U. S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                    FORM 10-Q

                Quarterly Report Under Section 13 or 15(d) of the
                     Securities Exchange Act of 1934 For the
                    quarterly period ended September 30, 2000

                         Commission File Number: 0-25505

                                NCRIC Group, Inc.


     District of Columbia                               52-2134774
-------------------------------                     ------------------
(State or other jurisdiction of                      (I.R.S. Employer
 incorporation or organization)                     Identification No.)


   1115 30th Street, NW, Washington, D.C.                   20007
 -----------------------------------------               ----------
  (Address of principal executive offices)               (Zip Code)


                                  202-969-1866
                ------------------------------------------------
                (Issuer's telephone number, including area code)


     Check whether the registrant (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days.    Yes   X       No


     Indicate the number of shares  outstanding of each of the issuer's  classes
of common  stock,  as of the latest  practicable  date:  As of November 1, 2000,
there were 3,725,355 shares of NCRIC Group, Inc. common stock outstanding.


<PAGE>


Table of Contents



Part I - Financial Information

Item 1.   Condensed Consolidated Financial Statements (unaudited)

          NCRIC Group, Inc. and Subsidiaries

              Condensed Consolidated Balance Sheets..................     3

              Condensed Consolidated Statements of Operations........     4

              Condensed Consolidated Statements of Cash Flows........     5

              Notes to Condensed Consolidated Financial Statements...     6

Item 2.   Management's Discussion and Analysis.......................     9

Item 3.   Quantitative and Qualitative Disclosures About Market Risk.    15

Part II - Other Information

Item 1.   Legal Proceedings..........................................    16

Item 6.   Exhibits and Reports on Form 8-K...........................    16

Signatures...........................................................    16


                                       2


<PAGE>

PART I FINANCIAL INFORMATION

Item 1.  Financial Statements

<TABLE>
<CAPTION>

NCRIC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT FOR SHARE DATA)
--------------------------------------------------------------------------------------------------------------------------------

                                                                                       September 30, 2000    December 31, 1999
                                                                                           (unaudited)
                                                                                      --------------------  --------------------

ASSETS

INVESTMENTS:
       <S>                                                                               <C>                   <C>
       Securities available for sale, at fair value:
          Bonds and U.S.Treasury Notes                                                           $ 92,494              $ 90,937
          Preferred stocks                                                                          5,026                 4,155
                                                                                      --------------------  --------------------
                Total securities available for sale                                                97,520                95,092

OTHER ASSETS:
       Cash and cash equivalents                                                                    5,324                 5,407
       Reinsurance recoverable                                                                     25,904                26,627
       Goodwill                                                                                     4,733                 4,928
       Deferred federal income taxes                                                                2,464                 3,298
       Other assets                                                                                 9,373                 5,595
                                                                                      --------------------  --------------------

TOTAL ASSETS                                                                                     $145,318              $140,947
                                                                                      ====================  ====================

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:
       Losses and loss adjustment expenses:
          Losses                                                                                 $ 54,729              $ 56,462
          Loss adjustment expenses                                                                 26,495                27,820
                                                                                      --------------------  --------------------
                Total losses and loss adjustment expenses                                          81,224                84,282
       Other liabilities:
          Retrospective premiums accrued under
                reinsurance treaties                                                                6,057                 7,164
          Unearned premiums                                                                        15,116                 8,898
          Other liabilities                                                                         3,790                 4,808
                                                                                      --------------------  --------------------
TOTAL LIABILITIES                                                                                 106,187               105,152
                                                                                      --------------------  --------------------

STOCKHOLDERS' EQUITY:
       Common stock  $0.01  par  value -  10,000,000  shares  authorized;  as of
          September 30, 2000,  3,725,355  shares issued and outstanding  (net of
          17,500 treasury shares); as of December 31, 1999, 3,742,855
          shares issued and outstanding                                                                37                    37
       Additional paid in capital                                                                   9,443                 9,433
       Unallocated common stock held by the ESOP                                                     (914)                 (993)
       Unallocated common stock held by the stock award plan                                         (511)                 (518)
       Accumulated other comprehensive loss                                                        (2,066)               (2,866)
       Retained earnings                                                                           33,273                30,702
       Treasury stock, at cost                                                                       (131)                    -
                                                                                      --------------------  --------------------

TOTAL STOCKHOLDERS' EQUITY                                                                         39,131                35,795
                                                                                      --------------------  --------------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                       $145,318              $140,947
                                                                                      ====================  ====================
</TABLE>


See notes to condensed consolidated financial statements.



                                        3
<PAGE>

<TABLE>
<CAPTION>

NCRIC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED (IN THOUSANDS EXCEPT PER SHARE DATA)
-------------------------------------------------------------------------------------------------------------------------


                                                    Three Months Ended September 30,     Nine Months Ended September 30,
                                                         2000             1999                2000              1999
                                                   ---------------   ---------------     --------------   --------------
REVENUES:
<S>                                                       <C>               <C>               <C>               <C>
       Net premiums earned                                $ 3,808           $ 3,414           $ 10,981          $ 9,989
       Net investment income                                1,632             1,567              4,814            4,481
       Net realized investment gains (losses)                   -                45                  -             (102)
       Practice management and related income               1,294             1,137              4,112            3,470
       Other income                                           122                90                331              261
                                                   ---------------   ---------------     --------------   --------------

                Total revenues                              6,856             6,253             20,238           18,099
                                                   ---------------   ---------------     --------------   --------------

EXPENSES:

       Losses and loss adjustment expenses                  3,170             2,981              8,925            9,070
       Underwriting expenses                                  934               603              2,955            2,184
       Practice management expenses                         1,296             1,176              3,767            3,465
       Other                                                  261               403                892            1,170
                                                   ---------------   ---------------     --------------   --------------

                Total expenses                              5,661             5,163             16,539           15,889
                                                   ---------------   ---------------     --------------   --------------

INCOME BEFORE INCOME TAXES                                  1,195             1,090              3,699            2,210

INCOME TAX PROVISION                                          353               315              1,128              555
                                                   ---------------   ---------------     --------------   --------------

NET INCOME                                                $   842           $   775            $ 2,571          $ 1,655
                                                   ===============   ===============     ==============   ==============

OTHER COMPREHENSIVE INCOME GAIN (LOSS)                        674              (719)               800           (3,723)
                                                   ---------------   ---------------     --------------   --------------

COMPREHENSIVE INCOME (LOSS)                               $ 1,516           $    56            $ 3,371          $(2,068)
                                                   ===============   ===============     ==============   ==============

Net income per common share:

Basic                                                      $ 0.24            $ 0.25             $ 0.73           $ 0.66
Diluted                                                    $ 0.24            $ 0.25             $ 0.73           $ 0.65
</TABLE>

See notes to condensed consolidated financial statements.


                                        4
<PAGE>

<TABLE>
<CAPTION>

NCRIC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED (IN THOUSANDS)
-----------------------------------------------------------------------------------------------------------

                                                                            Nine Months Ended September 30,
                                                                                2000               1999
                                                                            -------------     -------------

CASH FLOWS FROM OPERATING ACTIVITIES:
       <S>                                                                       <C>                <C>
       Net income                                                                $ 2,571            $ 1,655
       Adjustments to reconcile net income
          to net cash flows from operating activities:
                Net realized investment losses                                         -                102
                Amortization and depreciation                                        509                487
                Deferred federal income taxes                                        421              1,384
                Changes in assets and liabilities:
                        Reinsurance recoverable                                      723             (2,678)
                        Other assets                                              (3,508)            (2,484)
                        Losses and loss adjustment expenses                       (3,058)             1,567
                        Retrospective premiums accrued under
                             reinsurance treaties                                 (1,107)             1,737
                        Unearned premiums                                          6,218              6,316
                        Other liabilities                                           (904)              (629)
                                                                           --------------     --------------

          Net cash flows provided by operating activities                          1,865              7,457
                                                                           --------------     --------------

CASH FLOWS FROM INVESTING ACTIVITIES:
       Purchases of investments                                                  (26,146)           (67,796)
       Sales, maturities and redemptions of investments                           24,913             60,694
       Investment in purchased business                                                -             (5,238)
       Purchases of property and equipment                                          (584)              (235)
                                                                           --------------     --------------

          Net cash flows used in investing activities                             (1,817)           (12,575)
                                                                           --------------     --------------

CASH FLOWS FROM FINANCING ACTIVITIES:
       Net proceeds from issuance of common stock                                      -              6,817
       Payment to acquire treasury stock                                            (131)                 -
       Proceeds from long-term debt                                                    -              2,200
       Repayment of debt                                                               -             (2,200)
                                                                           --------------     --------------
          Net cash flows (used in) provided by financing activities                 (131)             6,817
                                                                           --------------     --------------

NET CHANGE IN CASH AND CASH EQUIVALENTS                                              (83)             1,699
                                                                           --------------     --------------

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                     5,407              6,083
                                                                           --------------     --------------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                         $ 5,324            $ 7,782
                                                                           ==============     ==============

SUPPLEMENTARY INFORMATION:
       Interest paid                                                             $     -            $   120
                                                                           ==============     ==============

       Income taxes paid                                                         $ 1,175            $     -
                                                                           ==============     ==============
</TABLE>



See notes to condensed consolidated financial statements.


                                        5
<PAGE>

NCRIC GROUP, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements - unaudited

1. Basis of Preparation

     The accompanying unaudited condensed consolidated financial statements were
     prepared in accordance with  instructions to Form 10-Q and therefore do not
     include  all  disclosures  necessary  for  a  complete  presentation  under
     generally accepted accounting principles. In the opinion of management, all
     adjustments,   consisting  of  normal  recurring  adjustments,   considered
     necessary for a fair presentation have been included.

     Operating  results for the nine-month  period ended  September 30, 2000 are
     not necessarily indicative of the results that may be expected for the year
     ending December 31, 2000. These condensed consolidated financial statements
     and notes should be read in conjunction  with the financial  statements and
     notes included in the audited  consolidated  financial  statements of NCRIC
     Group,  Inc. (NCRIC Group) for the year ended December 31, 1999, which were
     filed with the Securities and Exchange Commission on Form 10-KSB.

2. Reportable Segment Information

     NCRIC Group has two reportable segments:  Insurance and Practice Management
     Services. The insurance segment provides medical professional liability and
     other insurance.  The practice management services segment provides medical
     practice  management  services primarily to private practicing  physicians.
     NCRIC Group evaluates  performance  based on profit or loss from operations
     before income taxes. The reportable  segments are strategic  business units
     that offer  different  products  and  services  and  therefore  are managed
     separately.

     Selected  financial data is presented below for each business segment at or
     for the  three-month  and nine-month  periods ended  September 30, 2000 and
     1999 (in thousands):

<TABLE>
<CAPTION>
                                          For the Three Months     At or For the Nine Months
                                           Ended September 30,       Ended September 30,
                                          --------------------     -------------------------
                                            2000        1999         2000           1999
                                          -------     -------      ---------      ---------
<S>                                       <C>         <C>          <C>           <C>
Insurance
    Revenues from external customers      $ 3,912     $ 3,501      $  11,258     $  10,247
    Net investment income                   1,609       1,552          4,751         4,566
    Depreciation and amortization              58          83            174           167
    Segment profit before taxes             1,323       1,440          3,848         3,198
    Expenditures for segment assets           189         136            566           186
    Segment assets                                                   138,772       141,276
    Segment liabilities                                              105,559       111,385
</TABLE>

                                       6

<PAGE>

<TABLE>
<CAPTION>
                                          For the Three Months     At or For the Nine Months
                                           Ended September 30,         Ended September 30,
                                          --------------------      ------------------------
                                            2000        1999            2000        1999
                                          --------   ---------      ----------   -----------
<S>                                       <C>        <C>             <C>         <C>
Practice Management Services
    Revenues from external customers      $  1,314   $   1,139       $   4,171   $   3,474
    Net investment income                       23          11              56          32
    Depreciation and amortization              113         151             335         320
    Segment profit (loss) before taxes          36        (183)            415        (494)
    Expenditures for segment assets              2           2              18          49
    Segment assets                                                       6,846       6,654
    Segment liabilities                                                  1,273       1,294


Total
    Revenues from external customers      $  5,226   $   4,640       $  15,429   $  13,721
    Net investment income                    1,632       1,563           4,807       4,598
    Depreciation and amortization              171         234             509         487
    Segment profit before taxes              1,359       1,257           4,263       2,704
    Expenditures for segment assets            191         138             584         235
    Segment assets                                                     145,618     147,930
    Segment liabilities                                                106,832     112,679
</TABLE>

The following are reconciliations of reportable segment revenues, net investment
income, assets, liabilities, and profit to the Company's consolidated totals (in
thousands):

<TABLE>
<CAPTION>
                                                          September 30,
                                                  ----------------------------
                                                      2000            1999
                                                  ------------    ------------

<S>                                               <C>             <C>
Assets:
    Total assets for reportable segments          $   145,618     $   147,930
    Elimination of intersegment receivables              (865)           (771)
    Elimination of affiliate receivables                   --            (659)
    Other unallocated amounts                             565           1,751
                                                  ------------    ------------
    Consolidated total                            $   145,318     $   148,251
                                                  ============    ============

Liabilities:
    Total liabilities for reportable segments     $   106,832     $   112,679
    Elimination of intersegment payables                 (874)           (771)
    Other liabilities                                     229             283
                                                  ------------    ------------
    Consolidated total                            $   106,187     $   112,191
                                                  ============    ============

<CAPTION>
                                                       For the Three Months      For the Nine Months
                                                       Ended September 30,       Ended September 30,
                                                      ---------------------     ---------------------
                                                        2000         1999         2000         1999
                                                      --------     --------     ---------    --------

<S>                                                   <C>          <C>          <C>          <C>
Revenues from external customers:
    Total revenues for reportable segments            $ 5,226      $ 4,640      $ 15,429     $13,721
    Elimination of intersegment revenues                   (2)           1            (5)         (1)
                                                      --------     --------     ---------    --------
    Consolidated total                                $ 5,224      $ 4,641      $ 15,424     $13,720
                                                      ========     ========     =========    ========
</TABLE>


                                       7

<PAGE>

<TABLE>
<CAPTION>
                                                      For the Three Months       For the Nine Months
                                                       Ended September 30,       Ended September 30,
                                                      ---------------------     ---------------------
                                                        2000         1999         2000        1999
                                                      --------     --------     --------    --------
<S>                                                   <C>          <C>          <C>         <C>
Net investment income:
     Total investment income for reportable segments  $ 1,632      $ 1,563      $ 4,807     $ 4,598
     Elimination of intersegment interest income           -           (20)          -         (141)
     Other unallocated amounts                             -            24            7          24
                                                      --------     --------     --------    --------
     Consolidated total                               $ 1,632      $ 1,567      $ 4,814     $ 4,481
                                                      ========     ========     ========    ========

Profit before taxes:
     Total profit for reportable segments             $ 1,359      $ 1,257      $ 4,263     $ 2,704
     Other expenses                                      (164)        (147)        (564)       (353)
     Elimination of intersegment interest income            -          (20)          -         (141)
                                                      --------     --------     --------    --------
     Consolidated total                               $ 1,195      $ 1,090      $ 3,699     $ 2,210
                                                      ========     ========     ========    ========
</TABLE>

3.   Earnings per Share

     The  following  table  sets  forth the  computation  of basic  and  diluted
     earnings per share (in thousands except per share data):

<TABLE>
<CAPTION>
                                   For the Three Months   For the Nine Months
                                    Ended September 30,   Ended September 30,
                                   --------------------   -------------------
                                     2000        1999       2000        1999
                                   --------    --------   --------     ------

<S>                                 <C>        <C>        <C>          <C>
Net income                          $  842     $  775     $ 2,571      $1,655
                                    ======     ======     =======      ======

Weighted average common
  shares outstanding - basic         3,520      3,125       3,527       2,525

Dilutive effect of stock options
  and awards                            25          7          14           2
                                    ------     ------     -------      ------
Weighted average common
  shares outstanding - diluted       3,545      3,132       3,541       2,527
                                    ======     ======     =======      ======

Net income per common share:

Basic                               $ 0.24     $ 0.25     $  0.73      $ 0.66
                                    ======     ======     =======      ======

Diluted                             $ 0.24     $ 0.25     $  0.73      $ 0.65
                                    ======     ======     =======      ======
</TABLE>

Earnings  per share is  calculated  by dividing  the net income by the  weighted
average shares  outstanding for the period.  For the period from January 1, 1999
through July 28, 1999, the  calculation of weighted  average shares  outstanding
includes  2,220,000 shares. Had the calculation been made using 3,520,855 as the
weighted  average  outstanding  shares for the entire  nine-month  period ending
September  30,  1999,  that is as if the stock  offered in the July 1999 initial
public  offering had been  outstanding  on January 1, 1999,  basic  earnings per
share  would have been $0.22 and $0.47 for the  quarter  and nine  months  ended
September 30, 1999, respectively.

4.   Treasury Stock

On July 7, 2000, NCRIC Group  repurchased  17,500 shares of its stock at a price
of $7.50 per share.  The  repurchased  shares of  Common  Stock are  recorded as
Treasury Stock which is reported as a reduction of Stockholders' Equity.


                                       8

<PAGE>

5.   Stock Award Plan

On September  10, 2000,  NCRIC Group  granted  74,000  shares of common stock to
directors and officers under its stock award plan. The  compensation  expense is
measured  at the fair  value of the stock on the grant  date,  $7.875 per share,
over the vesting period.  For the period ending  September 30, 2000, the expense
was $8,400.

Item 2.  Management's  Discussion  and  Analysis  of Results of  Operations  and
Financial Condition

     The  following  analysis  of the  consolidated  results of  operations  and
financial  condition  of NCRIC  Group  should  be read in  conjunction  with the
condensed  consolidated  financial statements and related notes included in this
Form 10-Q .  References  to  "NCRIC"  mean  NCRIC  Group  and its  subsidiaries,
including their predecessors.

General

     The  financial  statements  and data  presented  in the Form 10-Q have been
prepared in accordance  with generally  accepted  accounting  principles,  GAAP,
unless otherwise noted. GAAP differs from statutory accounting practices used by
regulatory   authorities  in  their  oversight   responsibilities  of  insurance
companies.

     In December 1999, the SEC issued Staff Accounting Bulletin No. 101, Revenue
Recognition in Financial  Statements,  SAB No. 101,  summarizing  certain of the
staff's views in applying  generally accepted  accounting  principles to revenue
recognition in financial statements. NCRIC has not yet completed its analysis of
the impact of SAB No. 101; however,  on a preliminary basis, it does not believe
that the  impact,  if any,  of  adopting  SAB No.  101 will be  material  to its
financial statements.

     In June 1998, the Financial  Accounting Standards Board issued Statement of
Financial Accounting  Standards No. 133, "Accounting for Derivative  Instruments
and Hedging  Activities"  ("SFAS 133"). SFAS 133 requires companies to recognize
all  derivative  contracts as either assets or  liabilities in the balance sheet
and to  measure  them at fair  value.  SFAS 133,  as  amended  by SFAS  136,  is
effective for all fiscal quarters of fiscal years beginning after June 15, 2000.
NCRIC will  adopt  SFAS 133,  as  amended,  on  January 1, 2001.  At the time of
adoption,  SFAS 133 is not expected to have a material  impact on the  financial
position or results of operations of NCRIC.

Consolidated net income

Three months ended  September 30, 2000 compared to three months ended  September
30, 1999

       Net income of $842,000  for the three  months  ended  September  30, 2000
increased 8.6% from $775,000 for the three months ended  September 30, 1999. The
improvement in the results of the Practice  Management  Services Segment was the
primary contributor to the increase in net income.

Nine months ended September 30, 2000 compared to nine months ended September 30,
1999

       Net income  increased to $2.6 million for the nine months ended September
30, 2000, up 55% from $1.7 million for the nine months ended September 30, 1999.
Improvement both in net underwriting  results and in practice management results
contributed  to the  increased  earnings.  Practice  management  results for the
current nine months included improvement due to lower legal fees relating to the
litigation brought by the NCRIC Physicians Organization and settled in 1999.

                                       9
<PAGE>

Net premiums earned

Three months ended  September 30, 2000 compared to three months ended  September
30, 1999

     Net premiums earned  increased by 12% to $3.8 million from $3.4 million for
the three months ended September 30, 2000 and 1999,  respectively.  The increase
is  primarily  reflective  of the increase in policies in force as the result of
new business written.

     Gross premiums written of $8.7 million for the three months ended September
30, 2000  increased by $4.3 million from $4.4 million for the three months ended
September 30, 1999,  primarily  reflecting  an increase in new business  written
plus the $1.3 million  billing of  previously  accrued  premium for the hospital
sponsored  program  discussed  below.  The mix of  business  produced by NCRIC's
independent  agency force has  increased to 61% of new business  written for the
three  months  ended  September  30,  2000 from 45% for the three  months  ended
September 30, 1999.

     Late in the second quarter it was determined  that one of NCRIC's  hospital
sponsored risk sharing programs would not be renewed at the September 1 renewal.
Under this type of risk sharing program, physicians are underwritten directly by
NCRIC and pay lower  individual  premiums  than if not part of the risk  sharing
program.  At the end of the policy year covered by the premium,  a review of the
actual loss experience of the physician  group is completed.  Should the group's
loss experience be unfavorable,  NCRIC will require  additional premium payments
from the sponsoring hospital to offset the unfavorable losses.

     This  hospital  sponsored  program  which  terminated  September 1 included
approximately  70  physicians  insured  directly  with NCRIC and  accounted  for
approximately  $2.5  million  in  annualized  premium.  The  termination  of the
hospital  sponsored  program  does not  impact  the  insurance  coverage  of the
physicians.  However,  it does  increase  the  premium  cost  to the  individual
physicians.  There is no assurance  that all of the individual  physicians  will
renew their coverage with NCRIC at the increased  premium level. The majority of
the physicians  formerly in this terminated  program have renewed their coverage
and initiated  participation  in other hospital  sponsored  programs where NCRIC
provides the insurance coverage. Based on the actual accumulated loss experience
of the  terminated  program  through  September  1,  2000,  NCRIC has billed the
hospital  sponsor $1.3 million under terms of the contract  based on actual loss
experience  through the  termination  date.  Because this bill was not paid when
due, NCRIC has initiated legal proceedings to collect.  NCRIC will use all means
legally  available to collect the amount it is due.  The ultimate  impact of the
program termination can not yet be determined.

Nine months ended September 30, 2000 compared to nine months ended September 30,
1999

     Net premiums  earned  increased by 10% to $11.0 million for the nine months
ended September 30, 2000 from $10.0 million for the  corresponding  1999 period.
The  increase is  primarily  attributable  to the  increase in business in force
resulting from new business  production plus the reduction in reinsurance  ceded
premium resulting from the new reinsurance program effective for 2000.

     While  insurance  in force  continues  to follow  the  historic  pattern of
insuring risks concentrated in the District of Columbia,  there has been notable
growth in net  earned  premium  in  Virginia,  largely as the result of sales by
agents and to clients of the Practice Management Services Segment.  For the nine
months ended  September 30, 2000,  net earned  premiums  from  Virginia  totaled
approximately  $1.4  million,  an  increase  of $0.8  million  over the total of
approximately $0.6 million for the nine months ended September 30, 1999.

     Gross premiums written of $21.8 million for the nine months ended September
30, 2000 are higher than the $19.6  million for the nine months ended  September
30, 1999  primarily  due to new business  written plus the $1.3 million bill for
previously accrued premium,  as discussed above,  partially offset by the impact
of the staggering of policy renewal dates in 1999.  Premiums  written were lower
by  approximately  $2.1 million for the nine months ended September 30, 2000 due
to the  staggering  of premium  writing  dates in 1999.  Starting  in the fourth
quarter of 1997 and  continuing  through  1999,  NCRIC  began to stagger  policy
renewal dates.

                                       10
<PAGE>

While  premiums  written  in the period of the new  renewal  date  increase  and
premiums written in the subsequent period  corresponding to the original renewal
date decrease, the staggering of renewal dates does not affect earned premiums.

     The mix of business produced directly by NCRIC versus by agents has changed
between  reporting  periods as shown on the following chart of new gross written
premium.


                         Nine months ended September 30,
                    -----------------------------------------
                          2000                     1999
                    ---------------          ----------------
          Direct     $ 1.3 million             $1.2 million
          Agent        2.3 million               .7 million


     In the first  nine  months  of 2000,  premium  written  to  clients  of the
Practice Management Services Segment totaled $483,000, or 13% of total new gross
written premium,  compared to $56,000 in the first nine months of 1999, or 3% of
new gross written premium.

Net investment income

Three months ended  September 30, 2000 compared to three months ended  September
30, 1999

     Net  investment  income  increased  by $65,000 for the three  months  ended
September  30, 2000  compared to the third quarter of 1999 due to an increase in
yields partially  offset by a decrease in invested funds. The average  effective
yield was  approximately  6.4% for the three months ended September 30, 2000 and
5.9% for the three months ended September 30, 1999. The tax equivalent yield was
approximately  6.9% for the third quarter of 2000 and 6.4% for the third quarter
of 1999.  The increase in  investment  yields  reflects  the market  increase in
interest rates in 2000 compared to 1999.

Nine months ended September 30, 2000 compared to nine months ended September 30,
1999

     Net  investment  income  increased  by $333,000  for the nine months  ended
September 30, 2000 compared to the first nine months of the prior year due to an
increase in yields  partially  offset by a decrease in invested  funds.  Average
invested assets,  which include cash  equivalents,  were lower in the first nine
months of 2000 by $3.7  million due to reduced cash flows from  operations.  The
average  effective  yield  was  approximately  6.3%  for the nine  months  ended
September 30, 2000 and 5.7% for the nine months ended  September  30, 1999.  The
tax equivalent  yield was  approximately  6.7% through the third quarter of 2000
and  6.2% for the  nine  months  ended  September  30,  1999.  The  increase  in
investment  yields  reflects  the  market  increase  in  interest  rates in 2000
compared to 1999.

Practice management and related revenue

     Revenue for practice  management and related  services is comprised of fees
for the services shown in the following chart.

                                      Nine Months Ended September 30,
                                      -------------------------------
                                           2000            1999
                                          ------          ------
Practice management                         43%             38%
Accounting                                  28%             30%
Tax & personal financial planning           12%             11%
Retirement plan accounting & admin          12%             13%
Other                                        5%              8%
                                          ------          ------
  Total                                    100%            100%
                                          ======          ======


                                       11

<PAGE>

Three months ended  September 30, 2000 compared to three months ended  September
30, 1999

     Practice  management  and  related  revenue of $1.3  million  for the three
months  ended  September  30, 2000 is up from $1.1  million for the three months
ended September 30, 1999. The increase  results from both recurring fee business
and one-time consulting assignments.

Nine months ended September 30, 2000 compared to nine months ended September 30,
1999

     Practice management and related revenue of $4.1 million for the nine months
ended  September  30, 2000 and $3.5 million for the nine months ended  September
30, 1999 consisted of fees generated by NCRIC MSO through HealthCare  Consulting
and Employee  Benefits  Services.  The increase  results from both recurring fee
business and one-time consulting assignments.  Approximately $250,000 of revenue
in the first nine  months of 2000  results  from  services  provided to existing
insureds of NCRIC reflecting results of the cross-selling initiative.

Loss and loss adjustment expenses and combined ratio results

     While NCRIC  continues to experience  pressure from the rise in severity of
losses,  it continues to take a cautious approach in establishing and evaluating
reserves.  The  expense  for  incurred  losses  and  LAE net of  reinsurance  is
summarized as follows:

<TABLE>
<CAPTION>
                                      Three Months Ended        Nine Months Ended
                                         September 30,             September 30,
                                     ---------------------     --------------------
                                        2000        1999         2000        1999
                                     ---------   ---------     --------    --------
                                         (in thousands)           (in thousands)
<S>                                 <C>         <C>           <C>         <C>
Incurred loss and LAE related to:
   Current year - losses             $   4,044   $   4,407     $ 13,288    $ 15,143
   Prior years - development              (874)     (1,426)      (4,363)     (6,073)
                                     ---------   ---------     --------    --------
Total incurred for the period        $   3,170   $   2,981     $  8,925    $  9,070
                                     =========   =========     ========    ========
</TABLE>

Following  is a  summary  of the  ratios  of losses  and  underwriting  expenses
compared to net premiums:

<TABLE>
<CAPTION>
                                            Nine Months Ended September 30,
                                            -------------------------------
                                                  2000          1999
                                                 ------        ------
<S>                                               <C>           <C>
GAAP Underwriting ratios:
   Loss and LAE ratio                             81.3%         90.8%
   Underwriting expense ratio                     26.9%         21.9%
   Combined ratio after renewal credits          108.2%        112.7%
</TABLE>

Three months ended  September 30, 2000 compared to three months ended  September
30, 1999

     Total  incurred  loss and LAE expense of $3.2 million for the third quarter
of 2000  increased  by $189,000  from the $3.0  million  incurred  for the third
quarter of 1999. NCRIC experienced favorable development on estimated losses for
prior years' claims in both 2000 and 1999. The loss development related to prior
years claims was  $874,000 in the third  quarter of 2000 and $1.4 million in the
third quarter of 1999. Prior year development results from the re-estimation and
settlement of individual losses not covered by reinsurance,  which generally are
losses under $500,000.

Nine months ended September 30, 2000 compared to nine months ended September 30,
1999

     Total  incurred  loss and LAE  expense of $8.9  million  for the first nine
months of 2000 was  essentially  unchanged from the total incurred for the first
nine months of 1999. Based on the actuarial  analysis  prepared through June 30,
the frequency of claims reported in 2000 is lower than that  experienced in 1999
while the severity has increased.  NCRIC  experienced  favorable  development on
estimated losses for prior years in the first nine months of both years.

                                       12

<PAGE>

     The GAAP combined ratio before renewal credits  decreased to 108.2% for the
nine months  ended  September  30,  2000 from  112.7% for the nine months  ended
September 30, 1999.  This decrease  reflects the increase in earned  premiums in
the first nine months of 2000 compared to the same period in 1999.

Expenses

Three months ended  September 30, 2000 compared to three months ended  September
30, 1999

     Underwriting  expenses  increased $331,000 to $934,000 for the three months
ended  September 30, 2000 from $603,000 for the three months ended September 30,
1999.  The  increase  in  expenses  primarily  stems  from the  increase  in new
business, particularly agent produced business, through increases in commissions
and  other  underwriting   costs.  The  mix  of  business  produced  by  NCRIC's
independent  agency force has  increased to 61% of new business  written for the
three  months  ended  September  30,  2000 from 45% for the three  months  ended
September 30, 1999.

     Practice  management  and related  expenses  of $1.3  million for the three
months  ended  September  30, 2000 and $1.2  million for the three  months ended
September 30, 1999 consisted  primarily of salaries and benefits,  other general
office expenses and goodwill amortization.

     Other  expenses   include   amounts  for  subsidiary  and  holding  company
operations   which  are  not  directly   related  to  the  issuance  of  medical
professional  liability insurance or practice management and related operations.
Other expenses of $261,000 for the three months ended September 30, 2000 compare
to $403,000 for the three months ended September 30, 1999.

Nine months ended September 30, 2000 compared to nine months ended September 30,
1999

     Underwriting  expenses  increased  $771,000  to $3.0  million  for the nine
months  ended  September  30, 2000 from $2.2  million for the nine months  ended
September 30, 1999. The increase in expenses  primarily  stems from the increase
in new business,  particularly  agent produced  business,  through  increases in
commissions and other underwriting costs.

     Practice  management  and  related  expenses  of $3.8  million for the nine
months  ended  September  30, 2000 and $3.5  million  for the nine months  ended
September 30, 1999 consisted  primarily of salaries and benefits,  other general
office expenses and goodwill amortization.

     Other  expenses   include   amounts  for  subsidiary  and  holding  company
operations   which  are  not  directly   related  to  the  issuance  of  medical
professional  liability insurance or practice management and related operations.
For the nine months ended  September  30, 2000  expenses of $892,000  compare to
$1.2 million for the nine months ended September 30, 1999. The primary component
of the decrease was a reduction of legal  expenses  incurred in connection  with
litigation  brought  by  NCRIC  Physicians  Organization  and  settled  in 1999,
partially  offset  by an  increase  in  expenses  due  to  meeting  the  various
requirements associated with having common stock traded in the public market.

Federal income taxes

     The effective tax rate for NCRIC is lower than the federal  statutory  rate
principally due to nontaxable investment income.

<TABLE>
<CAPTION>
                                             Nine Months Ended September 30,
                                             -------------------------------
                                                  2000            1999
                                                  ----            ----
<S>                                                <C>             <C>
Federal income tax at statutory rates. . .         34%             34%
Tax exempt income. . . . . . . . . . . . .         (4)             (9)
Dividends received. . . . . . . . . . . .          (1)             (3)
Goodwill amortization. . . . . . . . . . .          1               3
Other, net. . . . . . . . . . . . . . . .           1               -
                                                  ----            ----
Federal income tax at effective rates. . .         31%             25%
                                                  ====            ====
</TABLE>

                                       13
<PAGE>

Financial condition, liquidity and capital resources

     Liquidity.  The primary  sources of liquidity are insurance  premiums,  net
investment income,  practice management and financial services fees,  recoveries
from reinsurers and proceeds from the maturity or sale of invested assets. Funds
are used to pay claims, LAE, operating expenses, reinsurance premiums and taxes,
and to purchase investments.

     For the nine months ended  September  30, 2000,  NCRIC had cash provided by
operations of $1.9 million compared to $7.5 million for the corresponding period
of 1999.  The  reduced  level of  positive  cash flow in 2000  compared  to 1999
resulted  primarily  from  higher  payments  of losses  and LAE.  Because of the
long-term  nature  of  both  the  payments  of  claims  and  the  settlement  of
swing-rated reinsurance premiums due to the reinsurers, cash from operations for
a medical professional  liability insurer like NCRIC can vary substantially from
year to year.

     Financial  condition and capital  resources.  Cash flow from operations and
the proceeds of maturing  investments have primarily been invested in government
and tax-exempt  securities.  As of September 30, 2000, the carrying value of the
securities  portfolio  was $97.5  million,  an  increase  of $2.4  million  from
December 31, 1999. The portfolio was invested as follows:

                                              At September 30,   At December 31,
                                                    2000             1999
                                                    ----             ----

U. S. Government and agencies................        14%              15%
Asset-backed and mortgage-backed securities..        34               40
Tax-exempt securities........................        15               14
Corporate bonds and equity securities........        37               31

     Over  76%  of  the  portfolio  was  invested  in  U.  S.  Government/agency
securities  or had a rating of AAA or AA. For  regulatory  purposes,  95% of the
securities portfolio was rated "Class 1" for all periods presented, which is the
highest quality rated group as classified by the NAIC.

     NCRIC has no corporate  debt. The $2.5 million line of credit  available as
of September 30, 2000 is restricted to working  capital for claims  settlements.
The line of credit is unsecured and renewable annually. NCRIC has not drawn down
on this facility. As of September 30, 2000, NCRIC had entered into a contract to
purchase new policy  administration  system software;  future payments under the
contract  are  required  as  services  are  completed  by the  vendor  and total
$148,000. NCRIC has no other material commitments for capital expenditures.

Effects of inflation

     The primary  effect of  inflation  on NCRIC is in  estimating  reserves for
unpaid losses and LAE for medical  professional  liability claims in which there
is a long period  between  reporting and  settlement.  The rate of inflation for
malpractice  claim  settlements  can  substantially  exceed the general  rate of
inflation.  The  actual  effect  of  inflation  on  NCRIC's  results  cannot  be
conclusively known until claims are ultimately settled.  Based on actual results
to  date,  NCRIC  believes  that  losses  and LAE  reserve  levels  and  NCRIC's
ratemaking process adequately incorporate the effects of inflation.

Forward-Looking Information

     A number of statements  made by NCRIC in this document are  forward-looking
statements  which involve known and unknown  risks and  uncertainties  which may
cause NCRIC's actual results to be materially  different from historical results
or from the  results  expressed  or implied by the  forward-looking  statements.
These risks and uncertainties include:


                                       14
<PAGE>


o    general  economic  conditions  including  changes in interest rates and the
     performance of financial markets;
o    NCRIC,  Inc.'s  concentration in a single line of business primarily in the
     District of Columbia;
o    the impact of managed healthcare;
o    uncertainties  inherent in the estimate of loss and loss adjustment expense
     reserves and reinsurance;
o    price competition;
o    uncertainties  associated  with  expanding  business  in new market  areas,
     including uncertainties associated with claims adjudication experience;
o    regulatory changes;
o    ratings assigned by A.M. Best;
o    the availability of bank financing and reinsurance;
o    the mutual insurance holding company structure; and
o    uncertainties associated with NCRIC Group's acquisition strategy.

     Other factors not currently  anticipated by management may also  materially
and adversely affect NCRIC's results of operations.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

     Interest  rate  changes  expose  NCRIC  to  market  risk on its  investment
portfolio.  This market risk is the potential  for  financial  losses due to the
decrease in the value or price of an asset  resulting  from broad  movements  in
prices,  such as interest rates.  In general,  the market value of NCRIC's fixed
maturity  portfolio  increases  or  decreases  in an inverse  relationship  with
fluctuation  in interest  rates.  In  addition,  NCRIC's net  investment  income
increases or decreases in a direct  relationship  with  interest rate changes on
monies reinvested from maturing securities and investments of positive cash flow
from operating activities.

     NCRIC has classified its investments, which are fixed-income securities, as
available  for sale and reports them at fair value,  with  unrealized  gains and
losses  excluded  from net income and  reported,  net of  deferred  taxes,  as a
component of stockholders'  equity. During periods of rising interest rates, the
fair value of NCRIC's  investment  portfolio will generally decline resulting in
decreases in NCRIC's stockholders' equity. Conversely, during periods of falling
interest rates,  the fair value of NCRIC's  investment  portfolio will generally
increase resulting in increases in NCRIC's stockholders' equity.

     NCRIC's  investment   portfolio  of  fixed  maturity   securities  consists
primarily of intermediate-term,  investment-grade securities. NCRIC's investment
policy  provides that all security  purchases be limited to rated  securities or
unrated  securities  approved by  management  on the  recommendation  of NCRIC's
investment advisor.

     The following table contains the investment quality distribution of NCRIC's
fixed maturity investments at September 30, 2000 and December 31, 1999.

   Type/Ratings of Investment          At September 30,     At December 31,
   --------------------------                2000                 1999
                                             ----                 ----

   Treasury/Agency.................           32%                  28%
   AAA.............................           37                   40
   AA..............................            7                    7
   A...............................           19                   21
   BBB.............................            5                    4


During the nine months ended September 30, 2000,  NCRIC  experienced a reduction
in the net unrealized loss on investments to an unrealized  loss, net of tax, of
$2.1 million at September 30, 2000 from an unrealized  loss, net of tax, of $2.9
million at December 31, 1999.


                                       15
<PAGE>



PART II   OTHER INFORMATION

Item 1.  Legal proceedings.

      See the Form  10-KSB  for the  fiscal  year ended  December  31,  1999 for
information on pending litigation.

Item 6. Exhibits and Reports on Form 8-K.

(a)   Exhibit 27............   Financial Data Schedule


(b)   Reports on Form 8-K

     NCRIC  Group,  Inc. did not file any reports on Form 8-K during the quarter
ended September 30, 2000.


SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  caused  this  report to be signed on its behalf by the  undersigned,
thereunto duly authorized.

                          NCRIC Group, Inc.


November 9, 2000           /s/   R. Ray Pate, Jr.
                          -----------------------------------------------------
                          R. Ray Pate, Jr., President & Chief Executive Officer
                                        (Duly Authorized Officer)


November 9, 2000           /s/   Rebecca B. Crunk
                          -----------------------------------------------------
                             Rebecca B. Crunk, Sr. Vice President & Chief
                                        Financial Officer
                                 (Principal Financial Officer)


                                       16