%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.05 663.33 Td (For) Tj ET Q q 0 0 0 rg BT 443.42 663.33 Td ( mor) Tj ET Q q 0 0 0 rg BT 463.50 663.33 Td (e information contact:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.45 643.17 Td (Bruce Kay) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.75 633.17 Td (Markel Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 623.17 Td (804-747-0136) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.60 613.17 Td (bkay@markelcorp.com) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.00 Td (FOR ) Tj ET Q q 0 0 0 rg BT 73.61 585.00 Td (IMMEDIA) Tj ET Q q 0 0 0 rg BT 120.64 585.00 Td (TE ) Tj ET Q q 0 0 0 rg BT 136.48 585.00 Td (RELEASE) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.90 561.00 Td (MARKEL) Tj ET Q q 0 0 0 rg BT 239.35 561.00 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 276.50 561.00 Td (TS 2012 FINANCIAL) Tj ET Q q 0 0 0 rg BT 369.85 561.00 Td ( RESUL) Tj ET Q q 0 0 0 rg BT 404.77 561.00 Td (TS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 537.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 537.00 Td (Richmond, ) Tj ET Q q 0 0 0 rg BT 132.48 537.00 Td (V) Tj ET Q q 0 0 0 rg BT 138.42 537.00 Td (A, February 4, 2013 --- Markel Corporation \(NYSE: MKL\) reported diluted net income per share of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 525.00 Td ($25.89 for the year ended December 31, 2012 compared to $14.60 in 201) Tj ET Q q 0 0 0 rg BT 343.15 525.00 Td (1. ) Tj ET Q q 0 0 0 rg BT 355.47 525.00 Td (The 2012 combined ratio was 97% compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 513.00 Td (102% in 201) Tj ET Q q 0 0 0 rg BT 100.74 513.00 Td (1. Book value per common share outstanding increased 15% to $403.85 at December 31, 2012 from $352.10 at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 501.00 Td (December 31, 201) Tj ET Q q 0 0 0 rg BT 123.21 501.00 Td (1. Over the five-year period ended December 31, 2012, compound annual growth in book value per common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 489.00 Td (share outstanding was 9%.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 465.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 465.00 Td (Alan I. Kirshner) Tj ET Q q 0 0 0 rg BT 150.86 465.00 Td (, Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 292.30 465.00 Td (ficer) Tj ET Q q 0 0 0 rg BT 310.21 465.00 Td (, commented, W) Tj ET Q q 0 0 0 rg BT 379.94 465.00 Td (e produced strong underwriting results in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 453.00 Td (2012 even with the impact of Hurricane Sandy in the fourth quarter) Tj ET Q q 0 0 0 rg BT 319.09 453.00 Td (. In addition, we earned solid investment returns and total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 441.00 Td (operating revenues for the year exceeded $3 billion as we continued to expand both our insurance and non-insurance operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 429.00 Td (through acquisitions and or) Tj ET Q q 0 0 0 rg BT 158.97 429.00 Td (ganic growth. ) Tj ET Q q 0 0 0 rg BT 216.27 429.00 Td (The result was book value per share growth of 15% for the year) Tj ET Q q 0 0 0 rg BT 470.79 429.00 Td (, with over $500 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 417.00 Td (million in comprehensive income. In December) Tj ET Q q 0 0 0 rg BT 240.65 417.00 Td (, we announced our agreement to acquire ) Tj ET Q q 0 0 0 rg BT 407.25 417.00 Td (Alterra Capital Holdings Limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 405.00 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 99.73 405.00 Td (AL) Tj ET Q q 0 0 0 rg BT 112.14 405.00 Td (TE; BSX: ) Tj ET Q q 0 0 0 rg BT 153.81 405.00 Td (AL) Tj ET Q q 0 0 0 rg BT 166.23 405.00 Td (TE.BH\). ) Tj ET Q q 0 0 0 rg BT 205.48 405.00 Td (W) Tj ET Q q 0 0 0 rg BT 214.12 405.00 Td (e believe the combination of ) Tj ET Q q 0 0 0 rg BT 329.92 405.00 Td (Alterra with Markel will create a strong company in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 393.00 Td (global specialty insurance and investments, with a demonstrated track record of underwriting discipline in niche market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 381.00 Td (segments and proven asset management strengths that should benefit shareholders of both companies. ) Tj ET Q q 0 0 0 rg BT 459.72 381.00 Td (W) Tj ET Q q 0 0 0 rg BT 468.35 381.00 Td (e are well positioned to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 369.00 Td (continue to build shareholder value and want to thank our associates for their significant accomplishments in 2012. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 345.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 345.00 Td (The following tables present selected financial data from 2012 and 201) Tj ET Q q 0 0 0 rg BT 369.98 345.00 Td (1.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 292.50 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 292.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 292.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 292.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 262.50 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 262.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 262.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 262.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 187.50 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 187.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 187.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 187.50 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 307.5 m 457.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 307.5 m 461.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 307.5 m 561.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 292.5 m 457.5 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 292.5 m 561.5 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 278.5 m 457.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 276.5 m 457.5 276.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 278.5 m 561.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 276.5 m 561.5 276.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 263.5 m 457.5 263.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 261.5 m 457.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 263.5 m 561.5 263.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 261.5 m 561.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 248.5 m 457.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 246.5 m 457.5 246.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 248.5 m 561.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 246.5 m 561.5 246.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 233.5 m 457.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 231.5 m 457.5 231.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 233.5 m 561.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 231.5 m 561.5 231.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 187.5 m 457.5 187.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 187.5 m 561.5 187.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 173.5 m 457.5 173.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 171.5 m 457.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 173.5 m 561.5 173.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 171.5 m 561.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 158.5 m 457.5 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 156.5 m 457.5 156.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 158.5 m 561.5 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 156.5 m 561.5 156.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.50 312.17 Td (Years Ended December 31,) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 295.8736328125 m 216.6044921875 295.8736328125 l s q 0 0 0 rg BT 52.00 297.21 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.00 297.17 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.15 297.17 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 282.17 Td (Net income to shareholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.00 282.18 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.15 282.18 Td (253,385) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 282.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 282.17 Td (142,026) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 267.17 Td (Comprehensive income to shareholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.00 267.18 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.15 267.18 Td (503,802) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 267.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 267.17 Td (251,853) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 252.17 Td (Weighted average diluted shares) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.15 252.18 Td (9,666) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 252.17 Td (9,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 237.17 Td (Diluted net income per share) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.00 237.18 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.15 237.18 Td (25.89) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 237.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 237.17 Td (14.60) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 190.87363281249998 m 216.6044921875 190.87363281249998 l s q 0 0 0 rg BT 52.00 192.21 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.70 192.17 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.85 192.17 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 177.17 Td (Book value per common share outstanding) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.00 177.18 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.15 177.18 Td (403.85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 177.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 177.17 Td (352.10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 162.17 Td (Common shares outstanding) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.15 162.18 Td (9,629) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 162.17 Td (9,621) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 134.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 134.00 Td (The increase in diluted net income per share during 2012 was primarily due to improved underwriting results, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.00 Td (were driven by lower losses related to natural catastrophes, more favorable development of prior years' loss reserves and lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.00 Td (attritional losses. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 98.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 86.00 Td (Comprehensive income to shareholders for 2012 was $503.8 million compared to $251.9 million in 201) Tj ET Q q 0 0 0 rg BT 501.12 86.00 Td (1. ) Tj ET Q q 0 0 0 rg BT 513.44 86.00 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.00 Td (increase was due to higher net income to shareholders and a more favorable change in net unrealized gains on investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.00 Td (2012 compared to 201) Tj ET Q q 0 0 0 rg BT 139.33 62.00 Td (1.) Tj ET Q /GS0 gs q 98.00 0 0 116.00 51.50 613.17 cm /I1 Do Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 703.50 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 703.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 703.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 703.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 673.50 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 673.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 673.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 673.50 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 733.5 m 457.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 733.5 m 461.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 733.5 m 561.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 718.5 m 457.5 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 718.5 m 461.5 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 718.5 m 561.5 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 703.5 m 457.5 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 703.5 m 561.5 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 658.5 m 457.5 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 644.5 m 457.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 642.5 m 457.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 658.5 m 561.5 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 644.5 m 561.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 642.5 m 561.5 642.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.60 738.17 Td (Combined Ratio Analysis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.50 723.17 Td (Y) Tj ET Q q 0 0 0 rg BT 410.72 723.17 Td (ears Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.00 708.17 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.15 708.17 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 693.17 Td (Excess and Surplus Lines) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.00 693.18 Td (94%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 693.17 Td (86%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 678.17 Td (Specialty Admitted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 394.50 678.18 Td (108%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.30 678.17 Td (109%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 663.17 Td (London Insurance Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.00 663.18 Td (89%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.30 663.17 Td (116%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 648.17 Td (Consolidated) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.00 648.18 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.30 648.17 Td (102%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 620.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 620.00 Td (The decrease in the consolidated combined ratio was due to a lower current accident year loss ratio and more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 608.00 Td (favorable development of prior years' loss reserves, partially of) Tj ET Q q 0 0 0 rg BT 302.36 608.00 Td (fset by a higher expense ratio compared to 201) Tj ET Q q 0 0 0 rg BT 489.15 608.00 Td (1. ) Tj ET Q q 0 0 0 rg BT 501.47 608.00 Td (The 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 596.00 Td (combined ratio included $107.4 million, or five points, of underwriting loss from Hurricane Sandy in the fourth quarter) Tj ET Q q 0 0 0 rg BT 526.57 596.00 Td (. ) Tj ET Q q 0 0 0 rg BT 531.39 596.00 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 584.00 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 584.00 Td (1 combined ratio included $152.4 million, or eight points, of underwriting loss related to natural catastrophes, including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 572.00 Td (Thai floods, Hurricane Irene, U.S. tornadoes, Japanese earthquake and tsunami, ) Tj ET Q q 0 0 0 rg BT 370.45 572.00 Td (Australian floods and New Zealand ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 560.00 Td (earthquakes. ) Tj ET Q q 0 0 0 rg BT 104.70 560.00 Td (Also contributing to the improvement in the current accident year loss ratio were lower attritional losses primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 548.00 Td (in the Excess and Surplus Lines and London Insurance Market segments. ) Tj ET Q q 0 0 0 rg BT 345.31 548.00 Td (The 2012 combined ratio included $399.0 million of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 536.00 Td (favorable development on prior years' loss reserves compared to $354.0 million in 201) Tj ET Q q 0 0 0 rg BT 396.06 536.00 Td (1. ) Tj ET Q q 0 0 0 rg BT 405.88 536.00 Td (The 2012 combined ratio also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 524.00 Td (included $43.1 million, or two points, of underwriting, acquisition and insurance expenses related to the Company's prospective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 512.00 Td (adoption of Financial ) Tj ET Q q 0 0 0 rg BT 137.49 512.00 Td (Accounting Standards Board ) Tj ET Q q 0 0 0 rg BT 254.97 512.00 Td (Accounting Standards Update No. 2010-26, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 432.99 512.00 Td (Accounting for Costs ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 500.00 Td (Associated with ) Tj ET Q q 0 0 0 rg BT 115.37 500.00 Td (Acquiring or Renewing Insurance Contracts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.63 500.00 Td (\(ASU No. 2010-26\). ) Tj ET Q q 0 0 0 rg BT 382.67 500.00 Td (The combined ratios of each of our three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 488.00 Td (operating segments likewise included two points of underwriting, acquisition and insurance expenses related to the prospective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 476.00 Td (adoption of ) Tj ET Q q 0 0 0 rg BT 97.77 476.00 Td (ASU No. 2010-26. Higher profit sharing costs in 2012 were of) Tj ET Q q 0 0 0 rg BT 350.61 476.00 Td (fset by a favorable impact from higher premium ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 464.00 Td (volume.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 440.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 440.00 Td (The Excess and Surplus Lines segment's combined ratio for 2012 was 94% \(including five points of underwriting loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 428.00 Td (related to Hurricane Sandy\) compared to 86% \(including three points of underwriting loss related to natural catastrophes\) in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 416.00 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 416.00 Td (1. ) Tj ET Q q 0 0 0 rg BT 76.95 416.00 Td (The increase in the 2012 combined ratio was primarily due to less favorable development of prior years' loss reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 404.00 Td (compared to 201) Tj ET Q q 0 0 0 rg BT 116.83 404.00 Td (1. ) Tj ET Q q 0 0 0 rg BT 129.15 404.00 Td (The Excess and Surplus Lines segment's 2012 combined ratio included $181.4 million of favorable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 392.00 Td (development on prior years' loss reserves compared to $227.5 million in 201) Tj ET Q q 0 0 0 rg BT 355.81 392.00 Td (1. ) Tj ET Q q 0 0 0 rg BT 368.13 392.00 Td (The redundancies on prior years' loss reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.00 Td (experienced within the Excess and Surplus Lines segment in 2012 and 201) Tj ET Q q 0 0 0 rg BT 348.73 380.00 Td (1 were primarily on our professional and products ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 368.00 Td (liability and casualty programs. Excluding the impact of natural catastrophes in both periods, the Excess and Surplus Lines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 356.00 Td (segment experienced a lower current accident year loss ratio due to lower attritional property losses in 2012 compared to 201) Tj ET Q q 0 0 0 rg BT 550.29 356.00 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 332.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 332.00 Td (The Specialty ) Tj ET Q q 0 0 0 rg BT 143.21 332.00 Td (Admitted segment's combined ratio for 2012 was 108% \(including three points of underwriting loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.00 Td (related to Hurricane Sandy\) compared to 109% \(including two points of underwriting loss related to natural catastrophes\) in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 308.00 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 308.00 Td (1. In 2012, more favorable development of prior years' loss reserves and a lower current accident year loss ratio were of) Tj ET Q q 0 0 0 rg BT 546.34 308.00 Td (fset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.00 Td (by a higher expense ratio compared to 201) Tj ET Q q 0 0 0 rg BT 219.85 296.00 Td (1. ) Tj ET Q q 0 0 0 rg BT 232.17 296.00 Td (The Specialty ) Tj ET Q q 0 0 0 rg BT 289.38 296.00 Td (Admitted segment's 2012 combined ratio included $46.7 million of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.00 Td (favorable development on prior years' loss reserves compared to $27.4 million in 201) Tj ET Q q 0 0 0 rg BT 391.06 284.00 Td (1. ) Tj ET Q q 0 0 0 rg BT 403.38 284.00 Td (The redundancies on prior years' loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.00 Td (reserves in 2012 were most notable on the 201) Tj ET Q q 0 0 0 rg BT 235.69 272.00 Td (1 accident year across several product lines. ) Tj ET Q q 0 0 0 rg BT 413.77 272.00 Td (The improvement in the current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 260.00 Td (accident year loss ratio was due in part to improved underwriting performance for two programs within our accident and health ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 248.00 Td (liability class. ) Tj ET Q q 0 0 0 rg BT 107.87 248.00 Td (The increase in the 2012 expense ratio was driven by higher underwriting, acquisition and insurance expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 236.00 Td (related to the Company's prospective adoption of ) Tj ET Q q 0 0 0 rg BT 248.14 236.00 Td (ASU No. 2010-26, higher profit sharing costs and the write-of) Tj ET Q q 0 0 0 rg BT 497.08 236.00 Td (f of previously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.00 Td (capitalized software development costs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 200.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 200.00 Td (The London Insurance Market segment's combined ratio for 2012 was 89% \(including six points of underwriting loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 188.00 Td (related to Hurricane Sandy\) compared to 1) Tj ET Q q 0 0 0 rg BT 220.12 188.00 Td (16% \(including 18 points of underwriting loss related to natural catastrophes\) in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 176.00 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 176.00 Td (1. Excluding the impact of natural catastrophes in bo) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 278.46 182.93 39.72 -9.09 re f /GS0 gs q 0 0 0 rg BT 278.46 176.00 Td (th periods) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.17 176.00 Td (, the combined ratio decreased in 2012 due to more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.00 Td (favorable development of prior years' loss reserves and lower attritional losses on the current accident year) Tj ET Q q 0 0 0 rg BT 476.52 164.00 Td (, primarily on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 152.00 Td (property lines within the Specialty division. ) Tj ET Q q 0 0 0 rg BT 229.79 152.00 Td (The London Insurance Market segment's 2012 combined ratio included $192.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 140.00 Td (million of favorable development on prior years' loss reserves compared to $94.8 million in 201) Tj ET Q q 0 0 0 rg BT 433.29 140.00 Td (1. ) Tj ET Q q 0 0 0 rg BT 445.61 140.00 Td (The redundancies on prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 128.00 Td (years' loss reserves experienced within the London Insurance Market segment in 2012 and 201) Tj ET Q q 0 0 0 rg BT 428.82 128.00 Td (1 occurred in a variety of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.00 Td (programs across each of our divisions. In 2012, prior year redundancies included $39.1 million of favorable development on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 104.00 Td (the 2001 and prior accident years. ) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (The Other Insurance \(Discontinued Lines\) segment produced an underwriting loss of $21.3 million for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (December 31, 2012 compared to an underwriting profit of $4.7 million in 201) Tj ET Q q 0 0 0 rg BT 361.23 730.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 371.04 730.10 Td (The underwriting loss in 2012 included $31.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (million of loss reserve development on asbestos and environmental exposures. ) Tj ET Q q 0 0 0 rg BT 366.14 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 374.78 718.10 Td (e complete an annual review of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (exposures during the third quarter of the year unless circumstances suggest an earlier review is appropriate. Over the past two ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (years, the number of asbestos and environmental claims reported each year across the property and casualty industry has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (on the decline. However) Tj ET Q q 0 0 0 rg BT 147.34 682.10 Td (, at the same time, the likelihood of making an indemnity payment has risen, thus increasing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (average cost per reported claim. During our 2012 annual review) Tj ET Q q 0 0 0 rg BT 305.36 670.10 Td (, we reduced our estimate of the ultimate claims count, while ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (increasing our estimate of the number of claims that would ultimately be closed with an indemnity payment. ) Tj ET Q q 0 0 0 rg BT 485.45 658.10 Td (As a result, prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (years' loss reserves for asbestos and environmental exposures were increased. During our 201) Tj ET Q q 0 0 0 rg BT 424.37 646.10 Td (1 review) Tj ET Q q 0 0 0 rg BT 458.43 646.10 Td (, we determined that no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (adjustment to loss reserves was required. ) Tj ET Q q 0 0 0 rg BT 215.80 634.10 Td (Adverse development of asbestos and environmental reserves in 2012 was partially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 622.10 Td (fset by favorable movements in prior years' loss reserves and allowances for reinsurance bad debt related to discontinued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (lines of business originally written by Markel International. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 539.60 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 539.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 539.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 539.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 539.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 509.60 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 509.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 509.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 509.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 509.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 479.60 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 479.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 479.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 479.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 479.60 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 584.6 m 357.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 584.6 m 361.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 584.6 m 425.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 584.6 m 429.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 584.6 m 493.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 584.6 m 497.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 584.6 m 561.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 569.6 m 357.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 569.6 m 361.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 569.6 m 425.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 569.6 m 429.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 569.6 m 493.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 569.6 m 497.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 569.6 m 561.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 539.6 m 357.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 539.6 m 361.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 539.6 m 425.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 539.6 m 493.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 539.6 m 497.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 539.6 m 561.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 479.6 m 357.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 465.6 m 357.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 463.6 m 357.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 479.6 m 425.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 465.6 m 425.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 463.6 m 425.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 479.6 m 493.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 465.6 m 493.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 463.6 m 493.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 479.6 m 561.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 465.6 m 561.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 463.6 m 561.5 463.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.15 589.27 Td (Premium Analysis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.50 574.27 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.55 559.27 Td (Gross Written Premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.30 559.27 Td (Earned Premiums) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 542.9736328125 m 140.33984375 542.9736328125 l s q 0 0 0 rg BT 52.00 544.31 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.00 544.27 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.15 544.27 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 544.27 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 544.27 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 529.27 Td (Excess and Surplus Lines) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.00 529.28 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.15 529.28 Td (956,273) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 529.27 Td (893,427) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.00 529.28 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.15 529.28 Td (793,159) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 529.27 Td (756,306) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 514.27 Td (Specialty Admitted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.15 514.28 Td (669,692) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 514.27 Td (572,392) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.15 514.28 Td (588,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 514.27 Td (527,293) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 499.27 Td (London Insurance Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.15 499.28 Td (887,720) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 499.27 Td (825,301) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.15 499.28 Td (765,216) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 499.27 Td (695,753) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 484.27 Td (Other Insurance \(Discontinued Lines\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.30 484.33 Td (\(4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.65 484.28 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.65 484.27 Td (131) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.30 484.33 Td (\(5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.65 484.28 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.30 484.32 Td (\(12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 484.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 469.27 Td (T) Tj ET Q q 0 0 0 rg BT 69.41 469.27 Td (otal) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.00 469.28 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 313.65 469.28 Td (2,513,681) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 469.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 469.27 Td (2,291,251) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.00 469.28 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.65 469.28 Td (2,147,128) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 469.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 469.27 Td (1,979,340) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 441.10 Td (Gross written premiums for 2012 increased 10% compared to 201) Tj ET Q q 0 0 0 rg BT 349.73 441.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 362.05 441.10 Td (The increase in gross premium volume was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (attributable to higher gross premium volume in each of our three operating segments. In 2012, the Specialty ) Tj ET Q q 0 0 0 rg BT 483.50 429.10 Td (Admitted segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (included $79.2 million of gross written premiums from ) Tj ET Q q 0 0 0 rg BT 272.85 417.10 Td (Thompson Insurance Enterprises, LLC \(THOMCO\), which was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (acquired in the first quarter of 2012. Gross premium volume in the Specialty ) Tj ET Q q 0 0 0 rg BT 360.76 405.10 Td (Admitted segment also included $257.3 million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (of gross premium volume attributable to our workers' compensation product line, compared to $226.7 million in 201) Tj ET Q q 0 0 0 rg BT 515.79 393.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 528.11 393.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (increase in gross premium volume in 2012 further reflected higher gross premium volume in the Excess and Surplus Lines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (segment and London Insurance Market segment, driven by more favorable rates, primarily in the excess and umbrella and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (property lines within the Excess and Surplus Lines segment and the Marine and Ener) Tj ET Q q 0 0 0 rg BT 390.01 357.10 Td (gy and Specialty divisions within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (London Insurance Market segment. Foreign currency exchange rate movements did not have a significant impact on gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (premium volume in 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 309.10 Td (During the latter part of 201) Tj ET Q q 0 0 0 rg BT 198.09 309.10 Td (1, we saw price declines stabilize and achieved modest price increases in several lines, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (most notably the marine and ener) Tj ET Q q 0 0 0 rg BT 183.39 297.10 Td (gy products within the London Insurance Market segment. During 2012, we have generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (seen mid-single digit favorable rate changes compared to flat to small single digit rate declines in 201) Tj ET Q q 0 0 0 rg BT 456.17 285.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 465.99 285.10 Td (W) Tj ET Q q 0 0 0 rg BT 474.63 285.10 Td (e routinely review ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 273.10 Td (the pricing of our major product lines and will continue to pursue price increases for most product lines in 2013; however) Tj ET Q q 0 0 0 rg BT 535.59 273.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (when we believe the prevailing market price will not support our underwriting profit tar) Tj ET Q q 0 0 0 rg BT 401.10 261.10 Td (gets, the business is not written. ) Tj ET Q q 0 0 0 rg BT 533.04 261.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.10 Td (result of our underwriting discipline, gross premium volume may vary when we alter our product of) Tj ET Q q 0 0 0 rg BT 449.72 249.10 Td (ferings to maintain or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 237.10 Td (improve underwriting profitability) Tj ET Q q 0 0 0 rg BT 187.10 237.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 213.10 Td (Net retention of gross premium volume was 88% for 2012 and 89% for 201) Tj ET Q q 0 0 0 rg BT 388.62 213.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 400.57 213.10 Td (As part of our underwriting philosophy) Tj ET Q q 0 0 0 rg BT 556.84 213.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (we seek to of) Tj ET Q q 0 0 0 rg BT 102.86 201.10 Td (fer products with limits that do not require significant amounts of reinsurance. ) Tj ET Q q 0 0 0 rg BT 420.38 201.10 Td (W) Tj ET Q q 0 0 0 rg BT 429.01 201.10 Td (e purchase reinsurance in order ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (to reduce our retention on individual risks and enable us to write policies with suf) Tj ET Q q 0 0 0 rg BT 376.41 189.10 Td (ficient limits to meet policyholder needs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 165.10 Td (Earned premiums for 2012 increased 8% compared to 201) Tj ET Q q 0 0 0 rg BT 318.89 165.10 Td (1. In 2012, the Specialty ) Tj ET Q q 0 0 0 rg BT 421.09 165.10 Td (Admitted segment included $241.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (million of earned premiums attributable to our workers' compensation product line, compared to $200.8 million in 201) Tj ET Q q 0 0 0 rg BT 524.11 153.10 Td (1, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td ($31.3 million of earned premiums from ) Tj ET Q q 0 0 0 rg BT 210.62 141.10 Td (THOMCO. ) Tj ET Q q 0 0 0 rg BT 261.27 141.10 Td (The increase in earned premiums in 2012 also was due to higher earned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (premiums in the Excess and Surplus Lines and London Insurance Market segments, primarily as a result of higher gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 117.10 Td (premium volume. Foreign currency exchange rate movements did not have a significant impact on earned premiums in 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 93.10 Td (Net investment income for 2012 was $282.1 million compared to $263.7 million in 201) Tj ET Q q 0 0 0 rg BT 435.86 93.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 448.18 93.10 Td (The increase in 2012 was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (primarily due to a favorable change in the fair value of our credit default swap. Net investment income for 2012 included a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 69.10 Td (favorable change in the fair value of our credit default swap of $16.6 million compared to an adverse change of $4.1 million in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 57.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 57.10 Td (1. Excluding the change in the fair value of our credit default swap, lower investment income on our fixed income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 45.10 Td (portfolio, due to lower invested assets, was of) Tj ET Q q 0 0 0 rg BT 232.84 45.10 Td (fset by increased dividend income on our equity portfolio.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (Net realized investment gains for 2012 were $31.6 million compared to $35.9 million in 201) Tj ET Q q 0 0 0 rg BT 455.55 742.10 Td (1. Net realized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (investment gains for 2012 included $12.1 million of write downs for other) Tj ET Q q 0 0 0 rg BT 346.97 730.10 Td (-than-temporary declines in the estimated fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (of investments compared to $20.2 million of write downs in 201) Tj ET Q q 0 0 0 rg BT 307.09 718.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 319.41 718.10 Td (V) Tj ET Q q 0 0 0 rg BT 325.53 718.10 Td (ariability in the timing of realized and unrealized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (investment gains and losses is to be expected. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 682.10 Td (Other revenues and other expenses include the results of our non-insurance operations, which we refer to collectively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (as Markel ) Tj ET Q q 0 0 0 rg BT 92.03 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 98.14 670.10 Td (entures. Our non-insurance operations are comprised of a diverse portfolio of industrial and service companies. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (2012, revenues from our non-insurance operations were $489.4 million compared to $317.5 million in 201) Tj ET Q q 0 0 0 rg BT 475.93 658.10 Td (1. Net income to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (shareholders from our non-insurance operations was $13.5 million in 2012 compared to $7.7 million in 201) Tj ET Q q 0 0 0 rg BT 479.83 646.10 Td (1 and EBITDA) Tj ET Q q 0 0 0 rg BT 540.38 646.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td ($60.4 million in 2012 compared to $37.3 million in 201) Tj ET Q q 0 0 0 rg BT 272.67 634.10 Td (1. Revenues, net income to shareholders and EBITDA) Tj ET Q q 0 0 0 rg BT 489.56 634.10 Td ( from our non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (insurance operations increased in 2012 compared to 201) Tj ET Q q 0 0 0 rg BT 274.83 622.10 Td (1 primarily due to our acquisitions of ) Tj ET Q q 0 0 0 rg BT 426.02 622.10 Td (WI Holdings Inc. in late 201) Tj ET Q q 0 0 0 rg BT 540.06 622.10 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (and Havco ) Tj ET Q q 0 0 0 rg BT 95.36 610.10 Td (WP) Tj ET Q q 0 0 0 rg BT 109.99 610.10 Td ( LLC \(Havco\) in 2012. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 586.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.28 586.10 Td (April 2012, we acquired an 85% controlling interest in Havco, a privately held company based in Cape Girardeau, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Missouri that manufactures laminated oak and composite wood flooring used in the assembly of truck trailers, intermodal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (containers and truck bodies. In July 2012, we acquired 100% of the outstanding shares of ) Tj ET Q q 0 0 0 rg BT 409.45 562.10 Td (T) Tj ET Q q 0 0 0 rg BT 415.21 562.10 Td (romp Bakery Equipment B.V) Tj ET Q q 0 0 0 rg BT 531.68 562.10 Td (., a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Netherlands based global supplier of high-tech food processing equipment which designs and manufactures baking equipment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (and sheeting lines for pizza, pastry) Tj ET Q q 0 0 0 rg BT 188.19 538.10 Td (, pie, and specialty bread bakers worldwide. In September 2012, we acquired an 85% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (controlling interest in Reading Baking Systems, a leading global designer and manufacturer of industrial baking systems for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (production of crackers, pretzels, cookies, and other baked snacks based in Reading, Pennsylvania. ) Tj ET Q q 0 0 0 rg BT 446.64 514.10 Td (T) Tj ET Q q 0 0 0 rg BT 452.05 514.10 Td (otal consideration for these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (three acquisitions was $123.8 million. In connection with these three acquisitions, we recognized goodwill of $40.7 million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (and other intangible assets of $45.2 million. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 466.10 Td (Invested assets were $9.3 billion at December 31, 2012 compared to $8.7 billion at December 31, 201) Tj ET Q q 0 0 0 rg BT 493.29 466.10 Td (1. Equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (securities were $2.4 billion, or 26% of invested assets, at December 31, 2012 compared to $1.9 billion, or 21% of invested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (assets, at December 31, 201) Tj ET Q q 0 0 0 rg BT 161.26 442.10 Td (1.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 168.76 442.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 173.76 442.10 Td (Net unrealized gains on investments, net of taxes, were $946.9 million at December 31, 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (compared to $704.7 million at December 31, 201) Tj ET Q q 0 0 0 rg BT 246.52 430.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 258.47 430.10 Td (At December 31, 2012, we held securities with gross unrealized losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td ($17.2 million, or less than 1% of invested assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 394.10 Td (Interest expense for 2012 was $92.8 million compared to $86.3 million in 201) Tj ET Q q 0 0 0 rg BT 397.80 394.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 410.12 394.10 Td (The increase in 2012 was due in part ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (to our $350 million issuance of 4.90% unsecured senior notes in July 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 358.10 Td (Income tax expense for 2012 was 17% of our income before income taxes compared to 22% in 201) Tj ET Q q 0 0 0 rg BT 483.00 358.10 Td (1. In both periods, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (the ef) Tj ET Q q 0 0 0 rg BT 72.30 346.10 Td (fective tax rate dif) Tj ET Q q 0 0 0 rg BT 145.14 346.10 Td (fers from the statutory tax rate of 35% primarily as a result of tax-exempt investment income. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 334.10 Td (, in 2012, we had higher earnings from our foreign operations, which are taxed at a lower rate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 310.10 Td (In January 2012, we acquired ) Tj ET Q q 0 0 0 rg BT 206.33 310.10 Td (THOMCO, a privately held program administrator headquartered in Kennesaw) Tj ET Q q 0 0 0 rg BT 521.97 310.10 Td (, Geor) Tj ET Q q 0 0 0 rg BT 546.78 310.10 Td (gia ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (that underwrites multi-line, industry-focused insurance programs. Results attributable to this acquisition are included in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Specialty ) Tj ET Q q 0 0 0 rg BT 89.16 286.10 Td (Admitted segment. ) Tj ET Q q 0 0 0 rg BT 167.58 286.10 Td (T) Tj ET Q q 0 0 0 rg BT 172.99 286.10 Td (otal consideration for this acquisition was $108.5 million. In connection with the acquisition, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (recognized goodwill of $26.1 million and other intangible assets of $81.2 million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (FOR) Tj ET Q q 0 0 0 rg BT 68.90 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.23 250.10 Td (ARD-LOOKING ST) Tj ET Q q 0 0 0 rg BT 160.59 250.10 Td (A) Tj ET Q q 0 0 0 rg BT 166.70 250.10 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 226.10 Td (This release includes statements about future economic performance, finances, expectations, plans and prospects of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (Alterra and Markel, both individually and on a combined basis, that are forward-looking statements for purposes of the safe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (harbor provisions of the Private Securities Litigation Reform ) Tj ET Q q 0 0 0 rg BT 295.51 202.10 Td (Act of 1995. ) Tj ET Q q 0 0 0 rg BT 350.60 202.10 Td (There are risks and uncertainties that could cause ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (actual results to dif) Tj ET Q q 0 0 0 rg BT 126.19 190.10 Td (fer materially from those expressed in or suggested by such statements. For further information regarding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (factors af) Tj ET Q q 0 0 0 rg BT 87.29 178.10 Td (fecting future results of ) Tj ET Q q 0 0 0 rg BT 182.82 178.10 Td (Alterra and Markel, please refer to their respective ) Tj ET Q q 0 0 0 rg BT 386.89 178.10 Td (Annual Reports on Form 10-K for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (ended December 31, 201) Tj ET Q q 0 0 0 rg BT 149.59 166.10 Td (1 and Quarterly Reports on Form 10-Q and other documents filed by ) Tj ET Q q 0 0 0 rg BT 426.76 166.10 Td (Alterra and Markel since March ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (1, 2012 with the Securities Exchange Commission \(SEC\). ) Tj ET Q q 0 0 0 rg BT 293.12 154.10 Td (These documents are also available free of char) Tj ET Q q 0 0 0 rg BT 483.12 154.10 Td (ge, in the case of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (Alterra, by directing a request to ) Tj ET Q q 0 0 0 rg BT 181.90 142.10 Td (Alterra through Joe Roberts, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 373.06 142.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 390.98 142.10 Td (, or Susan Spivak Bernstein, Senior ) Tj ET Q q 0 0 0 rg BT 535.23 142.10 Td (V) Tj ET Q q 0 0 0 rg BT 541.85 142.10 Td (ice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (President, Investor Relations, at 441-295-8800 and, in the case of Markel, by directing a request to Bruce Kay) Tj ET Q q 0 0 0 rg BT 489.51 130.10 Td (, Investor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Relations, at 804-747-0136. Neither ) Tj ET Q q 0 0 0 rg BT 196.08 118.10 Td (Alterra nor Markel undertakes any obligation to update or revise publicly any forward-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (looking statement whether as a result of new information, future developments or otherwise. ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (This release contains certain forward-looking statements within the meaning of the U.S. federal securities laws. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Statements that are not historical facts, including statements about ) Tj ET Q q 0 0 0 rg BT 316.60 730.10 Td (Alterra's and Markel's beliefs, plans or expectations, are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 167.57 718.10 Td (These statements are based on ) Tj ET Q q 0 0 0 rg BT 290.58 718.10 Td (Alterra's or Markel's current plans, estimates and expectations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Some forward-looking statements may be identified by use of terms such as believe, anticipate, intend, expect, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (project, plan, may) Tj ET Q q 0 0 0 rg BT 143.74 694.10 Td (, should, could, will, estimate, predict, potential, continue, and similar words, terms or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (statements of a future or forward-looking nature. 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Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (on which they are made. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (ADDITIONAL) Tj ET Q q 0 0 0 rg BT 111.84 358.10 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 159.35 358.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 185.18 358.10 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 219.44 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.76 358.10 Td (THE PROPOSED MERGER ) Tj ET Q q 0 0 0 rg BT 340.94 358.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 364.93 358.10 Td (WHERE ) Tj ET Q q 0 0 0 rg BT 402.79 358.10 Td (T) Tj ET Q q 0 0 0 rg BT 408.72 358.10 Td (O FIND IT) Tj ET Q q 0 0 0 rg BT 453.54 358.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 334.10 Td (This release relates to a proposed mer) Tj ET Q q 0 0 0 rg BT 236.87 334.10 Td (ger between ) Tj ET Q q 0 0 0 rg BT 287.40 334.10 Td (Alterra and Markel. On December 27, 2012, Markel filed with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (SEC a registration statement on Form S-4, and on January 18, 2013, Markel and ) Tj ET Q q 0 0 0 rg BT 373.00 322.10 Td (Alterra each filed the definitive joint proxy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (statement/prospectus. ) Tj ET Q q 0 0 0 rg BT 138.69 310.10 Td (This release is not a substitute for the definitive joint proxy statement/prospectus or any other document ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (that Markel or ) Tj ET Q q 0 0 0 rg BT 109.15 298.10 Td (Alterra filed or may file with the SEC or send to its shareholders in connection with the proposed mer) Tj ET Q q 0 0 0 rg BT 516.09 298.10 Td (ger) Tj ET Q q 0 0 0 rg BT 528.31 298.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (INVEST) Tj ET Q q 0 0 0 rg BT 85.37 286.10 Td (ORS ) Tj ET Q q 0 0 0 rg BT 106.77 286.10 Td (AND SECURITY) Tj ET Q q 0 0 0 rg BT 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274.10 Td (WITH ) Tj ET Q q 0 0 0 rg BT 487.53 274.10 Td (THE SEC OR ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (SENT) Tj ET Q q 0 0 0 rg BT 74.82 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.14 262.10 Td (T) Tj ET Q q 0 0 0 rg BT 83.07 262.10 Td (O SHAREHOLDERS ) Tj ET Q q 0 0 0 rg BT 173.63 262.10 Td (AS ) Tj ET Q q 0 0 0 rg BT 188.74 262.10 Td (THEY) Tj ET Q q 0 0 0 rg BT 215.02 262.10 Td ( BECOME ) Tj ET Q q 0 0 0 rg BT 261.14 262.10 Td (A) Tj ET Q q 0 0 0 rg BT 267.08 262.10 Td (V) Tj ET Q q 0 0 0 rg BT 273.01 262.10 Td (AILABLE BECAUSE ) Tj ET Q q 0 0 0 rg BT 366.16 262.10 Td (THEY) Tj ET Q q 0 0 0 rg BT 392.45 262.10 Td ( CONT) Tj ET Q q 0 0 0 rg BT 421.37 262.10 Td (AIN OR ) Tj ET Q q 0 0 0 rg BT 457.85 262.10 Td (WILL) Tj ET Q q 0 0 0 rg BT 482.47 262.10 Td ( CONT) Tj ET Q q 0 0 0 rg BT 511.39 262.10 Td (AIN ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (IMPOR) Tj ET Q q 0 0 0 rg BT 81.07 250.10 Td (T) Tj ET Q q 0 0 0 rg BT 86.38 250.10 Td (ANT) Tj ET Q q 0 0 0 rg BT 106.75 250.10 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 154.26 250.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 180.09 250.10 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 214.36 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.67 250.10 Td (THE PROPOSED MERGER. ) Tj ET Q q 0 0 0 rg BT 343.36 250.10 Td (All documents, when filed, will be available free of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 238.10 Td (ge at the SEC's website \(www) Tj ET Q q 0 0 0 rg BT 187.32 238.10 Td (.sec.gov\) or) Tj ET Q q 0 0 0 rg BT 233.85 238.10 Td (, in the case of ) Tj ET Q q 0 0 0 rg BT 293.83 238.10 Td (Alterra, by directing a request to Joe Roberts, Chief Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 226.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 78.29 226.10 Td (, or Susan Spivak Bernstein, Senior ) Tj ET Q q 0 0 0 rg BT 222.54 226.10 Td (V) Tj ET Q q 0 0 0 rg BT 229.16 226.10 Td (ice President, Investor Relations, at 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the proposed transaction. Information about ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (Alterra's directors and executive of) Tj ET Q q 0 0 0 rg BT 189.89 142.10 Td (ficers and their ownership in ) Tj ET Q q 0 0 0 rg BT 306.25 142.10 Td (Alterra common stock is available in the proxy statement dated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (March 26, 2012 for ) Tj ET Q q 0 0 0 rg BT 129.71 130.10 Td (Alterra's 2012 annual general meeting of shareholders. Information about Markel's directors and executive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 118.10 Td (ficers and their ownership of Markel common stock is available in the proxy statement dated March 16, 2012 for Markel's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (2012 annual meeting of shareholders. ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (CONFERENCE CALL) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 718.10 Td (Our previously announced conference call, which will involve discussion of our financial results and business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (developments and may include forward-looking information, will be held ) Tj ET Q q 0 0 0 rg BT 346.41 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 352.17 706.10 Td (uesday) Tj ET Q q 0 0 0 rg BT 379.29 706.10 Td (, February 5, 2013, beginning at 10:30 a.m. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (\(Eastern Standard ) Tj ET Q q 0 0 0 rg BT 123.68 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 129.44 694.10 Td (ime\). ) Tj ET Q q 0 0 0 rg BT 154.71 694.10 Td (Any person interested in listening to the call should contact Markel's Investor Relations Department ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (at 804-747-0136. Investors, analysts and the general public also may listen to the call free over the Internet through Markel ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Corporation's web site, ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 144.5654296875 668.7669921875 m 233.330078125 668.7669921875 l s q 0 0 1 rg BT 144.57 670.10 Td (www) Tj ET Q q 0 0 1 rg BT 165.58 670.10 Td (.markelcorp.com) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 233.33 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 240.65 670.10 Td (There will be no replay of the call.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.25 646.10 Td (* * * * * * * *) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 622.10 Td (Markel Corporation is a diverse financial holding company serving a variety of niche markets. ) Tj ET Q q 0 0 0 rg BT 468.48 622.10 Td (The Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (provide quality products and excellent customer service so that it can be a market leader) Tj ET Q q 0 0 0 rg BT 402.09 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 409.41 598.10 Td (The financial goals of the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. ) Tj ET Q q 0 0 0 rg BT 517.47 586.10 Td (V) Tj ET Q q 0 0 0 rg BT 524.09 586.10 Td (isit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Markel Corporation on the web at ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 188.2958984375 572.7669921875 m 277.060546875 572.7669921875 l s q 0 0 1 rg BT 188.30 574.10 Td (www) Tj ET Q q 0 0 1 rg BT 209.31 574.10 Td (.markelcorp.com) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 277.06 574.10 Td (.) 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d 0 J 0 j 3 M 455.5 624.75 m 513.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 624.75 m 575.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 590.75 m 385.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 590.75 m 451.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 590.75 m 513.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 590.75 m 575.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 566.75 m 385.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 554.75 m 385.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 566.75 m 451.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 554.75 m 451.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 566.75 m 513.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 554.75 m 513.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 566.75 m 575.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 554.75 m 575.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 494.75 m 385.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 494.75 m 451.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 494.75 m 513.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 494.75 m 575.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 482.75 m 385.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 470.75 m 385.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 482.75 m 451.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 470.75 m 451.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 482.75 m 513.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 470.75 m 513.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 482.75 m 575.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 470.75 m 575.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 458.75 m 385.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 458.75 m 451.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 458.75 m 513.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 458.75 m 575.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 434.75 m 385.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 434.75 m 451.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 434.75 m 513.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 434.75 m 575.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 410.75 m 385.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 399.75 m 385.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 397.75 m 385.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 410.75 m 451.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 399.75 m 451.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 397.75 m 451.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 410.75 m 513.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 399.75 m 513.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 397.75 m 513.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 410.75 m 575.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 399.75 m 575.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 397.75 m 575.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 321.75 m 385.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 321.75 m 451.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 321.75 m 513.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 321.75 m 575.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 285.75 m 385.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 273.75 m 385.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 285.75 m 451.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 273.75 m 451.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 285.75 m 513.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 273.75 m 513.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 285.75 m 575.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 273.75 m 575.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 249.75 m 385.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 238.75 m 385.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 236.75 m 385.5 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 249.75 m 451.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 238.75 m 451.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 236.75 m 451.5 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 249.75 m 513.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 238.75 m 513.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 236.75 m 513.5 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 249.75 m 575.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 238.75 m 575.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 236.75 m 575.5 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 207.75 m 385.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 205.75 m 385.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 207.75 m 451.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 205.75 m 451.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 207.75 m 513.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 205.75 m 513.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 207.75 m 575.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 205.75 m 575.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 195.75 m 385.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 193.75 m 385.5 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 195.75 m 451.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 193.75 m 451.5 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 195.75 m 513.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 193.75 m 513.5 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 195.75 m 575.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 193.75 m 575.5 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 175.75 m 513.5 175.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 175.75 m 517.5 175.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 175.75 m 575.5 175.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 163.75 m 323.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 163.75 m 385.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 163.75 m 389.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 163.75 m 451.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 163.75 m 455.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 163.75 m 513.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 163.75 m 575.5 163.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.45 721.37 Td (Quarters Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 721.37 Td (Y) Tj ET Q q 0 0 0 rg BT 466.72 721.37 Td (ears Ended December 31,) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 38 708.0236328125 m 217.3310546875 708.0236328125 l s q 0 0 0 rg BT 38.00 709.36 Td (\(dollars in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 189.28 709.36 Td (e data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 709.37 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 709.37 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 709.37 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 709.37 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 697.37 Td (OPERATING REVENUES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 685.37 Td (Earned premiums) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.00 685.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.15 685.48 Td (573,939) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 685.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 685.37 Td (516,825) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 685.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 685.48 Td (2,147,128) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.00 685.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.60 685.37 Td (1,979,340) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 673.37 Td (Net investment income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 673.48 Td (74,273) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 673.37 Td (67,125) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 673.48 Td (282,107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 673.37 Td (263,676) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 661.37 Td (Net realized investment gains:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.37 Td (Other-than-temporary impairment losses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.80 649.53 Td (\(7,927) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.65 649.48 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 649.37 Td (\(2,697) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 649.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.80 649.53 Td (\(12,078) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.65 649.48 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 649.37 Td (\(14,250) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.65 649.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.32 Td (Other) Tj ET Q q 0 0 0 rg BT 72.57 637.32 Td (-than-temporary impairment losses recognized in other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 627.37 Td (comprehensive income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.65 629.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 629.47 Td (\(2,640) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 629.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.65 629.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 629.42 Td (\(5,946) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.65 629.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 615.37 Td (Other-than-temporary impairment losses recognized in net income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.80 615.53 Td (\(7,927) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.65 615.48 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 615.37 Td (\(5,337) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 615.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.80 615.53 Td (\(12,078) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.65 615.48 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 615.37 Td (\(20,196) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.65 615.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 603.32 Td (Net realized investment gains, excluding other-than-temporary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 593.37 Td (impairment losses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 595.43 Td (14,164) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 595.42 Td (15,771) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.15 595.43 Td (43,671) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 595.42 Td (56,053) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 581.37 Td (Net realized investment gains) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.15 581.48 Td (6,237) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 581.37 Td (10,434) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.15 581.48 Td (31,593) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 581.37 Td (35,857) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 569.37 Td (Other revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.15 569.48 Td (153,506) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 569.37 Td (90,716) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 569.48 Td (539,284) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 569.37 Td (351,077) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 557.37 Td (Total Operating Revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.15 557.48 Td (807,955) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 557.37 Td (685,100) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 557.48 Td (3,000,112) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.60 557.37 Td (2,629,950) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 545.37 Td (OPERATING EXPENSES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 533.37 Td (Losses and loss adjustment expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.15 533.48 Td (340,994) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 533.37 Td (282,343) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 533.48 Td (1,154,068) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.60 533.37 Td (1,209,986) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 521.37 Td (Underwriting, acquisition and insurance expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.15 521.48 Td (234,150) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 521.37 Td (208,668) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 521.48 Td (929,472) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 521.37 Td (810,179) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 509.37 Td (Amortization of intangible assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.15 509.48 Td (8,434) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 509.37 Td (6,705) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.15 509.48 Td (33,512) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 509.37 Td (24,291) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 497.37 Td (Other expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.15 497.48 Td (134,786) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 497.37 Td (90,776) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 497.48 Td (478,248) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 497.37 Td (309,046) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.37 Td (Total Operating Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.15 485.48 Td (718,364) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 485.37 Td (588,492) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 485.48 Td (2,595,300) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.60 485.37 Td (2,353,502) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.37 Td (Operating Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 473.48 Td (89,591) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 473.37 Td (96,608) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 473.48 Td (404,812) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 473.37 Td (276,448) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 461.37 Td (Interest expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 461.48 Td (23,694) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 461.37 Td (21,736) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.15 461.48 Td (92,762) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 461.37 Td (86,252) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.37 Td (Income Before Income Taxes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 449.48 Td (65,897) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 449.37 Td (74,872) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 449.48 Td (312,050) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 449.37 Td (190,196) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 437.37 Td (Income tax expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.15 437.48 Td (7,804) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 437.37 Td (22,565) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.15 437.48 Td (53,802) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 437.37 Td (41,710) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 425.37 Td (Net Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.00 425.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 425.48 Td (58,093) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 425.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 425.37 Td (52,307) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 425.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 425.48 Td (258,248) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.00 425.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 425.37 Td (148,486) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 413.37 Td (Net income attributable to noncontrolling interests) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.15 413.48 Td (1,301) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 413.37 Td (2,131) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.15 413.48 Td (4,863) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 413.37 Td (6,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 401.37 Td (Net Income to Shareholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.00 401.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 401.48 Td (56,792) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 401.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 401.37 Td (50,176) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 401.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 401.48 Td (253,385) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.00 401.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 401.37 Td (142,026) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 382.37 Td (OTHER COMPREHENSIVE INCOME) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 370.37 Td (Change in net unrealized gains on investments, net of taxes:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.37 Td (Net holding gains arising during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.00 358.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 358.48 Td (20,369) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 358.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 358.37 Td (147,445) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 358.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 358.48 Td (266,425) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.00 358.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 358.37 Td (141,839) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.32 Td (Unrealized other-than-temporary impairment losses on fixed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.37 Td (maturities arising during the period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.30 338.48 Td (\(24) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.65 338.43 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 338.42 Td (2,286) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.30 338.48 Td (\(160) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.65 338.43 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 338.42 Td (3,943) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.37 Td (Reclassification adjustments for net gains included in net income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.80 324.53 Td (\(3,897) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.65 324.48 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 324.37 Td (\(7,055) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 324.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.80 324.53 Td (\(24,051) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.65 324.48 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 324.37 Td (\(22,341) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.65 324.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.37 Td (Change in net unrealized gains on investments, net of taxes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 312.48 Td (16,448) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 312.37 Td (142,676) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 312.48 Td (242,214) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 312.37 Td (123,441) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 300.37 Td (Change in foreign currency translation adjustments, net of taxes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.80 300.53 Td (\(1,393) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.65 300.48 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 300.37 Td (1,347) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.15 300.48 Td (1,534) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 300.37 Td (\(4,191) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.65 300.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 288.37 Td (Change in net actuarial pension loss, net of taxes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.15 288.48 Td (5,177) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 288.37 Td (\(10,539) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 288.37 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.15 288.48 Td (6,664) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 288.37 Td (\(9,459) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.65 288.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.37 Td (Total Other Comprehensive Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 276.48 Td (20,232) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 276.37 Td (133,484) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 276.48 Td (250,412) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 276.37 Td (109,791) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.37 Td (Comprehensive Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.00 264.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 264.48 Td (78,325) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 264.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 264.37 Td (185,791) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 264.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 264.48 Td (508,660) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.00 264.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 264.37 Td (258,277) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 252.37 Td (Comprehensive income attributable to noncontrolling interests) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.15 252.48 Td (1,338) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 252.37 Td (2,095) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.15 252.48 Td (4,858) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 252.37 Td (6,424) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.37 Td (Comprehensive Income to Shareholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.00 240.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.15 240.48 Td (76,987) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 240.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 240.37 Td (183,696) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 240.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 240.48 Td (503,802) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.00 240.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 240.37 Td (251,853) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 221.37 Td (NET INCOME PER SHARE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 209.37 Td (Basic) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.00 209.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 364.15 209.48 Td (6.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 209.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 209.37 Td (5.21) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 209.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.15 209.48 Td (25.96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.00 209.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 209.37 Td (14.66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 197.37 Td (Diluted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.00 197.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 364.15 197.48 Td (6.23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 197.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 197.37 Td (5.19) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 197.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.15 197.48 Td (25.89) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.00 197.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 197.37 Td (14.60) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 178.48 Td (Selected Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.95 178.37 Td (December 31,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 166.36 Td (\(dollars and shares in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 166.37 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 166.37 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 154.37 Td (Total investments and cash and cash equivalents) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 154.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 154.48 Td (9,332,745) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.00 154.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.60 154.37 Td (8,728,147) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 142.37 Td (Reinsurance recoverable on paid and unpaid losses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.15 142.48 Td (829,919) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 142.37 Td (829,310) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 130.37 Td (Goodwill and intangible assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 130.48 Td (1,049,225) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 130.37 Td (867,558) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 118.37 Td (Total assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.60 118.48 Td (12,556,588) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.60 118.37 Td (11,532,103) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 106.37 Td (Unpaid losses and loss adjustment expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 106.48 Td (5,371,426) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.60 106.37 Td (5,398,869) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 94.37 Td (Unearned premiums) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 94.48 Td (1,000,261) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 94.37 Td (915,930) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 82.37 Td (Senior long-term debt and other debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 82.48 Td (1,492,550) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.60 82.37 Td (1,293,520) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 70.37 Td (T) Tj ET Q q 0 0 0 rg BT 43.41 70.37 Td (otal shareholders' equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.60 70.48 Td (3,888,657) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.60 70.37 Td (3,387,513) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 58.37 Td (Book value per common share outstanding) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 58.48 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.15 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 304.5 m 497.5 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 304.5 m 501.5 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 304.5 m 575.5 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 200.5 m 108.5 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 188.5 m 108.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 186.5 m 108.5 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 112.5 200.5 m 185.5 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 112.5 188.5 m 185.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 112.5 186.5 m 185.5 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 200.5 m 497.5 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 188.5 m 497.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 186.5 m 497.5 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 200.5 m 575.5 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 188.5 m 575.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 186.5 m 575.5 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 148.5 m 108.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 108.5 148.5 m 112.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 112.5 148.5 m 185.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 148.5 m 424.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 148.5 m 497.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 148.5 m 501.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 148.5 m 575.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 135.5 m 108.5 135.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 108.5 135.5 m 112.5 135.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 112.5 135.5 m 185.5 135.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 135.5 m 424.5 135.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 135.5 m 497.5 135.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 135.5 m 501.5 135.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 135.5 m 575.5 135.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 96.5 m 108.5 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 84.5 m 108.5 84.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 82.5 m 108.5 82.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 112.5 96.5 m 185.5 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 112.5 84.5 m 185.5 84.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 112.5 82.5 m 185.5 82.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 96.5 m 497.5 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 84.5 m 497.5 84.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 82.5 m 497.5 82.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 96.5 m 575.5 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 84.5 m 575.5 84.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 82.5 m 575.5 82.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.55 750.23 Td (Markel Corporation and Subsidiaries) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.40 737.23 Td (Segment Reporting Disclosures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.40 724.23 Td (For the Quarters and Years Ended December 31, 2012 and 2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.90 698.23 Td (Segment Gross Written Premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.45 685.07 Td (Quarters Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 685.07 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.50 672.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.65 672.07 Td (2011) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 260.30 672.06 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 672.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 672.07 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 659.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 659.23 Td (250,424) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.00 659.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 659.07 Td (229,438) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.25 659.07 Td (Excess and Surplus Lines) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 659.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 659.23 Td (956,273) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 659.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 659.07 Td (893,427) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 646.23 Td (173,673) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 646.07 Td (140,788) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.00 646.07 Td (Specialty Admitted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 646.23 Td (669,692) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 646.07 Td (572,392) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 633.23 Td (183,209) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 633.07 Td (148,408) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.55 633.07 Td (London Insurance Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 633.23 Td (887,720) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 633.07 Td (825,301) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 620.23 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.65 620.07 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.80 620.07 Td (Other Insurance \(Discontinued Lines\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.65 620.23 Td (\(4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 620.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.65 620.07 Td (131) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 607.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 607.23 Td (607,308) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.00 607.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 607.07 Td (518,640) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.10 607.07 Td (Consolidated) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 607.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.00 607.23 Td (2,513,681) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 607.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 607.07 Td (2,291,251) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.80 581.23 Td (Segment Net Written Premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.45 568.07 Td (Quarters Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 568.07 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.50 555.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.65 555.07 Td (2011) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 260.30 555.06 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 555.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 555.07 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 542.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 542.23 Td (213,859) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.00 542.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 542.07 Td (202,036) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.25 542.07 Td (Excess and Surplus Lines) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 542.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 542.23 Td (811,601) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 542.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 542.07 Td (772,279) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 529.23 Td (160,425) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 529.07 Td (132,513) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.00 529.07 Td (Specialty Admitted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 529.23 Td (628,147) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 529.07 Td (543,213) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 516.23 Td (152,436) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 516.07 Td (132,919) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.55 516.07 Td (London Insurance Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 516.23 Td (774,383) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 516.07 Td (726,359) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 503.23 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 503.07 Td (\(8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.65 503.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.80 503.07 Td (Other Insurance \(Discontinued Lines\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.65 503.23 Td (\(5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 503.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.30 503.07 Td (\(13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.65 503.07 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 490.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 490.23 Td (526,722) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.00 490.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 490.07 Td (467,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.10 490.07 Td (Consolidated) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 490.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.00 490.23 Td (2,214,126) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 490.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 490.07 Td (2,041,838) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.10 464.23 Td (Segment Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.45 451.07 Td (Quarters Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 451.07 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.50 438.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.65 438.07 Td (2011) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 260.30 438.06 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 438.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 438.07 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 425.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 425.23 Td (208,635) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.00 425.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 425.07 Td (198,348) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.25 425.07 Td (Excess and Surplus Lines) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 425.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 425.23 Td (793,159) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 425.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 425.07 Td (756,306) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 412.23 Td (166,482) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 412.07 Td (138,593) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.00 412.07 Td (Specialty Admitted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 412.23 Td (633,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 412.07 Td (560,838) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 399.23 Td (207,934) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 399.07 Td (181,806) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.55 399.07 Td (London Insurance Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 399.23 Td (770,180) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 399.07 Td (695,753) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.50 386.23 Td (80,510) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.15 386.07 Td (77,559) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.85 386.07 Td (Investing) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 386.23 Td (313,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 386.07 Td (299,533) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 373.23 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.65 373.07 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.80 373.07 Td (Other Insurance \(Discontinued Lines\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.65 373.23 Td (\(5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 373.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.30 373.07 Td (\(12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.65 373.07 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 360.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 360.23 Td (663,563) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.00 360.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 360.07 Td (596,307) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.10 360.07 Td (Consolidated) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 360.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.00 360.23 Td (2,510,760) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 360.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 360.07 Td (2,312,418) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.45 334.23 Td (Reconciliation of Segment Profit \(Loss\) to Consolidated Operating Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.45 321.07 Td (Quarters Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 321.07 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.50 308.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.65 308.07 Td (2011) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 260.30 308.06 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 308.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 308.07 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 295.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.15 295.23 Td (\(4,765) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.00 295.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.00 295.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.15 295.07 Td (44,625) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.25 295.07 Td (Excess and Surplus Lines) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 295.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.50 295.23 Td (50,141) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 295.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 295.07 Td (109,035) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.15 282.23 Td (\(9,011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.00 282.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.80 282.07 Td (\(13,723) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.65 282.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.00 282.07 Td (Specialty Admitted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.15 282.23 Td (\(43,293) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 282.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.80 282.07 Td (\(45,268) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.65 282.07 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.50 269.23 Td (15,362) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.80 269.07 Td (\(11,693) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.65 269.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.55 269.07 Td (London Insurance Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.50 269.23 Td (82,663) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.80 269.07 Td (\(109,475) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.65 269.07 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.50 256.23 Td (80,510) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.15 256.07 Td (77,559) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.85 256.07 Td (Investing) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 256.23 Td (313,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 256.07 Td (299,533) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.15 243.23 Td (\(1,063) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.00 243.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.15 243.07 Td (2,180) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.80 243.07 Td (Other Insurance \(Discontinued Lines\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.15 243.23 Td (\(21,283) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 243.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 243.07 Td (4,706) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.50 230.23 Td (144,392) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.15 230.07 Td (88,793) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.10 230.07 Td (Other Revenues \(Non-Insurance\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 230.23 Td (489,352) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 230.07 Td (317,532) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.15 217.23 Td (\(127,400) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.00 217.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.80 217.07 Td (\(84,428) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.65 217.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.65 217.07 Td (Other Expenses \(Non-Insurance\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.15 217.23 Td (\(432,956) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 217.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.80 217.07 Td (\(275,324) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.65 217.07 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.15 204.23 Td (\(8,434) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.00 204.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.80 204.07 Td (\(6,705) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.65 204.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.85 204.07 Td (Amortization of Intangible Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.15 204.23 Td (\(33,512) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 204.23 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.80 204.07 Td (\(24,291) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.65 204.07 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 191.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.50 191.23 Td (89,591) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.00 191.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.15 191.07 Td (96,608) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.10 191.07 Td (Consolidated) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.00 191.23 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.50 191.23 Td (404,812) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 191.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 191.07 Td (276,448) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.30 165.23 Td (Segment Combined Ratios) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.45 152.07 Td (Quarters Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 152.07 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.50 139.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.65 139.07 Td (2011) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 260.30 139.06 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 139.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 139.07 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.00 126.23 Td (102) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.00 126.23 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.65 126.07 Td (78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.65 126.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.25 126.07 Td (Excess and Surplus Lines) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.00 126.23 Td (94) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 126.23 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.65 126.07 Td (86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.65 126.07 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.00 113.23 Td (107) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.00 113.23 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.65 113.07 Td (107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.65 113.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.00 113.07 Td (Specialty Admitted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.00 113.23 Td (108) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 113.23 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.65 113.07 Td (109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.65 113.07 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 100.23 Td (92) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.00 100.23 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.65 100.07 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.65 100.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.55 100.07 Td (London Insurance Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.00 100.23 Td (89) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 100.23 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.65 100.07 Td (116) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.65 100.07 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.00 87.23 Td (100) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.00 87.23 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.65 87.07 Td (95) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.65 87.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.10 87.07 Td (Consolidated) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.00 87.23 Td (97) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.00 87.23 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.65 87.07 Td (102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.65 87.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 182.75 740.90 Td (Reconciliation of Non-GAAP) Tj ET Q q 0 0 0 rg BT 330.74 740.90 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 423.85 740.90 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 716.90 Td (The following table reconciles earnings before interest, income taxes, depreciation and amortization \(EBITDA\) of Markel ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.90 Td (V) Tj ET Q q 0 0 0 rg BT 56.11 704.90 Td (entures to consolidated net income to shareholders.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.40 208.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 652.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 652.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 652.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 652.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 652.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 652.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 652.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.40 208.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 622.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 622.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 622.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 622.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 622.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 622.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 622.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 592.40 208.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 592.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 592.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 592.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 592.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 592.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 592.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 592.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 562.40 208.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 562.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 562.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 562.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 562.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 562.40 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 562.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 562.40 73.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 667.4 m 331.5 667.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 652.4 m 331.5 652.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 667.4 m 335.5 667.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 652.4 m 335.5 652.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 667.4 m 408.5 667.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 652.4 m 408.5 652.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 667.4 m 485.5 667.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 652.4 m 485.5 652.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 667.4 m 489.5 667.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 652.4 m 489.5 652.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 667.4 m 562.5 667.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 652.4 m 562.5 652.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 577.4 m 331.5 577.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 577.4 m 408.5 577.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 577.4 m 485.5 577.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 577.4 m 562.5 577.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 547.4 m 331.5 547.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 533.4 m 331.5 533.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 531.4 m 331.5 531.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 547.4 m 408.5 547.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 533.4 m 408.5 533.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 531.4 m 408.5 531.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 547.4 m 485.5 547.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 533.4 m 485.5 533.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 531.4 m 485.5 531.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 547.4 m 562.5 547.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 533.4 m 562.5 533.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 531.4 m 562.5 531.4 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.45 672.07 Td (Quarters Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 672.07 Td (Years Ended December 31,) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 655.7736328125 m 141.33984375 655.7736328125 l s q 0 0 0 rg BT 53.00 657.11 Td (\(dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.50 657.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 657.07 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 657.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.65 657.07 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 642.07 Td (Markel Ventures EBITDA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.00 642.08 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.15 642.08 Td (18,980) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 642.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 642.07 Td (3,117) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.00 642.08 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.15 642.08 Td (60,361) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.00 642.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 642.07 Td (37,325) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 627.07 Td (Interest expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.80 627.13 Td (\(2,233) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.65 627.08 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.80 627.12 Td (\(2,722) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 627.07 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.80 627.13 Td (\(9,782) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.65 627.08 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 627.12 Td (\(10,871) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 627.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 612.07 Td (Income tax benefit \(expense\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.80 612.13 Td (\(3,036) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.65 612.08 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 612.07 Td (2,815) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.80 612.13 Td (\(7,868) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.65 612.08 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 612.12 Td (\(4,335) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 612.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 597.07 Td (Depreciation expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.80 597.13 Td (\(4,738) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.65 597.08 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.80 597.12 Td (\(1,708) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 597.07 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.80 597.13 Td (\(14,205) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.65 597.08 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 597.12 Td (\(5,106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 597.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 582.07 Td (Amortization of intangible assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.80 582.13 Td (\(4,076) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.65 582.08 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.80 582.12 Td (\(2,695) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 582.07 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.80 582.13 Td (\(15,031) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.65 582.08 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 582.12 Td (\(9,267) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 582.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 567.07 Td (Markel ) Tj ET Q q 0 0 0 rg BT 84.20 567.07 Td (V) Tj ET Q q 0 0 0 rg BT 90.31 567.07 Td (entures net income \(loss\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.15 567.08 Td (4,897) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.80 567.12 Td (\(1,193) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 567.07 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.15 567.08 Td (13,475) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 567.07 Td (7,746) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 552.07 Td (Net income from other Markel operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.15 552.08 Td (51,895) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 552.07 Td (51,369) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.15 552.08 Td (239,910) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 552.07 Td (134,280) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 537.07 Td (Net income to shareholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.00 537.08 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.15 537.08 Td (56,792) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 537.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 537.07 Td (50,176) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.00 537.08 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.15 537.08 Td (253,385) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.00 537.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 537.07 Td (142,026) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 508.90 Td (Interest expense for the quarters ended December 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 319.80 508.90 Td (1 includes intercompany interest expense of $1.6 million. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.90 Td (Interest expense for the years ended December 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 308.70 496.90 Td (1 includes intercompany interest expense of $6.4 million and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 484.90 Td ($6.0 million, respectively) Tj ET Q q 0 0 0 rg BT 151.55 484.90 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.90 Td (Markel ) Tj ET Q q 0 0 0 rg BT 81.20 460.90 Td (V) Tj ET Q q 0 0 0 rg BT 87.31 460.90 Td (entures EBITDA) Tj ET Q q 0 0 0 rg BT 154.79 460.90 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 218.59 460.90 Td ( financial measure and is reconciled to consolidated net income to shareholders in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.90 Td (above table. Markel ) Tj ET Q q 0 0 0 rg BT 134.51 448.90 Td (V) Tj ET Q q 0 0 0 rg BT 140.62 448.90 Td (entures EBITDA) Tj ET Q q 0 0 0 rg BT 208.11 448.90 Td ( reflects income attributable to our ownership interest in Markel ) Tj ET Q q 0 0 0 rg BT 466.18 448.90 Td (V) Tj ET Q q 0 0 0 rg BT 472.29 448.90 Td (entures before ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.90 Td (interest, income taxes, depreciation and amortization. ) Tj ET Q q 0 0 0 rg BT 268.63 436.90 Td (W) Tj ET Q q 0 0 0 rg BT 277.27 436.90 Td (e use Markel ) Tj ET Q q 0 0 0 rg BT 331.23 436.90 Td (V) Tj ET Q q 0 0 0 rg BT 337.34 436.90 Td (entures EBITDA) Tj ET Q q 0 0 0 rg BT 404.83 436.90 Td ( as an operating performance measure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.90 Td (in conjunction with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 177.41 424.90 Td ( measures, including revenues and net income, to monitor and evaluate the performance of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.90 Td (non-insurance operations.) 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