Net premiums earned for the nine months ended September 30, 2012 were $624.1 million compared to $560.9 million for the nine months ended September 30, 2011, an increase of $63.3 million, or 11.3%.

The combined ratio for the nine months ended September 30, 2012 was 87.4% compared to 103.7% for the nine months ended September 30, 2011, a decrease of 16.3 percentage points.

The loss ratio for the nine months ended September 30, 2012 was 47.6% compared to 67.1% for the nine months ended September 30, 2011, a decrease of 19.5 percentage points. For the nine months ended September 30, 2012, Talbot incurred $17.8 million of losses attributable to notable loss events, which represented 2.8 percentage points of the loss ratio. The loss ratio for the nine months ended September 30, 2012 included favorable loss reserve development on prior accident years of $65.0 million, benefiting the loss ratio by 10.4 percentage points.

Corporate Results

Corporate results include executive and board expenses, internal and external audit expenses, interest and costs incurred in connection with the Company's senior notes and junior subordinated deferrable debentures and other costs relating to the Company as a whole. General and administrative expenses for the three months ended September 30, 2012 were $14.9 million compared to $4.7 million for the three months ended September 30, 2011, an increase of $10.3 million, or 220.4%. Share compensation expenses for the three months ended September 30, 2012 were $3.0 million compared to $3.3 million for the three months ended September 30, 2011, a decrease of $0.3 million, or 8.5%. Additionally, there were $3.8 million of non-recurring costs relating to the proposed acquisition of Flagstone Reinsurance Holdings, S.A. in the quarter.

General and administrative expenses for the nine months ended September 30, 2012 were $43.8 million compared to $25.8 million for the nine months ended September 30, 2011, an increase of $18.0 million, or 69.9%. Share compensation expenses for the nine months ended September 30, 2012 were $8.1 million compared to $13.2 million for the nine months ended September 30, 2011, a decrease of $5.1 million, or 38.5%.

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