|Earnings Per Diluted Share||2012||2011*|
|Operating earnings (1)||$1.02||$1.13|
|*Third 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.|
- 6% growth in gross premiums written.
- Underwriting income of $18.5 million, resulting in a combined ratio of 87.7.
- Book value per share of $42.15, an increase of 12.5% from year end 2011.
- $18.1 million net increase in underwriting income resulting from favorable development on prior years’ loss reserves.
- $5.6 million net decrease in underwriting income resulting from Hurricane Isaac and other catastrophe events.
- $3.2 million underwriting loss on the 2012 crop reinsurance year due to widespread drought conditions.