A.M. best stock indices, first quarter 2006.

A.M. Best Stock Indices,
First Quarter 2006

(Dec. 31, 2004 = 1,000.00)

Index Summary
Quarter Ended 3/31/06

                                             Percent Change

                                        Index      Qtr/      Year/
                                        Close       Qtr      Year

Best's Insurance Composite Index       1,141.23    -1.50     16.31
  Multi-Line Index (M)                 1,039.48    -2.54     15.28
  Property/Casualty Index (PC)         1,051.05    -1.83      6.96
  Life/Health & HMO Index              1,308.60    -0.78     26.07
    Life Index (L)                     1,267.41     3.74     27.40
    Health & HMO Index (H)             1,354.77    -4.56     25.41
  Brokers & Agents Index (B&A)         1,091.16    -0.18     17.14
NYSE Composite Index                   8,233.20     6.18     14.87

                                                                   Qtr/
                                              Best's   Closing    Qtr %
Top 10 Performers                    Ticker    Index    Price    Change

 1. EMC Insurance Group Inc            EMCI     PC      27.87     39.77
 2. James River Group Inc              JRVR     PC      26.92     35.62
 3. Presidential Life Corp             PLFE      L      25.41     33.46
 4. Gainsco Inc                         GAN     PC       9.74     28.33
 5. Mercer Insurance Group Inc         MIGP     PC      18.95     26.33
 6. Hanover Insurance Group Inc,
    The                                 THG     PC      52.42     25.50
 7. United America Indemnity Ltd       INDM     PC      22.90     24.73
 8. WR Berkley Corporation              BER     PC      58.06     21.92
 9. NYMAGIC Inc                         NYM     PC      29.83     20.33
10. Meadowbrook Insurance Group
    Inc                                 MIG     PC       7.00     19.86

Bottom 10 Performers
 1. PXRE Group Ltd                      PXT     PC       3.27    -74.77
 2. Vesta Insurance Group Inc          VTAI     PC       0.49    -51.00
 3. Quanta Capital Holdings Ltd        QNTA     PC       3.00    -41.18
 4. Fairfax Financial Holdings Ltd      FFH     PC     107.21    -25.22
 5. United Fire & Casualty Company     UFCS     PC      32.90    -18.62
 6. Montpelier Re Holdings Ltd          MRH     PC      16.30    -13.76
 7. First American Corporation          FAF     PC      39.16    -13.55
 8. Odyssey Re Holdings Corp            ORH     PC      21.70    -13.48
 9. TransAtlantic Holdings Inc          TRH     PC      58.45    -13.02
10. Safeco Corporation                 SAFC     PC      50.21    -11.13

(See bestreview.com for methodology and further detail identifying the
companies included in each index.)

Source: A.M. Best Analytical Services Group