Talbot Segment Results

Gross premiums written for the three months ended September 30, 2012 were $260.8 million compared to $238.9 million for the three months ended September 30, 2011, an increase of $21.8 million, or 9.1%. Gross premiums written for the three months ended September 30, 2012 included $84.3 million of property premiums, $100.8 million of marine premiums and $75.6 million of specialty premiums compared to $86.1 million of property premiums, $69.2 million of marine premiums and $83.7 million of specialty premiums in the three months ended September 30, 2011.

Net premiums earned for the three months ended September 30, 2012 were $227.3 million compared to $190.7 million for the three months ended September 30, 2011, an increase of $36.6 million, or 19.2%.

The combined ratio for the three months ended September 30, 2012 was 83.2% compared to 82.6% for the three months ended September 30, 2011, an increase of 0.6 percentage points.

The loss ratio for the three months ended September 30, 2012 was 39.0% compared to 51.0% for the three months ended September 30, 2011, a decrease of 12.0 percentage points. For the three months ended September 30, 2012, Talbot incurred $1.8 million of losses attributable to notable loss events which represented 0.8 percentage points of the loss ratio. The loss ratio for the three months ended September 30, 2012 included favorable loss reserve development on prior accident years of $26.0 million, benefiting the loss ratio by 11.4 percentage points.

Gross premiums written for the nine months ended September 30, 2012 were $837.5 million compared to $778.9 million for the nine months ended September 30, 2011, an increase of $58.7 million, or 7.5%. Gross premiums written for the nine months ended September 30, 2012 included $262.7 million of property premiums, $314.7 million of marine premiums and $260.2 million of specialty premiums compared to $254.5 million of property premiums, $267.6 million of marine premiums and $256.8 million of specialty premiums in the nine months ended September 30, 2011.

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