RIDER INSURANCE COMPANY SPRINGFIELD, NEW JERSEY 07081

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1 REPORT ON EXAMINATION AS TO THE CONDITION OF RIDER INSURANCE COMPANY SPRINGFIELD, NEW JERSEY AT DECEMBER 31, 2011 NAIC COMPANY CODE NAIC GROUP CODE 0000 Filed April 26, 2013 Commissioner Department of Banking & Insurance

2 TABLE OF CONTENTS Page Salutation 1 Scope of Examination 1 Compliance with Prior Report Recommendations 2 Company History 3 Management and Control 4 Policy on Conflict of Interest 5 Holding Company System 6 Employee Welfare and Pension Plans 7 Statutory Deposits 7 Territory and Plan of Operation 8 Policy Forms and Underwriting Practices 8 Advertising and Sales Material 9 Treatment of Policyholders 9 Fidelity Bond and Other Insurance Coverages 10 Reinsurance and Retention 11 Accounts and Records 11 Continuity of Operations 11 Auditing and Internal Control 12 Financial Statements 12 Exhibit A: Comparative Balance Sheet at December 31, Exhibit B: Statement of Income for the Three Year Period Ended December 31, Exhibit C: Capital and Surplus Account for the Three Year Period Ended December 31, Notes to Financial Statement 16 Note 1: Common Stocks 16 Note 2: Losses and Loss Adjustment Expenses 16 Note 3: Surplus as Regards Policyholders 16 Significant Subsequent Events 16 Summary of Recommendations 16 Loss and Loss Adjustment Expense Reserves- Statement by New Jersey Department of Banking and Insurance Actuary 17 Conclusion 17 Notarization 18

3 CHRIS CHRISTIE Governor KIM GUADAGNO Lt. Governor State of New Jersey DEPARTMENT OF BANKING AND INSURANCE OFFICE OF SOLVENCY REGULATION PO BOX 325 TRENTON, NJ TEL (609) FAX (609) KENNETH E. KOBYLOWSKI Commissioner April 8, 2013 Honorable Kenneth E. Kobylowski Commissioner of Banking and Insurance State of New Jersey 20 West State Street Trenton, New Jersey Commissioner: In accordance with the authority vested in you by the provisions of N.J.S.A. 17:23-22, a financial examination has been made of the assets and liabilities, methods of conducting business and all other affairs of the: RIDER INSURANCE COMPANY 120 MOUNTAIN AVENUE SPRINGFIELD, NJ N.A.I.C. COMPANY CODE a property and liability insurance organization authorized to transact business in the State of New Jersey, and hereinafter referred to as "RIC," "Rider" or "Company." SCOPE OF EXAMINATION This comprehensive financial condition examination was called by the Commissioner of the New Jersey Department of Banking and Insurance ("NJDOBI" or "Department") pursuant to the authority granted by Section 17:23-22 of the New Jersey Statutes Annotated ("N.J.S.A.") Revised Statutes and was conducted at the Company's home office located at 120 Mountain Avenue, Springfield, NJ The examination covered the three-year period from December 31, 2008, the date of the last examination, through December 31, 2011, and included material transactions and/or events occurring subsequent to the examination date. During this threeyear period, the Company's assets decreased from $41,358,154 to $40,771,877, liabilities increased from $21,001,843 to $25,719,293 and surplus as regards to policyholders decreased from $20,356,132 to $15,052,584. 1

4 The examination was conducted in accordance with the 2011 NAIC Financial Condition Examiners Handbook. The Handbook requires that we plan and perform the examination to evaluate the financial condition and identify prospective risks of the Company by obtaining information about the Company including corporate governance, identifying and assessing inherent risks within the Company and evaluating system controls and procedures used to mitigate those risks. An examination also includes assessing the principles and significant estimates made by management, as well as evaluating the overall financial statement presentation, management s compliance with Statutory Accounting Principles and annual statement instructions when applicable to domestic state regulations. All accounts and activities of the Company were considered in accordance with the risk-focused examination process as defined in the 2011 NAIC Financial Condition Examiners Handbook. Additional areas reviewed were in part as follows: History Fidelity Bond and Other Insurance Pension, Stock Ownership and Insurance Plans Statutory Deposits Insurance Products and Related Services Reinsurance Accounts and Records COMPLIANCE WITH PRIOR EXAMINATION REPORT RECOMMENDATIONS The following is a summary of the Company's response to the recommendations of the previous examination report dated as of December 31, 2008: Common Stocks: It was recommended that the Company report the investments in its limited partnership on Schedule BA of the annual statement in accordance with the NAIC Annual Statement Instructions and in accordance with SSAP 48 paragraph 6 of the Accounting Practices and Procedures Manual. The Company complied with this recommendation. Escheatment: It was recommended that the Company procure a formal written policy and procedure for escheating unclaimed property and escheat unclaimed funds in compliance with N.J.S.A. 46:30B. The Company complied with this recommendation. Holding Company System: It was recommended that the Company disclose all of its affiliates in the Annual Statement Schedule Y Part 1 Organizational Chart in accordance with the NAIC Annual Statement Instructions governing members of a holding Company system and a controlled group. The Company complied with this recommendation. It was recommended that the Company disclose its affiliates in Item #2 of the Company s Form B Insurance Holding Company System Annual Registration Statement in accordance with N.J.S.A 17: 27A-3b (2). 2

5 The Company complied with this recommendation. Continuity of Operations The Company maintains a formal disaster recovery and business continuity plan to meet its needs in the event of a disaster and or catastrophe. It was recommended that the Company simulate a disaster recovery test to identify and document essential deficiencies that might exist, which could potentially impede the process necessary to establish and restore either basic or critical systems and functions in a timely manner. The Company did not comply with this recommendation, although it did implement its disaster recovery plan for Sandy from October 29 through November 6, 2012 and learned from that experience. It is recommended as in the last report that the company comply with this recommendation. Other Expenses It was recommended in the last report that the company did not accrue an examination fee liability. The Company complied with this recommendation. Aggregate Write Ins For Other Than Invested Assets It was noted that the Company included a reinsurance recoverable amount of $187,364 within this asset. This amount should have been reported on the Annual Statement line Amounts Recoverable From Reinsurers.. The Company complied with this recommendation COMPANY HISTORY The Rider Insurance Company was incorporated on May 25, 1977 under the laws of the State of New Jersey and began business on June 3, The Certificate of Incorporation was filed with the New Jersey Department of Insurance on May 25, Initial capital of $300,000 was raised to the present level of $1,200,000 divided into 120,000 shares of ten dollars ($10) each by amending the Certificate of Incorporation on November 30, 1994, which was filed with the Department on December 22, By an amendment to the Certificate of Incorporation dated November 30, 1994, and filed with the Department on December 22, 1994, the total authorized capital stock of the Company was increased to $1,200,000 in addition to which the Company shall have a paid in and contributed surplus of $150,000. The total number of authorized shares of common stock of the Company is 120,000 shares with a par value of ten dollars ($10) per share. A capital increase examination was performed on June 30, It was noted that in the first quarter 2012 statement the Company reported common capital stock of $2,550,000. The increase in capital stock has not been approved by the Attorney General of the State of New Jersey or by the New Jersey Department of Banking and Insurance. It is recommended in future filed statements that the Company report the common capital stock at $1,200,000 until the current request for increase is approved. The Certificate of Authority dated June 3, 1977, permits the Company to transact the kinds of insurance specified in paragraphs "b" and "e" of the New Jersey Revised Statue 17:17:1. Authority under paragraph "e" to write worker's compensation and employer's liability is specifically excluded. By a second amendment to the Certificate of Incorporation dated May 7, 2002, and filed with the Department, the Company decided to move their principal office of business from 1360 Morris Avenue, Union, New Jersey to the present location of 120 Mountain Avenue, Springfield, New Jersey

6 By an amendment to the Certificate of Incorporation dated May 17, 2007 and filed with the New Jersey Department of Insurance on August 3, 2007, the total authorized capital stock of the Company is $1,200,000 in addition to which the Company shall have a paid in surplus of $1,150,000. The total number of authorized shares of common stock of the Company is 240,000 shares with a par value of $5.00 per share. The agent upon whom process may be served is Charles Lally, President. MANAGEMENT & CONTROL Board of Directors As of December 31, 2011, the following five directors were serving on the Board of Directors: Harry R. Bleiwise: Chairman (director since 1977) Natures View Court Boca Raton, FL Charles D. Bleiwise: Vice President (director since 1986) Stream Side Court Boca Raton, FL Susan D. Bleiwise-Greenfield: Treasurer (director since 1991) Natures View Court Boca Raton, FL Jerold Goldberg: Director (since 1996) Self-Employed Consultant 47 Roosevelt Street Roseland, NJ Elliot Abrutyn, Esq. : Director (since 1996) Attorney: Morgan, Melhuish, Monaghan, Arvidson, Abrutyn and Lisowski 16 Breton Drive Pine Brook, NJ It was noted that the composition of the Company s Board of Directors is in compliance with N.J.S.A. 17:27A- 4d (3). Committees The Company's current By-laws stipulate that "the Board of Directors shall establish one committee known as the auditing, nominating and compensation committee. The committee shall be responsible for recommending the selection of an independent certified public accountant, reviewing the insurer's financial condition, the scope and results of independent audit and any internal audit, nominating candidates for director for election by shareholders, evaluating the performance of officers deemed to be principal officers of the insurer, and recommending to the Board of Directors the selection and compensation, including bonuses or other specific payments, of the principal officers." At December 31, 2011, the Company had investment and audit committees. The audit committee consists of two members, Elliot Abrutyn, Esq. and Jerold Goldberg, both are outside members of the board of directors since

7 It was noted that the Company s audit committee was comprised of all outside directors in accordance with N.J.S.A. 17:27A-4d (4). Officers The elected officers of the Company serving at December 31, 2011, were as follows: Name Harry R. Bleiwise Charles E. Lally Charles D. Bleiwise Susan Greenfield Lauren Belfiore Office Chairman President Vice President Treasurer Secretary The President of the Company shall be deemed Chief Executive Officer and shall maintain the general powers and duties of management usually vested in the office of the President. The Treasurer shall have the custody of the funds and securities of the Company and shall keep the regular books of account for the Company. The Secretary shall cause notices of all meetings to be served as prescribed in the Company's By-laws and shall keep the minutes of all meetings of the shareholders and the Board. The Board of Directors location for all correspondence and meetings is the RIC home office, 120 Mountain Avenue, Springfield, NJ Corporate Records A review of the minutes of the Board of Directors indicated that transactions and events of the Company operations overall are adequately reviewed, approved and supported. POLICY ON CONFLICT OF INTEREST The Company has a questionnaire regarding conflict of interest in which the officers and directors are informally required to disclose any possible conflict. This questionnaire is to be completed annually. Rider Insurance Company does have a formal policy to complete conflict of interest questionnaires. Upon review of the conflict of interest questionnaire for the year 2011, it was determined that the Company did not have any reported conflict of interest. 5

8 HOLDING COMPANY SYSTEM Affiliated Companies As of December 31, 2011, the Company was a member of an Insurance Holding Company System in accordance with N.J.S.A. 17:27A-1. An organizational chart of this system follows: 49% Harry Bleiwise 25% Charles Bleiwise 25% Susan Bleiwise-Greenfield 1% Bleiwise Grandchildren s Trust 40.2% Charles Bleiwise 40.2.% Susan Bleiwise- Greenfield 19.6% Harry Bleiwise % Charles Bleiwise % Susan Bleiwise- Greenfield % Harry Bleiwise 45% Harry Bleiwise RIC RIA SG, LLC SFIH, LLC RIC Rider Insurance Company RIA Rider Insurance Agency SG, LLC Superior Group, LLC SFIH, LLC Security First Insurance Holdings, LLC Mr. Charles Bleiwise and Ms. Susan Bleiwise-Greenfield are the children of Mr. Harry Bleiwise. A review of the holding company filings were made for the period under examination identifying the Company as registrant to the requirements and standards under N.J.S.A. 17:27A-3. Inter-Company Agreements Agency Agreement Rider Insurance Company has entered into an agency agreement with Rider Insurance Agency, Inc. (RIA), its sole agent and an affiliate of the Company. The agreement authorizes the agent to "solicit and submit applications; to issue and deliver policies, certificates, endorsements and binders; to collect and receipt for, hold as fiduciary and pay over to Company, in accordance with procedures. As full compensation for services, All premiums written are generated and commissions are paid to the Agency. The agreement was amended in 2009 to provide for a contingent commission payable to the agency to a formula reflecting RIC s profitability in the calendar year. Lease Agreement The Company leases its office facility from The Superior Group, LLC., an affiliate of the Company. The lease agreement extends until August 31,

9 Loan Agreements By a promissory note dated May 11, 2007, the Company loaned $1,000,000 to Security First Insurance Holdings, LLC. an affiliate of Rider Insurance Company. The loan is unsecured, subordinated, and carries a prepayment penalty. The loan bears interest at prime plus 4.5%, and is payable in equal monthly installments of $15,000 through June 15, The Company provided a loan to the Superior Group, LLC, an affiliate of the Company, in the amount of $3,000,000 between late 2009 and May 2010 for the purpose of construction on Rider Insurance Company's corporate headquarters at 120 Mountain Ave, Springfield, NJ. Once the construction was completed, the loan converted to a fixed rate of 5.75% loan secured with a mortgage on the premises, amortized over 30 years. EMPLOYEE WELFARE INSURANCE AND PENSION PLANS The benefits an employee may be entitled to are: Group Health Benefits (Medical, Dental and Prescription Plans) Group Life Insurance Disability Insurance Flexible Spending Accounts 401K and Profit Sharing Plans The Company sponsors group medical, prescription and dental plans. Rider contributes differing amounts depending upon salary and level of coverage for any eligible employee who joins these plans. The 401K and Profit Sharing Plans are non-contributory as to the employee. An employee is eligible for the pension and profit sharing plans if 1,000 hours are worked in the calendar year. Contributions are not made to the employees account until the second year. However, if the employee leaves before two years of service are completed, the employee forfeits the contributions received. The employee is zero percent (0%) vested if less than two years of service are worked. 1,000 hours counts as a year. The schedule of vestment is: Years of Service Percentage vested Less than 2 years 0% 2 years 20% 3 years 40% 4 years 60% 5 years 80% 6 years 100% The total contribution to both plans cannot exceed the IRS limit, and is not contingent upon whether or not any profit is made in the fiscal year. STATUTORY DEPOSITS As of December 31, 2011, the Company maintains a statutory deposit in the amount of $1,156,340 with the Commissioner of Banking and Insurance of the State of New Jersey for the benefit of the policyholders of Rider Insurance Company. In addition the Company has deposits with Florida and Virginia in the amounts of $115,024 and $401,316 respectively. 7

10 TERRITORY and PLAN of OPERATION The Certificate of Authority issued on June 3, 1977, authorizes the Company to insure automobiles amongst other vehicles and to insure losses against bodily injury except to write workmen's compensation and employer's liability. Rider Insurance Company transacts bodily injury and property damage liability for motorcycles, motorized bicycles and minibikes, as of 12/31/11 in New Jersey, Pennsylvania, Delaware, Indiana, Maryland, West Virginia and Ohio, with various limits per occurrence and per policy. In addition, the Company is licensed but not actively writing business at 12/31/2011 in the States of Florida, Kentucky, Michigan and Virginia. All policies, renewals, cancellations, and endorsements are processed in-house. The Company markets its business through its agent, Rider Insurance Agency, an affiliate of the Company from its home office located at 120 Mountain Avenue, Springfield, NJ. All premiums written by the Company are generated by and commissions are paid to the Agency. The Company does not have any broker and relies on the advertisement of the affiliated Company, RIA. POLICY FORMS AND UNDERWRITING PRACTICES An applicant must be a resident of a state where the Company is authorized to write and must be the owner of the motorcycle being insured. The Company offers twelve months policies based on different age groups. Coverage is provided for the following three motorcycle categories: Regular, Sport and mopeds. Premiums are based on the type of motorcycle, category, and coverage type. Limits of Liability: The limits of liability offered in NJ are as follows: 15/30/5: $15,000 bodily injury, $30,000 each accident and $5,000 property damage. 25/50/10: $25,000 bodily injury, $50,000 each accident and $10,000 property damage. 50/100/25: $50,000 bodily injury, $100,000 each accident and $25,000 property damage. 100/300/50: $100,000 bodily injury, $300,000 each accident and $50,000 property damage. 250/500/100: $250,000 bodily injury, $500,000 each accident and $100,000 property damage. Age Groups: Group 1: Age 20 and under Group 2: Age 21 thru 25 Group 3: Age 26 thru 29 Group 4: Age Group 5 Age 35 and older Motor Vehicle Requirements: Groups 1 and 2 allowed a maximum of 1 accident and a maximum of 2 tickets with points within the last three years. Groups 3, 4 and 5 allowed a maximum of 2 accidents and a maximum of 5 tickets with points within the last three years. Discounts: Multi Bike Discount: A 10% discount applies to all policyholders who have more than one motorcycle on their policy at the same time. Transfer Discount: A 10% discount is offered on non-sport bikes with no more than a 30 day lapse in coverage that transfer from another insurance company to Rider Insurance. 8

11 Preferred Operator Discount: A 25% discount applies to any applicant, age 26 and over with a clean driving record who is insuring a non-sport motorcycle 576cc and over for the Quality Plus Package. A 15% discount applies to any applicant age 35 and over with a clean driving record who is insuring a sport motorcycle with the Quality Plus Package. Renewal Discount: A 5% discount is offered for the first year, 5% after 2 years and 10% after 3 years. Payments: Payment Options: Any policy with a total premium $ or less must paid in full. Any policy with a total premium over $ may use the installment plan. Endorsement Payments: Endorsement payments $ or less must be paid in full. Endorsement payments $800 or above can be made in 2 installments. Late Payments: Payments that are not received within 10 days of the invoice due date will be put into cancellation status. The insured will have 25 days from the date to mail the overdue balance. Types of Endorsements: Change of address Addition of motorcycle(s) Vin# correction Deletion of motorcycle(s) Changing name on policy or adding spouse (includes civil unions) Additional drivers Deletion of operator Rewrites and Renewals: Policy must be canceled. Balance on the canceled policy must be $0.00. If policy is canceled for 6 months or less customer does not need to provide a copy of a valid motorcycle driver license or proof of ownership. Types of Cancellations: Cancellation for non-payments. Cancellation for a bad check (due to insufficient funds). Cancellation for motor vehicle record. ADVERTISING and SALES MATERIAL The review of the advertisements indicated that the Company is in compliance with N.J.S.A. 17:18-10, which requires a company that is advertising its assets to also advertise liabilities in an equally conspicuous manner. TREATMENT OF POLICYHOLDERS A review of the Company's complaint log indicated that the Company maintains its complaint log in accordance with N.J.S.A. 17:29B-4(10). 9

12 FIDELITY BOND AND OTHER INSURANCE COVERAGE Rider is covered by a fidelity bond insuring forgery or alteration, securities and computer system for a single loss limit of $1,000,000 subject to a $25,000 deductible. This fidelity coverage is deemed adequate to satisfy the minimum amounts of fidelity insurance coverage as suggested by the National Association of Insurance Commissioners (NAIC) exposure index. The Company also maintains additional insurance coverages for the protection of its assets on the various policies in effect at December 31, The following outline shows the types and amounts of coverage that were in force at December 31, 2011: Type of Coverage Financial Institution Bond Workers Compensation and Employers Liability Insurance Commercial Property Liability (Building 1) Commercial General Liability Commercial Inland Marine Liability Commercial Automobile Liability Employment Liability Amount of Limits $1,000,000 (fidelity) $1,000,000 (forgery or alteration) $1,000,000 (securities) $1,000,000 (computer system) $ 25,000 (single loss deductible) $1,000,000 (each accident) $1,000,000 (disease - each policy/each employee) $1,543,331 (contents) $ 500,000 (business income) $ 1,000 (deductible) $2,000,000 (general aggregate) $2,000,000 (products & completed operations - aggregate) $1,000,000 (personal & advertising injury) $ 5,000 (medical expense - any one per Person) $ 100,000 (fire damage, any one fire) $ 150,000 (valuable papers) $ 100,000 (accounts receivable) $ 250,000 (edp - software) $ 1,000 (deductible) $1,000,000 (any one accident or loss) $1,000,000 (each policy year/each loss) $ 100,000 (deductible) Directors, Officers, & Fiduciary Liability Insurance Services Professional Liability $1,000,000 (each policy year/each loss) $ 75,000 (deductible) $1,000,000 (each policy year/each loss) $ 250,000 (deductible) 10

13 Certified Acts of Terrorism Coverage Any covered losses caused by "Certified Acts of Terrorism" will be partially reimbursed by the United States under a formula established by Federal Law. REINSURANCE AND RETENTION At December 31, 2011, the Company had in effect an excess of loss reinsurance agreement which covers its business for $675,000 excess of $75,000 per occurrence. ACCOUNTS AND RECORDS The Company uses a premier accounting software as its general ledger system (i.e., QuickBooks), and a software called "Renaissance", which is maintained by Systems Task Group International Ltd. (STG), for its premium and loss system. Rider receives all premium receipts from its affiliate RIA, which are posted on a daily basis. When the premiums are received, the cash account is debited and the premium written account is credited. Commissions are deducted when premiums are paid. Interest is recorded as a debit to the cash account and credited to the applicable interest on a monthly basis. The Company investigates all claims reported to them. All suspected fraudulent claims are reported to the appropriate Department of Insurance, and a Statement Under Oath may be requested if necessary. All first party physical damage claims are assigned to an independent appraiser within hours of obtaining the location of the motorcycle. A proof of loss is mailed to the insured immediately upon receipt of the appraisal. The need for a Proof of Loss is waived if damages are less than $2,000, and/or if the motorcycle is repairable and the insured signs a Direction to Pay. All checks in payment of first party physical damage losses are issued as soon as possible, generally within hours of receipt of signed proof of loss or other settlement forms by the policyholder. A Motorcycle Owner's form is mailed to each insured, and if a witness or a third party property damage claim is identified, a driver's statement and/or witness form is mailed to respective party once the coverage is verified. Forms may be ed or downloaded from the Company s website in lieu of physically mailing. Theft claims are assigned to field investigators, as are any claims that are suspect. In addition, most bodily injury claims are assigned to a field investigator. The Company makes, depending on the power and type of the motorcycle, a reserve of $5,000, $6,000, or $8,500 for a first party claim. For a third party property damage claim, a reserve of either $1,500 or $3,000 is made depending upon the liability pattern. Arrangements for the appraisal are then made. For UM/UIM or third party bodily injury, minimal reserve is $7,500, and adjusted based upon severity. For questionable UM/UIM claims, the Company may set a precautionary $1,000 reserve in order to properly allocate investigative expenses. The reserve is then adjusted accordingly based on the investigation, or closed if it is determined there is no exposure. CONTINUITY OF OPERATIONS The Company maintains a formal disaster recovery and business continuity plan to meet its needs in the event of a disaster and or catastrophe. Current backup or programs, essential documents, records and files are stored in an off-premises location and as part of its by-laws maintains a provision for the succession of Officers It was recommended in that the Company simulate a disaster recovery test to identify and document essential deficiencies that might exist, which could potentially impede the process necessary to establish and restore either basic or critical systems and functions in a timely manner. 11

14 AUDITING AND INTERNAL CONTROL Pursuant to N.J.A.C. 11: an annual audit is performed by an independent certified public accounting firm and an audited CPA report was filed with the New Jersey Commissioner of Banking and Insurance. FINANCIAL STATEMENTS Financial statements and other exhibits are presented as listed below: Exhibit - A Comparative Balance Sheet at December 31, 2011 Exhibit - B Statement of Income for the Three Years Ended December 31, 2011 Exhibit - C Capital and Surplus Account for the Three-Year Period ended December 31,

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18 NOTES TO THE FINANCIAL STATEMENTS NOTE: 1 COMMON STOCKS At December 31, 2011 the Company reported an asset for common stocks of $9,989,519 while the examination determined this asset to be $14,983,131, an increase of $4,993,614. The Company had pledged as collateral a portion of their common stock as security for a loan. The loan was properly reported as borrowed money and the Company also non-admitted the amount pledged. Based on the reading of SSAP 91R, paragraph 14, which states in part, If assets pledged are recorded as admitted assets under SSAP 4-Assets and Non Admitted Assets and are not impaired under the provisions of SSAP 5R-Liabilities Contingencies and Impairments of Assets (SSAP 5R), the pledging entity records the collateral as an admitted asset until committing a contract default. Since the pledged assets are not in default they should be included as an admitted asset. The Company should within the annual statement indicate the securities that are pledged to secure this loan obligation. NOTE : 2 LOSSES AND LOSS ADJUSTMENT EXPENSES The loss reserve as reported by the Company at December 31, 2011was $5,918,103 and loss adjustment expense reserve was $1,771,000. A review of the Gross and Net Loss and Loss Adjustment Expense Reserves were performed by the New Jersey Department of Banking and Insurance, Office of Solvency Regulation, Actuarial Unit. On the basis of this review the Company s Loss and Loss Adjustment Expense Reserves were found to be reasonably stated and were accepted without adjustment. Data supplied to the actuaries was reconciled to the Company s annual statement and other supporting records without exception. Samples of outstanding reserves at December 31, 2011 as well as loss and loss adjustment expense payments made during 2011 were traced to individual claim files without material exception. NOTE: 3 SURPLUS AS REGARDS POLICYHOLDERS Surplus as regards policyholders as determined by this examination was $20,046,148 or $4,993,614 more than the amount of $15,052,584 reported by the Company. For an explanation of this increase see Note 1 above. SIGNIFICANT SUBSEQUENT EVENTS In October of 2012 Super Storm Sandy struck the New York/New Jersey region causing widespread wind damage and flooding. The Company has estimated that losses as a result of this occurrence will total $3.2 million on a gross basis and $2.55 million net of reinsurance. SUMMARY OF RECOMMENDATIONS: Company History It was noted that in the first quarter 2012 statement the Company reported common capital stock of $2,550,000. The increase in capital stock has not been approved by the Attorney General of the State of New Jersey or by the New Jersey Department of Banking and Insurance. It is recommended in future filed statements that the Company report the common capital stock at $1,200,000 until the current request for increase is approved. Continuity of Operations It was noted the Company's Business Continuity and Disaster Recovery Plan has not been tested. It is recommended the Company simulate a disaster recovery test to identify and document essential deficiencies that might exist, which could potentially impede the process necessary to establish and restore either basic or critical systems and functions in a timely manner. 16

19 The Company did not comply with this recommendation, It is recommended as in the last report that the company comply with this recommendation. LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES-STATEMENT BY NEW JERSEY DEPARTMENT OF BANKING AND INSURANCE ACTUARY I, Boris Privman, FCAS, MAAA, Managing Actuary, New Jersey Department of Banking and Insurance, Office of Solvency Regulation, have performed the actuarial analysis of the reported Loss and Loss Adjustment Expense Reserves for Rider Insurance Company. Based upon this review the Company s booked Gross and Net Loss and Loss Adjustment Expense Reserves should be accepted without adjustment. Actuarial findings as stated above and in this examination report are the sole responsibility of the New Jersey Department of Banking and Insurance, Office of Solvency Regulation, Actuarial Unit. /S/ Boris Privman, FCAS, MAAA CONCLUSION The statutory financial condition examination was conducted by the undersigned with the support of the New Jersey Department of Banking and Insurance field and office staff, at the Company's home office located at 120 Mountain Avenue, Springfield, New Jersey The courteous assistance and cooperation of the Company's officers and employees is acknowledged. Respectfully submitted, /S/ Allen L. Abbott Examiner-in-Charge Department of Banking & Insurance State of New Jersey 17

20 RIDER INSURANCE COMPANY I, Allen L. Abbott, do solemnly swear that the foregoing report of examination is hereby represented to be a full and true statement of the condition and affairs of the subject insurer as of December 31, 2011, to the best of my information, knowledge, and belief. Respectfully submitted, /S/ Allen L. Abbott Supervising Insurance Examiner Department of Banking & Insurance State of New Jersey County of Mercer Subscribed and sworn to before me, Linda L. Boone, on this 9th day of April, /S/ Notary Public of New Jersey My commission expires: 3/26/

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