8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 19, 2007

THE MIDLAND COMPANY

(Exact name of registrant as specified in its charter)

Ohio	1-6026	31-0742526
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

7000 Midland Boulevard, Amelia, Ohio 45102-2607

(Address of principal executive offices) (Zip Code)

(513) 943-7100

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d.(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On April 19, 2007, the Registrant issued a press release announcing its financial results for the quarter ended March 31, 2007. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.

On April 19, 2007, the Registrant also distributed the attached information titled “Supplemental Financial Information” and “Supplemental Financial Information by Segment.” Copies of the Supplemental Financial Information and Supplemental Financial Information by Segment are furnished as Exhibits 99.2 and 99.3, respectively, to this report and are incorporated herein by reference. All exhibits have been posted on “www.midlandcompany.com.”

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

99.1	– Press release dated April 19, 2007
99.2	– Supplemental Financial Information dated April 19, 2007
99.3	– Supplemental Financial Information by Segment dated April 19, 2007

SIGNATURES

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

	THE MIDLAND COMPANY
Date: April 19, 2007	By:	/s/ W. Todd Gray
		W. Todd Gray
		Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

THE MIDLAND COMPANY

7000 MIDLAND BOULEVARD

AMELIA, OHIO 45102-2607

(513) 943-7100

MAILING ADDRESS

P.O BOX 1256

CINCINNATI, OHIO 45201

For Immediate Release April 19, 2007

Contact:

W. Todd Gray, Executive Vice President and CFO

(513) 943-7100

The Midland Company Reports Record First Quarter Results

• Record Setting Net Income Before Realized Capital Gains* of $1.11 Per Share

• Double Digit Property and Casualty Written Premium Growth

• Continued Strong Property and Casualty Underwriting Results

Cincinnati, Ohio, April 19, 2007 — The Midland Company (Nasdaq: MLAN), a highly focused provider of specialty insurance products and services, today announced record results for the first quarter ended March 31, 2007. Net income for the quarter was a record $23.8 million, or $1.20 per share. This compares to the previous record net income reported in last year’s first quarter of $22.4 million, or $1.15 per share. All per share amounts are on an after-tax, diluted basis.

Net income before realized capital gains* was also a record at $22.1 million, or $1.11 per share for the first quarter, compared to the year ago level of $20.8 million, or $1.07 per share. The company believes that this non-GAAP financial measure provides a clearer picture of the underlying operating activities than the GAAP measure of net income, as it removes potential issues such as timing of investment gains (or losses) and allows readers to individually assess these components of net income.

John W. Hayden, Midland president and chief executive officer said, “We are delighted to report record results for the first quarter of 2007 and sustain the outstanding momentum we have built over the last several years. This marks the fifth consecutive year we have produced record first quarter results, a testament to our ability to consistently deliver outstanding underwriting results across our broad specialty insurance product platform. Our core profit strategies continue to serve us well. The positive trends underlying our business have us poised and confident as we continue to grow the top line, further strengthening our position to continue to deliver superior financial results in the years to come.”

“It is again gratifying to get the year started with strong top line growth results, particularly when the broader property and casualty marketplace is finding premium growth harder to come by,” Hayden continued “We expect premium growth to moderate somewhat in the coming quarters but still expect that we will outperform the broader insurance market”. Property and casualty gross written premiums grew 17.3 percent over last year’s first quarter result. “Double digit growth coupled with record earnings provide compelling evidence that our core profit and growth strategies are properly aligned as we continue to substantially outperform the property and casualty insurance industry. This is what great specialty companies do,” Hayden said.

Midland’s wholly owned insurance subsidiary, American Modern Insurance Group, Inc., specializes in providing insurance products and services for niche markets such as manufactured housing, site-built dwelling, motorcycle, watercraft, snowmobile, recreational vehicle, excess and surplus lines coverages, credit life and related products, as well as collateral protection and mortgage fire products sold to financial institutions and their customers. American Modern’s products and services are offered through diverse distribution channels.

Page 1 of 7

The Midland Company Reports Record First Quarter Results

April 19, 2007

Solid Property and Casualty Underwriting Results

“We are extremely proud of the underwriting results we were able to deliver in 2007’s first quarter,” Hayden said. American Modern’s property and casualty combined ratio was a solid 91.3 percent for the first quarter, compared with 88.8 percent a year ago. Excluding catastrophe losses, American Modern’s combined ratio was a solid 89.4 percent, compared to 85.9 percent in the first quarter of 2006.

“We continue to be pleased with the underwriting trends across our entire specialty insurance product offering. In particular, our mortgage fire, motorcycle and excess and surplus lines products all produced exceptional underwriting results for the quarter. Our manufactured housing line also contributed solid underwriting results, with a combined ratio of 91.0 percent for the quarter, compared to 89.7 percent in last year’s first quarter. Our deep knowledge and expertise in the manufactured housing marketplace is clearly evidenced by our ability to consistently deliver solid underwriting results in this product line,” Hayden said.

“Adherence to maintaining underwriting discipline, expertly managing claims and intelligently designing and pricing our products, allows us to consistently produce exceptional underwriting results and has us well positioned to sustain that profitability as we focus on our core growth strategies,” Hayden said.

Double Digit Property and Casualty Written Premium Growth

For the first quarter, American Modern’s property and casualty gross written premiums grew a 17.3 percent to $205.4 million. Hayden noted, “We are extremely pleased by the outstanding top line growth we achieved during the first quarter. This marks the fourth consecutive quarter in which we have delivered double digit property and casualty premium growth over the prior year quarter. This outstanding growth exemplifies the great strides we have made toward our strategic initiatives of policyholder retention, market awareness, easy to use technology and further expansion of our multi-faceted distribution platform. While the first quarter premium growth was spectacular, we are anticipating that the growth rate will moderate somewhat for the remainder of the year.”

“The increase in property and casualty written premiums for the first quarter was primarily driven by growth in our financial institutions and residential property products. In particular, our mortgage fire, collateral protection and site-built dwelling product lines all grew at a double digit percentage pace, over the prior year quarter. Manufactured housing written premiums also increased over the prior year first quarter, growing 2.2 percent,” Hayden said.

“Equally encouraging is the growth noted within our recreational casualty product segment,” Hayden continued. “Our motorcycle, recreational vehicle, collector car and snowmobile product lines all achieved solid growth over the prior year’s first quarter. We continue to invest in our recreational casualty products and believe they are well positioned in the marketplace. Growing these products is a key initiative for us and it is gratifying to be able to report notable progress.”

Investment Portfolio, Market Value Growth and Record Book Value

The market value of Midland’s investment portfolio was $1.0 billion at March 31, 2007, compared with $939.8 million at March 31, 2006. Net pre-tax investment income (excluding capital gains and losses) increased 11.1 percent to $11.4 million for the first quarter compared with $10.3 million in last year’s first quarter due primarily to a larger base of invested assets and higher yields on our fixed income portfolio. The annualized pre-tax equivalent yield, on a cost basis, of Midland’s fixed income portfolio was 6.0 percent in the first quarter of 2007 compared with 5.7 percent in the comparable prior period.

After-tax realized investment gains from Midland’s investment portfolio totaled nine cents per share in this year’s first quarter compared with eight cents in last year’s first quarter. Pre-tax net unrealized gains on Midland’s fixed income portfolio were $7.7 million at March 31, 2007, up from $0.9 million at March 31, 2006. Pre-tax net unrealized gains on Midland’s equity portfolio were $108.4 million at March 31, 2007, up from $90.7 million at March 31, 2006.

Page 2 of 7

The Midland Company Reports Record First Quarter Results

April 19, 2007

Midland’s shareholders’ equity increased to a record $597.1 million, or $30.93 per share, at quarter-end, up 16.2 percent from $506.7 million, or $26.61 per share, at March 31, 2006. The company’s book value per share has grown at a compound annual rate of 13.4 percent over the last 10 years.

Hayden noted that Midland’s common stock continues to outperform the broader equities market and virtually every relevant index for the 5-, 10-, 15- and 20-year periods ended March 31, 2007. “We are proud of that record and believe it clearly demonstrates the fundamental value we deliver to our shareholders,” he said.

M/G Transport Group Posts Strong First Quarter

M/G Transport, Midland’s transportation subsidiary, contributed an after-tax profit of 12 cents per share for the first quarter of 2007, compared with eight cents per share for the first quarter of 2006. “M/G Transport remains well positioned in the barge transportation marketplace and continues to capitalize on the favorable freight rate environment,” Hayden said.

Positive Outlook for 2007, Raises 2007 Full Year Guidance

“We are pleased to have started 2007 with record first quarter results. As we look to the remainder of the year, we will remain focused on our core profit and growth strategies, leveraging our underwriting expertise and diverse distribution across our specialty insurance platform. While the first quarter growth result was in the high double digits, our growth expectations for the full year are moderated somewhat by the fact a few significant business relationships were initiated during the second and third quarters of 2006, making the 2007 comparisons for those quarters more difficult. As a result, we are anticipating top line growth in the mid-single digit range for the second and third quarters and in the mid-to-high-single digit range for the fourth quarter and full year. All said, we anticipate strong organic growth that will drive a solid full year growth result in excess of industry expectations for 2007.”

“With respect to profit, we are raising our previously issued annual guidance. We anticipate a property and casualty combined ratio in the range of 93.0 percent to 94.5 percent, assuming normal weather, of course,” Hayden said. “Based on these levels of underwriting profit, we would anticipate full year 2007 (diluted) earnings per share in the range of $3.35 to $3.65, assuming no realized capital gains or losses.”

About the Company

Midland, which is headquartered in Cincinnati, Ohio, is a provider of specialty insurance products and services through its wholly owned subsidiary, American Modern Insurance Group, which accounts for approximately 95 percent of Midland’s consolidated revenue. American Modern specializes in writing physical damage insurance and related coverages on manufactured housing and has expanded to other specialty insurance products including coverage for site-built homes, motorcycles, watercraft, snowmobiles, recreational vehicles, physical damage on long-haul trucks, extended service contracts, excess and surplus lines coverages, credit life and related products as well as collateral protection and mortgage fire products sold to financial institutions and their customers. Midland also owns a niche transportation business, M/G Transport Group, which operates a fleet of dry cargo barges for the movement of dry bulk commodities on the inland waterways. Midland’s common stock is traded on the Nasdaq Global Select Market under the symbol MLAN. Additional information on the company can be found on the Internet at www.midlandcompany.com.

*Non-GAAP Measure and Reconciliation to GAAP Measure

Net income before realized capital gains is a non-GAAP measure. Items excluded from this measure are significant components in understanding and assessing financial performance. The company believes that this non-GAAP financial measure provides a clearer picture of the underlying operating activities than the GAAP measure of net income, as it removes potential issues such as timing of investment gains (or losses) and allows readers to individually assess these components of net income.

Page 3 of 7

The Midland Company Reports Record First Quarter Results

April 19, 2007

Reconciliation to GAAP:

	First Quarter
	2007		2006
Dollars in Millions (After-tax):
Net Income Before Realized Capital Gains*	$	22.1	$	20.8
Net Realized Capital Gains		1.7		1.6
Net Income (GAAP)	$	23.8	$	22.4
	2007		2006
Per Share Amounts (After-tax, Diluted):
Net Income Before Realized Capital Gains*	$	1.11	$	1.07
Net Realized Capital Gains		0.09		0.08
Net Income (GAAP)	$	1.20	$	1.15

Forward Looking Statements Disclosure

Certain statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include certain discussions relating to underwriting, premium and investment income volume, business strategies, profitability and business relationships, as well as any other statements concerning the year 2007 and beyond. The forward-looking statements involve risks, uncertainties and other factors that may cause results to differ materially from those anticipated in those statements. Factors that might cause results to differ from those anticipated include, without limitation, adverse weather conditions, changes in underwriting results affected by adverse economic conditions, fluctuations in the investment markets, changes in the retail marketplace, changes in the laws or regulations affecting the operations of the company or its subsidiaries, changes in the business tactics or strategies of the company, its subsidiaries or its current or anticipated business partners, the financial condition of the company’s business partners, acquisitions or divestitures, changes in market forces, litigation and the other risk factors that have been identified in the company’s filings with the SEC, any one of which might materially affect the operations of the company or its subsidiaries. Any forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.

Page 4 of 7

The Midland Company Reports Record First Quarter Results

April 19, 2007

THE MIDLAND COMPANY

FINANCIAL HIGHLIGHTS

	Three-Months Ended March 31,
	2007			2006			% Change
Revenues	$	209,998		$	186,932		12.3	%
Net Income	$	23,761		$	22,435		5.9	%
Net Income per Share (Diluted)	$	1.20		$	1.15		4.3	%
Dividends Declared per Share	$	0.10000		$	0.06125		63.3	%
Market Value per Share	$	42.42		$	34.98		21.3	%
Book Value per Share	$	30.93		$	26.61		16.2	%
Shares Outstanding		19,306			19,040
AMIG’s Property and Casualty Operations:
Direct and Assumed Written Premium	$	205,381		$	175,108		17.3	%
Net Written Premium	$	176,250		$	152,544		15.5	%
Combined Ratio (GAAP)		91.3	%		88.8	%
Combined Ratio (GAAP) - Excluding Catastrophe Losses		89.4	%		85.9	%
AMIG’s Life Insurance Operations:
Direct and Assumed Written Premium	$	13,824		$	9,321		48.3	%
Net Written Premium	$	5,261		$	2,148		144.9	%
Combined Ratio (GAAP)		85.0	%		99.2	%

Note:

Dollar amounts in thousands except per share data.

Page 5 of 7

The Midland Company Reports Record First Quarter Results

April 19, 2007

THE MIDLAND COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three-Months Ended March 31,
	2007		2006
Revenues:
Insurance:
Premiums earned	$	179,944	$	159,227
Net investment income		11,426		10,280
Net realized investment gains		2,490		2,467
Other insurance income		3,347		3,177
Transportation		12,791		11,781
Total	$	209,998	$	186,932
Costs and Expenses:
Insurance:
Losses and loss adjustment expenses		73,936		60,898
Commissions and other policy acquisition costs		61,350		54,221
Operating and administrative expenses		30,801		28,849
Transportation operating expenses		8,990		9,472
Interest expense		1,035		1,379
Total	$	176,112	$	154,819
Income Before Federal Income Tax		33,886		32,113
Provision for Federal Income Tax		10,125		9,678
Net Income	$	23,761	$	22,435
Basic Earnings per Common Share	$	1.23	$	1.18
Diluted Earnings per Common Share:	$	1.20	$	1.15
Dividends per Common Share	$	0.10000	$	0.06125

Note: Dollar amounts in thousands except per share data.

Basic earnings per common share have been computed by dividing net income by 19,259 shares in 2007 and 18,986 shares in 2006.

Diluted earnings per common share have been computed by dividing net income by 19,863 shares in 2007 and 19,511 shares in 2006.

Page 6 of 7

The Midland Company Reports Record First Quarter Results

April 19, 2007

THE MIDLAND COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	March 31, 2007		December 31, 2006
ASSETS
Cash and Marketable Securities	$	1,037,339	$	1,036,436
Receivables - Net		272,619		276,710
Property, Plant and Equipment - Net		124,763		118,879
Deferred Insurance Policy Acquisition Costs		100,928		99,277
Other		36,888		38,226
Total Assets	$	1,572,537	$	1,569,528
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unearned Insurance Premiums	$	446,643	$	445,324
Insurance Loss Reserves		214,066		221,639
Long-Term Debt		90,183		90,508
Short-Term Borrowings		8,559		17,937
Deferred Federal Income Tax		45,633		47,197
Other Payables and Accruals		170,308		172,177
Shareholders’ Equity		597,145		574,746
Total Liabilities and Shareholders’ Equity	$	1,572,537	$	1,569,528

Note: Amounts in thousands except per share data.

Page 7 of 7

EX-99.2

Exhibit 99.2

The Midland Company

Supplemental Financial Information

	2006															2007
($ in millions except per share data)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr
Direct & Assumed Written Premium:
Property-Casualty Premiums
Mobile Home and Related		81.0			90.5			88.0			78.3			337.8			82.7
All Other Specialty Lines		94.1			118.9			124.7			105.3			443.0			122.7
Total Property and Casualty		175.1			209.4			212.7			183.6			780.8			205.4
Revenues:
Insurance:
Premiums Earned		159.2			162.3			175.7			178.7			675.9			179.9
Net Investment Income		10.3			10.2			10.5			11.2			42.2			11.4
Net Realized Investment Gains		2.4			1.9			1.1			3.0			8.4			2.5
Other Insurance Income		3.2			3.3			3.3			3.2			13.0			3.3
Transportation		11.8			12.5			14.2			11.3			49.8			12.8
Total Revenues		186.9			190.2			204.8			207.4			789.3			209.9
Costs & Expenses:
Insurance:
Losses & Loss Adjustment Expenses		60.9			91.9			81.9			72.8			307.5			73.9
Commissions & Other Policy Acquisition Costs		54.2			43.7			56.4			55.4			209.7			61.3
Operating & Administrative Expenses		28.8			29.5			30.2			38.7			127.2			30.8
Transportation Operating Expenses		9.5			11.0			11.9			9.4			41.8			9.0
Interest Expense		1.4			1.4			1.3			1.1			5.2			1.0
Total Costs and Expenses		154.8			177.5			181.7			177.4			691.4			176.0
INCOME BEFORE FIT		32.1			12.7			23.1			30.0			97.9			33.9
Pretax Margin		17.17	%		6.68	%		11.28	%		14.46	%		12.40	%		16.15	%
Provision for Federal Income Taxes (Credit)		9.7			2.9			5.7			8.9			27.2			10.1
NET INCOME		22.4			9.8			17.4			21.1			70.7			23.8
NET INCOME BEFORE REALIZED CAPITAL GAINS *		20.8			8.5			16.7			19.2			65.1			22.1
Per Share (Post Split) Amounts
EPS (Diluted)	$	1.15		$	0.50		$	0.88		$	1.07			3.60		$	1.20
Realized Capital Gains (Losses) Per Share		0.08			0.06			0.03			0.10			0.29			0.09
EPS Before Realized Capital Gains (Diluted) *	$	1.07		$	0.44		$	0.85		$	0.97		$	3.31		$	1.11
Diluted Average Shares Outstanding (thousands)		19,511			19,585			19,644			19,729			19,585			19,863
Total Shares Outstanding (thousands)		19,040			19,089			19,147			19,224			19,147			19,259
Dividends Per Common Share	$	0.0613		$	0.0613		$	0.0613		$	0.0613		$	0.2450		$	0.1000
Other Relevant Financial Information
Property and Casualty Operations
P&C Combined Ratio
GAAP Combined Ratio		88.8	%		100.1	%		95.1	%		91.0	%		93.8	%		91.3	%
Less: Impact of Net CAT Losses on P&C Loss Ratio		-2.9	%		-12.2	%		-2.5	%		-3.6	%		-5.3	%		-1.9	%
GAAP Combined Ratio Excluding CAT Losses		85.9	%		87.9	%		92.6	%		87.4	%		88.5	%		89.4	%
Consolidated (P&C & Life) Insurance Operations
Various Requested Ratios
Losses / Earned Premiums		38.3	%		56.6	%		46.61	%		40.7	%		45.5	%		41.08	%
Insurance Operating Expenses / Earned Premiums		18.1	%		18.2	%		17.19	%		21.7	%		18.8	%		17.12	%
Commissions / Earned Premiums		34.0	%		26.9	%		32.10	%		31.0	%		31.0	%		34.07	%
Losses & Commissions / Earned Premiums		72.3	%		83.5	%		78.71	%		71.7	%		76.5	%		75.15	%
Consolidated Midland Operations
Various Requested Ratios
Cash & Invested Assets		944.0			944.3			1,005.5			1,036.4						1,037.3
Average Invested Assets		947.3			947.4			978.0			993.5						1,036.9
Consolidated MLAN Investment Portfolio Composition
Fixed Income Securities		740.3			736.1			787.0			801.7						780.7
Total Equity Securities		199.5			201.8			213.0			229.7						250.8
Fixed Income Securities as a % of Investment Portfolio		78.8	%		78.5	%		78.7	%		77.7	%					75.7	%
Total Equity Securities as a % of Investment Portfolio		21.2	%		21.5	%		21.3	%		22.3	%					24.3	%
Net Book Value Per Share (post split)
Total Shareholders’ Equity		506.7			510.4			545.7			574.7						597.1
Total Net Book Value Per Share	$	26.61		$	26.74		$	28.50		$	29.90					$	30.93
Less (Add): Net U/R Gain on Fixed Income Portfolio		0.03			(0.28	)		0.26			0.29						0.26
Book Value Per Share (Net of FAS 115)	$	26.58		$	27.02		$	28.24		$	29.61					$	30.67
Less (Add): Net U/R Gain on Equity Income Portfolio		3.10			3.04			3.37			3.79						3.65
Book Value Per Share (Net of Unrealized Gain on Mrkt Sec)	$	23.48		$	23.98		$	24.87		$	25.82					$	27.02

* Net income before realized capital gains is a non-GAAP measure. Items excluded from this measure are significant components in understanding and assessing financial performance. The company believes that this non-GAAP financial measure provides a clearer picture of the underlying operating activities than the GAAP measure of net income, as it removes potential issues such as timing of investment gains (or losses) and allows readers to individually assess these components of net income.

EX-99.3

Exhibit 99.3

The Midland Company

Supplemental Financial Information by Segment

Financial Highlights

(all amounts in 000’s except per share data)

	Three Months Ended Mar. 31
	2007			2006			%
Income Statement Data
Insurance Revenue	$	197,207		$	175,151		12.6	%
Transportation Revenue		12,791			11,781		8.6	%
Total Revenue	$	209,998		$	186,932		12.3	%
Net Income	$	23,761		$	22,435
Balance Sheet Data
Cash & Invested Assets	$	1,037,339		$	944,076		9.9	%
Total Assets	$	1,572,537		$	1,408,591		11.6	%
Total Debt	$	98,742		$	99,422		-0.7	%
Shareholders’ Equity	$	597,145		$	506,742		17.8	%
Common Shares Outstanding		19,306			19,040
Per Share Data
Net Income (Diluted)	$	1.20		$	1.15
Dividends Declared	$	0.10000		$	0.06125		63.3	%
Market Value	$	42.42		$	34.98		21.3	%
Book Value	$	30.93		$	26.61		16.2	%
AMIG’s Property and Casualty Operations
Direct and Assumed Written Premiums	$	205,381		$	175,108		17.3	%
Net Written Premium	$	176,250		$	152,544		15.5	%
Combined Ratio Before Catastrophes		89.4	%		85.9	%
Catastrophe Effects on Combined Ratio		1.9	%		2.9	%
Combined Ratio		91.3	%		88.8	%

Overview of Premium Volume

	Three Months Ended Mar. 31, 2007
Business Segment	Gross Written Premium		Net Written Premium		Net Earned Premium
Residential Property	$	110.5	$	95.1	$	94.8
Recreational Casualty		21.6		21.2		22.9
Financial Institutions		48.8		45.5		40.9
All Other Insurance		38.3		19.7		21.3
Total	$	219.2	$	181.5	$	179.9

Residential Property

(all amounts in 000’s)

	Three Months Ended Mar. 31
	2007		2006		%
Direct and Assumed Written Premiums	$	110,534	$	105,068	5.2	%
Net Written Premiums	$	95,101	$	96,023	-1.0	%
Net Earned Premium	$	94,783	$	94,747	0.0	%
Service Fees		1,511		1,553	-2.7	%
Total Revenues	$	96,294	$	96,300	0.0	%
Pre-Tax Income (Loss)	$	13,112	$	14,433

Recreational Casualty

(all amounts in 000’s)

	Three Months Ended Mar. 31
	2007		2006		%
Direct and Assumed Written Premiums	$	21,565	$	21,105	2.2	%
Net Written Premiums	$	21,154	$	20,719	2.1	%
Net Earned Premium	$	22,899	$	24,236	-5.5	%
Service Fees		441		444	-0.7	%
Total Revenues	$	23,340	$	24,680	-5.4	%
Pre-Tax Income (Loss)	$	4,142	$	6,468

Financial Institutions

(all amounts in 000’s)

	Three Months Ended Mar. 31
	2007		2006		%
Direct and Assumed Written Premiums	$	48,821	$	23,970	103.7	%
Net Written Premiums	$	45,550	$	21,108	115.8	%
Net Earned Premium	$	40,968	$	21,983	86.4	%
Pre-Tax Income (Loss)	$	5,050	$	1,181

All Other Insurance

(all amounts in 000’s)

	Three Months Ended Mar. 31
	2007		2006		%
Direct and Assumed Written Premiums	$	38,286	$	34,286	11.7	%
Net Written Premiums	$	19,706	$	16,842	17.0	%
Net Earned Premium	$	21,296	$	18,263	16.6	%
Agency Revenues		1,663		1,176	41.4	%
Service Fees		—		2	-100.0	%
Total Revenues	$	22,959	$	19,441	18.1	%
Pre-Tax Income (Loss)	$	7,158	$	6,984