|Earnings Per Diluted Share||2012||2011*|
|Operating earnings (1)||$1.17||$1.80|
|*Second quarter 2011 results were revised to reflect the retrospective adoption of a new accounting standard for policy acquisition costs.|
|(1) See discussion of non-GAAP financial measures on page 3.|
- 9% growth in gross premiums written.
- Underwriting income of $21.6 million, resulting in a combined ratio of 84.7.
- Book value per share of $40.24, an increase of 7.4% from year end 2011.
- $26.5 million net increase in underwriting income resulting from favorable development on prior years’ loss reserves.
- $12.0 million net decrease in underwriting income resulting from 2012 spring storms.