8-K

UNITED STATES
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): May 6, 2010

The Navigators Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware	0-15886	13-3138397
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

6 International Drive, Rye Brook, New York	10573
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (914) 934-8999

(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:

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

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

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

o 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

Item 7.01. Regulation FD Disclosure

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition,” and Item 7.01, “Regulation FD Disclosure.” This information, including the Exhibit attached hereto, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

On May 6, 2010, The Navigators Group, Inc. issued a press release announcing its earnings for the first quarter of 2010. This press release is attached hereto as exhibit 99.1.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1       First Quarter Earnings Press Release dated May 6, 2010.

2

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 NAVIGATORS GROUP, INC.
By:	/s/ Bruce J. Byrnes
	Name:	Bruce J. Byrnes
	Title:	Senior Vice President and General Counsel

Date: May 6, 2010

EXHIBIT INDEX

Exhibit No.	Exhibit
99.1	First Quarter Earnings Press Release dated May 6, 2010.

EX-99.1

Exhibit 99.1

The Navigators Group, Inc.
CORPORATE NEWS

Navigators Reports First Quarter Earnings

Net Income Up 42% ; Book Value Up 4%

New York — May 6, 2010 — The Navigators Group, Inc. (NASDAQ:NAVG) reported net income of $17.0 million, or $1.00 per diluted share, for the three months ended March 31, 2010 compared to net income of $12.0 million, or $0.71 per diluted share, for the comparable period in 2009. Operating earnings⁽¹⁾ were $13.1 million, or $0.77 per diluted share for the first quarter of 2010 compared to $20.2 million, or $1.19 per diluted share, for the first quarter of 2009.

Gross written premiums and net written premiums for the three months ended March 31, 2010 were $270.1 million and $189.3 million, respectively, a decrease of 1.9% and 5.6% from the comparable 2009 periods, respectively.

The combined loss and expense ratio for the three months ended March 31, 2010 was 99.1%, compared to 92.8% for the comparable 2009 period. The combined loss and expense ratio for the three months ended March 31, 2010 was positively impacted by 0.8 loss ratio points due to favorable development in prior period loss reserves. The combined loss and expense ratio for the three months ended March 31, 2009 was positively impacted by 3.5 loss ratio points due to favorable development.

Navigators’ Chief Executive Officer Stan Galanski commented, “We have a long-term view on the business focused on book value per share growth and effective capital management. Consistent with that approach, we are pleased to report that book value per share increased 4% to $49.47 during the quarter, a record high for Navigators, driven by our reported underwriting profit, strong investment performance and the share repurchase program.

In what continues to be a very challenging underwriting environment, we continue to see good progress in our recent initiatives to enhance our underwriting and marketing capabilities. Our marketing activities have generated more opportunities including additional business with new producers and the cross selling of existing products to our current producers.

Although rates in most lines have been relatively stable, there are examples of aggressive rate competition from both new and existing markets in virtually every line of business. We continue to emphasize underwriting discipline over premium growth. As we have demonstrated again this quarter, we will walk away from underpriced business and return excess capital to our shareholders in order to achieve our strategic objectives.”

6 International Drive	Rye Brook, NY 10573
TEL (914) 933-6000	FAX (914) 934-2355

News Release
May 6, 2010
Page 2

During the three months ended March 31, 2010, the Company repurchased 573,600 shares of its common stock for an aggregate purchase price of $23.7 million pursuant to its share repurchase program. The Company repurchased an additional 179,812 shares of its common stock for an aggregate purchase price of $7.3 million from April 1, 2010 through May 4, 2010 pursuant to its share repurchase program.

Net investment income for the three months ended March 31, 2010 was $18.0 million, a decrease of 4.1% from the comparable 2009 period. The annualized pre-tax investment yield, excluding net realized gains and losses and net other-than-temporary impairment losses recognized in earnings, was 3.6% for the three months ended March 31, 2010, compared to 3.9% for the comparable 2009 period. The effective tax rate on net investment income was 24.5% for the three months ended March 31, 2010, compared to 24.9% for the comparable 2009 period.

The Company’s investment portfolio mainly consists of fixed income securities with an average quality rating of “AA/Aa” as defined by Standard & Poor’s and Moody’s, respectively, and an average effective duration of 4.2 years at March 31, 2010. At March 31, 2010, net unrealized gains within our investment portfolio were $63.1 million, an increase of $9.2 million compared to December 31, 2009. There were $6.1 million of net realized gains for the three months ended March 31, 2010.

Consolidated cash flow from operations for the three months ended March 31, 2010 was $4.1 million, compared to $42.9 million for the comparable 2009 period.

Stockholders’ equity was $810.0 million, or $49.47 per share, at March 31, 2010 compared to $801.5 million, or $47.58 per share, at December 31, 2009. The statutory surplus of Navigators Insurance Company was $655.8 million at March 31, 2010 compared to $645.8 million at December 31, 2009.

(1) Operating earnings, or net income excluding after-tax net realized gains (losses) and net other-than-temporary impairment losses recognized in earnings, is a non-GAAP financial measure that is a common performance measurement for insurance companies. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.

The Company will hold a conference call on Friday, May 7, 2010 starting at 8:30 a.m. ET to discuss the 2010 first quarter results. The call will be available via live webcast on Navigators’ website (www.navg.com) by clicking on the Earnings Webcast link under “News & Events”.

To participate by telephone, the domestic dial-in number is (888) 680-0879 and the international dial-in is (617) 213-4856. The access code is 41487807. Participants may pre-register for the call at
https://www.theconferencingservice.com/prereg/key.process?key=PHCFQMB9M. Pre-registrants will be issued a pin number to use when dialing into the live call that will provide quick access by bypassing the operator upon connection.

The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd’s of London. Headquartered in New York, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe.

News Release
May 6, 2010
Page 3

This press release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Whenever used in this release, the words “estimate”, “expect”, “believe” or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are derived from information that we currently have and assumptions that we make. We cannot assure that results that we anticipate will be achieved, since results may differ materially because of known and unknown risks and uncertainties that we face. Please refer to Navigators’ most recent reports on Forms 10-K and 10-Q and its other filings with the Securities and Exchange Commission for a description of Navigators’ business and the important factors that may affect that business. Navigators undertakes no obligation to publicly update or revise any forward-looking statement.

Contact: Francis W. McDonnell
Senior Vice President and Chief Financial Officer
(914) 933-6270
fmcdonnell@navg.com
www.navg.com

News Release
Page 4

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Financial Highlights
($ in thousands, except per share data)
(unaudited)

	Three Months Ended
	March 31,
	2010			2009			Change
Results of Operations
Gross written premiums	$	270,145		$	275,259			-2	%
Net written premiums		189,317			200,652			-6	%
Revenues:
Net earned premiums		164,069			164,946			-1	%
Investment income		17,972			18,743			-4	%
Total other-than-temporary impairment losses		(251	)		(26,871	)		-99	%
Portion of loss recognized in other comprehensive income (before tax)		170			16,171			-99	%
Net other-than-temporary impairment losses recognized in earnings		(81	)		(10,700	)		-99	%
Net realized gains (losses)		6,113			(1,537	)	NM
Other income (expense)		1,070			143			646	%
Total revenues		189,143			171,595			10	%
Expenses:
Net losses and loss adjustment expenses		103,807			100,247			4	%
Commission expenses		25,316			22,448			13	%
Other operating expenses		34,586			30,535			13	%
Interest expense		2,044			2,219			-8	%
Total expenses		165,753			155,449			7	%
Income before income taxes		23,390			16,146			45	%
Income tax expense		6,345			4,146			53	%
Net income	$	17,045		$	12,000			42	%
Per Share Data
Net income per common share:
Basic	$	1.02		$	0.71			44	%
Diluted	$	1.00		$	0.71			42	%
Average shares outstanding:
Basic		16,641			16,882
Diluted		16,979			17,002
Underwriting Ratios
Loss Ratio		63.3	%		60.8	%
Expense Ratio		35.8	%		32.0	%
Combined Ratio		99.1	%		92.8	%

	Mar. 31,		Dec. 31,
	2010		2009
Balance Sheet Data
Stockholders’ equity	$	810,044	$	801,519	1	%
Book value per share	$	49.47	$	47.58	4	%

News Release
Page 5

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($ in thousands, except share data)

	March 31,			December 31,
	2010			2009
	(unaudited)
ASSETS
Investments and cash:
Fixed maturities, available-for-sale, at fair value (amortized cost: 2010, $1,762,223; 2009, $1,777,983)	$	1,807,348		$	1,816,669
Equity securities, available-for-sale, at fair value (cost: 2010, $54,624; 2009, $47,376)		72,609			62,610
Short-term investments, at cost which approximates fair value		172,342			176,799
Cash		2,699			509
Total investments and cash		2,054,998			2,056,587
Premiums receivable		225,025			193,460
Prepaid reinsurance premiums		157,201			162,344
Reinsurance recoverable on paid losses		75,355			76,505
Reinsurance recoverable on unpaid losses and loss adjustment expenses		795,914			807,352
Deferred policy acquisition costs		63,133			56,575
Accrued investment income		16,767			17,438
Goodwill and other intangible assets		6,779			7,057
Current income tax receivable, net		5,021			4,854
Deferred income tax, net		25,643			31,222
Other assets		34,895			40,600
Total assets	$	3,460,731		$	3,453,994
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserves for losses and loss adjustment expenses	$	1,913,760		$	1,920,286
Unearned premiums		494,061			475,171
Reinsurance balances payable		86,376			98,555
Senior notes		114,041			114,010
Accounts payable and other liabilities		42,449			44,453
Total liabilities		2,650,687			2,652,475
Stockholders’ equity:
Preferred stock, $.10 par value, authorized 1,000,000 shares, none issued		—			—
Common stock, $.10 par value, authorized 50,000,000 shares, issued 17,228,278 shares for 2010 and 17,212,814 shares for 2009		1,723			1,721
Additional paid-in capital		307,517			304,505
Retained earnings		486,979			469,934
Treasury stock, at cost (853,842 for 2010 and 366,330 shares for 2009)		(37,290	)		(18,296	)
Accumulated other comprehensive income (loss)		51,115			43,655
Total stockholders’ equity		810,044			801,519
Total liabilities and stockholders’ equity	$	3,460,731		$	3,453,994

News Release
Page 6

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Comparative Premium Data
($ in thousands, except share data)

	First Quarter
	2010		2009		Change
Gross Written Premiums:
Insurance Companies:
Marine	$	67,526	$	77,237		-13	%
Property Casualty		79,346		84,258		-6	%
Professional Liability		30,966		30,488		2	%
		177,838		191,983		-7	%
Lloyd’s Operations:
Marine		59,141		59,023		0	%
Property Casualty		19,959		13,528		48	%
Professional Liability		13,207		10,725		23	%
		92,307		83,276		11	%
Total	$	270,145	$	275,259		-2	%

	First Quarter
	2010		2009		Change
Net Written Premiums:
Insurance Companies:
Marine	$	51,003	$	58,459		-13	%
Property Casualty		49,697		59,976		-17	%
Professional Liability		20,640		18,647		11	%
		121,340		137,082		-11	%
Lloyd’s Operations:
Marine		49,642		49,974		-1	%
Property Casualty		11,711		7,595		54	%
Professional Liability		6,624		6,001		10	%
		67,977		63,570		7	%
Total	$	189,317	$	200,652		-6	%

	First Quarter
	2010		2009		Change
Net Earned Premiums:
Insurance Companies:
Marine	$	41,094	$	37,161		11	%
Property Casualty		51,081		65,412		-22	%
Professional Liability		19,036		17,717		7	%
		111,211		120,290		-8	%
Lloyd’s Operations:
Marine		35,560		31,175		14	%
Property Casualty		11,915		7,923		50	%
Professional Liability		5,383		5,558		-3	%
		52,858		44,656		18	%
Total	$	164,069	$	164,946		-1	%

News Release
Page 7

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
Three Months Ended
March 31, 2010

($ in thousands)

	Insurance			Lloyd's
	Companies			Operations			Corporate			Total
Gross written premiums	$	177,838		$	92,307		$	—		$	270,145
Net written premiums		121,340			67,977			—			189,317
Net earned premiums		111,211			52,858			—			164,069
Net losses and loss adjustment expenses		(68,403	)		(35,404	)		—			(103,807	)
Commission expenses		(14,362	)		(10,966	)		12			(25,316	)
Other operating expenses		(27,353	)		(7,243	)		—			(34,596	)
Other income (expense)		(977	)		2,069			(12	)		1,080
Underwriting profit		116			1,314			—			1,430
Investment income		15,748			2,069			155			17,972
Net realized gains (losses)		5,205			713			114			6,032
Other operating expenses		—			—			10			10
Other income (expense)		—			—			(10	)		(10	)
Interest expense		—			—			(2,044	)		(2,044	)
Income (loss) before income tax expense (benefit)		21,069			4,096			(1,775	)		23,390
Income tax expense (benefit)		5,463			1,503			(621	)		6,345
Net income (loss)	$	15,606		$	2,593		$	(1,154	)	$	17,045
Loss and loss expenses ratio		61.5	%		67.0	%					63.3	%
Commission expense ratio		12.9	%		20.7	%					15.4	%
Other operating expenses ratio (1)		25.5	%		9.8	%					20.4	%
Combined ratio		99.9	%		97.5	%					99.1	%

(1) The Other operating expenses ratio includes Other income (expense).

News Release
Page 8

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
Three Months Ended
March 31, 2009

($ in thousands)

	Insurance			Lloyd’s
	Companies			Operations			Corporate			Total
Gross written premiums	$	191,983		$	83,276		$	—		$	275,259
Net written premiums		137,082			63,570			—			200,652
Net earned premiums		120,290			44,656			—			164,946
Net losses and loss adjustment expenses		(70,153	)		(30,094	)		—			(100,247	)
Commission expenses		(14,968	)		(7,480	)		—			(22,448	)
Other operating expenses		(24,560	)		(5,981	)		6			(30,535	)
Other income (expense)		201			(52	)		(6	)		143
Underwriting profit		10,810			1,049			—			11,859
Investment income		16,207			2,383			153			18,743
Net realized gains (losses)		(8,907	)		(3,330	)		—			(12,237	)
Interest expense		—			—			(2,219	)		(2,219	)
Income (loss) before income tax expense (benefit)		18,110			102			(2,066	)		16,146
Income tax expense (benefit)		4,533			336			(723	)		4,146
Net income (loss)	$	13,577		$	(234	)	$	(1,343	)	$	12,000
Loss and loss expenses ratio		58.3	%		67.4	%					60.8	%
Commission expense ratio		12.4	%		16.8	%					13.6	%
Other operating expenses ratio (1)		20.3	%		13.5	%					18.4	%
Combined ratio		91.0	%		97.7	%					92.8	%

(1) The Other operating expenses ratio includes Other income (expense).

News Release
Page 9

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Underwriting Results
($ in thousands)

	Three Months Ended March 31, 2010
	Net		Losses
	Earned		and LAE		Underwriting		Underwriting			Combined Ratio
	Premiums		Incurred		Expenses		Gain(Loss)			Loss			Expense			Total
Insurance Companies:
Marine	$	41,094	$	26,133	$	14,928	$	33			63.6	%		36.3	%		99.9	%
Property Casualty		51,081		32,126		20,316		(1,361	)		62.9	%		39.8	%		102.7	%
Professional Liability		19,036		10,144		7,448		1,444			53.3	%		39.1	%		92.4	%
		111,211		68,403		42,692		116			61.5	%		38.4	%		99.9	%
Lloyd’s Operations		52,858		35,404		16,140		1,314			67.0	%		30.5	%		97.5	%
Total	$	164,069	$	103,807	$	58,832	$	1,430			63.3	%		35.8	%		99.1	%

	Three Months Ended March 31, 2009
	Net		Losses
	Earned		and LAE		Underwriting		Underwriting			Combined Ratio
	Premiums		Incurred		Expenses		Gain(Loss)			Loss			Expense			Total
Insurance Companies:
Marine	$	37,161	$	26,390	$	11,622	$	(851	)		71.0	%		31.3	%		102.3	%
Property Casualty		65,412		28,004		20,753		16,655			42.8	%		31.7	%		74.5	%
Professional Liability		17,717		15,759		6,952		(4,994	)		89.0	%		39.2	%		128.2	%
		120,290		70,153		39,327		10,810			58.3	%		32.7	%		91.0	%
Lloyd’s Operations		44,656		30,094		13,513		1,049			67.4	%		30.3	%		97.7	%
Total	$	164,946	$	100,247	$	52,840	$	11,859			60.8	%		32.0	%		92.8	%

	Amounts					Loss Ratio
	Mar. 31,			Mar. 31,		Mar. 31,			Mar. 31,
	2010			2009		2010			2009
Net Incurred Loss Activity For the Three Months Ended:
Insurance Companies:
Loss and LAE payments	$	72,673		$	48,804		65.3	%		40.6	%
Change in reserves		(4,270	)		21,349		-3.8	%		17.7	%
Net incurred loss and LAE		68,403			70,153		61.5	%		58.3	%
Lloyd’s Operations:
Loss and LAE payments		26,222			23,122		49.6	%		51.8	%
Change in reserves		9,182			6,972		17.4	%		15.6	%
Net incurred loss and LAE		35,404			30,094		67.0	%		67.4	%
Total
Loss and LAE payments		98,895			71,926		60.3	%		43.6	%
Change in reserves		4,912			28,321		3.0	%		17.2	%
Net incurred loss and LAE	$	103,807		$	100,247		63.3	%		60.8	%

	Amounts				Loss Ratio Impact
	Mar. 31,		Mar. 31,		Mar. 31,			Mar. 31,
	2010		2009		2010			2009
Impact of Prior Years Reserves Favorable / (Unfavorable) Development For the Three Months Ended:
Insurance Companies	$	653	$	5,132		0.6	%		4.3	%
Lloyd’s Operations		593		635		1.1	%		1.4	%
Total	$	1,246	$	5,767		0.8	%		3.5	%

News Release
Page 10

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Net Loss Data
($ in thousands)

	Case		IBNR
	Reserves		Reserves		Total
Net Loss Reserves, March 31, 2010:
Insurance Companies:
Marine	$	113,864	$	98,044	$	211,908
Property Casualty		139,708		348,242		487,950
Professional Liability		37,765		65,382		103,147
Total Insurance Companies		291,337		511,668		803,005
Lloyd’s Operations:
Marine		110,889		101,925		212,814
Property Casualty		26,671		28,409		55,080
Professional Liability		9,246		37,701		46,947
Total Lloyd’s Operations		146,806		168,035		314,841
Total Net Loss Reserves	$	438,143	$	679,703	$	1,117,846

	Case		IBNR
	Reserves		Reserves		Total
Net Loss Reserves, December 31, 2009:
Insurance Companies:
Marine	$	113,604	$	100,042	$	213,646
Property Casualty		134,427		351,985		486,412
Professional Liability		38,410		68,807		107,217
Total Insurance Companies		286,441		520,834		807,275
Lloyd’s Operations:
Marine		107,800		101,851		209,651
Property Casualty		27,148		25,175		52,323
Professional Liability		7,442		36,243		43,685
Total Lloyd’s Operations		142,390		163,269		305,659
Total Net Loss Reserves	$	428,831	$	684,103	$	1,112,934

News Release
Page 11

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Investment Data
March 31, 2010
($ in thousands)

At March 31, 2010, the average quality of the investment portfolio as rated by S&P and Moody’s was AA/Aa with an average duration of 4.2 years. The Company does not own any collateralized debt obligations (CDO’s), collateralized loan obligations (CLO’s) or asset backed commercial paper.

At March 31, 2010, the Company owned two asset-backed securities approximating $0.1 million with subprime mortgage exposures. The securities have an effective maturity of 3.0 years. In addition, the Company owned a total of five collateralized mortgage obligations and asset-backed securities approximating $1.4 million classified as Alt-A which is a credit category between prime and subprime. They have an effective maturity of 5.6 years. Such subprime and Alt-A categories are as defined by S&P. The Company is receiving principal and/or interest payments on all these securities and believes such amounts are fully collectible.

The following table sets forth our cash and investments at March 31, 2010:

			Gross		Gross			Cost or		OTTI
	Fair		Unrealized		Unrealized			Amortized		Recognized
March 31, 2010	Value		Gains		(Losses)			Cost		in OCI
	($ in thousands)
Fixed maturities:
U.S. Government Treasury bonds, agency bonds and foreign government bonds	$	408,935	$	7,571	$	(355	)	$	401,719	$	—
States, municipalities and political subdivisions		640,783		22,064		(1,996	)		620,715		—
Mortgage- and asset-backed securities
Agency mortgage-backed securities		348,619		12,289		(108	)		336,438		—
Residential mortgage obligations		30,486		—		(6,050	)		36,536		(4,685	)
Asset-backed securities		11,283		485		(34	)		10,832		(34	)
Commercial mortgage-backed securities		105,728		2,494		(685	)		103,919		—
Subtotal		496,116		15,268		(6,877	)		487,725		(4,719	)
Corporate bonds		261,514		10,132		(682	)		252,064		—
Total fixed maturities		1,807,348		55,035		(9,910	)		1,762,223		(4,719	)
Equity securities — common stocks		72,609		17,995		(10	)		54,624		—
Cash		2,699		—		—			2,699		—
Short-term investments		172,342		—		—			172,342		—
Total	$	2,054,998	$	73,030	$	(9,920	)	$	1,991,888	$	(4,719	)

News Release
Page 12

The Navigators Group, Inc. and Subsidiaries
Investment Data
March 31, 2010
($ in thousands)

The following three tables set forth our agency mortgage-backed securities, residential mortgage obligations, and asset-backed securities by those issued by GNMA, FNMA and FHLMC and the quality category (prime, Alt-A and subprime) for all other such investments at March 31, 2010:

			Gross		Gross			Cost or
	Fair		Unrealized		Unrealized			Amortized
	Value		Gains		(Losses)			Cost
Agency mortgage-backed securities:
GNMA	$	116,201	$	1,282	$	(72	)	$	114,991
FNMA		162,550		8,288		(17	)		154,279
FHLMC		69,868		2,719		(19	)		67,168
Total	$	348,619	$	12,289	$	(108	)	$	336,438

			Gross		Gross			Cost or
	Fair		Unrealized		Unrealized			Amortized
	Value		Gains		(Losses)			Cost
Residential mortgage obligations:
Prime	$	29,053	$	—	$	(5,644	)	$	34,697
Alt-A		1,433		—		(406	)		1,839
Subprime		—		—		—			—
Total	$	30,486	$	—	$	(6,050	)	$	36,536

			Gross		Gross			Cost or
	Fair		Unrealized		Unrealized			Amortized
	Value		Gains		(Losses)			Cost
Asset-backed securities:
Prime	$	11,155	$	485	$	—		$	10,670
Alt-A		—		—		—			—
Subprime		128		—		(34	)		162
Total	$	11,283	$	485	$	(34	)	$	10,832