Incorporated/Organized 12/18/1975 Commenced Business 12/31/1975. (Street and Number) Greenwich, CT, US 06830,

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1 PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 3, 03 OF THE CONDITION AND AFFAIRS OF THE Berkley Insurance Company NAIC Group Code NAIC Company Code 3603 Employer's ID Number (Current) (Prior) Organized under the Laws of Delaware, State of Domicile or Port of Entry DE Country of Domicile United States of America Incorporated/Organized /8/975 Commenced Business /3/975 Statutory Home Office Corporation Trust Center, 09 Orange Street, Wilmington, DE, US 980 (Street and Number) (City or Town, State, Country and Zip Code) Main Administrative Office 475 Steamboat Road (Street and Number) Greenwich, CT, US 06830, (City or Town, State, Country and Zip Code) (Area Code) (Telephone Number) Mail Address 475 Steamboat Road, Greenwich, CT, US (Street and Number or P.O. Box) (City or Town, State, Country and Zip Code) Primary Location of Books and Records 475 Steamboat Road (Street and Number) Greenwich, CT, US 06830, (City or Town, State, Country and Zip Code) (Area Code) (Telephone Number) Internet Website Address N/A Statutory Statement Contact Mark Gary Davidowitz, (Name) (Area Code) (Telephone Number) ( Address) (FAX Number) OFFICERS President W. Robert Berkley Jr. Treasurer Eugene George Ballard Secretary Ira Seth Lederman Rajiv Nayan Raval SVP and General Counsel OTHER DIRECTORS OR TRUSTEES Eugene George Ballard William Robert Berkley (Chairman) W. Robert Berkley Jr. Paul James Hancock Carol Josephine LaPunzina Ira Seth Lederman C. Fred Madsen State of County of Connecticut Fairfield SS: The officers of this reporting entity being duly sworn, each depose and say that they are the described officers of said reporting entity, and that on the reporting period stated above, all of the herein described assets were the absolute property of the said reporting entity, free and clear from any liens or claims thereon, except as herein stated, and that this statement, together with related exhibits, schedules and explanations therein contained, annexed or referred to, is a full and true statement of all the assets and liabilities and of the condition and affairs of the said reporting entity as of the reporting period stated above, and of its income and deductions therefrom for the period ended, and have been completed in accordance with the NAIC Annual Statement Instructions and Accounting Practices and Procedures manual except to the extent that: () state law may differ; or, () that state rules or regulations require differences in reporting not related to accounting practices and procedures, according to the best of their information, knowledge and belief, respectively. Furthermore, the scope of this attestation by the described officers also includes the related corresponding electronic filing with the NAIC, when required, that is an exact copy (except for formatting differences due to electronic filing) of the enclosed statement. The electronic filing may be requested by various regulators in lieu of or in addition to the enclosed statement. W. Robert Berkley Jr. Ira Seth Lederman Eugene George Ballard President Secretary Treasurer a. Is this an original filing? Yes [ X ] No [ ] Subscribed and sworn to before me this b. If no, 3rd day of February 04. State the amendment number. Date filed 3. Number of pages attached Joan W. Strong Notary Public November 30, 07

2 ASSETS Assets Current Year Nonadmitted Assets 3 Net Admitted Assets (Cols. - ) Prior Year 4 Net Admitted Assets. Bonds (Schedule D). Stocks (Schedule D):. Preferred stocks. Common stocks 3. Mortgage loans on real estate (Schedule B): 3. First liens 3. Other than first liens 4. Real estate (Schedule A): 4. Properties occupied by the company (less $ encumbrances) 4. Properties held for the production of income (less $ encumbrances) 4.3 Properties held for sale (less $ encumbrances) 5. Cash ($, Schedule E - Part ), cash equivalents ($, Schedule E - Part ) and short-term investments ($, Schedule DA) 6. Contract loans (including $ premium notes) 7. Derivatives (Schedule DB) 8. Other invested assets (Schedule BA) 9. Receivable for securities 0. Securities lending reinvested collateral assets (Schedule DL). Aggregate write-ins for invested assets. Subtotals, cash and invested assets (Lines to ) 3. Title plants less $ charged off (for Title insurers only) 4. Investment income due and accrued 5. Premiums and considerations: 5. Uncollected premiums and agents' balances in the course of collection 5. Deferred premiums, agents' balances and installments booked but deferred and not yet due (including $ earned but unbilled premiums) 5.3 Accrued retrospective premiums 6. Reinsurance: 6. Amounts recoverable from reinsurers 6. Funds held by or deposited with reinsured companies 6.3 Other amounts receivable under reinsurance contracts 7. Amounts receivable relating to uninsured plans 8. Current federal and foreign income tax recoverable and interest thereon 8. Net deferred tax asset 9. Guaranty funds receivable or on deposit 0. Electronic data processing equipment and software. Furniture and equipment, including health care delivery assets ($ ). Net adjustment in assets and liabilities due to foreign exchange rates 3. Receivables from parent, subsidiaries and affiliates 4. Health care ($ ) and other amounts receivable 5. Aggregate write-ins for other than invested assets 6. Total assets excluding Separate Accounts, Segregated Accounts and Protected Cell Accounts (Lines to 5) 7. From Separate Accounts, Segregated Accounts and Protected Cell Accounts 8. Total (Lines 6 and 7) DETAILS OF WRITE-INS 98. Summary of remaining write-ins for Line from overflow page 99. Totals (Lines 0 thru 03 plus 98)(Line above) Summary of remaining write-ins for Line 5 from overflow page 599. Totals (Lines 50 thru 503 plus 598)(Line 5 above)

3 LIABILITIES, SURPLUS AND OTHER FUNDS Current Year Prior Year. Losses (Part A, Line 35, Column 8). Reinsurance payable on paid losses and loss adjustment expenses (Schedule F, Part, Column 6) 3. Loss adjustment expenses (Part A, Line 35, Column 9) 4. Commissions payable, contingent commissions and other similar charges 5. Other expenses (excluding taxes, licenses and fees) 6. Taxes, licenses and fees (excluding federal and foreign income taxes) 7. Current federal and foreign income taxes (including $ on realized capital gains (losses)) 7. Net deferred tax liability 8. Borrowed money $ and interest thereon $ 9. Unearned premiums (Part A, Line 38, Column 5) (after deducting unearned premiums for ceded reinsurance of $ and including warranty reserves of $ and accrued accident and health experience rating refunds including $ for medical loss ratio rebate per the Public Health Service Act) 0. Advance premium. Dividends declared and unpaid:. Stockholders. Policyholders. Ceded reinsurance premiums payable (net of ceding commissions) 3. Funds held by company under reinsurance treaties (Schedule F, Part 3, Column 9) 4. Amounts withheld or retained by company for account of others 5. Remittances and items not allocated 6. Provision for reinsurance (including $ certified) (Schedule F, Part 8) 7. Net adjustments in assets and liabilities due to foreign exchange rates 8. Drafts outstanding 9. Payable to parent, subsidiaries and affiliates 0. Derivatives. Payable for securities. Payable for securities lending 3. Liability for amounts held under uninsured plans 4. Capital notes $ and interest thereon $ 5. Aggregate write-ins for liabilities 6. Total liabilities excluding protected cell liabilities (Lines through 5) 7. Protected cell liabilities 8. Total liabilities (Lines 6 and 7) 9. Aggregate write-ins for special surplus funds 30. Common capital stock 3. Preferred capital stock 3. Aggregate write-ins for other than special surplus funds 33. Surplus notes 34. Gross paid in and contributed surplus 35. Unassigned funds (surplus) 36. Less treasury stock, at cost: 36. shares common (value included in Line 30 $ ) 36. shares preferred (value included in Line 3 $ ) 37. Surplus as regards policyholders (Lines 9 to 35, less 36) (Page 4, Line 39) 38. TOTALS (Page, Line 8, Col. 3) DETAILS OF WRITE-INS ! 503. "#$ 598. Summary of remaining write-ins for Line 5 from overflow page 599. Totals (Lines 50 thru 503 plus 598)(Line 5 above) Summary of remaining write-ins for Line 9 from overflow page 999. Totals (Lines 90 thru 903 plus 998)(Line 9 above) 30. %$$$$ Summary of remaining write-ins for Line 3 from overflow page 399. Totals (Lines 30 thru 303 plus 398)(Line 3 above) 3

4 STATEMENT OF INCOME Current Year UNDERWRITING INCOME Prior Year. Premiums earned (Part, Line 35, Column 4) DEDUCTIONS:. Losses incurred (Part, Line 35, Column 7) 3. Loss adjustment expenses incurred (Part 3, Line 5, Column ) 4. Other underwriting expenses incurred (Part 3, Line 5, Column ) 5. Aggregate write-ins for underwriting deductions 6. Total underwriting deductions (Lines through 5) 7. Net income of protected cells 8. Net underwriting gain or (loss) (Line minus Line 6 plus Line 7) INVESTMENT INCOME 9. Net investment income earned (Exhibit of Net Investment Income, Line 7) 0. Net realized capital gains or (losses) less capital gains tax of $ (Exhibit of Capital Gains (Losses) ). Net investment gain (loss) (Lines 9 + 0) OTHER INCOME. Net gain (loss) from agents or premium balances charged off (amount recovered $ amount charged off $ ) 3. Finance and service charges not included in premiums 4. Aggregate write-ins for miscellaneous income 5. Total other income (Lines through 4) 6. Net income before dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes (Lines ) 7. Dividends to policyholders 8. Net income, after dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes (Line 6 minus Line 7) 9. Federal and foreign income taxes incurred 0. Net income (Line 8 minus Line 9)(to Line ) CAPITAL AND SURPLUS ACCOUNT. Surplus as regards policyholders, December 3 prior year (Page 4, Line 39, Column ). Net income (from Line 0) 3. Net transfers (to) from Protected Cell accounts 4. Change in net unrealized capital gains or (losses) less capital gains tax of $ 5. Change in net unrealized foreign exchange capital gain (loss) 6. Change in net deferred income tax 7. Change in nonadmitted assets (Exhibit of Nonadmitted Assets, Line 8, Col. 3) 8. Change in provision for reinsurance (Page 3, Line 6, Column minus Column ) 9. Change in surplus notes 30. Surplus (contributed to) withdrawn from protected cells 3. Cumulative effect of changes in accounting principles 3. Capital changes: 3. Paid in 3. Transferred from surplus (Stock Dividend) 3.3 Transferred to surplus 33. Surplus adjustments: 33. Paid in 33. Transferred to capital (Stock Dividend) 33.3 Transferred from capital 34. Net remittances from or (to) Home Office 35. Dividends to stockholders 36. Change in treasury stock (Page 3, Lines 36. and 36., Column minus Column ) 37. Aggregate write-ins for gains and losses in surplus 38. Change in surplus as regards policyholders for the year (Lines through 37) 39. Surplus as regards policyholders, December 3 current year (Line plus Line 38) (Page 3, Line 37) DETAILS OF WRITE-INS Summary of remaining write-ins for Line 5 from overflow page Totals (Lines 050 thru 0503 plus 0598)(Line 5 above) ! "# 498. Summary of remaining write-ins for Line 4 from overflow page 499. Totals (Lines 40 thru 403 plus 498)(Line 4 above) 370. $! % % Summary of remaining write-ins for Line 37 from overflow page Totals (Lines 370 thru 3703 plus 3798)(Line 37 above) 4

5 CASH FLOW Current Year Prior Year Cash from Operations. Premiums collected net of reinsurance. Net investment income 3. Miscellaneous income 4. Total (Lines through 3) 5. Benefit and loss related payments 6. Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts 7. Commissions, expenses paid and aggregate write-ins for deductions 8. Dividends paid to policyholders 9. Federal and foreign income taxes paid (recovered) net of $ tax on capital gains (losses) 0. Total (Lines 5 through 9). Net cash from operations (Line 4 minus Line 0) Cash from Investments. Proceeds from investments sold, matured or repaid:. Bonds. Stocks.3 Mortgage loans.4 Real estate.5 Other invested assets.6 Net gains or (losses) on cash, cash equivalents and short-term investments.7 Miscellaneous proceeds.8 Total investment proceeds (Lines. to.7) 3. Cost of investments acquired (long-term only): 3. Bonds 3. Stocks 3.3 Mortgage loans 3.4 Real estate 3.5 Other invested assets 3.6 Miscellaneous applications 3.7 Total investments acquired (Lines 3. to 3.6) 4. Net increase (decrease) in contract loans and premium notes 5. Net cash from investments (Line.8 minus Line 3.7 minus Line 4) Cash from Financing and Miscellaneous Sources 6. Cash provided (applied): 6. Surplus notes, capital notes 6. Capital and paid in surplus, less treasury stock 6.3 Borrowed funds 6.4 Net deposits on deposit-type contracts and other insurance liabilities 6.5 Dividends to stockholders 6.6 Other cash provided (applied) 7. Net cash from financing and miscellaneous sources (Lines 6. to 6.4 minus Line 6.5 plus Line 6.6) RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS 8. Net change in cash, cash equivalents and short-term investments (Line, plus Lines 5 and 7) 9. Cash, cash equivalents and short-term investments: 9. Beginning of year 9. End of period (Line 8 plus Line 9.) Note: Supplemental disclosures of cash flow information for non-cash transactions: 5

6 UNDERWRITING AND INVESTMENT EXHIBIT Line of Business PART - PREMIUMS EARNED Net Premiums Written per Column 6, Part B Unearned Premiums Dec. 3 Prior Year - per Col. 3, Last Year s Part 3 Unearned Premiums Dec. 3 Current Year - per Col. 5 Part A 4 Premiums Earned During Year (Cols ). Fire. Allied lines 3. Farmowners multiple peril 4. Homeowners multiple peril 5. Commercial multiple peril 6. Mortgage guaranty 8. Ocean marine 9. Inland marine 0. Financial guaranty. Medical professional liability - occurrence. Medical professional liability - claims-made. Earthquake 3. Group accident and health 4. Credit accident and health (group and individual) 5. Other accident and health 6. Workers'compensation 7. Other liability - occurrence 7. Other liability - claims-made 7.3 Excess workers'compensation 8. Products liability - occurrence 8. Products liability - claims-made 9., 9. Private passenger auto liability 9.3, 9.4 Commercial auto liability. Auto physical damage. Aircraft (all perils) 3. Fidelity 4. Surety 6. Burglary and theft 7. Boiler and machinery 8. Credit 9. International 30. Warranty 3. Reinsurance - nonproportional assumed property 3. Reinsurance - nonproportional assumed liability 33. Reinsurance - nonproportional assumed financial lines 34. Aggregate write-ins for other lines of business 35. TOTALS DETAILS OF WRITE-INS Summary of remaining write-ins for Line 34 from overflow page Totals (Lines 340 thru 3403 plus 3498)(Line 34 above) 6

7 UNDERWRITING AND INVESTMENT EXHIBIT Line of Business PART A - RECAPITULATION OF ALL PREMIUMS 3 Amount Unearned (Running One Year or Less from Date of Policy) (a) Amount Unearned (Running More Than One Year from Date of Policy) (a) Earned But Unbilled Premium 4 Reserve for Rate Credits and Retrospective Adjustments Based on Experience 5 Total Reserve for Unearned Premiums Cols Fire. Allied lines 3. Farmowners multiple peril 4. Homeowners multiple peril 5. Commercial multiple peril 6. Mortgage guaranty 8. Ocean marine 9. Inland marine 0. Financial guaranty. Medical professional liability - occurrence. Medical professional liability - claims-made. Earthquake 3. Group accident and health 4. Credit accident and health (group and individual) 5. Other accident and health 6. Workers'compensation 7. Other liability - occurrence 7. Other liability - claims-made 7.3 Excess workers'compensation 8. Products liability - occurrence 8. Products liability - claims-made 9., 9. Private passenger auto liability 9.3, 9.4 Commercial auto liability. Auto physical damage. Aircraft (all perils) 3. Fidelity 4. Surety 6. Burglary and theft 7. Boiler and machinery 8. Credit 9. International 30. Warranty 3. Reinsurance - nonproportional assumed property 3. Reinsurance - nonproportional assumed liability 33. Reinsurance - nonproportional assumed financial lines 34. Aggregate write-ins for other lines of business 35. TOTALS 36. Accrued retrospective premiums based on experience 37. Earned but unbilled premiums 38. Balance (Sum of Line 35 through 37) DETAILS OF WRITE-INS Summary of remaining write-ins for Line 34 from overflow page Totals (Lines 340 thru 3403 plus 3498)(Line 34 above) (a) State here basis of computation used in each case 7

8 UNDERWRITING AND INVESTMENT EXHIBIT PART B - PREMIUMS WRITTEN Line of Business Reinsurance Assumed Reinsurance Ceded Net Premiums Written Direct Business (a) From Affiliates From Non-Affiliates To Affiliates To Non-Affiliates Cols Fire. Allied lines 3. Farmowners multiple peril 4. Homeowners multiple peril 5. Commercial multiple peril 6. Mortgage guaranty 8. Ocean marine 9. Inland marine 0. Financial guaranty. Medical professional liability - occurrence. Medical professional liability - claims-made. Earthquake 3. Group accident and health 4. Credit accident and health (group and individual) 5. Other accident and health 6. Workers'compensation 7. Other liability - occurrence 7. Other liability - claims-made 7.3 Excess workers'compensation 8. Products liability - occurrence 8. Products liability - claims-made 9., 9. Private passenger auto liability 9.3, 9.4 Commercial auto liability. Auto physical damage. Aircraft (all perils) 3. Fidelity 4. Surety 6. Burglary and theft 7. Boiler and machinery 8. Credit 9. International 30. Warranty 3. Reinsurance - nonproportional assumed property XXX 3. Reinsurance - nonproportional assumed liability XXX 33. Reinsurance - nonproportional assumed financial lines XXX 34. Aggregate write-ins for other lines of business 35. TOTALS DETAILS OF WRITE-INS Summary of remaining write-ins for Line 34 from overflow page Totals (Lines 340 thru 3403 plus 3498)(Line 34 above) (a) Does the company's direct premiums written include premiums recorded on an installment basis?!"#!$" If yes:. The amount of such installment premiums $. Amount at which such installment premiums would have been reported had they been reported on an annualized basis $ 8

9 9 ANNUAL STATEMENT FOR THE YEAR 03 OF THE Berkley Insurance Company UNDERWRITING AND INVESTMENT EXHIBIT PART - LOSSES PAID AND INCURRED Losses Paid Less Salvage Net Losses Unpaid Current Year (Part A, Col. 8) Losses Incurred Current Year (Cols ) Percentage of Losses Incurred (Col. 7, Part ) to Premiums Earned (Col. 4, Part ) Reinsurance Reinsurance Net Payments Net Losses Unpaid Line of Business Direct Business Assumed Recovered (Cols ) Prior Year. Fire. Allied lines 3. Farmowners multiple peril 4. Homeowners multiple peril 5. Commercial multiple peril 6. Mortgage guaranty 8. Ocean marine 9. Inland marine 0. Financial guaranty. Medical professional liability - occurrence. Medical professional liability - claims-made. Earthquake 3. Group accident and health 4. Credit accident and health (group and individual) 5. Other accident and health 6. Workers'compensation 7. Other liability - occurrence 7. Other liability - claims-made 7.3 Excess workers'compensation 8. Products liability - occurrence 8. Products liability - claims-made 9., 9. Private passenger auto liability 9.3, 9.4 Commercial auto liability. Auto physical damage. Aircraft (all perils) 3. Fidelity 4. Surety 6. Burglary and theft 7. Boiler and machinery 8. Credit 9. International 30. Warranty 3. Reinsurance - nonproportional assumed property XXX 3. Reinsurance - nonproportional assumed liability XXX 33. Reinsurance - nonproportional assumed financial lines XXX 34. Aggregate write-ins for other lines of business 35. TOTALS DETAILS OF WRITE-INS Summary of remaining write-ins for Line 34 from overflow page Totals (Lines 340 thru 3403 plus 3498)(Line 34 above)

10 0 ANNUAL STATEMENT FOR THE YEAR 03 OF THE Berkley Insurance Company UNDERWRITING AND INVESTMENT EXHIBIT PART A - UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES Reported Losses Incurred But Not Reported Deduct Reinsurance Recoverable Net Losses Excl. Incurred But Not Reported (Cols ) Net Unpaid Loss Adjustment Expenses Reinsurance Reinsurance Reinsurance Net Losses Unpaid Line of Business Direct Assumed Direct Assumed Ceded (Cols ). Fire. Allied lines 3. Farmowners multiple peril 4. Homeowners multiple peril 5. Commercial multiple peril 6. Mortgage guaranty 8. Ocean marine 9. Inland marine 0. Financial guaranty. Medical professional liability - occurrence. Medical professional liability - claims-made. Earthquake 3. Group accident and health (a) 4. Credit accident and health (group and individual) 5. Other accident and health (a) 6. Workers'compensation 7. Other liability - occurrence 7. Other liability - claims-made 7.3 Excess workers'compensation 8. Products liability - occurrence 8. Products liability - claims-made 9., 9. Private passenger auto liability 9.3, 9.4 Commercial auto liability. Auto physical damage. Aircraft (all perils) 3. Fidelity 4. Surety 6. Burglary and theft 7. Boiler and machinery 8. Credit 9. International 30. Warranty 3. Reinsurance - nonproportional assumed property XXX XXX 3. Reinsurance - nonproportional assumed liability XXX XXX 33. Reinsurance - nonproportional assumed financial lines XXX XXX 34. Aggregate write-ins for other lines of business 35. TOTALS DETAILS OF WRITE-INS Summary of remaining write-ins for Line 34 from overflow page Totals (Lines 340 thru 3403 plus 3498)(Line 34 above) (a) Including $ for present value of life indemnity claims.

11 UNDERWRITING AND INVESTMENT EXHIBIT PART 3 - EXPENSES 3 4. Claim adjustment services: Loss Adjustment Expenses Other Underwriting Expenses Investment Expenses. Direct. Reinsurance assumed.3 Reinsurance ceded.4 Net claim adjustment service ( ). Commission and brokerage:. Direct excluding contingent. Reinsurance assumed, excluding contingent.3 Reinsurance ceded, excluding contingent.4 Contingent - direct.5 Contingent - reinsurance assumed.6 Contingent - reinsurance ceded.7 Policy and membership fees.8 Net commission and brokerage ( ) 3. Allowances to managers and agents 4. Advertising 5. Boards, bureaus and associations 6. Surveys and underwriting reports 7. Audit of assureds records 8. Salary and related items: 8. Salaries 8. Payroll taxes 9. Employee relations and welfare 0. Insurance. Directors fees. Travel and travel items 3. Rent and rent items 4. Equipment 5. Cost or depreciation of EDP equipment and software 6. Printing and stationery 7. Postage, telephone and telegraph, exchange and express 8. Legal and auditing 9. Totals (Lines 3 to 8) 0. Taxes, licenses and fees: 0. State and local insurance taxes deducting guaranty association credits of $ 0. Insurance department licenses and fees 0.3 Gross guaranty association assessments 0.4 All other (excluding federal and foreign income and real estate) 0.5 Total taxes, licenses and fees ( ). Real estate expenses. Real estate taxes 3. Reimbursements by uninsured plans 4. Aggregate write-ins for miscellaneous expenses 5. Total expenses incurred (a) 6. Less unpaid expenses - current year 7. Add unpaid expenses - prior year 8. Amounts receivable relating to uninsured plans, prior year 9. Amounts receivable relating to uninsured plans, current year 30. TOTAL EXPENSES PAID (Lines ) DETAILS OF WRITE-INS ! 403. " #$! 498. Summary of remaining write-ins for Line 4 from overflow page 499. Totals (Lines 40 thru 403 plus 498)(Line 4 above) (a) Includes management fees of $ to affiliates and $ to non-affiliates. Total

12 EXHIBIT OF NET INVESTMENT INCOME Collected During Year Earned During Year. U.S. Government bonds (a). Bonds exempt from U.S. tax (a). Other bonds (unaffiliated) (a).3 Bonds of affiliates (a). Preferred stocks (unaffiliated) (b). Preferred stocks of affiliates (b). Common stocks (unaffiliated). Common stocks of affiliates 3. Mortgage loans (c) 4. Real estate (d) 5 Contract loans 6 Cash, cash equivalents and short-term investments (e) 7 Derivative instruments (f) 8. Other invested assets 9. Aggregate write-ins for investment income 0. Total gross investment income. Investment expenses (g). Investment taxes, licenses and fees, excluding federal income taxes (g) 3. Interest expense (h) 4. Depreciation on real estate and other invested assets (i) 5. Aggregate write-ins for deductions from investment income 6. Total deductions (Lines through 5) 7. Net investment income (Line 0 minus Line 6) DETAILS OF WRITE-INS Summary of remaining write-ins for Line 9 from overflow page Totals (Lines 090 thru 0903 plus 0998) (Line 9, above) Summary of remaining write-ins for Line 5 from overflow page 599. Totals (Lines 50 thru 503 plus 598) (Line 5, above) (a) Includes $ accrual of discount less $ amortization of premium and less $ paid for accrued interest on purchases. (b) Includes $ accrual of discount less $ amortization of premium and less $ paid for accrued dividends on purchases. (c) Includes $ accrual of discount less $ amortization of premium and less $ paid for accrued interest on purchases. (d) Includes $ for company s occupancy of its own buildings; and excludes $ interest on encumbrances. (e) Includes $ accrual of discount less $ amortization of premium and less $ paid for accrued interest on purchases. (f) Includes $ accrual of discount less $ amortization of premium. (g) Includes $ investment expenses and $ investment taxes, licenses and fees, excluding federal income taxes, attributable to segregated and Separate Accounts. (h) Includes $ interest on surplus notes and $ interest on capital notes. (i) Includes $ depreciation on real estate and $ depreciation on other invested assets. EXHIBIT OF CAPITAL GAINS (LOSSES) Total Realized Capital Gain (Loss) (Columns + ) Change in Unrealized Capital Gain (Loss) Change in Unrealized Foreign Exchange Capital Gain (Loss) Realized Gain (Loss) On Sales or Maturity Other Realized Adjustments. U.S. Government bonds. Bonds exempt from U.S. tax. Other bonds (unaffiliated).3 Bonds of affiliates. Preferred stocks (unaffiliated). Preferred stocks of affiliates. Common stocks (unaffiliated). Common stocks of affiliates 3. Mortgage loans 4. Real estate 5. Contract loans 6. Cash, cash equivalents and short-term investments 7. Derivative instruments 8. Other invested assets 9. Aggregate write-ins for capital gains (losses) 0. Total capital gains (losses) DETAILS OF WRITE-INS !" Summary of remaining write-ins for Line 9 from overflow page Totals (Lines 090 thru 0903 plus 0998) (Line 9, above)

13 EXHIBIT OF NON-ADMITTED ASSETS Current Year Total Nonadmitted Assets Prior Year Total Nonadmitted Assets 3 Change in Total Nonadmitted Assets (Col. - Col. ). Bonds (Schedule D). Stocks (Schedule D):. Preferred stocks. Common stocks 3. Mortgage loans on real estate (Schedule B): 3. First liens 3. Other than first liens 4. Real estate (Schedule A): 4. Properties occupied by the company 4. Properties held for the production of income 4.3 Properties held for sale 5. Cash (Schedule E - Part ), cash equivalents (Schedule E - Part ) and short-term investments (Schedule DA) 6. Contract loans 7. Derivatives (Schedule DB) 8. Other invested assets (Schedule BA) 9. Receivables for securities 0. Securities lending reinvested collateral assets (Schedule DL). Aggregate write-ins for invested assets. Subtotals, cash and invested assets (Lines to ) 3. Title plants (for Title insurers only) 4. Investment income due and accrued 5. Premiums and considerations: 5. Uncollected premiums and agents'balances in the course of collection 5. Deferred premiums, agents'balances and installments booked but deferred and not yet due 5.3 Accrued retrospective premiums 6. Reinsurance: 6. Amounts recoverable from reinsurers 6. Funds held by or deposited with reinsured companies 6.3 Other amounts receivable under reinsurance contracts 7. Amounts receivable relating to uninsured plans 8. Current federal and foreign income tax recoverable and interest thereon 8. Net deferred tax asset 9. Guaranty funds receivable or on deposit 0. Electronic data processing equipment and software. Furniture and equipment, including health care delivery assets. Net adjustment in assets and liabilities due to foreign exchange rates 3. Receivables from parent, subsidiaries and affiliates 4. Health care and other amounts receivable 5. Aggregate write-ins for other than invested assets 6. Total assets excluding Separate Accounts, Segregated Accounts and Protected Cell Accounts (Lines to 5) 7. From Separate Accounts, Segregated Accounts and Protected Cell Accounts 8. Total (Lines 6 and 7) DETAILS OF WRITE-INS 98. Summary of remaining write-ins for Line from overflow page 99. Totals (Lines 0 thru 03 plus 98)(Line above) !! 598. Summary of remaining write-ins for Line 5 from overflow page 599. Totals (Lines 50 thru 503 plus 598)(Line 5 above) 3

14 . SUMMARY OF ACCOUNTING POLICIES A. Accounting Practices The financial statements of the Berkley Insurance Company (the Company ) are presented on the basis of accounting practices prescribed or permitted by the Commissioner of Insurance of the State of Delaware (Delaware Commissioner). Prescribed statutory accounting practices include state laws, regulations, and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners (NAIC) codified in the NAIC Accounting Practices and Procedures Manual, collectively referred to as statutory accounting principles (SAP). Permitted statutory accounting practices encompass accounting practices approved by the Delaware Commissioner that are not prescribed. The Delaware Commissioner has allowed the Company a permitted accounting practice that differs from SAP. This permitted accounting practice is the discounting of nontabular workers compensation loss reserves. Accordingly, the Company discounts workers compensation loss reserves, whereas SAP only allows the discounting of tabular reserves. A reconciliation of the Company s net income and capital and surplus between NAIC SAP and practices prescribed and permitted by the Delaware Commissioner is shown below: State of Domicile 03 0 () Net income (DE basis) DE $,493,86,453 $ 94,5, () State prescribed practices (income) DE - - (3) State permitted practices (income) DE (8,98,654),46,7 (4) Net income, NAIC SAP,485,57,799 $ 305,937,38 (5) Statutory surplus (DE basis) DE $ 4,907,7,89 $ 4,656,5,357 (6) State prescribed practices (surplus) DE - - (7) State permitted practices (surplus) DE (8,637,874) (73,339,0) (8) Statutory surplus, NAIC SAP 4,65,534,45 $ 4,38,9,37 The Company entered into an intercompany reinsurance pooling agreement (Pooling Agreement) with nineteen of its U.S. property casualty insurance subsidiaries (Pool Affiliates), effective January, 03 (see note 6). Under the Pooling Agreement, the Pool Affiliates agreed to cede and transfer to the Company and the Company agreed to assume and accept as its own obligation () 00% of the Pool Affiliates respective liabilities on all insurance policies and all assumed reinsurance contracts that were in force as of January, 03, or that had expired or had been terminated or non-renewed as of January, 03; and () 00% of the Pool Affiliates respective liabilities on all insurance policies and all assumed reinsurance contracts issued subsequent to January, 03. In addition, effective January, 03, three other insurance subsidiaries and Union Standard Lloyds, an affiliated Lloyd s entity, have in place separate 00% quota share reinsurance agreements with the Company. As a result of these agreements, the Company requested and received permission from the Delaware Commissioner to restate Schedule P historical information as if these agreements were in place for all years reported. B. Use of Estimates The preparation of financial statements in conformity with SAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. C. Accounting Policies Premiums are earned over the terms of the related insurance policies and reinsurance contracts. Unearned premium reserves are established to cover the unexpired portion of premium written. Such reserves are computed by pro rata methods. Expenses incurred in connection with acquiring new insurance business, including such acquisition costs as sales commissions, are charged to operations as incurred. Expenses incurred are reduced for ceding allowances received or receivable. Net investment income earned consists primarily of interest and dividends less investment related expense. Interest is recognized on an accrual basis and dividends are recognized on an ex-dividend basis. Realized gains and losses on the sale of investments are calculated on the basis of specific identification, and reflected in net income. Unrealized gains or losses due to changes in valuations of investments are credited or charged to unassigned surplus, except to the extent changes are considered other than temporary. Realized capital losses include write-downs for impairments considered to be other than temporary. In addition, the company uses the following accounting policies: (). Investment grade short-term investments (NAIC Class -) are stated at amortized cost using the scientific interest method. Noninvestment grade short-term investments (NAIC 3-6) are stated at the lower of amortized cost or fair value. Such investments have original maturity dates less than one year. Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. 4

15 (). Investment grade bonds (Class and ) are stated at amortized cost. Bonds that are defined by the NAIC as noninvestment grade (Class 3-6) are carried at the lower of amortized cost or NAIC fair value. Unit prices published by the Securities Valuation Office (SVO), if available, are used to calculate the fair value amount disclosed. In the absence of SVO published unit prices, quoted market prices by other third party organizations, if available, are used to calculate fair value. The amortized cost for bonds is calculated using the modified scientific interest method. (3). Common stocks, if any, other than investments in stocks of subsidiaries and affiliates are stated at fair value. (4). Investment grade redeemable preferred stocks, if any, are stated at amortized cost. Investment grade perpetual preferred stocks, if any, are stated at fair value. Noninvestment grade preferred stocks, if any, are stated at the lower of amortized cost or fair value. (5). Mortgage loans on real estate, if any, are stated at amortized cost, net of allowances for loan losses. Allowances for loan losses are recorded as an adjustment to surplus. Loans written-off are recorded as realized losses in net income. (6). Investment grade loan-backed securities are stated at amortized cost. The retrospective adjustment method is used to revalue all loan-backed securities for which the collection of all contractual payments is probable. The prospective adjustment method is used for periods subsequent to the recognition of an other-than-temporary impairment loss. Noninvestment grade loan-backed securities are stated at the lower of amortized cost or fair value. Loan-backed and structured securities are amortized using the retrospective method, except for securities that have incurred a decline in fair value that is other than temporary which are amortized using the prospective method. The effective yield used to determine amortization is calculated based on actual historical and projected future cash flows, which are obtained from a widely-accepted securities data provider. Loan-backed and structured securities that have a fair value less than amortized cost and for which the Company has either () the intent to sell, or () does not have the intent and ability to hold the security until recovery of its carrying value, the Company impairs the security to fair value and records an other-than-temporary-impairment as a net realized capital loss. For securities where the Company does not expect to recover the amortized cost, but has the intent and ability to hold the security to recovery, the Company recognizes an other-than-temporaryimpairment for the credit related decline in value. When management has determined that a security is other-than-temporarily impaired because it is probable that all contractual cash flows will not be collected, the security is reported at fair value with the excess of contractual cash flows over expected cash flows recorded as a credit loss as a component of realized losses in the statutory statement of operations. Realized gains or losses on the sale of investments are reflected in net income. The Company primarily uses first-in, first-out method to determine the cost of securities sold and the specific identification method in other instances. (7). Common stocks of wholly-owned insurance subsidiaries, if any, are carried at their audited statutory equity values promulgated by the states of domicile. Wholly-owned non-insurance subsidiaries are based on their audited GAAP equity. The company owns 00% of the outstanding common stock of the following entities: Admiral Insurance Company (Admiral), Gemini Insurance Company, StarNet Insurance Company, Berkley Regional Insurance Company, Midwest Employers Casualty Company, Key Risk Insurance Company, Riverport Insurance Company, Berkley National Insurance Company, Berkley Life & Health Insurance Company, Preferred Employers Insurance Company, Great Divide Insurance Company and Berkley Assurance Company. Investment in approximately.4% of its ultimate parent, W.R. Berkley Corporation ( WRB ), and other noninsurance subsidiaries are valued as described in the Purposes and Procedures Manual of the Securities Valuation Office of the NAIC (see Schedule D, Part 6, Section ). (8). Investments in joint ventures and partnerships, if any, are carried on the basis of the underlying audited GAAP equity of the investee. Investments in limited liability companies, if any, are carried as non-admitted assets. (9). Investments in derivative securities, if any, are stated at fair value. The Company utilizes derivative instruments as part of its merger arbitrage activity conducted through investment management advisors. The Company invests in long portfolio positions, which are presented in the statutory statements of admitted assets, liabilities and capital and surplus as part of invested assets and carried at fair value with unrealized gains and losses reflected as an adjustment to surplus. Short sales and short options are reported as liabilities at fair value with unrealized gains and losses reflected as an adjustment to surplus. (0). The Company utilizes anticipated investment income as a factor in the premium deficiency calculation. (). Unpaid losses and loss adjustment expenses include an amount determined from individual case estimates and loss reports and an amount, based on past experience, for losses incurred but not yet reported. Such liabilities are necessarily based on assumptions and estimates and while management believes the amount is adequate, the ultimate liability may be in excess of or less than 4.

16 the amount provided. The methods for making such estimates and for establishing the resulting liability is continually reviewed and any adjustments are reflected in the period determined. (). The company has not modified its capitalization policy from the prior period. (3). The company has no pharmaceutical rebate receivables.. ACCOUNTING CHANGES AND CORRECTIONS OF ERRORS A. There have been no material changes in accounting principles and no significant errors have been discovered in the financial statements. 3. BUSINESS COMBINATIONS AND GOODWILL Not applicable. 4. DISCONTINUED OPERATIONS Not applicable. 5. INVESTMENTS A. Mortgage Loans, including Mezzanine Real Estate Loans (). The maximum and minimum lending rates for commercial mortgage loans originated during the current year were 6.70% and.9%, respectively. (). The maximum percentage of any one loan to the value of collateral at the time of the loan was 5%. (3). There were no taxes, assessments or any amounts advanced and not included in the mortgage loan. (4). The Company did not hold mortgages with interest 80 days or more past due. (5). There were no impaired mortgage loans. (6-8). There were no impaired mortgage loans. B. Debt Restructuring Not applicable. C. Reverse Mortgages Not applicable. D. Loan-Backed Securities (). Prepayment Assumptions - The Company obtains the prepayment assumptions from third party vendors. (). The Company did not record other-than temporary impairments on loan-backed securities in the current year. The following table summarizes amounts from previous years: December 3, 03 3 Other-Than- Temporary Impairment Recognized in Loss Amortzied Cost Before Other-Than- Temporary Impairment Aggregated Intent and Ability to Retain $7,09,86 Fair Value $ - $ 6,534,379 (3). The Company did not record any other-than temporary impairments for loan-backed securities in the current year. The following securities had other-than temporary impairments in prior years, as the present value of cash flows expected to be collected was less than the amortized cost: Cusip Amortzied Cost Before Current Recognized Amoritzed Cost Period Other- Other-Than- After Other-Than- Than Temporary Projected Cash Temporary Temporary Impairment Flows Impairment Impairment Fair Value 93363PAB6 $ 5,67,587 $ 5,67,587 $ - $ 5,67,587 $ 4,779, AF $,84,39 $,84,39 $ - $,84,39 $,754,49 (4). All impaired securities (fair value is less than cost or amortized cost) for which an other-than temporary impairment has not been recognized in earnings as a realized loss (including securities with a recognized other-than-temporary impairment for non-interest related declines with a nonrecognized interest related impairment remains): December 3, 03 December 3, 0 a. The aggretate amount of unrealized losses: Less than Months $ 8,553,570 $,680,098 Months or Longer 6,78,366 3,407,64 Total $ 4,73,936 $ 6,087,739 December 3, 03 December 3, 0 b. The aggretate amount of related fair value of securities with unrealized losses: Less than Months $ 896,99,594 $ 75,459,39 Months or Longer 53,65,775 39,764,84 Total $,050,57,369 $ 35,4,33 4.

17 (5). Conclusions that impairments are not other than temporary - The Company has evaluated the loan backed securities in an unrealized loss position and believes that the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default on financial covenants. Based on its assessment of the issuers, the Company expects them to continue to meet their contractual payment obligations as they become due and does not consider any of these securities to be other than temporarily impaired. E. Repurchase Agreements (). The Company only participates in short-term repurchase agreements and the policy requires U.S. Treasury securities at 00% of the fair value of the securities purchased to be maintained as collateral. As of year-end the company had no open repurchase agreements. (). Assets Pledged as Collateral Not applicable. (3). Collateral Accepted to Sell or Repledge Not applicable. F. Real Estate Not applicable. G. Low Income Housing Tax Credits The Company has investments in low income housing tax credit investments of $58,554,59 as of December 3, 03. The tax credits and tax losses generated from this investment primarily offset federal income taxes and are available through 08. The remaining capital commitment for the investment is $8,5, as of December 3, 03. H. Restricted Assets (). Restricted assets (including pledged) summarized by restricted asset category Gross Restricted Percent age R est rict ed A sset C at egory Total General A cco unt ( G/ A ) G/ A Supp ort in g S/ A R est rict ed A sset s ( a) Current Y ear Tot al Separat e A ccount ( S/ A ) R est rict e d A sset s S/ A A sset s Supp ort ing G/ A A ct ivit y ( b) T ot al ( plus 3 ) T ot al F ro m Prior Y ear Increase/ ( D ecrease) ( 5 minus 6 ) Tot al C urrent Y ear A dmit t ed R est rict ed Gro ss R est rict ed to Total A sset s A dmit t ed R est rict e d t o To t al A dmit t ed A sset s a.subject to contractual obligation for which liability is not shown b.collateral held under security lending arrangements c.subject to repurchase agreements d.subject to reverse repurchase agreements e.subject to dollar repurchase agreements f.subject to dollar reverse repurchase agreements g.placed under option contracts h.letter stock or securities restricted as to sale i.on deposit with state 7,565,99 7,565,99 5,775,94,789,58 7,565,99.3%.3% j.on deposit with other regulatory bodies 3,570,935 3,570,935 04,447,373 7,3,56 3,570, % 0.8% k.pledged as collateral not captured in other categories 58,470,906 58,470,906 30,07,93-4,546,387 58,470,906.6%.6% I. Other restricted assets m. Total restricted assets 607,607, ,607,040 6,40,607-3,633, ,607, % 3.8% () Detail of assets pledged as collateral not captured in other categories (reported on line k above) 4.3

18 Current Y ear Gross Restricted Percent age C ollat eral Agreement Tot al General A ccount ( G/ A ) G/ A Support in g S/ A R est rict ed Asset s ( a) Tot al Separat e A ccount ( S/ A) R est rict ed A sset s S/ A Asset s Support ing G/ A Act ivit y ( b) Tot al ( plus 3 ) Tot al From Prior Y ear Increase/ ( D ecrease) ( 5 minus 6 ) 8 Tot al C urrent Y ear A dmit t ed R est rict ed 9 0 Gross Rest rict ed t o Tot al Asset s A dmit t ed R est rict ed t o Tot al A dmit t ed A sset s Reinsurance 58,470,906 58,470,906 30,07,93 3,76,069,45.6%.6% Total 58,470, ,470,906 30,07,93 3,76,069,45.6%.6% (3) Detail of other restricted assets (reported on line l above) - not applicable 6. JOINT VENTURES, PARTNERSHIPS AND LIMITED LIABILITY COMPANIES A. The Company has no investments in joint ventures, partnerships or limited liability companies that exceed 0% of its admitted assets. B. The Company did not recognize any impairment write down for investments in joint ventures, partnerships or limited liability companies during the statement period. Partnerships which do not comply with SSAP 88 are carried at a zero value. 7. INVESTMENT INCOME A. Accrued Investment Income The Company does not admit investment income due and accrued if amounts are over 90 days past due. B. Amounts Non-admitted No amount of investment income was excluded for 03 or DERIVATIVE INSTRUMENTS A. Market Risk, Credit Risk and Cash Requirements of the Derivative Not applicable. B. Objectives for Using Derivatives The primary investment objective of the Company s use of derivative financial instruments is risk arbitrage. That is, returns are generated from capturing the spread in value between a security s current market value and its expected future value (calculated on the basis of an announced event; merger, privatization, restructuring). This future value may be defined in terms of cash or securities. In the case where the expected future value, as defined by the terms of the event, is given as a multiple of another publicly traded security, the spread may only be captured by selling short that security (the hedged security) against a long purchase at any given price level. The short sale is thus a hedge against potential fluctuations in the price of the securities on hand. Due to many circumstances (illiquid stock market, uptick short sale regulations, and competition for these same returns) it is not always possible or practical to sell the actual hedge security against the long position. In cases like this, options provide another vehicle to facilitate the desired returns. Additionally, in the case where cash is the defined proceed for the event, options on the same security, when they exist, may also be used as a hedge. The primary use of options is, as described herein, to hedge long positions of same or related securities that are involved in arbitrage of event situations. The premium typically associated with the option markets as well as the defined time horizons (expirations) of options make these vehicles appropriate hedges for the uses for which the Company employs them. The overall philosophy of employing options is to define and limit risk. C. Accounting Policies for Recognizing and Measuring Derivatives The Company invests in long portfolio positions which are presented in the statutory statements of admitted assets, liabilities, capital and surplus as part of invested assets and are carried at fair value with unrealized gains and losses reflected as an adjustment to surplus. Long options were presented in other assets and were carried at fair value with unrealized gains and losses reflected as an adjustment to surplus. As of December 3, 03 and 0, the notional amount of long options outstanding was $7,496,545 and $,38,600, respectively. The Company reported in its annual statement the following amounts, relating to short sales; liabilities of $60,47,938 and $,9,38 (page 3, line 50 + line 0, col. and, respectively), a net realized loss of $34,790,864 (page -Exhibit of Capital Gains and Losses, line 090, col. ) and a net change in unrealized loss of $3,90,0 (page -Exhibit of Capital Gains and Losses- line 090, col. 4 and col. 5). The schedules shown below show the summary totals: Gross Realized Gains (Losses) on Short Sales for the Year 03: Gains Losses Net Gain(Loss) Total bonds $ 6,585 $ 45,307 $ (8,7) Total common stocks 63,480,789 8,66,0 34,89,587 Gross realized gains (losses) on short sales $ 63,497,374 $ 8,706,509 $ 34,790,

19 Unrealized Gains (Losses) on Short Sales for the Year 03: Gains Losses Net Unrealized Gain(Loss) Total bonds $ - $ - $ - Total common stocks 636,339 6,098,56 (5,46,87) Gross unrealized gains (losses) on short sales $ 636,339 $ 6,098,56 $ (5,46,87) D. There are no net gains or losses recognized in unrealized gains or losses that were excluded from the assessment of hedge effectiveness. E. There are no net gains or losses that were recognized in unrealized gains or losses that resulted from derivatives that no longer qualify for hedge accounting. F. There are no derivatives accounted for as cash flow hedges of a forecasted transaction. 9. INCOME TAXES A. The net deferred tax asset/liability at /3 and the change from the prior year: Ordinary() Capital() Total(3)=()+() () a. Gross Deferred Tax Assets (DTAs) 393,73,550 43,843,04 437,574,564 b. Statutory Valuation Allowance Adjustment c. Adjusted Gross DTAs (a-b) 393,73,550 43,843,04 437,574,564 d. Deferred Tax Assets Nonadmitted 0,980,67 6,337,954 7,38,65 e. Net Adjusted Gross Admitted DTAs (c-d) 7,750,879 37,505,060 30,55,939 f. Deferred Tax Liabilities (DTLs) 7,8,75,977,36 9,799,4 g. Net Admitted DTA (DTL) 54,98,704 35,57,84 90,456,58 December 3, 0 Ordinary(4) Capital(5) Total(6)=(4)+(5) a. Gross Deferred Tax Assets (DTAs) 45,50,53 4,39,89 69,74,44 b. Statutory Valuation Allowance Adjustment c. Adjusted Gross DTAs (a-b) 45,50,53 4,39,89 69,74,44 d. Deferred Tax Assets Nonadmitted 7,686,60 0,080,554 37,767,55 e. Net Adjusted Gross Admitted DTAs (c-d) 7,85,9 4,59,337 3,975,59 f. Deferred Tax Liabilities (DTLs) 66,905,990 9,780,890 76,686,880 g. Net Admitted DTA (DTL) 50,909,93 4,378,447 55,88, Change Ordinary()-(4) Capital()-(5) Total(3)-(6) a. Gross Deferred Tax Assets (DTAs) 48,9,07 9,603,3 67,83,50 b. Statutory Valuation Allowance Adjustment c. Adjusted Gross DTAs (a-b) 48,9,07 9,603,3 67,83,50 d. Deferred Tax Assets Nonadmitted 93,94,070 (3,74,600) 89,55,470 e. Net Adjusted Gross Admitted DTAs (c-d) 54,934,957 3,345,73 78,80,680 f. Deferred Tax Liabilities (DTLs) (49,083,85) (7,803,654) (56,887,469) g. Net Admitted DTA (DTL) 04,08,77 3,49,377 35,68,49 4.5

20 () Admission Calculation Components per SSAP No. 0 at /3 and the change from prior year: December 3, 03 Ordinary() Capital() Total(3)=()+() a. Federal Income Tax Paid In Prior Years Recoverable Through Loss Carrybacks 30,938,998 35,57,84 66,466,8 b. Adjusted Gross DTAs Expected To Be Realized 3,989,706-3,989,706. Adjusted Gross DTAs Expected To Be Realized Following Balance Sheet Date 3,989,706-3,989,706. Adjusted Gross DTAs Allowed per Limitation Threshold XXX XXX 97,05,708 c. Adjusted Gross DTAs Offset by Gross DTLs 7,8,75,977,36 9,799,4 d. DTAs Admitted as the result of application of SSAP No.0 7,750,879 37,505,060 30,55,939 December 3, 0 Ordinary(4) Capital(5) Total(6)=(4)+(5) a. Federal Income Tax Paid In Prior Years Recoverable Through Loss Carrybacks 55,88,379-55,88,379 b. Adjusted Gross DTAs Expected To Be Realized Adjusted Gross DTAs Expected To Be Realized Following Balance Sheet Date 55,88,379-55,88,379. Adjusted Gross DTAs Allowed per Limitation Threshold XXX XXX 84,359,759 c. Adjusted Gross DTAs Offset by Gross DTLs 66,905,990 9,780,890 76,686,880 d. DTAs Admitted as the result of application of SSAP No.0,94,369 9,780,890 3,975,59 0 Change Ordinary()-(4) Capital()-(5) Total(3)-(6) a. Federal Income Tax Paid In Prior Years Recoverable Through Loss Carrybacks 75,650,69 35,57,84,78,443 b. Adjusted Gross DTAs Expected To Be Realized 3,989,706-3,989,706. Adjusted Gross DTAs Expected To Be Realized Following Balance Sheet Date (3,98,673) - (3,98,673). Adjusted Gross DTAs Allowed per Limitation Threshold XXX XXX,665,949 c. Adjusted Gross DTAs Offset by Gross DTLs (49,083,85) (7,803,654) (56,887,469) d. DTAs Admitted as the result of application of SSAP No.0 50,556,50 7,74,70 78,80,680 (3) 03 0 a. Ratio percentage used to determine recovery period and threshold limitation amounts 453% 350% b. Amount of adjusted capital and surplus used to determine recovery period and threshold limitation in (b) above 4,498,6,680 4,345,44,46 (4)- Impact of Tax Planning Strategies: December 3, 03 Ordinary() Capital(). Adjusted Gross DTAs from Note 9A(c.) 393,73,550 43,843,04. Percentage of AGDTAs attributable to TPS 0% 80% 3. Net Admitted Adjusted Gross DTAs from Note 9A(e.) 7,750,880 37,505, Percentage of Net AAGDTAs attributable to TPS 0% 94% December 3, 0 Ordinary(4) Capital(5). Adjusted Gross DTAs from Note 9A(c.) 45,50,53 4,39,89. Percentage of AGDTAs attributable to TPS 0% 57% 3. Net Admitted Adjusted Gross DTAs from Note 9A(e.) 7,85,9 4,59, Percentage of Net AAGDTAs attributable to TPS 0% 98% Ordinary()-(4) Ordinary()-(4) Capital()-(5). Adjusted Gross DTAs from Note 9A(c.) 48,9,07 9,603,3. Percentage of AGDTAs attributable to TPS 0% 3% 3. Net Admitted Adjusted Gross DTAs from Note 9A(e.) 54,934,958 3,345,73 4. Percentage of Net AAGDTAs attributable to TPS 0% -4% b Does the Company's tax planning strategies include the use of reinsurance B. Deferred tax liabilities are not recognized for the following amounts: All deferred tax liabilities are recognized. 4.6

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