

Direct

   $ (11,996      (23,976    $ (82,979      (67,958

Assumed

     (8,763      17,079         45,757         17,874   

Ceded

     (45,262      (19,830      80,393         36,182   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net decrease (increase)

   $ (66,021    $ (26,727    $ 43,171       $ (13,902
  

 

 

    

 

 

    

 

 

    

 

 

 

Premiums earned:

           

Direct

   $ 103,880       $ 57,482       $ 269,183       $ 136,672   

Assumed

     24,354         22,392         112,153         68,187   

Ceded

     (45,873      (24,347      (102,640      (62,801
  

 

 

    

 

 

    

 

 

    

 

 

 

Net premiums earned

   $ 82,361       $ 55,527       $ 278,696       $ 142,058   
  

 

 

    

 

 

    

 

 

    

 

 

 

Losses and LAE incurred:

           

Direct

   $ 25,266       $ 19,301       $ 68,269       $ 44,015   

Assumed

     10,525         3,013         33,970         18,130   

Ceded

     —           —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Net losses and LAE incurred

   $ 35,791       $ 22,314       $ 102,239       $ 62,145   
  

 

 

    

 

 

    

 

 

    

 

 

 
Effects of Reinsurance Transactions on Unpaid Losses and Loss Adjustment Expenses and Unearned Premiums

The following table highlights the effects that the Company’s assumption transactions have on unpaid losses and loss adjustment expenses and unearned premiums:

 

     September 30, 2015      December 31, 2014  
     (In thousands)  

Unpaid losses and loss adjustment expenses:

     

Direct

   $ 52,208       $ 34,420   

Assumed

     22,237         17,049   
  

 

 

    

 

 

 

Gross unpaid losses and LAE

     74,445         51,469   

Ceded

     —           —     
  

 

 

    

 

 

 

Net unpaid losses and LAE

   $ 74,445       $ 51,469   
  

 

 

    

 

 

 

Unearned premiums:

     

Direct

   $ 238,596       $ 155,617   

Assumed

     39,762         85,519   
  

 

 

    

 

 

 

Gross unearned premiums

     278,358         241,136   

Ceded

     (123,541      (43,148
  

 

 

    

 

 

 

Net unearned premiums

   $ 154,817       $ 197,988   
  

 

 

    

 

 

 
XML 70 R51.htm IDEA: XBRL DOCUMENT v3.3.0.814
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Deferred tax assets:    
Unearned premiums $ 14,536 $ 15,567
Tax-related discount on loss reserve 1,110 1,022
Unrealized loss 2,184  
Stock-based compensation 922 1,258
Other 217 545
Total deferred tax assets 18,969 18,392
Deferred tax liabilities:    
Deferred acquisition costs 11,504 9,401
Unrealized gain   1,081
Property and equipment, net 633 633
Other 390 655
Total deferred tax liabilities 12,527 11,770
Net deferred tax asset $ 6,442 $ 6,622
XML 71 R21.htm IDEA: XBRL DOCUMENT v3.3.0.814
Other Liabilities
9 Months Ended
Sep. 30, 2015
Other Liabilities Disclosure [Abstract]  
Other Liabilities

NOTE 14. OTHER LIABILITIES

At September 30, 2015 and December 31, 2014, other liabilities included approximately $0 and $21.1 million, respectively, for amounts owed to Citizens for policies assumed by the Company, where the policyholder subsequently opted-out of the assumption program.

XML 72 R26.htm IDEA: XBRL DOCUMENT v3.3.0.814
Acquisition of Selected Assets
9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Acquisition of Selected Assets

NOTE 19. ACQUISITION OF SELECTED ASSETS

In July 2015, the Company acquired substantially all of the assets of BRC Restoration Specialists, Inc., (“BRC”) a Florida based provider of restoration services and emergency and recovery assistance. The acquisition will provide for the expansion of our vertical integrated offering to include a full-service construction company that operates throughout Florida.

The Company paid $6.0 million in cash upon closing and 79,850 shares of restricted common stock of the Company’s stock valued at approximately $2.0 million. The Company has engaged in a third party to perform the allocation of the acquired assets and liabilities. The allocation of all acquired assets and liabilities is preliminary at September 30, 2015 with assets and liabilities currently recorded within other assets.

In September 2015, the Company announced that it has entered a definitive agreement to acquire Zephyr Acquisition Company (“ZAC”) and its wholly-owned subsidiary, Zephyr Insurance Company (“Zephyr”), a specialty insurance provider in Hawaii. The acquisition will provide the Company with an immediate presence in Hawaii with Zephyr holding approximately 30% of the wind-only market share in the state. Although there can be no guarantee, the Company is expected to close on the Zephyr acquisition in the fourth quarter of 2015, subject to regulatory and other customary closing conditions, for a purchase price of approximately $120 million.

XML 73 R49.htm IDEA: XBRL DOCUMENT v3.3.0.814
Deferred Policy Acquisition Costs - Summary of Activity in Deferred Policy Acquisition Costs (DPAC) (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Insurance [Abstract]        
Beginning Balance $ 31,948 $ 25,392 $ 24,370 $ 9,765
Policy acquisition costs deferred 16,058 12,703 48,982 39,187
Amortization (15,512) (12,469) (40,858) (23,326)
Ending Balance $ 32,494 $ 25,626 $ 32,494 $ 25,626
XML 74 R41.htm IDEA: XBRL DOCUMENT v3.3.0.814
Investments - Summary of Net Investment Income (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Schedule of Available-for-sale Securities [Line Items]        
Gross investment income $ 2,592 $ 1,287 $ 7,035 $ 3,086
Investment expenses 619 161 1,341 623
Net investment income, less investment expenses 1,973 1,126 5,696 2,463
Fixed Maturity [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Gross investment income 1,936 838 5,254 1,989
Equity Securities [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Gross investment income 439 328 1,292 768
Cash and Cash Equivalents [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Gross investment income 150 50 361 95
Other Investments [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Gross investment income $ 67 $ 71 $ 128 $ 234
XML 75 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Initial Public Offering And Private Placement [Member]
Common Stock [Member]
Common Stock [Member]
Initial Public Offering And Private Placement [Member]
Additional Paid-In Capital [Member]
Additional Paid-In Capital [Member]
Initial Public Offering And Private Placement [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 31, 2013 $ 79,984   $ 1   $ 62,849   $ 17,924 $ (790)
Beginning Balance, Shares at Dec. 31, 2013     14,007,150          
Temporary equity reclassified to equity 20,921       20,921      
Temporary equity reclassified to equity, Shares     2,338,350          
Member tax distribution (1,057)       (1,057)      
Issuance of equity 88 $ 69,470   $ 1 88 $ 69,469    
Issuance of equity, Shares     17,850 6,909,091        
Net unrealized change in investments, net of tax 2,896             2,896
Issuance of common stock to underwriters for overallotment, net of discount fee and direct costs of issuance of $700 9,200       9,200      
Issuance of common stock to underwriters for over allotment, net of discount fee and direct costs of issuance, Shares     900,000          
Exercise of warrants 22,515   $ 1   22,514      
Exercise of warrants, Shares     5,622,519          
Stock-based compensation 40       40      
Net income 27,420           27,420  
Ending balance at Sep. 30, 2014 231,477   $ 3   184,024   45,344 2,106
Ending balance, Shares at Sep. 30, 2014     29,794,960          
Beginning Balance at Dec. 31, 2014 255,089   $ 3   188,342   65,021 1,723
Beginning Balance, Shares at Dec. 31, 2014     29,794,960          
Net unrealized change in investments, net of tax (5,200)             (5,200)
Issuance of restricted common stock in connection with the acquisition of BRC Restoration 2,000       2,000      
Issuance of restricted common stock in connection with the acquisition of BRC Restoration, shares     79,850          
Exercise of stock options and warrants, value 6,369       6,369      
Exercise of stock options and warrants, shares     410,600          
Stock-based compensation 1,873       1,873      
Net income 72,269           72,269  
Ending balance at Sep. 30, 2015 $ 332,400   $ 3   $ 198,584   $ 137,290 $ (3,477)
Ending balance, Shares at Sep. 30, 2015     30,285,410          
XML 76 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814
Investments
9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Investments

NOTE 3. INVESTMENTS

The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at September 30, 2015 and December 31, 2014:

 

     Cost or Adjusted/
Amortized Cost
     Gross Unrealized Gains      Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

September 30, 2015

           

U.S. government and agency securities

   $ 24,066       $ 55       $ 193       $ 23,928   

States, municipalities and political subdivisions

     54,125         288         117         54,296   

Special revenue

     170,809         959         1,560         170,208   

Industrial and miscellaneous

     116,422         539         427         116,534   

Redeemable preferred stocks

     15,470         41         167         15,344   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     380,892         1,882         2,464         380,310   

Nonredeemable preferred stocks

     354         —           4         350   

Equity securities

     20,103         17         5,092         15,028   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     20,457         17         5,096         15,378   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 401,349       $ 1,899       $ 7,560       $ 395,688   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     Cost or Adjusted/
Amortized Cost
     Gross Unrealized Gains      Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

December 31, 2014

           

U.S. government and agency securities

   $ 7,002       $ 22       $ 16       $ 7,008   

States, municipalities and political subdivisions

     41,578         560         18         42,120   

Special revenue

     133,269         1,349         237         134,381   

Industrial and miscellaneous

     105,591         668         254         106,005   

Redeemable preferred stocks

     3,511         84         24         3,571   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     290,951         2,683         549         293,085   

Nonredeemable preferred stocks

     11,494         237         53         11,678   

Equity securities

     19,061         1,525         1,039         19,547   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     30,555         1,762         1,092         31,225   

Mortgage loan participation

     6,849         —           —           6,849   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

   $ 328,355       $ 4,445       $ 1,641       $ 331,159   
  

 

 

    

 

 

    

 

 

    

 

 

 

The Company calculates the gain or loss realized on the sale of investments by comparing the sales price (fair value) to the cost or adjusted/amortized cost of the security sold. The Company determines the cost or adjusted/amortized cost of the security sold using the specific-identification method. The following tables detail the Company’s net realized gains (losses) by major investment category for the three and nine months ended September 30, 2015 and 2014.

 

     2015      2014  
     Gains (Losses)      Fair Value at Sale      Gains (Losses)      Fair Value at Sale  
     (In thousands)  

Three Months Ended September 30,

           

Fixed maturities

   $ 1,200       $ 62,412       $ 87       $ 3,083   

Equity securities

     826         15,949         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized gains

     2,026         78,361         87         3,083   
  

 

 

    

 

 

    

 

 

    

 

 

 

Fixed maturities

     (75      5,948         (2      90   

Equity securities

     (5      328         (5      174   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized losses

     (80      6,276         (7      264   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net realized gain

   $ 1,946       $ 84,637       $ 80       $ 3,347   
  

 

 

    

 

 

    

 

 

    

 

 

 
     2015      2014  
     Gains (Losses)      Fair Value at Sale      Gains (Losses)      Fair Value at Sale  
     (In thousands)  

Nine Months Ended September 30,

           

Fixed maturities

   $ 1,237       $ 66,513       $ 179       $ 6,153   

Equity securities

     716         20,581         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized gains

     1,953         87,094         179         6,153   
  

 

 

    

 

 

    

 

 

    

 

 

 

Fixed maturities

     (116      11,219         (91      2,789   

Equity securities

     (10      2,196         (26      17,991   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total realized losses

     (126      13,415         (117      20,780   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net realized gain

   $ 1,827       $ 100,509       $ 62       $ 26,933   
  

 

 

    

 

 

    

 

 

    

 

 

 

The table below summarizes the Company’s fixed maturities at September 30, 2015 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations.

 

    September 30, 2015  
    Cost or Adjusted/
Amortized Cost
    Percent of Total     Fair Value     Percent of Total  
    (In thousands)           (In thousands)        

Due in one year or less

  $ 35,960        10   $ 35,991        9

Due after one year through five years

    169,301        44     169,047        45

Due after five years through ten years

    90,968        24     90,810        24

Due after ten years

    84,663        22     84,462        22
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 380,892        100   $ 380,310        100
 

 

 

   

 

 

   

 

 

   

 

 

 

 

The following table summarizes the Company’s net investment income by major investment category for the three and nine months ended September 30, 2015 and 2014, respectively:

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
    (In thousands)  

Fixed maturities

  $ 1,936      $ 838      $ 5,254      $ 1,989   

Equity securities

    439        328        1,292        768   

Cash, cash equivalents and short-term investments

    150        50        361        95   

Other investments

    67        71        128        234   
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    2,592        1,287        7,035        3,086   

Investment expenses

    619        161        1,341        623   
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income, less investment expenses

  $ 1,973      $ 1,126      $ 5,696      $ 2,463   
 

 

 

   

 

 

   

 

 

   

 

 

 

During the Company’s quarterly evaluations of its securities for impairment, the Company determined that none of its investments in debt and equity securities that reflected an unrealized loss position were other-than-temporarily impaired. The issuers of the debt securities in which the Company invests continue to make interest payments on a timely basis and have not suffered significant credit rating reductions. The Company does not intend to sell nor is it likely that it would be required to sell the debt securities before the Company recovers its amortized cost basis.

The following tables present an aging of our unrealized investment losses by investment class as of September 30, 2015 and December 31, 2014:

 

     Less Than Twelve Months      Twelve Months or More  
     Number of
Securities
     Gross Unrealized
Losses
     Fair Value      Number of
Securities
     Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

September 30, 2015

                 

U.S. government and agency securities

     12       $ 189       $ 7,904         2       $ 4       $ 451   

States, municipalities and political subdivisions

     15         114         9,703         1         2         165   

Industrial and miscellaneous

     103         412         40,312         4         15         412   

Special revenue

     87         302         36,895         8         7         1,313   

Redeemable preferred stocks

     247         152         10,631         12         15         203   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     464         1,169         105,445         27         43         2,544   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

     9         4         347         —           —           —     

Equity securities

     219         4,430         13,624         30         662         981   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     228       $ 4,434       $ 13,971         30       $ 662       $ 981   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     692       $ 5,603       $ 119,416         57       $ 705       $ 3,525   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     Less Than Twelve Months      Twelve Months or More  
     Number of
Securities
     Gross Unrealized
Losses
     Fair Value      Number of
Securities
     Gross Unrealized
Losses
     Fair Value  
     (In thousands)  

December 31, 2014

                 

U.S. government and agency securities

     11       $ 15       $ 2,451         1       $ 1       $ 109   

States, municipalities and political subdivisions

     14         15         7,661         1         3         177   

Industrial and miscellaneous

     98         204         51,156         10         50         1,975   

Special revenue

     71         213         36,643         6         23         1,592   

Redeemable preferred stocks

     18         9         854         9         15         355   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities

     212         456         98,765         27         92         4,208   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Nonredeemable preferred stocks

     1         31         2,552         1         22         490   

Equity securities

     1         1,039         9,792         —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total equity securities

     2       $ 1,070       $ 12,344         1       $ 22       $ 490   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     214       $ 1,526       $ 111,109         28       $ 114       $ 4,698   
XML 77 R58.htm IDEA: XBRL DOCUMENT v3.3.0.814
Other Liabilities - Additional Information (Detail) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Other liabilities $ 9,520 $ 31,831
Citizens Layer [Member]    
Other liabilities $ 0 $ 21,100
XML 78 R27.htm IDEA: XBRL DOCUMENT v3.3.0.814
Basis of Presentation (Policies)
9 Months Ended
Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Basis of Presentation

The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2015 and 2014 include Heritage Insurance Holdings, Inc. (“Parent Company”) and its wholly owned subsidiaries: Heritage Property & Casualty Insurance Company (“Heritage P&C”), which provides personal and commercial residential insurance; Heritage MGA, LLC, the managing general agent that manages substantially all aspects of our insurance subsidiary’s business; Contractors’ Alliance Network, LLC, our vendor network manager; Skye Lane Properties, LLC, our property management subsidiary; First Access Insurance Group, LLC, our retail agency; Osprey Re Ltd., our reinsurance subsidiary that provides a portion of the reinsurance protection purchased by our insurance subsidiary; and Heritage Insurance Claims, LLC, an inactive subsidiary reserved for future development, together referred to as “the Company”.

Our primary products are personal and commercial residential insurance, which we currently offer only in Florida under authorization from the Florida Office of Insurance Regulation (“FLOIR”). We conduct our operations under one business segment.

The condensed consolidated financial information included herein as of and for the three and nine months ended September 30, 2015 and 2014 does not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods. The results for the three and nine months ended September 30, 2015 and 2014 are not indicative of annual results. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The December 31, 2014 consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2014.

For further information, refer to the consolidated financial statements and footnotes thereto included in Heritage Insurance Holdings, Inc.’s. Annual Report on Form 10-K for the fiscal year ended December 31, 2014. References to “we,” “us,” “our,” or the “Company” refer to Heritage Insurance Holdings, Inc. and its consolidated subsidiaries.

The Company qualifies as an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act, of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company. The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

Accounting Pronouncements

Accounting Pronouncements

The Company describes below recent pronouncements that have had or may have a significant effect on its financial statements or on its disclosures. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its financial condition, results of operations, or related disclosures.

In May 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance on fair value measurement (Accounting Standards Update (“ASU”) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)), effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and which should be applied retrospectively to all periods presented. Earlier application is permitted. The new amendments in this ASU remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value (“NAV”) per share practical expedient. In addition, the amendments remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

 

In May 2015, the FASB issued Accounting Standards Update No. 2015-09 (“ASU 2015-09”), Financial Services – Insurance (Topic 944), which improves disclosure requirements for all insurance entities that issue short-duration contracts. The amendments in ASU 2015-09 increase transparency of significant estimates made in measuring the liability for unpaid claims and claim adjustment expenses, improve comparability by requiring consistent disclosure of information, and provide financial statement users with additional information to facilitate analysis of the amount, timing, and uncertainty of cash flows and the development of loss reserve estimates. ASU 2015-09 is effective for all public entities for annual periods beginning after December 15, 2015 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, Imputation of Interest (“ASC 835”) which requires debt issuance costs related to a recognized debt liability to be presented as a deduction from the carrying amount of the related debt, consistent with the treatment required for debt discounts. This guidance is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company is evaluating the impact of the new guidance on its consolidated financial statements.

In April 2015, the FASB issued ASC 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. Under the new guidance, if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements.

In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU creates a new topic, Topic 606, to provide guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. Early adoption is not permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements.

In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation, which clarifies accounting for share-based payments for which the terms of an award provide that a performance target could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The updated guidance clarifies that such a term should be treated as a performance condition that affects vesting. As such, the performance target should not be reflected in estimating the grant date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The guidance will be effective for the Company beginning with fiscal year 2016, and may be applied either prospectively or retrospectively. The Company does not anticipate that this guidance will materially impact its condensed consolidated financial statements and related disclosures.

There are no other recently issued accounting standards that apply to us or that are expected to have a material impact on our results of operations, financial condition, or cash flows.

Subsequent Events

Subsequent Events

The Company follows the provisions of ASC Topic 855-10, “Subsequent Events,” relating to subsequent events. This guidance defines the period after the balance sheet date during which events or transactions that may occur would be required to be disclosed in the Company’s financial statements. The Company has evaluated subsequent events up to the date of issuance of this report.

XML 79 FilingSummary.xml IDEA: XBRL DOCUMENT 3.3.0.814 html 221 329 1 false 63 0 false 12 false false R1.htm 101 - Document - Document and Entity Information Sheet http://www.heritagepci.com/taxonomy/role/DocumentandEntityInformation Document and Entity Information Cover 1 false false R2.htm 103 - Statement - Condensed Consolidated Balance Sheets Sheet http://www.heritagepci.com/taxonomy/role/StatementOfFinancialPositionUnclassified-InvestmentBasedOperations Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 104 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://www.heritagepci.com/taxonomy/role/StatementOfFinancialPositionUnclassified-InvestmentBasedOperationsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 105 - Statement - Condensed Consolidated Statements of Income and Other Comprehensive Income (Unaudited) Sheet http://www.heritagepci.com/taxonomy/role/StatementOfIncomeInsuranceBasedRevenue Condensed Consolidated Statements of Income and Other Comprehensive Income (Unaudited) Statements 4 false false R5.htm 106 - Statement - Condensed Consolidated Statements of Stockholders' Equity (Unaudited) Sheet http://www.heritagepci.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome Condensed Consolidated Statements of Stockholders' Equity (Unaudited) Statements 5 false false R6.htm 107 - Statement - Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) Sheet http://www.heritagepci.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncomeParenthetical Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) Statements 6 false false R7.htm 108 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://www.heritagepci.com/taxonomy/role/StatementOfCashFlowsIndirectInvestmentBasedOperations Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 7 false false R8.htm 109 - Disclosure - Basis of Presentation Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsOrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock Basis of Presentation Notes 8 false false R9.htm 110 - Disclosure - Significant Accounting Policies Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock Significant Accounting Policies Notes 9 false false R10.htm 111 - Disclosure - Investments Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock Investments Notes 10 false false R11.htm 112 - Disclosure - Fair Value of Financial Instruments Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsFairValueMeasurementInputsDisclosureTextBlock Fair Value of Financial Instruments Notes 11 false false R12.htm 113 - Disclosure - Property and Equipment, Net Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsPropertyPlantAndEquipmentDisclosureTextBlock Property and Equipment, Net Notes 12 false false R13.htm 114 - Disclosure - Earnings Per Share Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock Earnings Per Share Notes 13 false false R14.htm 115 - Disclosure - Reinsurance Premiums Receivable Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsReinsurancePremiumsReceviableDisclosureTextBlock Reinsurance Premiums Receivable Notes 14 false false R15.htm 116 - Disclosure - Deferred Policy Acquisition Costs Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsDeferredPolicyAcquisitionCostsTextBlock1 Deferred Policy Acquisition Costs Notes 15 false false R16.htm 117 - Disclosure - Income Taxes Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock Income Taxes Notes 16 false false R17.htm 118 - Disclosure - Reinsurance Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsReinsuranceTextBlock Reinsurance Notes 17 false false R18.htm 119 - Disclosure - Reserve for Unpaid Losses Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsLiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock Reserve for Unpaid Losses Notes 18 false false R19.htm 120 - Disclosure - Statutory Accounting and Regulations Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsStatutoryAccountingAndRegulationsTextBlock Statutory Accounting and Regulations Notes 19 false false R20.htm 121 - Disclosure - Commitments and Contingencies Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock Commitments and Contingencies Notes 20 false false R21.htm 122 - Disclosure - Other Liabilities Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsOtherLiabilitiesDisclosureTextBlock Other Liabilities Notes 21 false false R22.htm 123 - Disclosure - Related Party Transactions Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock Related Party Transactions Notes 22 false false R23.htm 124 - Disclosure - Employee Benefit Plan Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlock Employee Benefit Plan Notes 23 false false R24.htm 125 - Disclosure - Equity Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock Equity Notes 24 false false R25.htm 126 - Disclosure - Stock-Based Compensation Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock Stock-Based Compensation Notes 25 false false R26.htm 127 - Disclosure - Acquisition of Selected Assets Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsBusinessCombinationDisclosureTextBlock Acquisition of Selected Assets Notes 26 false false R27.htm 128 - Disclosure - Basis of Presentation (Policies) Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsOrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockPolicies Basis of Presentation (Policies) Policies http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock 27 false false R28.htm 129 - Disclosure - Investments (Tables) Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlockTables Investments (Tables) Tables http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock 28 false false R29.htm 130 - Disclosure - Fair Value of Financial Instruments (Tables) Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsFairValueMeasurementInputsDisclosureTextBlockTables Fair Value of Financial Instruments (Tables) Tables http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsFairValueMeasurementInputsDisclosureTextBlock 29 false false R30.htm 131 - Disclosure - Property and Equipment, Net (Tables) Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsPropertyPlantAndEquipmentDisclosureTextBlockTables Property and Equipment, Net (Tables) Tables http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsPropertyPlantAndEquipmentDisclosureTextBlock 30 false false R31.htm 132 - Disclosure - Earnings Per Share (Tables) Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlockTables Earnings Per Share (Tables) Tables http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock 31 false false R32.htm 133 - Disclosure - Deferred Policy Acquisition Costs (Tables) Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsDeferredPolicyAcquisitionCostsTextBlock1Tables Deferred Policy Acquisition Costs (Tables) Tables http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsDeferredPolicyAcquisitionCostsTextBlock1 32 false false R33.htm 134 - Disclosure - Income Taxes (Tables) Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlockTables Income Taxes (Tables) Tables http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock 33 false false R34.htm 135 - Disclosure - Reinsurance (Tables) Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsReinsuranceTextBlockTables Reinsurance (Tables) Tables http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsReinsurancePremiumsReceviableDisclosureTextBlock 34 false false R35.htm 136 - Disclosure - Reserve for Unpaid Losses (Tables) Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsLiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlockTables Reserve for Unpaid Losses (Tables) Tables http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsLiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock 35 false false R36.htm 137 - Disclosure - Stock-Based Compensation (Tables) Sheet http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockTables Stock-Based Compensation (Tables) Tables http://www.heritagepci.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock 36 false false R37.htm 138 - Disclosure - Basis of Presentation - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureBasisOfPresentationAdditionalInformation Basis of Presentation - Additional Information (Detail) Details 37 false false R38.htm 139 - Disclosure - Investments - Schedule of Amortized Cost and Fair Value of Investment Securities (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureInvestmentsScheduleOfAmortizedCostAndFairValueOfInvestmentSecurities Investments - Schedule of Amortized Cost and Fair Value of Investment Securities (Detail) Details 38 false false R39.htm 140 - Disclosure - Investments - Schedule of Net Realized Gains (Losses) by Major Investment Category (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureInvestmentsScheduleOfNetRealizedGainsLossesByMajorInvestmentCategory Investments - Schedule of Net Realized Gains (Losses) by Major Investment Category (Detail) Details 39 false false R40.htm 141 - Disclosure - Investments - Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureInvestmentsScheduleOfAmortizedCostAndFairValueOfInvestmentSecuritiesByContractualMaturity Investments - Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Detail) Details 40 false false R41.htm 142 - Disclosure - Investments - Summary of Net Investment Income (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureInvestmentsSummaryOfNetInvestmentIncome Investments - Summary of Net Investment Income (Detail) Details 41 false false R42.htm 143 - Disclosure - Investments - Aging of Gross Unrealized Investment Losses (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureInvestmentsAgingOfGrossUnrealizedInvestmentLosses Investments - Aging of Gross Unrealized Investment Losses (Detail) Details 42 false false R43.htm 144 - Disclosure - Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureFairValueOfFinancialInstrumentsScheduleOfFairValueOfFinancialInstruments Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Detail) Details 43 false false R44.htm 145 - Disclosure - Fair Value of Financial Instruments - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureFairValueOfFinancialInstrumentsAdditionalInformation Fair Value of Financial Instruments - Additional Information (Detail) Details 44 false false R45.htm 146 - Disclosure - Property and Equipment, Net - Schedule of Property and Equipment (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosurePropertyAndEquipmentNetScheduleOfPropertyAndEquipment Property and Equipment, Net - Schedule of Property and Equipment (Detail) Details 45 false false R46.htm 147 - Disclosure - Property and Equipment, Net - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosurePropertyAndEquipmentNetAdditionalInformation Property and Equipment, Net - Additional Information (Detail) Details 46 false false R47.htm 148 - Disclosure - Earnings Per Share - Schedule of Computation of Basic and Diluted EPS (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureEarningsPerShareScheduleOfComputationOfBasicAndDilutedEPS Earnings Per Share - Schedule of Computation of Basic and Diluted EPS (Detail) Details 47 false false R48.htm 149 - Disclosure - Reinsurance Premiums Receivable - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureReinsurancePremiumsReceivableAdditionalInformation Reinsurance Premiums Receivable - Additional Information (Detail) Details 48 false false R49.htm 150 - Disclosure - Deferred Policy Acquisition Costs - Summary of Activity in Deferred Policy Acquisition Costs (DPAC) (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureDeferredPolicyAcquisitionCostsSummaryOfActivityInDeferredPolicyAcquisitionCostsDPAC Deferred Policy Acquisition Costs - Summary of Activity in Deferred Policy Acquisition Costs (DPAC) (Detail) Details 49 false false R50.htm 151 - Disclosure - Income Taxes - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureIncomeTaxesAdditionalInformation Income Taxes - Additional Information (Detail) Details 50 false false R51.htm 152 - Disclosure - Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureIncomeTaxesComponentsOfDeferredTaxAssetsAndLiabilities Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) Details 51 false false R52.htm 153 - Disclosure - Reinsurance - Additional information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureReinsuranceAdditionalInformation Reinsurance - Additional information (Detail) Details 52 false false R53.htm 154 - Disclosure - Reinsurance - Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Income (Loss) (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureReinsuranceScheduleOfReinsuranceTransactionsOnComponentsOfCondensedConsolidatedStatementsOfIncomeLoss Reinsurance - Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Income (Loss) (Detail) Details 53 false false R54.htm 155 - Disclosure - Reinsurance - Effects of Reinsurance Transactions on Unpaid Losses and Loss Adjustment Expenses and Unearned Premiums (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureReinsuranceEffectsOfReinsuranceTransactionsOnUnpaidLossesAndLossAdjustmentExpensesAndUnearnedPremiums Reinsurance - Effects of Reinsurance Transactions on Unpaid Losses and Loss Adjustment Expenses and Unearned Premiums (Detail) Details 54 false false R55.htm 156 - Disclosure - Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureReserveForUnpaidLossesSummaryOfReserveForUnpaidLosses Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) Details 55 false false R56.htm 157 - Disclosure - Reserve for Unpaid Losses - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureReserveForUnpaidLossesAdditionalInformation Reserve for Unpaid Losses - Additional Information (Detail) Details 56 false false R57.htm 158 - Disclosure - Statutory Accounting and Regulations - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureStatutoryAccountingAndRegulationsAdditionalInformation Statutory Accounting and Regulations - Additional Information (Detail) Details 57 false false R58.htm 159 - Disclosure - Other Liabilities - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureOtherLiabilitiesAdditionalInformation Other Liabilities - Additional Information (Detail) Details 58 false false R59.htm 160 - Disclosure - Related Party Transactions - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureRelatedPartyTransactionsAdditionalInformation Related Party Transactions - Additional Information (Detail) Details 59 false false R60.htm 161 - Disclosure - Employee Benefit Plan - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureEmployeeBenefitPlanAdditionalInformation Employee Benefit Plan - Additional Information (Detail) Details 60 false false R61.htm 162 - Disclosure - Equity - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureEquityAdditionalInformation Equity - Additional Information (Detail) Details 61 false false R62.htm 163 - Disclosure - Stock-Based Compensation - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureStockBasedCompensationAdditionalInformation Stock-Based Compensation - Additional Information (Detail) Details 62 false false R63.htm 164 - Disclosure - Stock-Based Compensation - Assumptions Utilized For Options Granted (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureStockBasedCompensationAssumptionsUtilizedForOptionsGranted Stock-Based Compensation - Assumptions Utilized For Options Granted (Detail) Details 63 false false R64.htm 165 - Disclosure - Stock-Based Compensation - Summary of Information Related to Stock Option (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureStockBasedCompensationSummaryOfInformationRelatedToStockOption Stock-Based Compensation - Summary of Information Related to Stock Option (Detail) Details 64 false false R65.htm 166 - Disclosure - Acquisition of Selected Assets - Additional Information (Detail) Sheet http://www.heritagepci.com/taxonomy/role/DisclosureAcquisitionOfSelectedAssetsAdditionalInformation Acquisition of Selected Assets - Additional Information (Detail) Details 65 false false All Reports Book All Reports In ''Condensed Consolidated Balance Sheets'', column(s) 2, 4, 5, 6 are contained in other reports, so were removed by flow through suppression. In ''Condensed Consolidated Statements of Cash Flows (Unaudited)'', column(s) 1, 2, 3, 4, 5, 6, 7 are contained in other reports, so were removed by flow through suppression. hrtg-20150930.xml hrtg-20150930_cal.xml hrtg-20150930_def.xml hrtg-20150930_lab.xml hrtg-20150930_pre.xml hrtg-20150930.xsd true true XML 80 R38.htm IDEA: XBRL DOCUMENT v3.3.0.814
Investments - Schedule of Amortized Cost and Fair Value of Investment Securities (Detail) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]    
Investments $ 401,349 $ 328,355
Gross Unrealized Gains 1,899 4,445
Gross Unrealized Losses 7,560 1,641
Fair Value 395,688 324,310
Total investments 395,688 331,159
Mortgage loan, held to maturity, at amortized cost   6,849
Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cost or Adjusted / Amortized Cost 380,892 290,951
Gross Unrealized Gains 1,882 2,683
Gross Unrealized Losses 2,464 549
Fair Value 380,310 293,085
Equity Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cost or Adjusted / Amortized Cost 20,457 30,555
Gross Unrealized Gains 17 1,762
Gross Unrealized Losses 5,096 1,092
Fair Value 15,378 31,225
U.S. government and agency securities [Member] | Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cost or Adjusted / Amortized Cost 24,066 7,002
Gross Unrealized Gains 55 22
Gross Unrealized Losses 193 16
Fair Value 23,928 7,008
States, Municipalities and Political Subdivisions [Member] | Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cost or Adjusted / Amortized Cost 54,125 41,578
Gross Unrealized Gains 288 560
Gross Unrealized Losses 117 18
Fair Value 54,296 42,120
Special Revenue [Member] | Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cost or Adjusted / Amortized Cost 170,809 133,269
Gross Unrealized Gains 959 1,349
Gross Unrealized Losses 1,560 237
Fair Value 170,208 134,381
Industrial and Miscellaneous [Member] | Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cost or Adjusted / Amortized Cost 116,422 105,591
Gross Unrealized Gains 539 668
Gross Unrealized Losses 427 254
Fair Value 116,534 106,005
Redeemable Preferred Stocks [Member] | Fixed Maturity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cost or Adjusted / Amortized Cost 15,470 3,511
Gross Unrealized Gains 41 84
Gross Unrealized Losses 167 24
Fair Value 15,344 3,571
Nonredeemable Preferred Stocks [Member] | Equity Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cost or Adjusted / Amortized Cost 354 11,494
Gross Unrealized Gains   237
Gross Unrealized Losses 4 53
Fair Value 350 11,678
Equity Investment [Member] | Equity Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cost or Adjusted / Amortized Cost 20,103 19,061
Gross Unrealized Gains 17 1,525
Gross Unrealized Losses 5,092 1,039
Fair Value $ 15,028 19,547
Mortgage Loan Participation [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Mortgage loan, held to maturity, at amortized cost   6,849
Mortgage loan, held to maturity, Fair Value   $ 6,849
XML 81 R20.htm IDEA: XBRL DOCUMENT v3.3.0.814
Commitments and Contingencies
9 Months Ended
Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 13. COMMITMENTS AND CONTINGENCIES

The Company is involved in claims-related legal actions arising in the ordinary course of business. The Company accrues amounts resulting from claims-related legal actions in unpaid losses and loss adjustment expenses during the period that it determines an unfavorable outcome becomes probable and it can estimate the amounts. Management makes revisions to its estimates based on its analysis of subsequent information that the Company receives regarding various factors, including: (i) per claim information; (ii) company and industry historical loss experience; (iii) judicial decisions and legal developments in the awarding of damages; and (iv) trends in general economic conditions, including the effects of inflation. When determinable, the Company discloses the range of possible losses in excess of those accrued and for reasonably possible losses.