| 21st Century Insurance Group | TW | NOT RATED | 1-Oct-07 |
| ACE Ltd | ACE | OUTPERFORM | |
| AFLAC Inc. | AFL | IN LINE | 9-Oct-07 |
| Allied World Assurance | AWH | OUTPERFORM | |
| Allstate Corporation | ALL | OUTPERFORM | |
| American Equity Investment Life | AEL | IN LINE | |
| American Financial Group | AFG | OUTPERFORM | |
| American International Group | AIG | IN LINE | 24-Sep-08 |
| American Physicians Capital Inc. | ACAP | IN LINE | |
| Ameriprise (No Longer Covered) | AMP | | |
| Amerisafe Inc. | AMSF | OUTPERFORM | |
| AmTrust Financial Services Inc. | AFSI | OUTPERFORM | |
| AON Corporation | AOC | OUTPERFORM | |
| Arch Capital Group Ltd | ACGL | OUTPERFORM | |
| Arthur Gallagher and Co. | AJG | IN LINE | |
| Aspen Insurance Holdings Ltd. | AHL | OUTPERFORM | 21-Aug-07 |
| Assurant, Inc. | AIZ | OUTPERFORM | |
| AXIS Capital Holdings Limited | AXS | OUTPERFORM | 18-Dec-08 |
| Berkley W.R. Corp | WRB | OUTPERFORM | 2-Oct-08 |
| Berkshire Hathaway | BRKA | IN LINE | |
| Brown & Brown, Inc. | BRO | IN LINE | |
| Castlepoint Holdings Ltd. | CPHL | OUTPERFORM | |
| Chubb Corporation | CB | OUTPERFORM | |
| Cincinnati Financial Corp | CINF | IN LINE | |
| CNA Financial Corp. | CNA | IN LINE | |
| Conseco Inc | CNO | IN LINE | |
| CRM Holdings Ltd. | CRMH | OUTPERFORM | |
| Darwin Professional Underwriters | DR | NOT RATED | 21-Oct-08 |
| Delphi Financial Group | DFG | IN LINE | 23-Apr-08 |
| Donegal Group Inc. | DGICA | OUTPERFORM | |
| Employers Insurance Group | EIG | OUTPERFORM | 13-Oct-08 |
| Endurance Specialty Holdings Ltd. | ENH | IN LINE | |
| Enstar Group Ltd | ESGR | OUTPERFORM | 8-Jul-08 |
| Erie Indemnity | ERIE | IN LINE | |
| Everest Re Group, Ltd | RE | OUTPERFORM | |
| First Mercury Financial | FMR | OUTPERFORM | |
| Flagstone Reinsurance | FSR | IN LINE | |
| FPIC Insurance Group | FPIC | IN LINE | |
| Genworth | GNW | IN LINE | 7-Nov-08 |
| Greenlight Capital Re | GLRE | IN LINE | |
| Harleysville Group Inc. | HGIC | IN LINE | |
| Hartford Financial Services Group, Inc | HIG | IN LINE | 30-Oct-08 |
| HCC Insurance Holdings Inc. | HCC | OUTPERFORM | |
| Hilb Rogal & Hobbs | HRH | NOT RATED | 2-Oct-08 |
| Horace Mann Educators Corp. | HMN | IN LINE | |
| Infinity Property & Casualty Corp | IPCC | IN LINE | 31-Jan-08 |
| IPC Holdings, Ltd. | IPCR | OUTPERFORM | 11-Nov-08 |
| KINGSWAY FINANCIAL | KFS | UNDERPERFORM | |
| Lincoln National Corporation | LNC | OUTPERFORM | 6-Sep-07 |
| Maiden Holdings Ltd. | MHLD | OUTPERFORM | 19-Aug-08 |
| Markel Corporation | MKL | IN LINE | |
| Marsh & McLennan Companies | MMC | IN LINE | 27-Oct-08 |
| Max Capital Group | MXGL | OUTPERFORM | 18-Dec-08 |
| Mercury General | MCY | UNDERPERFORM | |
| MetLife | MET | OUTPERFORM | 15-May-08 |
| MGIC Investment Corp. | MTG | IN LINE | 23-Oct-08 |
| Midland Co. | MLAN | NOT RATED | 8-Apr-08 |
| Montpelier Re Holdings, Ltd. | MRH | IN LINE | 7-Dec-07 |
| National Atlantic Holdings Corporation | NAHC | NOT RATED | 4-Aug-08 |
| National Financial Partners | NFP | IN LINE | 26-Sep-08 |
| Nationwide Financial Services, Inc. | NFS | IN LINE | |
| Navigators Group | NAVG | OUTPERFORM | |
| NYMagic Inc | NYM | IN LINE | 16-Jul-08 |
| Odyssey Re Holdings Corp | ORH | IN LINE | |
| Old Republic International | ORI | IN LINE | |
| OneBeacon Insurance Group | OB | IN LINE | |
| PartnerRe Ltd. | PRE | OUTPERFORM | 21-Aug-07 |
| Philadelphia Consolidated Holding Corp. | PHLY | NOT RATED | 2-Dec-08 |
| Phoenix Companies (No Longer Covered) | PNX | | |
| Platinum Underwriters Holdings, Ltd. | PTP | OUTPERFORM | |
| PMA Capital Corp. | PMACA | IN LINE | |
| Principal Financial Group (No Longer Covered) | PFG | | |
| ProAssurance Corp. | PRA | OUTPERFORM | |
| Progressive Corporation | PGR | IN LINE | |
| Protective Life | PL | IN LINE | |
| Prudential Financial Inc. | PRU | OUTPERFORM | 13-Oct-08 |
| Quanta Capital Holdings | QNTA | | |
| Reinsurance Group of America | RGA | OUTPERFORM | 3-Apr-08 |
| RenaissanceRe Holdings Ltd | RNR | IN LINE | |
| RLI Corp. | RLI | IN LINE | |
| SAFECO Corp | SAF | NOT RATED | 23-Sep-08 |
| Scottish Re Group (No Longer Covered) | SCT | | |
| SeaBright Insurance Holdings | SEAB | OUTPERFORM | |
| Selective Insurance Group Inc | SIGI | IN LINE | |
| Specialty Underwriters' Alliance Inc. | SUAI | UNDERPERFORM | 8-Aug-08 |
| Stancorp Financial Group | SFG | IN LINE | |
| State Auto Financial Corp | STFC | IN LINE | |
| Sun Life Financial | SLF.TO | | |
| The Hanover Insurance Group | THG | OUTPERFORM | |
| The Travelers Companies Inc. | TRV | IN LINE | |
| Torchmark Corporation | TMK | OUTPERFORM | 7-Jan-08 |
| Tower Group Inc. | TWGP | OUTPERFORM | |
| Transatlantic Holdings, Inc. | TRH | IN LINE | |
| Triad Guaranty Inc. (No Longer Covered) | TGIC | | |
| United America Indemnity, Ltd. | INDM | IN LINE | 29-Apr-08 |
| Unitrin Inc. | UTR | IN LINE | |
| Universal American Financial Corp. | UAM | NOT RATED | 10-Nov-08 |
| Unum Group | UNM | OUTPERFORM | 12-Nov-07 |
| USI Holdings (No Longer Covered) | USIH | | |
| White Mountains Insurance Group, Ltd. | WTM | IN LINE | |
| Willis Group Holdings | WSH | OUTPERFORM | 6-Oct-08 |
| XL Capital Ltd. | XL | IN LINE | 29-Jul-08 |
| Zenith National Insurance | znt | OUTPERFORM | |
