Structured Finance Holdings by Company as of Sep 30, 2021

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Company	Structured Prod Par Value ($)	Structured Prod Book Value ($)	% S&P Rated	% No S&P but Moody's, Fitch	% No S&P, Moody's, Fitch
1st Auto & Casualty Insurance Company	4,108,221	4,224,910	52.61%	38.92%	8.47%
360 Insurance Company	1,418,764	1,484,174	27.88%	69.70%	2.43%
4086 Advisors, Inc.	5,702,552,868	5,731,231,533	40.84%	50.20%	8.96%
Academic Health Professionals Insurance Assurance	17,911,330	18,726,579	31.25%	68.37%	0.38%
Acadia Insurance Company	24,986,497	25,193,126	64.19%	32.83%	2.98%
ACSTAR Insurance Company	2,430,915	2,460,934	99.03%	0.97%	0.00%
Advance Insurance Company of Kansas	9,592,639	9,970,121	35.19%	57.22%	7.59%
Aegis Healthcare Risk Retention Group, Inc.	37,231	38,031	61.12%	11.48%	27.40%
Aegon USA Investment Management, LLC	111,065,026	99,936,752	72.68%	8.69%	18.63%
Aetna, Inc. (Asset Management)	2,638,176,486	2,744,085,712	53.38%	46.00%	0.62%
Affiliates Insurance Reciprocal, A Risk Retention Group	772	799	0.00%	100.00%	0.00%
Agricultural Workers Mutual Auto Insurance	7,083	4,712	100.00%	0.00%	0.00%
AII Insurance Management, LTD	5,273,103	5,371,870	52.65%	46.99%	0.37%
Aioi Nissay Dowa Insurance Company, LTD	5,750,000	5,875,166	46.87%	53.13%	0.00%
Alabama Municipal Insurance Corporation	1,161,540	142,435	51.07%	0.00%	48.93%
Alaska National Insurance Co.	13,984,905	14,409,871	38.30%	11.85%	49.85%
Alaska Timber Insurance Exchange	7,595	8,092	0.00%	98.22%	1.78%
Alfa Insurance Corporation	347,121,024	337,260,563	52.11%	44.95%	2.94%
Alliance Health And Life Insurance Company	1,607,263	1,652,543	42.13%	54.72%	3.15%
Alliance Insurance Group	743,439	751,825	0.00%	100.00%	0.00%
Alliance Of Nonprofits For Insurance Risk Retention Group	8,935,527	9,054,515	60.50%	31.17%	8.34%
Alliant Health Plans Inc.	29,189,993	30,144,839	36.59%	63.41%	0.00%
Allied Services Risk Retention Group	1,355,880	1,409,974	63.92%	36.08%	0.00%
Allstate Investment Management Company	2,505,007,296	2,475,580,259	52.40%	42.82%	4.77%
Allways Health Partners, Inc.	65,239,280	18,971,150	41.61%	57.09%	1.30%
Amalgamated Casualty Insurance Company	0	0
Ambac Investments, Inc.	755,998,317	554,113,948	69.50%	11.48%	19.02%
American Access Casualty Company	48,690,463	48,994,187	69.71%	30.29%	0.00%
American Agricultural Insurance Company	157,544,630	163,261,894	40.93%	52.32%	6.75%
American Alliance Casualty Company	3,946,422	4,107,125	58.29%	41.71%	0.00%
American Equity Advisors, Inc.	316,390,985	318,994,208	41.71%	48.89%	9.40%
American Federated Insurance Company	775,000	794,932	16.79%	26.61%	56.60%
American Fidelity Assurance Co.	341,161,380	342,433,391	53.76%	40.57%	5.67%
American Integrity Insurance Company	14,324,757	15,513,915	8.38%	91.62%	0.00%
American Inter-Fidelity Exchange	22,068,033	22,968,169	45.39%	46.68%	7.94%
American Liberty Insurance Company	100,000	115,367	0.00%	100.00%	0.00%
American Life and Accident Insurance Company of Kentucky	3,087	3,198	0.00%	100.00%	0.00%
American Money Management Corporation	13,906,544,731	13,523,398,947	43.19%	43.96%	12.86%
American National Registered Investment Advisor, Inc.	306,899,142	313,470,435	63.75%	3.84%	32.41%
American Resources Insurance Company, Inc.	850,000	709,221	0.00%	100.00%	0.00%
American Transit Insurance Company	14,475,029	15,217,689	5.52%	94.48%	0.00%
Americo Life, Inc.	701,234,139	645,810,068	44.28%	46.11%	9.61%
Amerigroup Corporation (Asset Management)	1,109,757,105	1,127,443,493	32.14%	61.68%	6.18%
Amerisure Mutual Insurance Company	533,153,253	533,256,106	31.60%	59.81%	8.59%
Ameritas Life Insurance Corp. of New York	110,240,192	111,946,659	33.93%	41.92%	24.15%
Amfed National Insurance Company	6,691,127	7,346,640	41.75%	56.97%	1.28%
Amica Mutual Insurance Company	606,922,399	632,770,282	11.78%	88.10%	0.12%
AmTrust Financial Services, Inc. (Asset Management)	862,993,993	874,708,601	52.78%	44.06%	3.16%
Ansur America Insurance Company	5,136,773	5,596,394	52.94%	46.97%	0.10%
Apollo Insurance Solutions Group, L.P.	19,071,820,029	18,278,688,474	46.62%	37.85%	15.53%
AQS Asset Management, LLC	154,925,581	158,711,681	43.32%	25.84%	30.85%
Arbella Mutual Insurance Company, Inc.	237,895,901	256,429,400	44.32%	52.38%	3.30%
ARCOA Risk Retention Group Inc.	715,239	764,653	29.18%	70.82%	0.00%
ARECA Insurance Exchange	2,453,594	2,540,875	51.89%	48.11%	0.00%
ARI Casualty Company	189,000	193,121	74.67%	25.33%	0.00%
ARI Insurance Company	5,944,098	5,976,792	33.55%	66.45%	0.00%
ASI Preferred Insurance Corporation	28,358,371	28,664,832	56.75%	43.25%	0.00%
Asset Allocation & Management Company, LLC	1,198,490,800	1,221,038,220	41.30%	54.53%	4.17%
Associated Mutual Insurance Cooperative	16,071	11,408	100.00%	0.00%	0.00%
Assurant, Inc. (Asset Management)	624,089,942	620,948,871	36.52%	56.62%	6.86%
Assurity Life Insurance Company	24,666	28,929	0.00%	0.00%	100.00%
Atlantic American Corporation (Asset Management)	7,403,333	7,404,099	67.61%	32.39%	0.00%
Atlantic Casualty Insurance Company	33,804,694	34,057,411	59.12%	25.49%	15.39%
Attorneys Insurance Mutual of the South, Inc. RRG	26,243	27,163	0.00%	100.00%	0.00%
Auto Club Group	164,735,398	167,490,194	38.40%	59.04%	2.55%
Auto Club Property-Casualty Insurance Company	17,506,704	17,982,548	30.88%	69.12%	0.00%
Auto-Owners Insurance Company	872,107,819	868,945,292	47.93%	36.02%	16.05%
Aviva Investors Americas, LLC	3,453,054	3,164,984	0.00%	100.00%	0.00%
Badger Mutual Insurance Company	40,235,248	41,942,021	33.40%	50.73%	15.87%
Bar Plan Surety and Fidelity Company	1,034,907	1,066,323	37.71%	57.96%	4.33%
Barnstable County Mutual Insurance Company	2,335,722	2,351,700	39.25%	52.07%	8.68%
Beneficial Life Insurance Company	141,767,914	106,852,818	87.67%	12.33%	0.00%
Berkley Dean & Company, Inc.	4,320,938,242	4,332,601,959	55.09%	40.48%	4.43%
Blue Advantage Plus Of Kansas City Inc.	3,824,581	3,897,867	34.05%	62.44%	3.51%
Blue Cross & Blue Shield of Alabama (Asset Management)	226,733,588	229,396,168	46.99%	48.82%	4.19%
Blue Cross & Blue Shield of Kansas City	254,140,566	197,736,514	54.15%	34.54%	11.31%
Blue Cross & Blue Shield of Kansas, Inc.	176,193,451	173,325,216	46.35%	50.24%	3.41%
Blue Cross & Blue Shield of Massachusetts (Asset Management)	456,922,521	410,986,160	39.04%	58.67%	2.28%
Blue Cross & Blue Shield of Nebraska	15,380,236	16,014,312	9.16%	75.10%	15.74%
Blue Cross & Blue Shield of North Carolina	323,133,823	337,494,235	39.54%	56.96%	3.50%
Blue Cross & Blue Shield of Tennessee, Inc.	812,749,417	829,835,458	37.51%	57.70%	4.79%
Blue Cross & Blue Shield of Vermont	5,903,581	5,859,353	67.17%	32.83%	0.00%
Blue Cross Blue Shield of Michigan Mutual Insurance Company	7,047,489	8,060,785	29.64%	70.36%	0.00%
Blue Cross Blue Shield of Wyoming	64,372,313	66,784,885	42.71%	53.04%	4.25%
Blue Cross of Idaho Health Service., Inc.	65,938,394	68,984,693	29.66%	70.06%	0.27%
Blue Hill Specialty Insurance Company Inc.	3,500,000	3,499,833	0.00%	100.00%	0.00%
Bluebonnet Life Insurance Company	13,153,261	13,668,687	39.37%	54.68%	5.95%
Bonded Builders Insurance Company, a Risk Retention Group	195,974	200,642	0.00%	100.00%	0.00%
Boston Medical Center Health Plan, Inc.	67,727,992	69,320,707	38.32%	52.76%	8.91%
Bremen Farmers Mutual Insurance Company	11,100,988	11,440,096	45.16%	29.37%	25.46%
Brethren Mutual Insurance Company	6,673,072	6,593,663	25.26%	74.74%	0.00%
British American Insurance Company	1,040,000	1,089,212	0.00%	100.00%	0.00%
Builders Mutual Insurance Company	124,021,724	131,930,613	40.22%	56.22%	3.56%
Capital BlueCross	17,143,622	18,044,091	37.34%	62.66%	0.00%
Capital Insurance Group	106,312,076	103,911,131	67.06%	26.78%	6.15%
Capitol Casualty Company	3,013,132	2,950,169	0.00%	100.00%	0.00%
Capitol Insurance Company	2,173,671	2,306,854	46.37%	39.66%	13.97%
Care Wisconsin Health Plan, Inc.	781,260	897,929	33.08%	62.98%	3.93%
CareMore Health Plan of Arizona, Inc.	9,403,615	9,681,776	52.94%	42.27%	4.79%
Caresource	157,777,119	160,917,459	46.30%	44.70%	9.00%
Carolina Mutual Insurance Inc.	5,550,673	5,676,903	73.64%	26.36%	0.00%
Catawba Insurance Company	12,544	11,821	100.00%	0.00%	0.00%
Catholic Family Fraternal Of Texas	19,758	20,211	0.00%	100.00%	0.00%
Catholic Ladies Of Columbia	398,250	401,678	25.66%	25.31%	49.03%
Catholic Life Insurance	133,814,342	143,892,120	37.09%	61.34%	1.57%
Catholic Order of Foresters	500,035,788	318,158,611	58.73%	24.87%	16.40%
CATIC Financial Insurance Group	1,355,000	1,360,428	100.00%	0.00%	0.00%
CBIA Comp Services Inc	2,072,388	2,149,085	27.54%	72.46%	0.00%
CDPHP Universal Benefits, Inc.	32,701,127	33,735,196	39.70%	53.43%	6.87%
Centene Corporation (Asset Management)	418,912,377	427,732,837	38.49%	43.18%	18.33%
Centennial Casualty Company	1,025,578	1,039,183	70.21%	23.41%	6.38%
Center Mutual Insurance Company	1,606,852	1,591,915	24.32%	75.68%	0.00%
Central Insurance Companies	344,164,104	356,274,863	41.20%	58.80%	0.00%
Central Security Life Insurance Co.	7,122,397	7,538,528	41.64%	42.86%	15.50%
Chesapeake Employers Insurance Company	499,042,426	502,969,254	47.57%	49.00%	3.43%
Chesterfield Reinsurance Company	12,250,000	13,858,216	21.28%	78.72%	0.00%
Childrens Community Health Plan Inc.	1,984,630	2,026,362	85.45%	6.89%	7.66%
Chubb Asset Management, Inc.	614,046,897	637,454,329	38.55%	59.69%	1.75%
CIGNA Investments, Inc.	30,065,467	30,628,729	45.83%	42.22%	11.95%
Cincinnati Financial Corp. (Asset Management)	328,443,714	344,429,200	20.93%	62.05%	17.02%
Citizens Security Life Insurance Company	3,672,993	1,643,020	15.82%	84.18%	0.00%
Citizens, Inc. (Asset Management)	16,619,771	16,448,712	54.01%	45.99%	0.00%
Clear Spring Life Insurance Company	44,326,114	43,219,547	52.75%	32.60%	14.64%
CM Vantage Specialty Insurance Company	8,070,168	8,475,751	58.48%	41.18%	0.34%
College Risk Retention Group Inc.	5,670,201	6,038,411	41.51%	45.75%	12.73%
Colorado Dental Service, Inc.	65,866	71,732	0.00%	0.00%	100.00%
Columbia Insurance Group, Inc. (Asset Management)	20,892,967	21,643,969	34.16%	65.84%	0.00%
Columbia Lloyds Insurance Company	185,000	194,821	100.00%	0.00%	0.00%
Columbian Mutual Life Insurance Company (Asset Management)	88,285,184	91,980,104	47.29%	49.41%	3.30%
Common Ground Healthcare Cooperative	4,177,375	4,186,066	40.79%	50.30%	8.92%
Community Care Behavioral Health Organization	17,695,138	17,920,718	53.83%	42.33%	3.84%
Community Health Alliance Reciprocal	177,056,926	181,539,642	30.81%	69.19%	0.00%
Community Hospital Alternative for Risk Transfer	4,058,160	4,156,248	74.55%	6.42%	19.03%
Community Insurance Corporation	670,394	675,096	70.38%	29.62%	0.00%
Communitycare Government Programs, Inc.	2,937,208	3,050,027	43.43%	53.44%	3.13%
CommunityCare HMO, Inc.	11,597,572	12,076,434	48.53%	48.31%	3.16%
Compcare Health Services Insurance Corporation	47,190,763	50,226,403	30.15%	69.85%	0.00%
ConnectiCare Insurance Company	17,578,200	18,415,686	36.28%	63.72%	0.00%
Conning, Inc.	6,180,162,607	6,306,721,545	38.62%	53.64%	7.74%
Contractors Bonding and Insurance Company	2,563,379	2,688,218	77.40%	22.60%	0.00%
Controlled Risk Insurance Company of Vermont, Inc.	14,656,961	14,695,857	42.82%	55.97%	1.21%
Co-Operative Insurance Companies	4,340,000	4,552,515	39.73%	60.27%	0.00%
CopperPoint Mutual Insurance Company (USA)	281,710,257	293,539,304	39.37%	56.80%	3.83%
Country Trust Bank (Investment Advisor)	2,035,090,447	2,053,577,821	56.12%	30.12%	13.76%
Coventry Health Care of Missouri, Inc.	27,250,000	27,323,712	66.95%	33.05%	0.00%
Coventry Insurance Company	49,918,737	50,311,403	27.94%	71.58%	0.48%
Coverys RRG, Inc.	9,001,610	9,423,094	35.85%	64.15%	0.00%
Cox Insurance Group	6,120,461	6,240,261	24.83%	55.31%	19.86%
CrossFit Risk Retention Group Inc.	182,000	182,640	0.00%	100.00%	0.00%
Crusader Insurance Company	9,893,834	10,233,401	53.30%	46.70%	0.00%
Cumberland Insurance Group	24,561,147	25,786,985	38.93%	51.78%	9.29%
Czech Catholic Union	4,907	4,888	100.00%	0.00%	0.00%
Dakota Capital Life Insurance Company	1,675,000	1,754,929	11.80%	88.20%	0.00%
Danbury Insurance Company	2,280,593	2,406,897	40.56%	59.44%	0.00%
DB Insurance Company, LTD (US)	52,355,000	54,861,760	52.08%	47.92%	0.00%
Delek Insurance Group	9,171,957	9,216,955	56.46%	43.54%	0.00%
Delphi Capital Management, Inc.	4,258,185,210	3,562,345,753	51.83%	43.58%	4.59%
Delta Dental of Illinios Insurance Group	3,059,901	3,131,508	78.10%	21.90%	0.00%
Delta Dental of Kansas, Inc.	309,768	318,883	37.03%	15.93%	47.03%
Delta Dental of New York, Inc.	14,200,000	14,211,265	60.24%	29.20%	10.55%
Delta Dental of Virginia	181,463	185,063	100.00%	0.00%	0.00%
Delta Dental Plan of Michigan, Inc.	16,639,883	17,110,178	31.20%	52.40%	16.40%
Delta Dental Plan Of South Dakota	100,000	109,688	0.00%	100.00%	0.00%
Delta Life Insurance Company.	4,965,000	4,966,425	69.94%	30.06%	0.00%
DentaQuest USA Insurance Company, Inc	8,791,632	8,985,664	36.26%	62.01%	1.73%
Deseret Mutual Insurance Company.	269,866	291,749	0.00%	100.00%	0.00%
Direct Auto Insurance Company	6,071,939	6,494,569	78.73%	21.27%	0.00%
Districts Mutual Insurance	2,169,923	2,207,225	34.97%	40.15%	24.88%
Donegal Mutual Insurance Co.	4,575,880	4,898,834	17.27%	74.30%	8.43%
Dorchester Insurance Company	1,200,000	1,307,394	70.45%	29.55%	0.00%
Dorchester Mutual Insurance Company	673,478	701,719	58.78%	41.22%	0.00%
Dryden Mutual Insurance Company	27,866,239	29,208,534	49.02%	48.29%	2.69%
DTF Holdings, LLC	12,420,869	12,502,905	50.55%	49.45%	0.00%
Ecole Insurance Company	150,435	154,058	92.81%	7.19%	0.00%
Edison Insurance Company	11,536,314	11,808,341	50.88%	49.12%	0.00%
ELCO Mutual Life and Annuity	195,172,684	200,943,809	54.86%	41.21%	3.93%
Elephant Insurance Company	6,547,714	6,607,819	54.27%	45.45%	0.28%
EmblemHealth	74,138,133	80,205,247	47.39%	51.95%	0.66%
EMC Insurance Group, Inc.	44,519,122	49,470,512	0.00%	90.42%	9.58%
Enterprise Life Insurance Company	3,857,665	4,254,689	37.95%	61.11%	0.94%
Erie Insurance Group	937,461,816	959,519,294	37.35%	61.41%	1.24%
Essence Healthcare, Inc.	25,521,938	27,009,443	34.33%	63.14%	2.53%
Excellus Health Plan, Inc.	240,738,666	251,383,104	40.65%	57.55%	1.80%
Executive Insurance Company	3,112,097	3,025,885	42.44%	42.65%	14.91%
Fair American Select Insurance Company	19,788,191	20,011,094	44.42%	55.58%	0.00%
Falcon Insurance Company	255,000	260,689	100.00%	0.00%	0.00%
Fallon Community Health Plan, Inc.	76,071,063	78,284,246	34.97%	59.45%	5.59%
Family Security Insurance Company, Inc.	19,430,204	20,306,575	39.76%	56.33%	3.90%
Farm Bureau Mutual Insurance Company of Michigan	10,517,038	10,839,600	56.71%	19.93%	23.36%
Farm Bureau Town & Country Insurance Company Of Missouri	4,000,000	4,013,369	0.00%	100.00%	0.00%
Farmers Alliance Mutual Insurance Co.	90,035,136	92,292,100	45.16%	52.18%	2.67%
Farmers And Mechanics Mutual Insurance Company of WV	3,362,839	3,700,581	63.87%	36.13%	0.00%
Farmers Mutual Insurance Company (West Virginia)	81,630	85,566	0.00%	52.70%	47.30%
FBAlliance Insurance Company	1,500,000	1,632,943	30.94%	69.06%	0.00%
FBL Investment Management Services, Inc.	1,604,006,050	1,622,314,393	44.04%	42.05%	13.91%
Federal Life Insurance Company (Mutual)	18,465,661	18,956,216	43.44%	56.56%	0.00%
Federated Mutual Insurance	827,765,500	837,172,427	49.98%	30.18%	19.83%
FedNat Holding Company (Asset Management)	51,757,295	55,356,089	36.89%	60.29%	2.82%
FFVA Mutual Insurance Company	46,905,929	47,793,665	26.47%	42.90%	30.62%
Fidelity Security Life Insurance Company (Asset Management)	279,292,938	281,535,115	44.20%	54.94%	0.87%
Fire Districts of New York Mutual Insurance Company, Inc.	3,776,698	4,087,210	57.36%	42.64%	0.00%
First Acceptance Insurance Company, Inc.	1,552,007	757,444	81.92%	18.08%	0.00%
First Chicago Insurance Company	227,377	234,262	31.99%	68.01%	0.00%
First Command Life Insurance Company	919,624	986,801	31.71%	68.29%	0.00%
First Dakota Indemnity Company	15,216,057	15,848,833	40.14%	58.55%	1.32%
First Dimension Life Insurance Company	1,322,543	1,286,617	32.99%	67.01%	0.00%
First Guaranty Insurance Company	950,000	1,004,792	0.00%	0.00%	100.00%
First Medical Insurance Company	7,938,460	8,092,522	66.21%	33.79%	0.00%
First National Life Insurance Company of the U.S.A.	1,810,737	1,726,315	0.00%	83.23%	16.77%
Florida Family Home Insurance Company	5,729,754	5,954,464	40.62%	54.40%	4.97%
FM Global	267,661,112	291,395,019	35.38%	51.72%	12.90%
Fort Washington Investment Advisors, Inc.	2,833,823,448	2,738,935,132	36.58%	59.60%	3.82%
Frankenmuth Insurance Group	694,380	771,888	13.85%	86.15%	0.00%
Frederick Mutual Insurance Company	4,037,521	4,368,629	80.53%	19.47%	0.00%
GBU Financial Life	87,435,671	90,812,260	34.71%	54.92%	10.36%
Geisinger Health Plan, Inc	41,932,537	42,915,066	45.12%	53.39%	1.49%
Genworth Financial Investment Management, LLC	85,224,940	91,143,397	49.07%	50.25%	0.69%
Georgia Farm Bureau Mutual Insurance Company	121,230,267	124,856,568	46.11%	52.87%	1.03%
Gleaner Life Insurance Society, Inc.	175,729,950	179,874,514	51.08%	41.43%	7.49%
Globe Life, Inc.	225,897,419	136,469,381	30.83%	41.15%	28.02%
GNY Custom Insurance Company	14,147,415	14,727,897	47.05%	52.95%	0.00%
Government Personnel Mutual Life Insurance Company	11,443,654	11,925,010	0.00%	14.79%	85.21%
GPM Health and Life Insurance Company	2,475,914	2,571,672	0.00%	9.72%	90.28%
Grange Indemnity Insurance Company	5,959,826	6,225,822	61.14%	35.00%	3.87%
Granite RE, Inc.	13,457,539	13,550,340	31.40%	61.25%	7.36%
Great American Fidelity Insurance Company	16,174,434	16,357,083	21.35%	62.88%	15.77%
Great Plains Casualty, Inc	225,000	231,609	0.00%	100.00%	0.00%
Greater New York Mutual Insurance Company	363,413,615	366,516,824	57.79%	38.46%	3.74%
Great-West Life & Annuity Insurance Company (Asset Management)	5,902,822,409	6,052,182,499	47.13%	47.99%	4.88%
Grinnell Mutual Reinsurance Company	27,243,378	25,590,137	0.00%	7.48%	92.52%
Guardian Investor Services, LLC	87,232,157	93,391,842	32.38%	67.62%	0.00%
GuideOne Mutual Insurance Company	182,375,958	189,198,887	35.28%	59.17%	5.56%
Haludu Corporation Insurance Group	8,507,633	8,906,657	56.11%	43.89%	0.00%
Harleysville Group, Inc.	37,793,326	40,547,315	43.55%	53.60%	2.85%
Hartford Investment Management Company	8,607,324,567	8,898,350,620	36.80%	56.59%	6.60%
Harvard Pilgram Health Care, Inc.	45,666,289	47,952,722	46.25%	49.86%	3.88%
Hawaii Medical Service Association	22,696,119	23,574,991	31.67%	66.48%	1.85%
Hawkeye Life Insurance Group Inc.	165,000	164,970	39.40%	60.60%	0.00%
Haymarket Insurance Company	438,047,619	416,752,525	46.30%	49.32%	4.39%
Health Care Insurance Reciprocal	101,957	105,593	0.00%	0.00%	100.00%
Health Care Service Corp. (Asset Management)	4,179,779,641	4,271,689,928	39.40%	52.03%	8.56%
Health New England, Inc.	23,752,335	24,300,275	38.56%	59.36%	2.08%
Health Partners Plans, Inc.	2,509,147	2,535,705	0.00%	99.91%	0.09%
Healthcare Industry Liability Reciprocal Insurance Company	8,853,179	9,139,256	45.77%	50.28%	3.95%
Healthcare Providers Insurance Company Risk Retention Group	4,409,738	4,518,650	68.04%	26.26%	5.71%
Healthcare Underwriters Group, Inc.	1,487,795	1,669,270	82.20%	17.80%	0.00%
HealthNow New York, Inc.	33,025,977	31,594,749	28.42%	59.26%	12.32%
HealthPartners, Inc.	67,095,279	67,715,020	66.93%	28.26%	4.81%
Healthplex, Inc.	35,383	35,852	0.00%	100.00%	0.00%
Heritage Property & Casualty Insurance Company	450,000	468,700	0.00%	100.00%	0.00%
Highmark, Inc. (Asset Management)	95,582,533	98,278,234	33.89%	59.96%	6.15%
Hingham Mutual Fire Insurance Company	6,028,717	6,351,840	50.41%	49.59%	0.00%
Hiscox, LTD	80,877,594	81,413,364	59.22%	40.78%	0.00%
Hochheim Prairie Insurance (Asset Management)	1,085,085	1,133,594	4.20%	95.80%	0.00%
Home and Farm Insurance Company	439,934	452,617	23.36%	60.94%	15.70%
Homeowners of America Insurance Company	10,061,126	10,498,854	43.89%	47.42%	8.69%
Homeshield Fire & Casualty Insurance Company	201,000	211,331	0.00%	100.00%	0.00%
Horizon Healthcare of New Jersey, Inc.	127,103,520	132,109,249	41.99%	57.85%	0.16%
Hospitality Mutual Insurance Company	3,527,617	3,649,000	46.69%	51.43%	1.88%
Hospitals Insurance Company, Inc.	239,325,178	245,726,928	36.20%	63.69%	0.11%
Housing Specialty Insurance Company, Inc.	5,893,197	5,955,623	68.57%	29.17%	2.25%
Houston Specialty Insurance Company	68,370,824	68,573,895	37.88%	56.26%	5.86%
Humana, Inc. (Asset Management)	223,422,531	229,261,694	38.24%	61.59%	0.17%
IAT Reinsurance Company, LTD	29,212	32,640	0.00%	0.00%	100.00%
Illinois Casualty Company	27,476,566	28,486,139	47.27%	49.61%	3.12%
Independence Blue Cross, Inc.	295,255,125	306,805,524	35.40%	61.33%	3.27%
Independence Holding Company (Asset Management)	6,890,262	7,423,179	11.12%	75.27%	13.61%
Indiana Healthcare Reciprocal Risk Retention Group	1,272,575	1,312,853	56.00%	37.66%	6.35%
Individual Assurance Company, (Life Health & Accident)	823,375	818,207	0.00%	0.00%	100.00%
Industrial Alliance Insurance & Financial Services, Inc.	1,411,823	1,495,914	29.14%	70.86%	0.00%
InsureMax Insurance Company	725,000	746,725	100.00%	0.00%	0.00%
Integrity Insurance Company	501,097	537,175	0.00%	100.00%	0.00%
Integrity Property and Casualty Insurance Company	300,000	305,886	0.00%	100.00%	0.00%
Interboro Insurance Co.	17,355,067	18,036,490	43.67%	52.66%	3.67%
Intrepid Insurance Company	18,904,106	19,117,787	64.49%	30.65%	4.86%
Investors Life Insurance Company of North America	24,669,339	23,829,772	55.28%	44.72%	0.00%
IOF Foresters Investment Management	81,895,001	87,067,247	61.42%	38.58%	0.00%
Island Insurance Company, LTD	21,474,296	22,054,869	62.79%	31.24%	5.97%
Kansas City Life Insurance Co.	149,672,137	154,013,268	60.32%	30.36%	9.32%
Kemper Corp. (Asset Management)	518,381,631	509,031,548	63.59%	36.11%	0.30%
Kentuckiana Medical Reciprocal RRG	7,687,386	8,178,725	24.42%	64.63%	10.95%
Kentucky Employers' Mutual Insurance Authority	164,332,135	169,796,224	40.35%	56.95%	2.70%
Keystone National Insurance Company	2,325,348	2,437,726	40.90%	47.02%	12.08%
Kilpatrick Life Insurance Company	2,709,499	2,682,756	35.36%	5.92%	58.72%
Knightbrook Insurance Company	10,325,740	10,574,175	15.41%	0.00%	84.59%
KSKJ Life American Slovenian Catholic Union	4,438,119	4,370,720	30.89%	69.11%	0.00%
Lebanon Valley Insurance Company	4,667,975	4,881,160	38.12%	53.57%	8.31%
Legal & General Investment Management America, Inc.	72,879,358	77,421,079	20.03%	78.90%	1.07%
Lexon Insurance Company	42,645,518	43,946,745	40.86%	46.85%	12.29%
Liberty Bankers Life Insurance Company	218,782,175	205,586,086	56.36%	37.14%	6.50%
Liberty Mutual Group Asset Management, Inc.	4,756,247,456	4,826,238,134	44.63%	39.56%	15.81%
Life Assurance Company Of America	257,333	258,738	100.00%	0.00%	0.00%
LifeShield National Insurance Company	14,929,136	14,224,636	1.17%	63.83%	35.00%
Lighthouse Property Insurance Corporation	2,159,103	2,255,680	38.27%	61.73%	0.00%
Lincoln Mutual Life And Casualty Insurance Company	1,079,421	1,046,618	64.12%	35.88%	0.00%
Little River Insurance Company	1,350,000	1,341,153	66.82%	33.18%	0.00%
Loews Corp. (Asset Management)	4,583,656,110	4,491,805,936	47.65%	34.26%	18.08%
Louisiana Health Service & Indemnity Company	139,201,050	140,945,418	47.50%	44.48%	8.02%
Louisiana Workers Compensation Corp.	19,604,045	19,993,623	0.00%	100.00%	0.00%
Loya Insurance Company	101,666,415	101,304,355	56.81%	34.50%	8.69%
LUBA Casualty Insurance Company	379,601	420,734	0.00%	0.00%	100.00%
Lyndon Southern Insurance Company	32,929,056	30,669,055	65.51%	31.69%	2.80%
M Life Insurance Company	15,896,856	16,198,035	48.77%	51.23%	0.00%
Madison Mutual Insurance Company	2,753,429	3,000,870	58.99%	29.58%	11.43%
Madison Scottsdale, L.C.	9,627,067	9,897,244	58.67%	32.37%	8.96%
MAG Mutual Insurance Company	7,720,911	7,766,905	36.51%	34.19%	29.31%
Markel-Gayner Asset Management Corporation	357,626,226	404,361,280	14.24%	85.76%	0.00%
Marquette Indemnity & Life Insurance Company	20,248	18,045	100.00%	0.00%	0.00%
Martins Point Group	12,672,877	13,179,870	49.76%	46.68%	3.56%
Marysville Mutual Insurance Company	14,168,719	14,551,621	45.15%	37.63%	17.23%
MCIC Vermont, Inc. Risk Retention Group	87,510,229	86,636,439	37.35%	50.53%	12.12%
MCNA Insurance Company	26,000,000	26,752,380	51.61%	48.39%	0.00%
MD Risk Retention Group, Inc.	3,825,000	3,900,120	57.80%	42.20%	0.00%
MEAG New York Corp.	54,350,817	54,898,765	48.99%	48.35%	2.66%
Med Mal Risk Retention Group, Inc.	196,339	193,111	52.72%	10.88%	36.40%
Medica Health Plans	22,751,582	23,219,963	41.66%	57.51%	0.83%
Members Capital Advisors, Inc.	1,736,410,635	1,755,729,859	39.17%	56.22%	4.61%
Merchants Mutual Insurance Company	113,955,889	117,891,764	61.53%	35.84%	2.64%
Mercury Insurance Co.	441,055,290	442,791,680	55.45%	44.35%	0.20%
MGIC Investment Corporation (Asset Management)	803,693,539	830,790,477	28.38%	70.89%	0.72%
Michigan Commercial Insurance Mutual	2,400,000	2,493,570	79.34%	0.00%	20.66%
Midwest Builders Casualty Mutual Company	18,053,371	18,576,741	56.31%	35.86%	7.83%
Midwest Family Mutual Insurance Company	34,139,776	34,406,869	16.21%	67.67%	16.12%
Midwest Holding Inc.	310,455,716	299,474,746	47.45%	49.10%	3.45%
Millville Mutual Insurance Company	3,798,692	3,782,062	23.81%	50.14%	26.06%
Missouri Care, Inc.	41,821,188	43,278,197	52.65%	38.10%	9.24%
Missouri Hospital Plan	1,700,000	1,843,512	40.97%	59.03%	0.00%
Modern Woodmen of America	1,701,139,319	1,730,123,833	60.20%	28.58%	11.21%
Molina Healthcare, Inc. (Asset Management)	32,957,573	33,370,810	49.63%	50.37%	0.00%
Montana Health Cooperative	846,977	872,798	0.09%	99.91%	0.00%
Motorists Mutual Insurance Group	296,135,105	317,378,009	49.18%	49.59%	1.23%
Mount Carmel Health Plan,Inc	9,073,499	9,209,604	61.11%	37.45%	1.44%
Mountain States Healthcare Rrrg	1,130,150	1,185,960	0.00%	100.00%	0.00%
Municipal Property Insurance Company	3,866,999	3,970,796	41.83%	43.36%	14.82%
Mutual Benefit Insurance Company (Asset Management)	13,147,580	13,383,981	39.40%	51.86%	8.74%
Mutual of America Capital Management, LLC	206,606,717	183,819,333	45.41%	32.86%	21.73%
Mutual of Omaha Insurance Co.	587,867,608	613,377,890	33.80%	49.01%	17.19%
Mutualaid Exchange	2,990,248	3,220,690	42.66%	41.32%	16.02%
MVP Health Insurance Company	60,227,797	61,247,114	40.80%	56.09%	3.11%
NAMIC Insurance Company, Inc.(Asset Management)	268,907	312,762	0.00%	0.00%	100.00%
NAP Life Insurance Company	468,905	470,586	11.73%	77.11%	11.15%
NASW Risk Retention Group, Inc.	688,729	680,731	28.44%	71.56%	0.00%
National Builders And Contractors Insurance Company, A Risk Retention Group, Inc.	865	895	0.00%	100.00%	0.00%
National Farm Life Insurance Company	503,917	517,079	4.56%	95.44%	0.00%
National Fire and Indemnity Exchange	638,265	657,803	44.25%	55.75%	0.00%
National Guardian Life Insurance Company	251,611,755	254,772,722	24.46%	52.97%	22.57%
National Security Life and Annuity Company	7,312,516	7,985,593	36.83%	52.16%	11.01%
National Teachers Association Life Group	327,082	356,072	0.00%	100.00%	0.00%
National Western Life Insurance Co.	774,868,802	771,590,900	47.58%	31.40%	21.02%
Nationwide Financial Services, Inc.	389,654	428,933	0.00%	100.00%	0.00%
Nevada Mutual Insurance Company	1,087,726	1,173,163	72.11%	27.89%	0.00%
New Century Insurance Company	307,170	306,302	0.00%	100.00%	0.00%
New England Asset Management, Inc.	8,705,415,664	8,489,058,988	40.73%	56.26%	3.01%
New Jersey Manufacturers Insurance Company	122,637,367	127,192,640	57.29%	35.23%	7.47%
New York Central Mutual Fire Insurance Company	16,543,990	16,865,810	75.59%	19.31%	5.10%
New York Life Investment Management, LLC	23,886,323,648	24,959,709,446	36.62%	49.76%	13.61%
Nodak Mutual Insurance Company	4,016,334	4,171,530	59.76%	40.24%	0.00%
Normandy Insurance Company, Inc.	66,397	67,827	100.00%	0.00%	0.00%
North American Insurance Company	301,024	348,365	0.33%	99.67%	0.00%
North American Title Insurance Company	0	0
North Shore LIJ CareConnect Insurance Company Inc.	26,643,533	27,223,255	39.95%	60.05%	0.00%
Northwest G.F. Mutual Insurance Company	740,144	738,821	37.13%	0.00%	62.87%
Ocean Harbor Casualty Insurance Company	3,805,957	4,105,684	17.37%	82.63%	0.00%
ODS Health Plan Inc	8,922,536	9,029,607	59.78%	40.22%	0.00%
Oklahoma Attorneys Mutual Insurance Company	1,802,464	1,795,103	30.20%	65.32%	4.48%
Old American County Mutual Fire Insurance Company	5,149,221	5,374,457	23.48%	71.31%	5.21%
Old Republic Asset Management	8,133,340	8,578,483	1.55%	98.45%	0.00%
Olympus Insurance Company	4,520,065	4,824,858	34.52%	54.37%	11.11%
Omega US Insurance Inc.	22,476,213	23,030,608	39.12%	60.88%	0.00%
OneAmerica Asset Management, LLC	2,579,639,747	2,600,580,031	48.24%	47.37%	4.38%
OPTIMA Health Plan	86,689,158	89,713,400	42.97%	53.89%	3.14%
Oregon Dental Service Inc	1,983,768	1,994,448	62.41%	37.59%	0.00%
Oxford Health Plans (NJ) Inc	30,595,998	30,757,702	60.88%	32.62%	6.50%
Pacific Star Insurance Company	378,648	372,613	20.78%	79.22%	0.00%
PacificSource Health Plans Inc	29,897,166	30,919,225	44.07%	31.55%	24.37%
Palisades Group	0	0
Pan-American Life Insurance Company	129,889,866	129,921,866	42.34%	43.62%	14.04%
Paramount Insurance Company, LTD	2,471,668	2,555,857	48.20%	51.71%	0.09%
PartnerRe Asset Management Corporation	404,424,946	411,183,732	20.60%	79.40%	0.00%
Pelican Insurance (A Reciprocal Risk Retention Group)	525,711	554,666	0.00%	100.00%	0.00%
PEMCO Mutual Insurance Company (Asset Management)	116,694,590	123,074,682	37.94%	57.90%	4.16%
Penn Mutual Life Insurance Company (Asset Management)	4,074,423,096	4,108,440,879	30.63%	51.26%	18.11%
Pennsylvania Lumbermans Mutual Insurance Co	2,903,857	2,952,376	46.19%	49.54%	4.27%
Pennsylvania Professional Liability Joint Underwriting Association	85,204,091	88,866,602	45.40%	49.67%	4.93%
Peoples Trust Insurance Company	17,621,201	18,342,194	30.15%	58.83%	11.02%
Petroleum Marketers Management Insurance Company	319,099	345,126	0.00%	62.42%	37.58%
Philadelphia Contributionship Insurance Houses	828,211	877,944	20.94%	79.06%	0.00%
Physicians Liability Insurance Company	491,563	517,018	0.47%	99.53%	0.00%
Physicians Proactive Protection Inc.	5,638,913	6,187,908	9.71%	85.58%	4.71%
Physicians' Reciprocal Insurers	148,785,039	150,944,254	42.76%	50.37%	6.87%
Pinnacle Consortium of Higher Education, A Vermont Reciprocal Risk Retention Group	6,804,546	6,894,631	71.17%	28.83%	0.00%
PinnaclePoint Insurance Company	490,000	497,427	25.93%	74.07%	0.00%
Pioneer State Mutual Insurance Company	11,492,097	11,841,182	52.31%	47.69%	0.00%
Polish National Union Of America	112,269	20,647	100.00%	0.00%	0.00%
Preferredone Insurance Company	4,884,561	5,049,230	56.83%	42.98%	0.20%
Premera Blue Cross (Asset Management)	19,732,661	20,859,070	39.28%	55.93%	4.79%
Premier Group Insurance Company	7,518,450	7,763,666	22.59%	57.58%	19.82%
Presbyterian Health Plan, Inc.	37,955,733	39,392,277	33.76%	60.79%	5.45%
Previsor Insurance Company	229,989	235,674	89.32%	10.68%	0.00%
Prime Insurance Company	74,582,771	76,969,386	39.07%	57.23%	3.70%
Prime Property & Casualty Insurance Inc.	75,548,498	77,587,829	42.10%	53.78%	4.12%
Primero Insurance Company	1,886,281	1,974,438	86.83%	13.17%	0.00%
Priority One Insurance Company	363,462	351,720	0.00%	100.00%	0.00%
ProBuilders Specialty Insurance Company	1,265,191	1,321,230	40.59%	49.92%	9.49%
Progressive Capital Management Corporation	3,660,902,120	3,740,399,188	42.79%	50.66%	6.54%
Proselect Insurance Company	271,253	307,341	7.55%	92.45%	0.00%
Protective Life Corporation (Asset Management)	9,062,574,465	9,362,517,437	19.47%	78.67%	1.86%
Protective Specialty Insurance Company	2,927,667	3,018,715	97.40%	2.60%	0.00%
Providence Health Assurance	4,506,130	4,472,282	25.50%	49.52%	24.98%
Providence Health Plan	69,290,904	70,043,733	43.52%	46.90%	9.58%
Provident American Insurance Company	234,240	194,557	100.00%	0.00%	0.00%
Provident Investment Management, LLC	53,482,859	64,147,592	32.02%	53.05%	14.94%
Pupil Benefits Plan Inc.	75,494	77,442	100.00%	0.00%	0.00%
Puritan Life Insurance Company	30,875,632	31,595,698	54.66%	32.67%	12.67%
QBE Insurance Group	683,749	710,060	70.30%	29.70%	0.00%
QBE Investments (North America), Inc.	189,240,560	189,696,163	62.45%	36.01%	1.54%
Quincy Mutual Fire Insurance Company	41,365,339	47,338,191	36.18%	63.70%	0.12%
Rabenhorst Life Insurance Company	6,078,750	5,690,561	82.85%	8.35%	8.81%
Radian Group, Inc. (Asset Management)	2,400,000	2,400,000	100.00%	0.00%	0.00%
Radian Title Insurance, Inc.	24,449	19,147	100.00%	0.00%	0.00%
Republic Lloyds	820,386	820,259	0.00%	42.67%	57.33%
RepWest Insurance Company	10,963,904	11,907,686	10.72%	84.89%	4.38%
RetailFirst Insurance Group	16,411,561	17,129,497	47.60%	45.95%	6.45%
RGA Reinsurance Co.	2,820,590,903	2,883,201,803	36.75%	58.36%	4.89%
Rockingham Mutual Insurance Company	14,333,357	14,793,298	25.29%	69.53%	5.18%
Royal Neighbors of America (Asset Management)	44,163,819	44,061,191	34.77%	65.23%	0.00%
Rural Mutual Insurance Company	105,747,782	112,127,117	27.83%	58.66%	13.51%
Rutgers Casualty Insurance Company	1,009,265	1,042,792	69.09%	30.91%	0.00%
RVOS Farm Mutual Insurance Company	1,880,364	1,855,756	12.52%	87.48%	0.00%
Safety Property & Casualty Insurance Company	8,275,810	8,712,846	41.72%	45.24%	13.04%
Samaritan Risk Retention Group, Inc.	2,780,805	2,844,103	77.58%	22.42%	0.00%
Savings Bank Mutual Life Insurance Company of Massachusetts	175,924,843	175,569,735	53.77%	37.55%	8.68%
Scott & White Health Plan	4,375,628	4,766,094	11.65%	88.35%	0.00%
Security Benefit Life Insurance Company	7,517,967,950	7,342,655,871	30.32%	49.29%	20.39%
Security Health Plan of Wisconsin, Inc.	35,244,797	36,314,840	43.87%	54.58%	1.54%
Security National Group	400,000	361,572	100.00%	0.00%	0.00%
Security National Life Insurance Company	5,494,886	5,695,108	22.08%	18.11%	59.81%
Select Risk Insurance Company	2,477,547	2,528,821	50.52%	39.28%	10.20%
Selected Funeral and Life Insurance Company	445,496	438,888	89.85%	10.15%	0.00%
Sentara Health Management Group	3,642,215	3,690,692	49.46%	49.09%	1.45%
Sentinel Asset Management, Inc.	2,650,958,818	2,686,444,015	34.33%	57.55%	8.12%
Sentinel Security Life Insurance Company	204,970,234	193,993,653	48.44%	49.94%	1.61%
Sentry Investment Management, LLC	467,569,515	494,524,515	49.29%	43.57%	7.14%
Serb National Federation	500,000	341,250	0.00%	100.00%	0.00%
Sextant Investment Advisors, LLC	18,114	20,456	0.00%	0.00%	100.00%
SHA, LLC	1,197,711	1,314,549	13.63%	85.51%	0.86%
Shelter Mutual Insurance Company	474,231,051	483,562,466	44.40%	24.61%	30.99%
ShelterPoint Life Insurance Company	13,185,852	13,877,823	59.16%	40.53%	0.31%
Shenandoah Life Insurance Co. (Asset Management)	352,330,565	346,714,881	26.15%	57.93%	15.92%
SILAC Insurance Company	729,329,267	671,398,048	50.35%	44.08%	5.57%
Society Insurance A Mutual Company	35,959,432	37,666,553	31.66%	65.06%	3.28%
Soundpath Health	1,476,285	1,486,620	74.47%	24.73%	0.80%
Southern Farm Bureau Life Insurance Company	633,153,593	638,063,334	32.63%	60.88%	6.48%
Southern States Insurance Exchange	1,613,914	1,711,579	22.71%	70.75%	6.53%
Southwest Physicians Risk Retention Group	1,376,278	1,425,144	44.64%	54.82%	0.54%
SPJST	14,498,427	15,727,290	17.07%	55.50%	27.43%
Standard Life and Casualty Insurance Company	700,000	708,618	0.00%	69.88%	30.12%
Starr Surplus Lines Insurance Company	34,575,185	33,623,296	51.29%	47.95%	0.76%
State Auto Financial Corp. (Asset Management)	122,634,793	127,018,762	17.42%	60.88%	21.70%
State Farm Investment Management Corporation	248,711,833	269,980,360	3.52%	0.32%	96.16%
State Mutual Insurance Company	397,199	391,980	100.00%	0.00%	0.00%
State Volunteer Mutual Insurance Company	143,458,354	151,211,412	39.88%	58.33%	1.79%
Sterling Investors Life Insurance Company	6,367,246	6,141,090	36.23%	42.82%	20.94%
Strathmore Insurance Company	7,669,810	7,954,560	39.92%	60.08%	0.00%
SummitPoint Insurance Company	495,000	502,577	25.66%	74.34%	0.00%
SUNZ Insurance Company	129,239,594	130,942,048	50.09%	48.48%	1.43%
Supreme Council of the Royal Arcanum	183,959	192,160	100.00%	0.00%	0.00%
Swiss Re Financial Services Corporation	688,049,288	728,418,313	37.88%	58.35%	3.77%
Synergy Insurance Company	878,160	892,807	42.35%	0.00%	57.65%
Tennessee Farmers Mutual Insurance Co.	10,353,519	11,801,210	10.81%	89.19%	0.00%
Thames Insurance Company, Inc.	3,694,832	3,844,163	41.43%	58.57%	0.00%
The EPIC Life Insurance Company	1,436,279	1,568,497	9.65%	90.35%	0.00%
The Mapfre USA Corporation	28,020,312	28,874,672	52.45%	47.55%	0.00%
The National Security Group, Inc. (Asset Management)	3,896,008	3,811,814	37.50%	62.50%	0.00%
The Responsive Auto Insurance Company	782,373	845,634	22.08%	70.57%	7.35%
The Service Insurance Company, Inc.	141,000	143,453	54.53%	45.47%	0.00%
The Travelers Indemnity Company	1,473,721,657	1,541,071,711	36.77%	61.09%	2.14%
The Woodlands Insurance Company	1,523,521	1,645,994	37.68%	62.32%	0.00%
Tiptree Financial Group	6,241,152	6,411,031	46.20%	53.54%	0.26%
Tokio Marine & Nichido Fire Insurance Company, LTD	2,045,726	2,195,075	0.00%	100.00%	0.00%
Triangle Insurance Company	730,000	783,410	43.07%	56.93%	0.00%
Tri-Century Insurance Company	2,907,220	2,995,234	36.41%	60.90%	2.70%
Trinity Life Insurance Company	8,989,320	9,241,980	44.75%	50.38%	4.87%
Trusted Health Plan (District of Columbia), Inc.	3,671,581	3,774,367	53.39%	39.81%	6.80%
Trustmark Life Insurance Company of New York	503,355	551,169	53.68%	19.18%	27.14%
TUFTS Insurance Company	30,815,720	30,935,926	41.99%	50.91%	7.10%
Tuscarora Wayne Insurance Company	13,564,856	14,099,669	33.64%	51.88%	14.48%
ULLICO Investment Advisors, Inc.	2,042,802	2,128,389	41.09%	50.79%	8.12%
Union Health Service Inc	1,713,761	1,748,493	61.14%	20.90%	17.96%
Union Mutual Fire Insurance Company	19,029,317	19,735,501	41.90%	56.03%	2.07%
Unique Insurance Company	14,197,606	14,973,951	61.91%	38.09%	0.00%
United Automobile Insurance, Co.	21,176,422	21,893,929	59.57%	36.86%	3.57%
United Central PA Reciprocal Risk Retention Group	9,896	10,173	100.00%	0.00%	0.00%
United Equitable Group	3,657,123	3,832,386	29.40%	61.89%	8.71%
United Farm Family Life Insurance Company	10,801,282	11,739,661	8.34%	75.50%	16.16%
United Fire Group (Asset Management)	546,327,858	511,639,943	45.97%	48.23%	5.80%
United Frontier Mutual Insurance Company	720,232	763,835	63.30%	36.70%	0.00%
United Heritage Life Insurance Company	14,719,423	13,784,967	72.50%	20.72%	6.79%
United International Life Insurance	2,789,127	2,905,075	41.15%	49.23%	9.62%
United National Life Insurance Company of America	3,458,794	3,881,845	31.88%	50.67%	17.44%
United Property & Casualty Insurance Company	14,385,006	14,656,043	49.08%	47.13%	3.79%
UnitedHealthcare Great Lakes Health Plan, Inc	21,332,035	21,706,590	41.97%	55.82%	2.21%
Unitedhealthcare Insurance Of The River Valley	101,634,203	104,610,381	57.95%	40.71%	1.34%
UnitedHealthcare of Alabama, Inc.	550,836	592,868	65.53%	34.47%	0.00%
Unitedhealthcare Of Georgia Inc	5,288,996	5,739,376	61.43%	35.66%	2.91%
Unitedhealthcare Of Illinois Inc.	4,859,132	5,266,954	5.82%	85.44%	8.74%
Unitedhealthcare Of The Midlands Inc.	62,380,256	65,369,639	52.59%	47.41%	0.00%
UnitedHealthcare of the Midwest, Inc.	6,141,108	6,516,492	51.91%	46.37%	1.72%
Unitedhealthcare Of Utah, Inc.	5,867,995	6,306,160	35.80%	64.20%	0.00%
UnitedHealthcare of Wisconsin, Inc.	184,284,630	195,703,364	46.75%	51.06%	2.19%
Unity Health Plans Insurance Corporation	6,634,405	6,963,620	32.87%	67.13%	0.00%
University Health Alliance	23,118,236	23,833,802	35.19%	64.81%	0.00%
Upmc Health Benefits Inc	67,017,247	31,349,531	49.91%	47.39%	2.70%
UPMC Health Plan, Inc.	482,148,161	367,589,580	46.43%	36.49%	17.09%
US Alliance Life and Security Company	30,392	31,507	0.00%	0.00%	100.00%
US Coastal Insurance Company	3,913,963	4,058,499	42.41%	48.37%	9.22%
USA Life One Insurance Company of Indiana	63,569	48,661	100.00%	0.00%	0.00%
Utah Medical Insurance Association	20,229,820	20,313,938	45.94%	33.07%	20.98%
VantisLife Insurance Company	114,484,346	119,828,885	32.38%	59.35%	8.27%
Vermont Mutual Insurance	200,491,634	203,985,281	46.10%	53.74%	0.16%
Virginia Farm Bureau Group	5,933,667	6,504,515	37.65%	62.35%	0.00%
Virginia Farm Bureau Mutual Insurance	31,139,667	33,771,253	41.03%	58.97%	0.00%
Virginia FB Town And Country Insurance Company	5,563,667	6,157,069	41.66%	58.34%	0.00%
Virginia Premier Health Plan, Inc	96,805,639	99,566,900	54.31%	43.23%	2.46%
Wadena Insurance Company	450,000	450,000	100.00%	0.00%	0.00%
Wayne Mutual Insurance Company	200,000	199,962	0.00%	100.00%	0.00%
WBL Group	22,133,618	22,076,848	63.61%	32.92%	3.47%
WEA Insurance Trust	57,003,184	58,967,572	42.06%	49.94%	8.00%
WEA Property & Casulty Insurance Company	1,402,124	1,430,731	19.96%	48.82%	31.22%
WellCare Health Plans, Inc. (Asset Management)	109,515,759	111,957,605	48.01%	47.41%	4.58%
Wellington Insurance Company	1,110,555	1,133,139	72.24%	26.65%	1.11%
West Bend Mutual Insurance Company	379,980,467	305,441,371	45.38%	52.65%	1.97%
West Virginia Farmers Mutual Insurance Company	63,760	46,914	100.00%	0.00%	0.00%
Western Catholic Union	3,982,720	3,976,757	10.96%	13.30%	75.74%
Western Mutual Fire Insurance Company	374,624	372,064	94.32%	5.68%	0.00%
Western National Mutual Insurance Company	363,163,643	371,288,424	36.44%	51.59%	11.97%
Western Protectors Insurance Company	345,000	350,743	100.00%	0.00%	0.00%
Western Reserve Group (Asset Management)	25,000,000	25,001,903	80.00%	20.00%	0.00%
Western World Insurance Co., Inc.	90,846,260	93,571,536	38.55%	61.45%	0.00%
Westminster American Insurance Company	1,715,000	1,725,399	62.32%	37.68%	0.00%
White Mountains Advisors, LLC	902,010,393	933,589,403	47.42%	51.97%	0.61%
Wisconsin County Mutual Insurance Corporation	5,330,000	5,415,249	69.11%	30.89%	0.00%
Wisconsin Lawyers Mutual Insurance Company	2,954,147	3,233,384	29.56%	51.78%	18.65%
Wisconsin Mutual Insurance Company	32,466,291	34,043,331	37.81%	49.74%	12.45%
Wisconsin Reinsurance Corporation	7,235,167	7,751,241	51.05%	42.36%	6.60%
Wolverine Mutual Insurance Company	3,153,452	3,410,326	61.15%	38.85%	0.00%
Woodmen of the World Life Insurance Society	227,179,184	224,680,149	23.10%	56.76%	20.14%
Workers Compensation Fund	182,834,948	187,125,359	44.37%	54.73%	0.89%
Wps Health Plan Inc.	1,609,249	1,732,069	22.70%	77.30%	0.00%
Yellowstone Insurance Exchange (A Risk Retention Group)	165,063	169,834	62.06%	28.84%	9.10%

Note: Data for insurer holdings of CLOs and CDOs, CMBS, RMBS, ABS and miscellaneous structured products. Ratings based on current ratings. Analysis focuses only on entities categorized by IPREO as insurance companies. Some insurers that report at asset managers may not appear.
Source: IPREO, Intex, Bloomberg, Amherst Pierpont Securities.

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