TABLE OF CONTENTS

| ​ | Bermuda                                  | ​ | ​ | 98-0585280                        | ​ |
|---------|------------------------------------------|---------|---------|-----------------------------------|---------|
| ​ | (State of Incorporation)                 | ​ | ​ | (IRS Employer Identification No.) | ​ |
| ​ | 32 Victoria Street, Hamilton Bermuda     | ​ | ​ | HM 12                             | ​ |
| ​ | (Address of principal executive offices) | ​ | ​ | (Zip Code)                        | ​ |
| ​ | Large Accelerated Filer ☐ | ​ | ​ | Accelerated Filer ☐ | ​ | ​ | Non-accelerated Filer ☒ | ​ | ​ | Smaller Reporting Company ☐ | ​ |
|---------|---------------------------------|---------|---------|---------------------------|---------|---------|-------------------------------|---------|---------|-----------------------------------|---------|

----

TABLE OF CONTENTS​

| ​                                                                                                                           | ​ | ​ | Page    | ​ |
|-----------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|
| PART I                                                                                                                            | ​ | ​ | ​ | ​ | 4 | ​ | ​ |
| Item 1.BUSINESS ​                                                                                                           | ​ | ​ | ​ | ​ | 4 | ​ | ​ |
| Item 1A.RISK FACTORS ​                                                                                                      | ​ | ​ | ​ | ​ | 40 | ​ | ​ |
| Item 1B.UNRESOLVED STAFF COMMENTS ​                                                                                         | ​ | ​ | ​ | ​ | 66 | ​ | ​ |
| Item 2.PROPERTIES ​                                                                                                         | ​ | ​ | ​ | ​ | 67 | ​ | ​ |
| Item 3.LEGAL PROCEEDINGS ​                                                                                                  | ​ | ​ | ​ | ​ | 67 | ​ | ​ |
| Item 4.MINE SAFETY DISCLOSURE ​                                                                                             | ​ | ​ | ​ | ​ | 67 | ​ | ​ |
| PART II                                                                                                                           | ​ | ​ | ​ | ​ | 68 | ​ | ​ |
| Item 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES ​ | ​ | ​ | ​ | ​ | 68 | ​ | ​ |
| Item 6.SELECTED FINANCIAL DATA ​                                                                                            | ​ | ​ | ​ | ​ | 69 | ​ | ​ |
| Item 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ​                        | ​ | ​ | ​ | ​ | 72 | ​ | ​ |
| Item 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ​                                                        | ​ | ​ | ​ | ​ | 115 | ​ | ​ |
| Item 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ​                                                                        | ​ | ​ | ​ | ​ | 118 | ​ | ​ |
| Item 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE ​                               | ​ | ​ | ​ | ​ | 118 | ​ | ​ |
| Item 9A.CONTROLS AND PROCEDURES ​                                                                                           | ​ | ​ | ​ | ​ | 118 | ​ | ​ |
| Item 9B.OTHER INFORMATION ​                                                                                                 | ​ | ​ | ​ | ​ | 118 | ​ | ​ |
| PART III                                                                                                                          | ​ | ​ | ​ | ​ | 119 | ​ | ​ |
| Item 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE ​                                                            | ​ | ​ | ​ | ​ | 119 | ​ | ​ |
| Item 11.EXECUTIVE COMPENSATION ​                                                                                            | ​ | ​ | ​ | ​ | 119 | ​ | ​ |
| Item 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS ​                    | ​ | ​ | ​ | ​ | 119 | ​ | ​ |
| Item 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE ​                                         | ​ | ​ | ​ | ​ | 119 | ​ | ​ |
| Item 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES ​                                                                            | ​ | ​ | ​ | ​ | 119 | ​ | ​ |
| PART IV                                                                                                                           | ​ | ​ | ​ | ​ | 119 | ​ | ​ |
| Item 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES ​                                                                        | ​ | ​ | ​ | ​ | 119 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​​

----

TABLE OF CONTENTS

| Gross Written Premiums by Segment    | ​ | ​ | Gross Written PremiumsYear Ended December 31, 2014 | ​ | ​ | % of Total | ​ |
|--------------------------------------|---------|---------|---------------------------------------------------------|---------|---------|------------|---------|
| ​                              | ​ | ​ | (in thousands)                                          | ​ | ​ | ​    | ​ | ​ | ​ | ​ |
| Excess and Surplus Lines segment     | ​ | ​ | ​                                                 | $       | 252,707 | ​    | ​ | ​ | ​ | ​ | 48.7% | ​ | ​ |
| Specialty Admitted Insurance segment | ​ | ​ | ​                                                 | ​ | 59,380  | ​    | ​ | ​ | ​ | ​ | 11.5% | ​ | ​ |
| Casualty Reinsurance segment         | ​ | ​ | ​                                                 | ​ | 206,680 | ​    | ​ | ​ | ​ | ​ | 39.8% | ​ | ​ |
| ​                              | ​ | ​ | ​                                                 | $       | 518,767 | ​    | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| Gross Written Premiums by Market     | ​ | ​ | ​                                                 |
| Non-admitted markets                 | ​ | ​ | ​                                                 | $       | 369,778 | ​    | ​ | ​ | ​ | ​ | 71.3% | ​ | ​ |
| Admitted markets                     | ​ | ​ | ​                                                 | ​ | 148,989 | ​    | ​ | ​ | ​ | ​ | 28.7% | ​ | ​ |
| ​                              | ​ | ​ | ​                                                 | $       | 518,767 | ​    | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| ​                              |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                       | ​ | ​ | Gross Written PremiumsYear Ended December 31, |
|-------------------------------|---------|---------|----------------------------------------------------|
| E&S Division              | ​ | ​ | 2014                                               | ​ | ​ | Percentageof Total2014 | ​ | ​ | 2013 | ​ | ​ | 2012 | ​ | ​ | 2011 |
| ​                       | ​ | ​ | ($ in thousands)                                   |
| Manufacturers and Contractors | ​ | ​ | ​                                            | $ | 72,063 | ​ | ​ | ​ | ​ | ​ | 28.5% | ​ | ​ | ​ | ​ | $ | 58,509 | ​ | ​ | ​ | ​ | $ | 46,648 | ​ | ​ | ​ | ​ | $ | 38,566 |
| General Casualty              | ​ | ​ | ​                                            | ​ | 60,458 | ​ | ​ | ​ | ​ | ​ | 23.9% | ​ | ​ | ​ | ​ | ​ | 22,636 | ​ | ​ | ​ | ​ | ​ | 12,674 | ​ | ​ | ​ | ​ | ​ | 8,156 |
| Excess Casualty               | ​ | ​ | ​                                            | ​ | 31,688 | ​ | ​ | ​ | ​ | ​ | 12.5% | ​ | ​ | ​ | ​ | ​ | 32,489 | ​ | ​ | ​ | ​ | ​ | 29,761 | ​ | ​ | ​ | ​ | ​ | 20,753 |
| Energy                        | ​ | ​ | ​                                            | ​ | 28,980 | ​ | ​ | ​ | ​ | ​ | 11.5% | ​ | ​ | ​ | ​ | ​ | 21,400 | ​ | ​ | ​ | ​ | ​ | 15,766 | ​ | ​ | ​ | ​ | ​ | 10,566 |
| Excess Property               | ​ | ​ | ​                                            | ​ | 11,795 | ​ | ​ | ​ | ​ | ​ | 4.7% | ​ | ​ | ​ | ​ | ​ | 10,988 | ​ | ​ | ​ | ​ | ​ | 9,231 | ​ | ​ | ​ | ​ | ​ | 8,228 |
| Professional Liability        | ​ | ​ | ​                                            | ​ | 10,784 | ​ | ​ | ​ | ​ | ​ | 4.3% | ​ | ​ | ​ | ​ | ​ | 10,695 | ​ | ​ | ​ | ​ | ​ | 10,664 | ​ | ​ | ​ | ​ | ​ | 11,058 |
| Allied Health                 | ​ | ​ | ​                                            | ​ | 9,707 | ​ | ​ | ​ | ​ | ​ | 3.8% | ​ | ​ | ​ | ​ | ​ | 9,148 | ​ | ​ | ​ | ​ | ​ | 8,391 | ​ | ​ | ​ | ​ | ​ | 9,472 |
| Life Sciences                 | ​ | ​ | ​                                            | ​ | 10,155 | ​ | ​ | ​ | ​ | ​ | 4.0% | ​ | ​ | ​ | ​ | ​ | 9,978 | ​ | ​ | ​ | ​ | ​ | 9,865 | ​ | ​ | ​ | ​ | ​ | 7,886 |
| Small Business                | ​ | ​ | ​                                            | ​ | 6,971 | ​ | ​ | ​ | ​ | ​ | 2.8% | ​ | ​ | ​ | ​ | ​ | 6,313 | ​ | ​ | ​ | ​ | ​ | 5,782 | ​ | ​ | ​ | ​ | ​ | 5,886 |
| Medical Professionals         | ​ | ​ | ​                                            | ​ | 3,922 | ​ | ​ | ​ | ​ | ​ | 1.5% | ​ | ​ | ​ | ​ | ​ | 4,492 | ​ | ​ | ​ | ​ | ​ | 5,294 | ​ | ​ | ​ | ​ | ​ | 6,177 |
| Environmental                 | ​ | ​ | ​                                            | ​ | 3,431 | ​ | ​ | ​ | ​ | ​ | 1.4% | ​ | ​ | ​ | ​ | ​ | 2,557 | ​ | ​ | ​ | ​ | ​ | 2,954 | ​ | ​ | ​ | ​ | ​ | 2,289 |
| Sports and Entertainment      | ​ | ​ | ​                                            | ​ | 2,753 | ​ | ​ | ​ | ​ | ​ | 1.1% | ​ | ​ | ​ | ​ | ​ | 3,189 | ​ | ​ | ​ | ​ | ​ | 1,624 | ​ | ​ | ​ | ​ | ​ | 1,970 |
| Total                         | ​ | ​ | ​                                            | $ | 252,707 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ | ​ | ​ | $ | 192,394 | ​ | ​ | ​ | ​ | $ | 158,654 | ​ | ​ | ​ | ​ | $ | 131,007 |
| ​                       |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​          | ​ | ​ | 2014                 | ​ | ​ | 2013       | ​ | ​ | 2012                 | ​ | ​ | 2011       | ​ |
|------------------|---------|---------|----------------------|---------|---------|------------|---------|---------|----------------------|---------|---------|------------|---------|
| State            | ​ | ​ | GrossWrittenPremiums | ​ | ​ | % of Total | ​ | ​ | GrossWrittenPremiums | ​ | ​ | % of Total | ​ | ​ | GrossWrittenPremiums | ​ | ​ | % of Total | ​ | ​ | GrossWrittenPremiums | ​ | ​ | % of Total | ​ |
| ​          | ​ | ​ | ($ in thousands)     | ​ |
| California       | ​ | ​ | ​              | $       | 94,837  | ​    | ​ | ​ | ​              | ​ | 37.5%   | ​    | ​ | ​ | ​ | $ | 56,241 | ​ | ​ | ​ | ​ | ​ | 29.2% | ​ | ​ | ​ | ​ | $ | 46,888 | ​ | ​ | ​ | ​ | ​ | 29.6% | ​ | ​ | ​ | ​ | $ | 39,454 | ​ | ​ | ​ | ​ | ​ | 30.1% | ​ | ​ |
| Texas            | ​ | ​ | ​              | ​ | 21,644  | ​    | ​ | ​ | ​              | ​ | 8.6%    | ​    | ​ | ​ | ​ | ​ | 16,963 | ​ | ​ | ​ | ​ | ​ | 8.8% | ​ | ​ | ​ | ​ | ​ | 13,211 | ​ | ​ | ​ | ​ | ​ | 8.3% | ​ | ​ | ​ | ​ | ​ | 10,801 | ​ | ​ | ​ | ​ | ​ | 8.3% | ​ | ​ |
| Florida          | ​ | ​ | ​              | ​ | 17,295  | ​    | ​ | ​ | ​              | ​ | 6.8%    | ​    | ​ | ​ | ​ | ​ | 14,277 | ​ | ​ | ​ | ​ | ​ | 7.4% | ​ | ​ | ​ | ​ | ​ | 9,661 | ​ | ​ | ​ | ​ | ​ | 6.1% | ​ | ​ | ​ | ​ | ​ | 9,218 | ​ | ​ | ​ | ​ | ​ | 7.0% | ​ | ​ |
| New York         | ​ | ​ | ​              | ​ | 19,970  | ​    | ​ | ​ | ​              | ​ | 7.9%    | ​    | ​ | ​ | ​ | ​ | 14,258 | ​ | ​ | ​ | ​ | ​ | 7.4% | ​ | ​ | ​ | ​ | ​ | 11,767 | ​ | ​ | ​ | ​ | ​ | 7.4% | ​ | ​ | ​ | ​ | ​ | 6,445 | ​ | ​ | ​ | ​ | ​ | 4.9% | ​ | ​ |
| Illinois         | ​ | ​ | ​              | ​ | 7,295   | ​    | ​ | ​ | ​              | ​ | 2.9%    | ​    | ​ | ​ | ​ | ​ | 6,318 | ​ | ​ | ​ | ​ | ​ | 3.3% | ​ | ​ | ​ | ​ | ​ | 5,447 | ​ | ​ | ​ | ​ | ​ | 3.4% | ​ | ​ | ​ | ​ | ​ | 4,112 | ​ | ​ | ​ | ​ | ​ | 3.1% | ​ | ​ |
| Pennsylvania     | ​ | ​ | ​              | ​ | 6,631   | ​    | ​ | ​ | ​              | ​ | 2.6%    | ​    | ​ | ​ | ​ | ​ | 4,285 | ​ | ​ | ​ | ​ | ​ | 2.2% | ​ | ​ | ​ | ​ | ​ | 4,158 | ​ | ​ | ​ | ​ | ​ | 2.6% | ​ | ​ | ​ | ​ | ​ | 4,230 | ​ | ​ | ​ | ​ | ​ | 3.2% | ​ | ​ |
| New Jersey       | ​ | ​ | ​              | ​ | 6,462   | ​    | ​ | ​ | ​              | ​ | 2.6%    | ​    | ​ | ​ | ​ | ​ | 6,237 | ​ | ​ | ​ | ​ | ​ | 3.2% | ​ | ​ | ​ | ​ | ​ | 4,000 | ​ | ​ | ​ | ​ | ​ | 2.5% | ​ | ​ | ​ | ​ | ​ | 4,256 | ​ | ​ | ​ | ​ | ​ | 3.3% | ​ | ​ |
| Ohio             | ​ | ​ | ​              | ​ | 5,971   | ​    | ​ | ​ | ​              | ​ | 2.4%    | ​    | ​ | ​ | ​ | ​ | 5,204 | ​ | ​ | ​ | ​ | ​ | 2.7% | ​ | ​ | ​ | ​ | ​ | 2,423 | ​ | ​ | ​ | ​ | ​ | 1.5% | ​ | ​ | ​ | ​ | ​ | 1,847 | ​ | ​ | ​ | ​ | ​ | 1.4% | ​ | ​ |
| Washington       | ​ | ​ | ​              | ​ | 6,094   | ​    | ​ | ​ | ​              | ​ | 2.4%    | ​    | ​ | ​ | ​ | ​ | 5,007 | ​ | ​ | ​ | ​ | ​ | 2.6% | ​ | ​ | ​ | ​ | ​ | 4,779 | ​ | ​ | ​ | ​ | ​ | 3.0% | ​ | ​ | ​ | ​ | ​ | 3,012 | ​ | ​ | ​ | ​ | ​ | 2.3% | ​ | ​ |
| Louisiana        | ​ | ​ | ​              | ​ | 5,323   | ​    | ​ | ​ | ​              | ​ | 2.1%    | ​    | ​ | ​ | ​ | ​ | 4,403 | ​ | ​ | ​ | ​ | ​ | 2.3% | ​ | ​ | ​ | ​ | ​ | 3,678 | ​ | ​ | ​ | ​ | ​ | 2.3% | ​ | ​ | ​ | ​ | ​ | 3,553 | ​ | ​ | ​ | ​ | ​ | 2.7% | ​ | ​ |
| All other states | ​ | ​ | ​              | ​ | 61,185  | ​    | ​ | ​ | ​              | ​ | 24.2%   | ​    | ​ | ​ | ​ | ​ | 59,201 | ​ | ​ | ​ | ​ | ​ | 30.8% | ​ | ​ | ​ | ​ | ​ | 52,642 | ​ | ​ | ​ | ​ | ​ | 33.2% | ​ | ​ | ​ | ​ | ​ | 44,079 | ​ | ​ | ​ | ​ | ​ | 33.6% | ​ | ​ |
| Total            | ​ | ​ | ​              | $       | 252,707 | ​    | ​ | ​ | ​              | ​ | 100.0%  | ​    | ​ | ​ | ​ | $ | 192,394 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ | ​ | ​ | $ | 158,654 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ | ​ | ​ | $ | 131,007 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| ​          |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| Reinsurer                             | ​ | ​ | ReinsuranceRecoverable as ofDecember 31, 2014 | ​ | ​ | A.M. Best RatingDecember 31, 2014 | ​ |
|---------------------------------------|---------|---------|----------------------------------------------------|---------|---------|----------------------------------------|---------|
| ​                               | ​ | ​ | (in thousands)                                     | ​ | ​ |
| Berkley Insurance Company             | ​ | ​ | ​                                            | $       | 38,583  | ​                                | ​ | ​ | A+ | ​ |
| Swiss Reinsurance America Corporation | ​ | ​ | ​                                            | ​ | 27,848  | ​                                | ​ | ​ | A+ | ​ |
| Madison Insurance Company             | ​ | ​ | ​                                            | ​ | 18,208  | ​                                | ​ | ​ | Unrated(1) | ​ |
| QBE Reinsurance Corporation           | ​ | ​ | ​                                            | ​ | 8,788   | ​                                | ​ | ​ | A | ​ |
| Lloyd’s Syndicate Number 4472   | ​ | ​ | ​                                            | ​ | 4,695   | ​                                | ​ | ​ | A | ​ |
| Mountain States Insurance Company     | ​ | ​ | ​                                            | ​ | 3,375   | ​                                | ​ | ​ | B++ | ​ |
| Safety National Casualty              | ​ | ​ | ​                                            | ​ | 3,359   | ​                                | ​ | ​ | A+ | ​ |
| Munich Reinsurance America            | ​ | ​ | ​                                            | ​ | 3,074   | ​                                | ​ | ​ | A+ | ​ |
| Lloyd’s Syndicate Number 2003   | ​ | ​ | ​                                            | ​ | 3,060   | ​                                | ​ | ​ | A | ​ |
| Aspen Insurance UK Ltd.               | ​ | ​ | ​                                            | ​ | 3,003   | ​                                | ​ | ​ | A | ​ |
| Top 10 Total                          | ​ | ​ | ​                                            | ​ | 113,993 | ​                                | ​ | ​ |
| Other                                 | ​ | ​ | ​                                            | ​ | 13,261  | ​                                | ​ | ​ |
| Total                                 | ​ | ​ | ​                                            | $       | 127,254 | ​                                | ​ | ​ |
| ​                               |

----

TABLE OF CONTENTS

| Segment                | ​ | ​ | Excess andSurplus Lines | ​ | ​   | SpecialtyAdmittedInsurance | ​ | ​ | CasualtyReinsurance(1) | ​ | ​ | Grand Total | ​ |
|------------------------|---------|---------|-------------------------|---------|-----------|----------------------------|---------|---------|------------------------|---------|---------|-------------|---------|
| Calendar Year          | ​ | ​ | ​                 | ​ | ​   |
| 2014                   | ​ | ​ | ​                 | $       | 27,283(2) | ​                    | ​ | ​ | ​                | $       | 5,854   | ​     | ​ | ​ | ​ | $ | (5,719) | ​ | ​ | ​ | ​ | $ | 27,418 | ​ | ​ |
| 2013                   | ​ | ​ | ​                 | ​ | 40,734(3) | ​                    | ​ | ​ | ​                | ​ | 1,410   | ​     | ​ | ​ | ​ | ​ | (4,692) | ​ | ​ | ​ | ​ | ​ | 37,452 | ​ | ​ |
| 2012                   | ​ | ​ | ​                 | ​ | 20,122(4) | ​                    | ​ | ​ | ​                | ​ | (4,898) | ​     | ​ | ​ | ​ | ​ | (16,617)(5) | ​ | ​ | ​ | ​ | ​ | (1,393) | ​ | ​ |
| 2011                   | ​ | ​ | ​                 | ​ | 21,034    | ​                    | ​ | ​ | ​                | ​ | 1,712   | ​     | ​ | ​ | ​ | ​ | (2,835) | ​ | ​ | ​ | ​ | ​ | 19,911 | ​ | ​ |
| 2010                   | ​ | ​ | ​                 | ​ | 10,922    | ​                    | ​ | ​ | ​                | ​ | (381)   | ​     | ​ | ​ | ​ | ​ | (857) | ​ | ​ | ​ | ​ | ​ | 9,684 | ​ | ​ |
| 2009                   | ​ | ​ | ​                 | ​ | 3,193     | ​                    | ​ | ​ | ​                | ​ | 1,591   | ​     | ​ | ​ | ​ | ​ | (1,067) | ​ | ​ | ​ | ​ | ​ | 3,717 | ​ | ​ |
| 2008                   | ​ | ​ | ​                 | ​ | 6,496     | ​                    | ​ | ​ | ​                | ​ | 1,875   | ​     | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 8,371 | ​ | ​ |
| Cumulative Development | ​ | ​ | ​                 | $       | 129,784   | ​                    | ​ | ​ | ​                | $       | 7,163   | ​     | ​ | ​ | ​ | $ | (31,787) | ​ | ​ | ​ | ​ | $ | 105,160 | ​ | ​ |
| ​                |

----

TABLE OF CONTENTS

| Percentage of Claims Closed at December 31, 2014 | ​ |
|-------------------------------------------------------|---------|
| Policy Year                                           | ​ | ​ | Excess andSurplus LinesSegment | ​ | ​ | SpecialtyAdmittedInsuranceSegment | ​ |
| 2004                                                  | ​ | ​ | ​ | ​ | 99.4% | ​ | ​ | ​ | ​ | ​ | 99.8% | ​ | ​ |
| 2005                                                  | ​ | ​ | ​ | ​ | 99.0% | ​ | ​ | ​ | ​ | ​ | 99.9% | ​ | ​ |
| 2006                                                  | ​ | ​ | ​ | ​ | 98.4% | ​ | ​ | ​ | ​ | ​ | 99.9% | ​ | ​ |
| 2007                                                  | ​ | ​ | ​ | ​ | 98.4% | ​ | ​ | ​ | ​ | ​ | 99.9% | ​ | ​ |
| 2008                                                  | ​ | ​ | ​ | ​ | 97.7% | ​ | ​ | ​ | ​ | ​ | 99.8% | ​ | ​ |
| 2009                                                  | ​ | ​ | ​ | ​ | 95.5% | ​ | ​ | ​ | ​ | ​ | 99.7% | ​ | ​ |
| 2010                                                  | ​ | ​ | ​ | ​ | 91.5% | ​ | ​ | ​ | ​ | ​ | 99.3% | ​ | ​ |
| 2011                                                  | ​ | ​ | ​ | ​ | 83.5% | ​ | ​ | ​ | ​ | ​ | 98.4% | ​ | ​ |
| 2012                                                  | ​ | ​ | ​ | ​ | 79.6% | ​ | ​ | ​ | ​ | ​ | 96.0% | ​ | ​ |
| 2013                                                  | ​ | ​ | ​ | ​ | 67.0% | ​ | ​ | ​ | ​ | ​ | 80.4% | ​ | ​ |
| ​                      | ​ | ​ | Gross Reserves at December 31, 2014 |
|------------------------------|---------|---------|------------------------------------------|
| ​                      | ​ | ​ | IBNR                                     | ​ | ​ | Total | ​ | ​ | IBNR% of Total |
| ​                      | ​ | ​ | (in thousands)                           |
| Excess and Surplus Lines     | ​ | ​ | ​                                  | $ | 353,260 | ​ | ​ | ​ | ​ | $ | 432,226 | ​ | ​ | ​ | ​ | ​ | 81.7% |
| Specialty Admitted Insurance | ​ | ​ | ​                                  | ​ | 28,753 | ​ | ​ | ​ | ​ | ​ | 54,544 | ​ | ​ | ​ | ​ | ​ | 52.7% |
| Casualty Reinsurance         | ​ | ​ | ​                                  | ​ | 129,834 | ​ | ​ | ​ | ​ | ​ | 229,526 | ​ | ​ | ​ | ​ | ​ | 56.6% |
| Total                        | ​ | ​ | ​                                  | $ | 511,847 | ​ | ​ | ​ | ​ | $ | 716,296 | ​ | ​ | ​ | ​ | ​ | 71.5% |
| ​                      |
| ​                      | ​ | ​ | Net Reserves at December 31, 2014 |
|------------------------------|---------|---------|----------------------------------------|
| ​                      | ​ | ​ | IBNR                                   | ​ | ​ | Total | ​ | ​ | IBNR% of Total |
| ​                      | ​ | ​ | (in thousands)                         |
| Excess and Surplus Lines     | ​ | ​ | ​                                | $ | 269,119 | ​ | ​ | ​ | ​ | $ | 339,618 | ​ | ​ | ​ | ​ | ​ | 79.2% |
| Specialty Admitted Insurance | ​ | ​ | ​                                | ​ | 22,529 | ​ | ​ | ​ | ​ | ​ | 44,688 | ​ | ​ | ​ | ​ | ​ | 50.4% |
| Casualty Reinsurance         | ​ | ​ | ​                                | ​ | 122,618 | ​ | ​ | ​ | ​ | ​ | 204,736 | ​ | ​ | ​ | ​ | ​ | 59.9% |
| Total                        | ​ | ​ | ​                                | $ | 414,266 | ​ | ​ | ​ | ​ | $ | 589,042 | ​ | ​ | ​ | ​ | ​ | 70.3% |
| ​                      |

----

TABLE OF CONTENTS

| ​                                                                     | ​ | ​ | 2007           | ​ | ​ | 2008    | ​ | ​ | 2009    | ​ | ​ | 2010    | ​ | ​ | 2011    | ​ | ​ | 2012    | ​ | ​ | 2013    | ​ | ​ | 2014    | ​ |
|-----------------------------------------------------------------------------|---------|---------|----------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
| ​                                                                     | ​ | ​ | (in thousands) | ​ |
| Gross reserves for property casualty losses                                 | ​ | ​ | ​        | $       | 394,209 | ​ | ​ | ​ | ​ | $       | 434,588 | ​ | ​ | ​ | ​ | $       | 477,519 | ​ | ​ | ​ | ​ | $       | 511,386 | ​ | ​ | ​ | ​ | $ | 565,955 | ​ | ​ | ​ | ​ | $ | 709,721 | ​ | ​ | ​ | ​ | $ | 646,452 | ​ | ​ | ​ | ​ | $ | 716,296 | ​ | ​ |
| Reinsurance recoverable                                                     | ​ | ​ | ​        | ​ | 98,190  | ​ | ​ | ​ | ​ | ​ | 80,534  | ​ | ​ | ​ | ​ | ​ | 80,894  | ​ | ​ | ​ | ​ | ​ | 89,793  | ​ | ​ | ​ | ​ | ​ | 89,194 | ​ | ​ | ​ | ​ | ​ | 175,812 | ​ | ​ | ​ | ​ | ​ | 119,467 | ​ | ​ | ​ | ​ | ​ | 127,254 | ​ | ​ |
| Reserves for property casualty losses originally stated, net of reinsurance | ​ | ​ | ​        | ​ | 296,019 | ​ | ​ | ​ | ​ | ​ | 354,054 | ​ | ​ | ​ | ​ | ​ | 396,625 | ​ | ​ | ​ | ​ | ​ | 421,593 | ​ | ​ | ​ | ​ | ​ | 476,761 | ​ | ​ | ​ | ​ | ​ | 533,909 | ​ | ​ | ​ | ​ | ​ | 526,985 | ​ | ​ | ​ | ​ | ​ | 589,042 | ​ | ​ |
| Cumulative net paid losses,                                                 | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ |
| 1 year later                                                                | ​ | ​ | ​        | ​ | 68,055  | ​ | ​ | ​ | ​ | ​ | 90,360  | ​ | ​ | ​ | ​ | ​ | 93,118  | ​ | ​ | ​ | ​ | ​ | 115,667 | ​ | ​ | ​ | ​ | ​ | 177,325 | ​ | ​ | ​ | ​ | ​ | 171,925 | ​ | ​ | ​ | ​ | ​ | 153,000 | ​ | ​ | ​ |
| 2 years later                                                               | ​ | ​ | ​        | ​ | 126,998 | ​ | ​ | ​ | ​ | ​ | 151,646 | ​ | ​ | ​ | ​ | ​ | 174,540 | ​ | ​ | ​ | ​ | ​ | 205,251 | ​ | ​ | ​ | ​ | ​ | 290,710 | ​ | ​ | ​ | ​ | ​ | 290,731 | ​ | ​ | ​ | ​ |
| 3 years later                                                               | ​ | ​ | ​        | ​ | 160,548 | ​ | ​ | ​ | ​ | ​ | 196,005 | ​ | ​ | ​ | ​ | ​ | 226,637 | ​ | ​ | ​ | ​ | ​ | 255,301 | ​ | ​ | ​ | ​ | ​ | 360,629 | ​ | ​ | ​ | ​ | ​ |
| 4 years later                                                               | ​ | ​ | ​        | ​ | 183,317 | ​ | ​ | ​ | ​ | ​ | 226,552 | ​ | ​ | ​ | ​ | ​ | 259,706 | ​ | ​ | ​ | ​ | ​ | 288,513 | ​ | ​ | ​ | ​ | ​ | ​ |
| 5 years later                                                               | ​ | ​ | ​        | ​ | 198,569 | ​ | ​ | ​ | ​ | ​ | 242,538 | ​ | ​ | ​ | ​ | ​ | 280,804 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| 6 years later                                                               | ​ | ​ | ​        | ​ | 206,372 | ​ | ​ | ​ | ​ | ​ | 253,616 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| 7 years later                                                               | ​ | ​ | ​        | ​ | 211,662 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net reserves re-estimated as of                                             | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ |
| 1 year later                                                                | ​ | ​ | ​        | ​ | 287,649 | ​ | ​ | ​ | ​ | ​ | 350,337 | ​ | ​ | ​ | ​ | ​ | 386,940 | ​ | ​ | ​ | ​ | ​ | 401,682 | ​ | ​ | ​ | ​ | ​ | 478,155 | ​ | ​ | ​ | ​ | ​ | 496,457 | ​ | ​ | ​ | ​ | ​ | 490,442 | ​ | ​ | ​ |
| 2 years later                                                               | ​ | ​ | ​        | ​ | 285,316 | ​ | ​ | ​ | ​ | ​ | 340,284 | ​ | ​ | ​ | ​ | ​ | 356,758 | ​ | ​ | ​ | ​ | ​ | 387,183 | ​ | ​ | ​ | ​ | ​ | 440,108 | ​ | ​ | ​ | ​ | ​ | 463,459 | ​ | ​ | ​ | ​ |
| 3 years later                                                               | ​ | ​ | ​        | ​ | 277,918 | ​ | ​ | ​ | ​ | ​ | 319,067 | ​ | ​ | ​ | ​ | ​ | 341,377 | ​ | ​ | ​ | ​ | ​ | 351,427 | ​ | ​ | ​ | ​ | ​ | 414,877 | ​ | ​ | ​ | ​ | ​ |
| 4 years later                                                               | ​ | ​ | ​        | ​ | 260,935 | ​ | ​ | ​ | ​ | ​ | 308,755 | ​ | ​ | ​ | ​ | ​ | 311,756 | ​ | ​ | ​ | ​ | ​ | 328,754 | ​ | ​ | ​ | ​ | ​ | ​ |
| 5 years later                                                               | ​ | ​ | ​        | ​ | 253,269 | ​ | ​ | ​ | ​ | ​ | 290,705 | ​ | ​ | ​ | ​ | ​ | 294,324 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| 6 years later                                                               | ​ | ​ | ​        | ​ | 240,698 | ​ | ​ | ​ | ​ | ​ | 279,695 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| 7 years later                                                               | ​ | ​ | ​        | ​ | 233,879 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                                             | ​ | ​ | 2007           | ​ | ​ | 2008    | ​ | ​ | 2009    | ​ | ​ | 2010    | ​ | ​ | 2011    | ​ | ​ | 2012    | ​ | ​ | 2013    | ​ | ​ | 2014    | ​ |
|---------------------------------------------------------------------|---------|---------|----------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
| ​                                                             | ​ | ​ | (in thousands) | ​ |
| Net cumulative redundancy                                           | ​ | ​ | ​        | ​ | 62,140  | ​ | ​ | ​ | ​ | ​ | 74,359  | ​ | ​ | ​ | ​ | ​ | 102,301 | ​ | ​ | ​ | ​ | ​ | 92,839  | ​ | ​ | ​ | ​ | ​ | 61,884 | ​ | ​ | ​ | ​ | ​ | 70,450 | ​ | ​ | ​ | ​ | ​ | 36,543 | ​ | ​ | ​ |
| Net reserves for losses and loss adjustment expenses re-estimated   | ​ | ​ | ​        | ​ | 233,879 | ​ | ​ | ​ | ​ | ​ | 279,695 | ​ | ​ | ​ | ​ | ​ | 294,324 | ​ | ​ | ​ | ​ | ​ | 328,754 | ​ | ​ | ​ | ​ | ​ | 414,877 | ​ | ​ | ​ | ​ | ​ | 463,459 | ​ | ​ | ​ | ​ | ​ | 490,442 | ​ | ​ | ​ |
| Reinsurance recoverable re-estimated                                | ​ | ​ | ​        | ​ | 73,129  | ​ | ​ | ​ | ​ | ​ | 52,714  | ​ | ​ | ​ | ​ | ​ | 38,170  | ​ | ​ | ​ | ​ | ​ | 36,555  | ​ | ​ | ​ | ​ | ​ | 55,635 | ​ | ​ | ​ | ​ | ​ | 146,274 | ​ | ​ | ​ | ​ | ​ | 102,716 | ​ | ​ | ​ |
| Gross reserves for losses and loss adjustment expenses re-estimated | ​ | ​ | ​        | ​ | 307,008 | ​ | ​ | ​ | ​ | ​ | 332,409 | ​ | ​ | ​ | ​ | ​ | 332,494 | ​ | ​ | ​ | ​ | ​ | 365,309 | ​ | ​ | ​ | ​ | ​ | 470,512 | ​ | ​ | ​ | ​ | ​ | 609,733 | ​ | ​ | ​ | ​ | ​ | 593,158 | ​ | ​ | ​ |
| Gross cumulative redundancy                                         | ​ | ​ | ​        | $       | 87,201  | ​ | ​ | ​ | ​ | $       | 102,179 | ​ | ​ | ​ | ​ | $       | 145,025 | ​ | ​ | ​ | ​ | $       | 146,077 | ​ | ​ | ​ | ​ | $ | 95,443 | ​ | ​ | ​ | ​ | $ | 99,988 | ​ | ​ | ​ | ​ | ​ | 53,294 | ​ | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                               | ​ | ​ | December 31, 2014($ in millions) | ​ |
|-------------------------------------------------------|---------|---------|---------------------------------------|---------|
| Portfolio                                             | ​ | ​ | Book Value                            | ​ | ​ | Market Value | ​ | ​ | Carrying Value | ​ | ​ | Book Yield | ​ | ​ | % of CarryingValue | ​ |
| Core                                                  | ​ | ​ | ​                               | $       | 796.8 | ​ | ​ | ​ | ​ | $ | 812.5 | ​ | ​ | ​ | ​ | $ | 812.5 | ​ | ​ | ​ | ​ | ​ | 2.20% | ​ | ​ | ​ | ​ | ​ | 64.3% | ​ | ​ |
| Bank loans                                            | ​ | ​ | ​                               | ​ | 260.8 | ​ | ​ | ​ | ​ | ​ | 250.6 | ​ | ​ | ​ | ​ | ​ | 258.9 | ​ | ​ | ​ | ​ | ​ | 5.71% | ​ | ​ | ​ | ​ | ​ | 20.5% | ​ | ​ |
| Incremental yield                                     | ​ | ​ | ​                               | ​ | 143.7 | ​ | ​ | ​ | ​ | ​ | 152.5 | ​ | ​ | ​ | ​ | ​ | 152.5 | ​ | ​ | ​ | ​ | ​ | 6.34% | ​ | ​ | ​ | ​ | ​ | 12.0% | ​ | ​ |
| Private investments                                   | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 40.2 | ​ | ​ | ​ | ​ | ​ | NA | ​ | ​ | ​ | ​ | ​ | 3.2% | ​ | ​ |
| Total                                                 | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,264.1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| Less cash and cash equivalents in Core and Bank Loans | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (26.9) | ​ | ​ | ​ | ​ |
| Total invested assets                                 | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,237.2 | ​ | ​ | ​ | ​ |
| ​                                               |

----

TABLE OF CONTENTS

|                   | ​ | ​ | 2012    | ​ | ​ | 2013    | ​ | ​ | 2014    | ​ | ​ | Trailing 3 YearsEnded 2014 | ​ |
|-------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|----------------------------|---------|
| Core              | ​ | ​ | ​ | ​ | 4.06%   | ​ | ​ | ​ | ​ | ​ | -1.30%  | ​                    | ​ | ​ | ​ | ​ | 3.11% | ​ | ​ | ​ | ​ | ​ | 1.93% | ​ | ​ |
| Bank loans        | ​ | ​ | ​ | ​ | 15.30%  | ​ | ​ | ​ | ​ | ​ | 8.95%   | ​                    | ​ | ​ | ​ | ​ | 1.15% | ​ | ​ | ​ | ​ | ​ | 8.31% | ​ | ​ |
| Incremental yield | ​ | ​ | ​ | ​ | 15.16%  | ​ | ​ | ​ | ​ | ​ | 1.41%   | ​                    | ​ | ​ | ​ | ​ | 10.57% | ​ | ​ | ​ | ​ | ​ | 8.89% | ​ | ​ |
| Total             | ​ | ​ | ​ | ​ | 7.44%   | ​ | ​ | ​ | ​ | ​ | 1.00%   | ​                    | ​ | ​ | ​ | ​ | 3.76% | ​ | ​ | ​ | ​ | ​ | 4.03% | ​ | ​ |

----

TABLE OF CONTENTS

| ​                      | ​ | ​ | 2014             | ​ | ​ | 2013     | ​ | ​ | 2012    | ​ | ​ | 2011     | ​ |
|------------------------------|---------|---------|------------------|---------|---------|----------|---------|---------|---------|---------|---------|----------|---------|
| Gross Written Premiums       | ​ | ​ | $                | ​ | ​ | % Change | ​ | ​ | $       | ​ | ​ | % Change | ​ | ​ | $ | ​ | ​ | % Change | ​ | ​ | $ | ​ | ​ | % Change | ​ |
| ​                      | ​ | ​ | ($ in thousands) | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​          | $       | 252,707 | ​  | ​ | ​ | ​ | ​ | 31.3%   | ​  | ​ | ​ | ​ | $ | 192,394 | ​ | ​ | ​ | ​ | ​ | 21.3% | ​ | ​ | ​ | ​ | $ | 158,654 | ​ | ​ | ​ | ​ | ​ | 21.1% | ​ | ​ | ​ | ​ | $ | 131,007 | ​ | ​ | ​ | ​ | ​ | 12.8% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​          | ​ | 59,380  | ​  | ​ | ​ | ​ | ​ | 188.3%  | ​  | ​ | ​ | ​ | ​ | 20,594 | ​ | ​ | ​ | ​ | ​ | (43.9)% | ​ | ​ | ​ | ​ | ​ | 36,709 | ​ | ​ | ​ | ​ | ​ | (18.3)% | ​ | ​ | ​ | ​ | ​ | 44,914 | ​ | ​ | ​ | ​ | ​ | 27.8% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​          | ​ | 206,680 | ​  | ​ | ​ | ​ | ​ | 32.9%   | ​  | ​ | ​ | ​ | ​ | 155,530 | ​ | ​ | ​ | ​ | ​ | (47.6)% | ​ | ​ | ​ | ​ | ​ | 296,568 | ​ | ​ | ​ | ​ | ​ | (5.8)% | ​ | ​ | ​ | ​ | ​ | 314,900 | ​ | ​ | ​ | ​ | ​ | 225.7% | ​ | ​ |
| Total                        | ​ | ​ | ​          | $       | 518,767 | ​  | ​ | ​ | ​ | ​ | 40.8%   | ​  | ​ | ​ | ​ | $ | 368,518 | ​ | ​ | ​ | ​ | ​ | (25.1)% | ​ | ​ | ​ | ​ | $ | 491,931 | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ | ​ | ​ | $ | 490,821 | ​ | ​ | ​ | ​ | ​ | 98.0% | ​ | ​ |
| ​                      |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS​​​

----

TABLE OF CONTENTS​​

| Fiscal Year 2014                                  | ​ | ​ | HIGH    | ​ | ​ | LOW     | ​ |
|---------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|
| Fourth Quarter (beginning December 12, 2014) | ​ | ​ | ​ | $       | 23.38   | ​ | ​ | ​ | ​ | $ | 20.46 | ​ | ​ |

----

TABLE OF CONTENTS​

| ​                                             | ​ | ​ | Year Ended December 31,                |
|-----------------------------------------------------|---------|---------|---------------------------------------------|
| ​                                             | ​ | ​ | 2014                                        | ​ | ​ | 2013 | ​ | ​ | 2012 | ​ | ​ | 2011 |
| ​                                             | ​ | ​ | ($ in thousands, except for per share data) |
| Operating Results:                                  | ​ | ​ | ​                                     | ​ | ​ |
| Gross written premiums(1)                           | ​ | ​ | ​                                     | $ | 518,767 | ​ | ​ | ​ | ​ | $ | 368,518 | ​ | ​ | ​ | ​ | $ | 491,931 | ​ | ​ | ​ | ​ | $ | 490,821 |
| Ceded written premiums(2)                           | ​ | ​ | ​                                     | ​ | (68,684) | ​ | ​ | ​ | ​ | ​ | (43,352) | ​ | ​ | ​ | ​ | ​ | (139,622) | ​ | ​ | ​ | ​ | ​ | (57,752) |
| Net written premiums                                | ​ | ​ | ​                                     | $ | 450,083 | ​ | ​ | ​ | ​ | $ | 325,166 | ​ | ​ | ​ | ​ | $ | 352,309 | ​ | ​ | ​ | ​ | $ | 433,069 |
| Net earned premiums                                 | ​ | ​ | ​                                     | $ | 396,212 | ​ | ​ | ​ | ​ | $ | 328,078 | ​ | ​ | ​ | ​ | $ | 364,568 | ​ | ​ | ​ | ​ | $ | 337,105 |
| Net investment income                               | ​ | ​ | ​                                     | ​ | 43,005 | ​ | ​ | ​ | ​ | ​ | 45,373 | ​ | ​ | ​ | ​ | ​ | 44,297 | ​ | ​ | ​ | ​ | ​ | 48,367 |
| Net realized investment (losses) gains              | ​ | ​ | ​                                     | ​ | (1,336) | ​ | ​ | ​ | ​ | ​ | 12,619 | ​ | ​ | ​ | ​ | ​ | 8,915 | ​ | ​ | ​ | ​ | ​ | 20,899 |
| Other income                                        | ​ | ​ | ​                                     | ​ | 1,122 | ​ | ​ | ​ | ​ | ​ | 222 | ​ | ​ | ​ | ​ | ​ | 130 | ​ | ​ | ​ | ​ | ​ | 226 |
| Total revenues                                      | ​ | ​ | ​                                     | ​ | 439,003 | ​ | ​ | ​ | ​ | ​ | 386,292 | ​ | ​ | ​ | ​ | ​ | 417,910 | ​ | ​ | ​ | ​ | ​ | 406,597 |
| Losses and loss adjustment expenses                 | ​ | ​ | ​                                     | ​ | 237,368 | ​ | ​ | ​ | ​ | ​ | 184,486 | ​ | ​ | ​ | ​ | ​ | 264,496 | ​ | ​ | ​ | ​ | ​ | 233,479 |
| Other operating expenses                            | ​ | ​ | ​                                     | ​ | 133,055 | ​ | ​ | ​ | ​ | ​ | 114,804 | ​ | ​ | ​ | ​ | ​ | 126,884 | ​ | ​ | ​ | ​ | ​ | 115,378 |
| Other expenses                                      | ​ | ​ | ​                                     | ​ | 16,012 | ​ | ​ | ​ | ​ | ​ | 677 | ​ | ​ | ​ | ​ | ​ | 3,350 | ​ | ​ | ​ | ​ | ​ | 592 |
| Interest expense                                    | ​ | ​ | ​                                     | ​ | 6,347 | ​ | ​ | ​ | ​ | ​ | 6,777 | ​ | ​ | ​ | ​ | ​ | 8,266 | ​ | ​ | ​ | ​ | ​ | 8,132 |
| Amortization of intangible assets                   | ​ | ​ | ​                                     | ​ | 597 | ​ | ​ | ​ | ​ | ​ | 2,470 | ​ | ​ | ​ | ​ | ​ | 2,848 | ​ | ​ | ​ | ​ | ​ | 2,848 |
| Impairment of intangible assets                     | ​ | ​ | ​                                     | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,299 | ​ | ​ | ​ | ​ | ​ | — |
| Total expenses                                      | ​ | ​ | ​                                     | ​ | 393,379 | ​ | ​ | ​ | ​ | ​ | 309,214 | ​ | ​ | ​ | ​ | ​ | 410,143 | ​ | ​ | ​ | ​ | ​ | 360,429 |
| Income before income tax expense                    | ​ | ​ | ​                                     | ​ | 45,624 | ​ | ​ | ​ | ​ | ​ | 77,078 | ​ | ​ | ​ | ​ | ​ | 7,767 | ​ | ​ | ​ | ​ | ​ | 46,168 |
| Income tax expense (benefit)                        | ​ | ​ | ​                                     | ​ | 939 | ​ | ​ | ​ | ​ | ​ | 9,741 | ​ | ​ | ​ | ​ | ​ | (897) | ​ | ​ | ​ | ​ | ​ | 7,695 |
| Net income(3)                                       | ​ | ​ | ​                                     | $ | 44,685 | ​ | ​ | ​ | ​ | $ | 67,337 | ​ | ​ | ​ | ​ | $ | 8,664 | ​ | ​ | ​ | ​ | $ | 38,473 |
| Net operating income(4)                             | ​ | ​ | ​                                     | $ | 58,424 | ​ | ​ | ​ | ​ | $ | 58,918 | ​ | ​ | ​ | ​ | $ | 7,935 | ​ | ​ | ​ | ​ | $ | 22,352 |
| Earnings per Share:                                 | ​ | ​ | ​                                     | ​ | ​ |
| Basic                                               | ​ | ​ | ​                                     | $ | 1.57 | ​ | ​ | ​ | ​ | $ | 2.21 | ​ | ​ | ​ | ​ | $ | 0.24 | ​ | ​ | ​ | ​ | $ | 1.08 |
| Diluted                                             | ​ | ​ | ​                                     | $ | 1.55 | ​ | ​ | ​ | ​ | $ | 2.21 | ​ | ​ | ​ | ​ | $ | 0.24 | ​ | ​ | ​ | ​ | $ | 1.06 |
| Weighted-average shares outstanding – diluted | ​ | ​ | ​                                     | ​ | 28,810,301 | ​ | ​ | ​ | ​ | ​ | 30,500,800 | ​ | ​ | ​ | ​ | ​ | 35,733,350 | ​ | ​ | ​ | ​ | ​ | 35,718,000 |
| ​                                             |

----

TABLE OF CONTENTS

| ​                                         | ​ | ​ | At or for the Year Ended December 31, |
|-------------------------------------------------|---------|---------|--------------------------------------------|
| ​                                         | ​ | ​ | 2014                                       | ​ | ​ | 2013 | ​ | ​ | 2012 | ​ | ​ | 2011 |
| ​                                         | ​ | ​ | ($ in thousands, except for ratios)        |
| Balance Sheet Data:                             | ​ | ​ | ​                                    | ​ | ​ |
| Cash and invested assets                        | ​ | ​ | ​                                    | $ | 1,310,628 | ​ | ​ | ​ | ​ | $ | 1,217,078 | ​ | ​ | ​ | ​ | $ | 1,235,537 | ​ | ​ | ​ | ​ | $ | 1,162,966 |
| Reinsurance recoverables                        | ​ | ​ | ​                                    | ​ | 128,979 | ​ | ​ | ​ | ​ | ​ | 120,477 | ​ | ​ | ​ | ​ | ​ | 176,863 | ​ | ​ | ​ | ​ | ​ | 91,073 |
| Goodwill and intangible assets                  | ​ | ​ | ​                                    | ​ | 221,956 | ​ | ​ | ​ | ​ | ​ | 222,553 | ​ | ​ | ​ | ​ | ​ | 225,023 | ​ | ​ | ​ | ​ | ​ | 233,827 |
| Total assets                                    | ​ | ​ | ​                                    | ​ | 1,959,292 | ​ | ​ | ​ | ​ | ​ | 1,806,793 | ​ | ​ | ​ | ​ | ​ | 2,025,381 | ​ | ​ | ​ | ​ | ​ | 1,752,605 |
| Reserve for losses and loss adjustment expenses | ​ | ​ | ​                                    | ​ | 716,296 | ​ | ​ | ​ | ​ | ​ | 646,452 | ​ | ​ | ​ | ​ | ​ | 709,721 | ​ | ​ | ​ | ​ | ​ | 565,955 |
| Unearned premiums                               | ​ | ​ | ​                                    | ​ | 277,579 | ​ | ​ | ​ | ​ | ​ | 218,532 | ​ | ​ | ​ | ​ | ​ | 239,055 | ​ | ​ | ​ | ​ | ​ | 223,613 |
| Senior debt                                     | ​ | ​ | ​                                    | ​ | 88,300 | ​ | ​ | ​ | ​ | ​ | 58,000 | ​ | ​ | ​ | ​ | ​ | 35,000 | ​ | ​ | ​ | ​ | ​ | 35,000 |
| Junior subordinated debt                        | ​ | ​ | ​                                    | ​ | 104,055 | ​ | ​ | ​ | ​ | ​ | 104,055 | ​ | ​ | ​ | ​ | ​ | 104,055 | ​ | ​ | ​ | ​ | ​ | 104,055 |
| Total liabilities                               | ​ | ​ | ​                                    | ​ | 1,271,371 | ​ | ​ | ​ | ​ | ​ | 1,105,303 | ​ | ​ | ​ | ​ | ​ | 1,241,341 | ​ | ​ | ​ | ​ | ​ | 990,230 |
| Total shareholders’ equity                | ​ | ​ | ​                                    | ​ | 687,921 | ​ | ​ | ​ | ​ | ​ | 701,490 | ​ | ​ | ​ | ​ | ​ | 784,040 | ​ | ​ | ​ | ​ | ​ | 762,375 |
| GAAP Underwriting Ratios:                       | ​ | ​ | ​                                    | ​ | ​ |
| Loss ratio(5)                                   | ​ | ​ | ​                                    | ​ | 59.9% | ​ | ​ | ​ | ​ | ​ | 56.2% | ​ | ​ | ​ | ​ | ​ | 72.6% | ​ | ​ | ​ | ​ | ​ | 69.3% |
| Expense ratio(6)                                | ​ | ​ | ​                                    | ​ | 33.6% | ​ | ​ | ​ | ​ | ​ | 35.0% | ​ | ​ | ​ | ​ | ​ | 34.8% | ​ | ​ | ​ | ​ | ​ | 34.2% |
| Combined ratio(7)                               | ​ | ​ | ​                                    | ​ | 93.5% | ​ | ​ | ​ | ​ | ​ | 91.2% | ​ | ​ | ​ | ​ | ​ | 107.4% | ​ | ​ | ​ | ​ | ​ | 103.5% |
| Other Data:                                     | ​ | ​ | ​                                    | ​ | ​ |
| Tangible equity(8)                              | ​ | ​ | ​                                    | $ | 465,965 | ​ | ​ | ​ | ​ | $ | 478,937 | ​ | ​ | ​ | ​ | $ | 559,017 | ​ | ​ | ​ | ​ | $ | 528,548 |
| Tangible equity per common share outstanding    | ​ | ​ | ​                                    | $ | 16.33 | ​ | ​ | ​ | ​ | $ | 16.78 | ​ | ​ | ​ | ​ | $ | 15.52 | ​ | ​ | ​ | ​ | $ | 14.80 |
| Debt to total capitalization ratio(9)           | ​ | ​ | ​                                    | ​ | 21.9% | ​ | ​ | ​ | ​ | ​ | 18.8% | ​ | ​ | ​ | ​ | ​ | 15.1% | ​ | ​ | ​ | ​ | ​ | 15.4% |
| Regulatory capital and surplus(10)              | ​ | ​ | ​                                    | $ | 593,580 | ​ | ​ | ​ | ​ | $ | 580,267 | ​ | ​ | ​ | ​ | $ | 596,272 | ​ | ​ | ​ | ​ | $ | 587,518 |
| Net written premiums to surplus ratio(11)       | ​ | ​ | ​                                    | ​ | 0.8 | ​ | ​ | ​ | ​ | ​ | 0.6 | ​ | ​ | ​ | ​ | ​ | 0.6 | ​ | ​ | ​ | ​ | ​ | 0.7 |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                      | ​ | ​ | Gross Reserves at December 31, 2014 | ​ |
|------------------------------|---------|---------|------------------------------------------|---------|
| ​                      | ​ | ​ | Case                                     | ​ | ​ | IBNR | ​ | ​ | Total | ​ | ​ | IBNR %of Total | ​ |
| ​                      | ​ | ​ | ($ in thousands)                         | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                                  | $       | 78,966 | ​ | ​ | ​ | ​ | $ | 353,260 | ​ | ​ | ​ | ​ | $ | 432,226 | ​ | ​ | ​ | ​ | ​ | 81.7% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                                  | ​ | 25,791 | ​ | ​ | ​ | ​ | ​ | 28,753 | ​ | ​ | ​ | ​ | ​ | 54,544 | ​ | ​ | ​ | ​ | ​ | 52.7% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                                  | ​ | 99,692 | ​ | ​ | ​ | ​ | ​ | 129,834 | ​ | ​ | ​ | ​ | ​ | 229,526 | ​ | ​ | ​ | ​ | ​ | 56.6% | ​ | ​ |
| Total                        | ​ | ​ | ​                                  | $       | 204,449 | ​ | ​ | ​ | ​ | $ | 511,847 | ​ | ​ | ​ | ​ | $ | 716,296 | ​ | ​ | ​ | ​ | ​ | 71.5% | ​ | ​ |
| ​                      |
| ​                      | ​ | ​ | Net Reserves at December 31, 2014 | ​ |
|------------------------------|---------|---------|----------------------------------------|---------|
| ​                      | ​ | ​ | Case                                   | ​ | ​ | IBNR | ​ | ​ | Total | ​ | ​ | IBNR %of Total | ​ |
| ​                      | ​ | ​ | ($ in thousands)                       | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                                | $       | 70,499 | ​ | ​ | ​ | ​ | $ | 269,119 | ​ | ​ | ​ | ​ | $ | 339,618 | ​ | ​ | ​ | ​ | ​ | 79.2% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                                | ​ | 22,159 | ​ | ​ | ​ | ​ | ​ | 22,529 | ​ | ​ | ​ | ​ | ​ | 44,688 | ​ | ​ | ​ | ​ | ​ | 50.4% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                                | ​ | 82,118 | ​ | ​ | ​ | ​ | ​ | 122,618 | ​ | ​ | ​ | ​ | ​ | 204,736 | ​ | ​ | ​ | ​ | ​ | 59.9% | ​ | ​ |
| Total                        | ​ | ​ | ​                                | $       | 174,776 | ​ | ​ | ​ | ​ | $ | 414,266 | ​ | ​ | ​ | ​ | $ | 589,042 | ​ | ​ | ​ | ​ | ​ | 70.3% | ​ | ​ |
| ​                      |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| Sensitivity                                     | ​ | ​ | 5th Pct.       | ​ | ​   | 50th Pct. | ​ | ​ | Carried | ​ | ​  | 95th Pct. | ​ |
|-------------------------------------------------|---------|---------|----------------|---------|-----------|-----------|---------|---------|---------|---------|----------|-----------|---------|
| ​                                         | ​ | ​ | (in thousands) | ​ |
| Reserve for losses and loss adjustment expenses | ​ | ​ | ​        | $       | 476,197   | ​   | ​ | ​ | ​ | $       | 558,054  | ​   | ​ | ​ | ​ | $ | 589,042 | ​ | ​ | ​ | ​ | $ | 639,910 | ​ | ​ |
| Changes in reserves                             | ​ | ​ | ​        | ​ | (112,845) | ​   | ​ | ​ | ​ | ​ | (30,988) | ​   | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 50,868 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                | ​ | ​ | Year Ended December 31, | ​ | ​   | % Change | ​ |
|----------------------------------------|---------|---------|------------------------------|---------|-----------|----------|---------|
| ​                                | ​ | ​ | 2014                         | ​ | ​   | 2013     | ​ |
| ​                                | ​ | ​ | ($ in thousands)             | ​ | ​   |
| Gross written premiums                 | ​ | ​ | ​                      | $       | 518,767   | ​  | ​ | ​ | ​ | $ | 368,518 | ​ | ​ | ​ | ​ | ​ | 40.8% | ​ | ​ |
| Net retention(1)                       | ​ | ​ | ​                      | ​ | 86.8%     | ​  | ​ | ​ | ​ | ​ | 88.2% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net written premiums                   | ​ | ​ | ​                      | $       | 450,083   | ​  | ​ | ​ | ​ | $ | 325,166 | ​ | ​ | ​ | ​ | ​ | 38.4% | ​ | ​ |
| Net earned premiums                    | ​ | ​ | ​                      | $       | 396,212   | ​  | ​ | ​ | ​ | $ | 328,078 | ​ | ​ | ​ | ​ | ​ | 20.8% | ​ | ​ |
| Losses and loss adjustment expenses    | ​ | ​ | ​                      | ​ | (237,368) | ​  | ​ | ​ | ​ | ​ | (184,486) | ​ | ​ | ​ | ​ | ​ | 28.7% | ​ | ​ |
| Other operating expenses               | ​ | ​ | ​                      | ​ | (133,055) | ​  | ​ | ​ | ​ | ​ | (114,804) | ​ | ​ | ​ | ​ | ​ | 15.9% | ​ | ​ |
| Underwriting profit(2)                 | ​ | ​ | ​                      | ​ | 25,789    | ​  | ​ | ​ | ​ | ​ | 28,788 | ​ | ​ | ​ | ​ | ​ | (10.4)% | ​ | ​ |
| Net investment income                  | ​ | ​ | ​                      | ​ | 43,005    | ​  | ​ | ​ | ​ | ​ | 45,373 | ​ | ​ | ​ | ​ | ​ | (5.2)% | ​ | ​ |
| Net realized investment (losses) gains | ​ | ​ | ​                      | ​ | (1,336)   | ​  | ​ | ​ | ​ | ​ | 12,619 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Other income                           | ​ | ​ | ​                      | ​ | 1,122     | ​  | ​ | ​ | ​ | ​ | 222 | ​ | ​ | ​ | ​ | ​ | 405.4% | ​ | ​ |
| Other expenses                         | ​ | ​ | ​                      | ​ | (16,012)  | ​  | ​ | ​ | ​ | ​ | (677) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Interest expense                       | ​ | ​ | ​                      | ​ | (6,347)   | ​  | ​ | ​ | ​ | ​ | (6,777) | ​ | ​ | ​ | ​ | ​ | (6.3)% | ​ | ​ |
| Amortization of intangible assets      | ​ | ​ | ​                      | ​ | (597)     | ​  | ​ | ​ | ​ | ​ | (2,470) | ​ | ​ | ​ | ​ | ​ | (75.8)% | ​ | ​ |
| Income before taxes                    | ​ | ​ | ​                      | ​ | 45,624    | ​  | ​ | ​ | ​ | ​ | 77,078 | ​ | ​ | ​ | ​ | ​ | (40.8)% | ​ | ​ |
| Income tax expense                     | ​ | ​ | ​                      | ​ | (939)     | ​  | ​ | ​ | ​ | ​ | (9,741) | ​ | ​ | ​ | ​ | ​ | (90.4)% | ​ | ​ |
| Net income                             | ​ | ​ | ​                      | $       | 44,685    | ​  | ​ | ​ | ​ | $ | 67,337 | ​ | ​ | ​ | ​ | ​ | (33.6)% | ​ | ​ |
| Net operating income                   | ​ | ​ | ​                      | $       | 58,424    | ​  | ​ | ​ | ​ | $ | 58,918 | ​ | ​ | ​ | ​ | ​ | (0.8)% | ​ | ​ |
| Ratios:                                | ​ | ​ | ​                      | ​ |
| Loss ratio                             | ​ | ​ | ​                      | ​ | 59.9%     | ​  | ​ | ​ | ​ | ​ | 56.2% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Expense ratio                          | ​ | ​ | ​                      | ​ | 33.6%     | ​  | ​ | ​ | ​ | ​ | 35.0% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Combined ratio                         | ​ | ​ | ​                      | ​ | 93.5%     | ​  | ​ | ​ | ​ | ​ | 91.2% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                                                                  | ​ | ​ | Year Ended December 31, |
|------------------------------------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                                                  | ​ | ​ | 2014                         | ​ | ​ | 2013 |
| ​                                                                                  | ​ | ​ | IncomeBeforeTaxes            | ​ | ​ | NetIncome | ​ | ​ | IncomeBeforeTaxes | ​ | ​ | NetIncome |
| ​                                                                                  | ​ | ​ | (in thousands)               |
| Income as reported                                                                       | ​ | ​ | ​                      | $ | 45,624 | ​ | ​ | ​ | ​ | $ | 44,685 | ​ | ​ | ​ | ​ | $ | 77,078 | ​ | ​ | ​ | ​ | $ | 67,337 |
| Initial public offering costs                                                            | ​ | ​ | ​                      | ​ | 14,930 | ​ | ​ | ​ | ​ | ​ | 13,223 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — |
| Net realized investment losses (gains)                                                   | ​ | ​ | ​                      | ​ | 1,336 | ​ | ​ | ​ | ​ | ​ | (890) | ​ | ​ | ​ | ​ | ​ | (12,619) | ​ | ​ | ​ | ​ | ​ | (9,427) |
| Other expenses                                                                           | ​ | ​ | ​                      | ​ | 1,082 | ​ | ​ | ​ | ​ | ​ | 977 | ​ | ​ | ​ | ​ | ​ | 677 | ​ | ​ | ​ | ​ | ​ | 577 |
| Interest expense on leased building the Company is deemed to own for accounting purposes | ​ | ​ | ​                      | ​ | 659 | ​ | ​ | ​ | ​ | ​ | 429 | ​ | ​ | ​ | ​ | ​ | 663 | ​ | ​ | ​ | ​ | ​ | 431 |
| Net operating income                                                                     | ​ | ​ | ​                      | $ | 63,631 | ​ | ​ | ​ | ​ | $ | 58,424 | ​ | ​ | ​ | ​ | $ | 65,799 | ​ | ​ | ​ | ​ | $ | 58,918 |
| ​                                                                                  |

----

TABLE OF CONTENTS

| ​                      | ​ | ​ | Year Ended December 31, | ​ | ​ | % Change | ​ |
|------------------------------|---------|---------|------------------------------|---------|---------|----------|---------|
| ​                      | ​ | ​ | 2014                         | ​ | ​ | 2013     | ​ |
| ​                      | ​ | ​ | ($ in thousands)             | ​ | ​ |
| Gross written premiums:      | ​ | ​ | ​                      | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                      | $       | 252,707 | ​  | ​ | ​ | ​ | $ | 192,394 | ​ | ​ | ​ | ​ | ​ | 31.3% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                      | ​ | 59,380  | ​  | ​ | ​ | ​ | ​ | 20,594 | ​ | ​ | ​ | ​ | ​ | 188.3% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                      | ​ | 206,680 | ​  | ​ | ​ | ​ | ​ | 155,530 | ​ | ​ | ​ | ​ | ​ | 32.9% | ​ | ​ |
| ​                      | ​ | ​ | ​                      | $       | 518,767 | ​  | ​ | ​ | ​ | $ | 368,518 | ​ | ​ | ​ | ​ | ​ | 40.8% | ​ | ​ |
| Net written premiums:        | ​ | ​ | ​                      | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                      | $       | 208,124 | ​  | ​ | ​ | ​ | $ | 155,064 | ​ | ​ | ​ | ​ | ​ | 34.2% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                      | ​ | 36,228  | ​  | ​ | ​ | ​ | ​ | 18,169 | ​ | ​ | ​ | ​ | ​ | 99.4% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                      | ​ | 205,731 | ​  | ​ | ​ | ​ | ​ | 151,933 | ​ | ​ | ​ | ​ | ​ | 35.4% | ​ | ​ |
| ​                      | ​ | ​ | ​                      | $       | 450,083 | ​  | ​ | ​ | ​ | $ | 325,166 | ​ | ​ | ​ | ​ | ​ | 38.4% | ​ | ​ |
| Net earned premiums:         | ​ | ​ | ​                      | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                      | $       | 195,786 | ​  | ​ | ​ | ​ | $ | 141,826 | ​ | ​ | ​ | ​ | ​ | 38.0% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                      | ​ | 28,449  | ​  | ​ | ​ | ​ | ​ | 17,908 | ​ | ​ | ​ | ​ | ​ | 58.9% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                      | ​ | 171,977 | ​  | ​ | ​ | ​ | ​ | 168,344 | ​ | ​ | ​ | ​ | ​ | 2.2% | ​ | ​ |
| ​                      | ​ | ​ | ​                      | $       | 396,212 | ​  | ​ | ​ | ​ | $ | 328,078 | ​ | ​ | ​ | ​ | ​ | 20.8% | ​ | ​ |
| ​                      |

----

TABLE OF CONTENTS

| ​                      | ​ | ​ | Year Ended December 31, | ​ |
|------------------------------|---------|---------|------------------------------|---------|
| ​                      | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                      | ​ | 82.4% | ​ | ​ | ​ | ​ | ​ | 80.6% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                      | ​ | 61.0% | ​ | ​ | ​ | ​ | ​ | 88.2% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                      | ​ | 99.5% | ​ | ​ | ​ | ​ | ​ | 97.7% | ​ | ​ |
| Total                        | ​ | ​ | ​                      | ​ | 86.8% | ​ | ​ | ​ | ​ | ​ | 88.2% | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                                    | ​ | ​ | Year Ended December 31, | ​ | ​ | % Change | ​ |
|------------------------------------------------------------|---------|---------|------------------------------|---------|---------|----------|---------|
| ​                                                    | ​ | ​ | 2014                         | ​ | ​ | 2013     | ​ |
| ​                                                    | ​ | ​ | ($ in thousands)             | ​ | ​ |
| Workers’ compensation premiums                       | ​ | ​ | ​                      | $       | 27,590  | ​  | ​ | ​ | ​ | $ | 18,130 | ​ | ​ | ​ | ​ | ​ | 52.2% | ​ | ​ |
| Audit premiums on workers’ compensation policies     | ​ | ​ | ​                      | ​ | 813     | ​  | ​ | ​ | ​ | ​ | 517 | ​ | ​ | ​ | ​ | ​ | 57.3% | ​ | ​ |
| Allocation of involuntary workers’ compensation pool | ​ | ​ | ​                      | ​ | 1,725   | ​  | ​ | ​ | ​ | ​ | 1,381 | ​ | ​ | ​ | ​ | ​ | 24.9% | ​ | ​ |
| Total workers’ compensation premium                  | ​ | ​ | ​                      | ​ | 30,128  | ​  | ​ | ​ | ​ | ​ | 20,028 | ​ | ​ | ​ | ​ | ​ | 50.4% | ​ | ​ |
| Specialty admitted program and fronting business           | ​ | ​ | ​                      | ​ | 29,252  | ​  | ​ | ​ | ​ | ​ | 566 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total                                                      | ​ | ​ | ​                      | $       | 59,380  | ​  | ​ | ​ | ​ | $ | 20,594 | ​ | ​ | ​ | ​ | ​ | 188.3% | ​ | ​ |
| ​                                                    |
| ​                      | ​ | ​ | Year Ended December 31, | ​ |
|------------------------------|---------|---------|------------------------------|---------|
| ​                      | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                      | ​ | 82.5% | ​ | ​ | ​ | ​ | ​ | 69.3% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                      | ​ | 99.9% | ​ | ​ | ​ | ​ | ​ | 121.6% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                      | ​ | 99.6% | ​ | ​ | ​ | ​ | ​ | 101.5% | ​ | ​ |
| Total                        | ​ | ​ | ​                      | ​ | 93.5% | ​ | ​ | ​ | ​ | ​ | 91.2% | ​ | ​ |

----

TABLE OF CONTENTS

| ​                             | ​ | ​ | Year Ended December 31, | ​ | ​   | % Change | ​ |
|-------------------------------------|---------|---------|------------------------------|---------|-----------|----------|---------|
| ​                             | ​ | ​ | 2014                         | ​ | ​   | 2013     | ​ |
| ​                             | ​ | ​ | ($ in thousands)             | ​ | ​   |
| Gross written premiums              | ​ | ​ | ​                      | $       | 252,707   | ​  | ​ | ​ | ​ | $ | 192,394 | ​ | ​ | ​ | ​ | ​ | 31.3% | ​ | ​ |
| Net written premiums                | ​ | ​ | ​                      | $       | 208,124   | ​  | ​ | ​ | ​ | $ | 155,064 | ​ | ​ | ​ | ​ | ​ | 34.2% | ​ | ​ |
| Net earned premiums                 | ​ | ​ | ​                      | $       | 195,786   | ​  | ​ | ​ | ​ | $ | 141,826 | ​ | ​ | ​ | ​ | ​ | 38.0% | ​ | ​ |
| Losses and loss adjustment expenses | ​ | ​ | ​                      | ​ | (108,146) | ​  | ​ | ​ | ​ | ​ | (57,250) | ​ | ​ | ​ | ​ | ​ | 88.9% | ​ | ​ |
| Underwriting expenses               | ​ | ​ | ​                      | ​ | (53,427)  | ​  | ​ | ​ | ​ | ​ | (41,053) | ​ | ​ | ​ | ​ | ​ | 30.1% | ​ | ​ |
| Underwriting profit(1)              | ​ | ​ | ​                      | $       | 34,213    | ​  | ​ | ​ | ​ | $ | 43,523 | ​ | ​ | ​ | ​ | ​ | (21.4)% | ​ | ​ |
| Ratios:                             | ​ | ​ | ​                      | ​ |
| Loss ratio                          | ​ | ​ | ​                      | ​ | 55.2%     | ​  | ​ | ​ | ​ | ​ | 40.4% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Expense ratio                       | ​ | ​ | ​                      | ​ | 27.3%     | ​  | ​ | ​ | ​ | ​ | 28.9% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Combined ratio                      | ​ | ​ | ​                      | ​ | 82.5%     | ​  | ​ | ​ | ​ | ​ | 69.3% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS

| ​                             | ​ | ​ | Year Ended December 31, | ​ | ​  | % Change | ​ |
|-------------------------------------|---------|---------|------------------------------|---------|----------|----------|---------|
| ​                             | ​ | ​ | 2014                         | ​ | ​  | 2013     | ​ |
| ​                             | ​ | ​ | ($ in thousands)             | ​ | ​  |
| Gross written premiums              | ​ | ​ | ​                      | $       | 59,380   | ​  | ​ | ​ | ​ | $ | 20,594 | ​ | ​ | ​ | ​ | ​ | 188.3% | ​ | ​ |
| Net written premiums                | ​ | ​ | ​                      | $       | 36,228   | ​  | ​ | ​ | ​ | $ | 18,169 | ​ | ​ | ​ | ​ | ​ | 99.4% | ​ | ​ |
| Net earned premiums                 | ​ | ​ | ​                      | $       | 28,449   | ​  | ​ | ​ | ​ | $ | 17,908 | ​ | ​ | ​ | ​ | ​ | 58.9% | ​ | ​ |
| Losses and loss adjustment expenses | ​ | ​ | ​                      | ​ | (15,179) | ​  | ​ | ​ | ​ | ​ | (12,066) | ​ | ​ | ​ | ​ | ​ | 25.8% | ​ | ​ |
| Underwriting expenses               | ​ | ​ | ​                      | ​ | (13,237) | ​  | ​ | ​ | ​ | ​ | (9,710) | ​ | ​ | ​ | ​ | ​ | 36.3% | ​ | ​ |
| Underwriting profit (loss)(1)       | ​ | ​ | ​                      | $       | 33       | ​  | ​ | ​ | ​ | $ | (3,868) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Ratios:                             | ​ | ​ | ​                      | ​ |
| Loss ratio                          | ​ | ​ | ​                      | ​ | 53.4%    | ​  | ​ | ​ | ​ | ​ | 67.4% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Expense ratio                       | ​ | ​ | ​                      | ​ | 46.5%    | ​  | ​ | ​ | ​ | ​ | 54.2% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Combined ratio                      | ​ | ​ | ​                      | ​ | 99.9%    | ​  | ​ | ​ | ​ | ​ | 121.6% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS

| ​                             | ​ | ​ | Year Ended December 31, | ​ | ​   | % Change | ​ |
|-------------------------------------|---------|---------|------------------------------|---------|-----------|----------|---------|
| ​                             | ​ | ​ | 2014                         | ​ | ​   | 2013     | ​ |
| ​                             | ​ | ​ | ($ in thousands)             | ​ | ​   |
| Gross written premiums              | ​ | ​ | ​                      | $       | 206,680   | ​  | ​ | ​ | ​ | $ | 155,530 | ​ | ​ | ​ | ​ | ​ | 32.9% | ​ | ​ |
| Net written premiums                | ​ | ​ | ​                      | $       | 205,731   | ​  | ​ | ​ | ​ | $ | 151,933 | ​ | ​ | ​ | ​ | ​ | 35.4% | ​ | ​ |
| Net earned premiums                 | ​ | ​ | ​                      | $       | 171,977   | ​  | ​ | ​ | ​ | $ | 168,344 | ​ | ​ | ​ | ​ | ​ | 2.2% | ​ | ​ |
| Losses and loss adjustment expenses | ​ | ​ | ​                      | ​ | (114,043) | ​  | ​ | ​ | ​ | ​ | (115,170) | ​ | ​ | ​ | ​ | ​ | (1.0)% | ​ | ​ |
| Underwriting expenses               | ​ | ​ | ​                      | ​ | (57,267)  | ​  | ​ | ​ | ​ | ​ | (55,734) | ​ | ​ | ​ | ​ | ​ | 2.8% | ​ | ​ |
| Underwriting profit (loss)(1)       | ​ | ​ | ​                      | $       | 667       | ​  | ​ | ​ | ​ | $ | (2,560) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Ratios:                             | ​ | ​ | ​                      | ​ |
| Loss ratio                          | ​ | ​ | ​                      | ​ | 66.3%     | ​  | ​ | ​ | ​ | ​ | 68.4% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Expense ratio                       | ​ | ​ | ​                      | ​ | 33.3%     | ​  | ​ | ​ | ​ | ​ | 33.1% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Combined ratio                      | ​ | ​ | ​                      | ​ | 99.6%     | ​  | ​ | ​ | ​ | ​ | 101.5% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| ​                      | ​ | ​ | Gross Reserves at December 31, 2014 | ​ |
|------------------------------|---------|---------|------------------------------------------|---------|
| ​                      | ​ | ​ | Case                                     | ​ | ​ | IBNR | ​ | ​ | Total | ​ | ​ | IBNR% of Total | ​ |
| ​                      | ​ | ​ | ($ in thousands)                         | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                                  | $       | 78,966 | ​ | ​ | ​ | ​ | $ | 353,260 | ​ | ​ | ​ | ​ | $ | 432,226 | ​ | ​ | ​ | ​ | ​ | 81.7% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                                  | ​ | 25,791 | ​ | ​ | ​ | ​ | ​ | 28,753 | ​ | ​ | ​ | ​ | ​ | 54,544 | ​ | ​ | ​ | ​ | ​ | 52.7% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                                  | ​ | 99,692 | ​ | ​ | ​ | ​ | ​ | 129,834 | ​ | ​ | ​ | ​ | ​ | 229,526 | ​ | ​ | ​ | ​ | ​ | 56.6% | ​ | ​ |
| Total                        | ​ | ​ | ​                                  | $       | 204,449 | ​ | ​ | ​ | ​ | $ | 511,847 | ​ | ​ | ​ | ​ | $ | 716,296 | ​ | ​ | ​ | ​ | ​ | 71.5% | ​ | ​ |
| ​                      |

----

TABLE OF CONTENTS

| ​                      | ​ | ​ | Net Reserves at December 31, 2014 | ​ |
|------------------------------|---------|---------|----------------------------------------|---------|
| ​                      | ​ | ​ | Case                                   | ​ | ​ | IBNR | ​ | ​ | Total | ​ | ​ | IBNR% of Total | ​ |
| ​                      | ​ | ​ | ($ in thousands)                       | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                                | $       | 70,499 | ​ | ​ | ​ | ​ | $ | 269,119 | ​ | ​ | ​ | ​ | $ | 339,618 | ​ | ​ | ​ | ​ | ​ | 79.2% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                                | ​ | 22,159 | ​ | ​ | ​ | ​ | ​ | 22,529 | ​ | ​ | ​ | ​ | ​ | 44,688 | ​ | ​ | ​ | ​ | ​ | 50.4% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                                | ​ | 82,118 | ​ | ​ | ​ | ​ | ​ | 122,618 | ​ | ​ | ​ | ​ | ​ | 204,736 | ​ | ​ | ​ | ​ | ​ | 59.9% | ​ | ​ |
| Total                        | ​ | ​ | ​                                | $       | 174,776 | ​ | ​ | ​ | ​ | $ | 414,266 | ​ | ​ | ​ | ​ | $ | 589,042 | ​ | ​ | ​ | ​ | ​ | 70.3% | ​ | ​ |
| ​                      |

----

TABLE OF CONTENTS

| ​                                            | ​ | ​ | Year Ended December 31, | ​ |
|----------------------------------------------------|---------|---------|------------------------------|---------|
| ​                                            | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ |
| ​                                            | ​ | ​ | (in thousands)               | ​ | ​ |
| Fixed maturity securities                          | ​ | ​ | ​                      | $       | 22,861 | ​ | ​ | ​ | ​ | $ | 24,896 | ​ | ​ | ​ |
| Bank loan participations                           | ​ | ​ | ​                      | ​ | 13,809 | ​ | ​ | ​ | ​ | ​ | 14,406 | ​ | ​ | ​ |
| Equity securities                                  | ​ | ​ | ​                      | ​ | 4,103 | ​ | ​ | ​ | ​ | ​ | 4,308 | ​ | ​ | ​ |
| Other invested assets                              | ​ | ​ | ​                      | ​ | 5,690 | ​ | ​ | ​ | ​ | ​ | 5,123 | ​ | ​ | ​ |
| Cash, cash equivalents, and short-term investments | ​ | ​ | ​                      | ​ | 116 | ​ | ​ | ​ | ​ | ​ | 120 | ​ | ​ | ​ |
| Trading losses                                     | ​ | ​ | ​                      | ​ | (32) | ​ | ​ | ​ | ​ | ​ | (226) | ​ | ​ | ​ |
| Gross investment income                            | ​ | ​ | ​                      | ​ | 46,547 | ​ | ​ | ​ | ​ | ​ | 48,627 | ​ | ​ | ​ |
| Investment expense                                 | ​ | ​ | ​                      | ​ | (3,542) | ​ | ​ | ​ | ​ | ​ | (3,254) | ​ | ​ | ​ |
| Net investment income                              | ​ | ​ | ​                      | $       | 43,005 | ​ | ​ | ​ | ​ | $ | 45,373 | ​ | ​ | ​ |
| ​                                            |
| ​                               | ​ | ​ | Year Ended December 31, | ​ |
|---------------------------------------|---------|---------|------------------------------|---------|
| ​                               | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ |
| Annualized gross investment yield on: | ​ | ​ | ​                      |
| Average cash and invested assets      | ​ | ​ | ​                      | ​ | 3.7% | ​ | ​ | ​ | ​ | ​ | 4.0% | ​ | ​ |
| Average fixed maturity securities     | ​ | ​ | ​                      | ​ | 3.5% | ​ | ​ | ​ | ​ | ​ | 3.9% | ​ | ​ |
| Annualized tax equivalent yield on:   | ​ | ​ | ​                      |
| Average fixed maturity securities     | ​ | ​ | ​                      | ​ | 3.6% | ​ | ​ | ​ | ​ | ​ | 4.0% | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                                                    | ​ | ​ | December 31, 2014 | ​ | ​ | December 31, 2013 | ​ |
|----------------------------------------------------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|
| ​                                                                    | ​ | ​ | Cost orAmortizedCost   | ​ | ​ | Fair Value             | ​ | ​ | % of TotalFair Value | ​ | ​ | Cost orAmortizedCost | ​ | ​ | Fair Value | ​ | ​ | % of TotalFair Value | ​ |
| ​                                                                    | ​ | ​ | ($ in thousands)       | ​ |
| Fixed maturity securities:                                                 | ​ | ​ | ​                | ​ | ​ | ​                | ​ |
| State and municipal                                                        | ​ | ​ | ​                | $       | 90,715  | ​                | ​ | ​ | ​ | $ | 99,046 | ​ | ​ | ​ | ​ | ​ | 12.0% | ​ | ​ | ​ | ​ | $ | 74,678 | ​ | ​ | ​ | ​ | $ | 76,146 | ​ | ​ | ​ | ​ | ​ | 10.4% | ​ | ​ |
| Residential mortgage-backed                                                | ​ | ​ | ​                | ​ | 113,997 | ​                | ​ | ​ | ​ | ​ | 115,249 | ​ | ​ | ​ | ​ | ​ | 14.0% | ​ | ​ | ​ | ​ | ​ | 101,352 | ​ | ​ | ​ | ​ | ​ | 98,569 | ​ | ​ | ​ | ​ | ​ | 13.5% | ​ | ​ |
| Corporate                                                                  | ​ | ​ | ​                | ​ | 261,574 | ​                | ​ | ​ | ​ | ​ | 267,882 | ​ | ​ | ​ | ​ | ​ | 32.5% | ​ | ​ | ​ | ​ | ​ | 245,139 | ​ | ​ | ​ | ​ | ​ | 251,517 | ​ | ​ | ​ | ​ | ​ | 34.5% | ​ | ​ |
| Commercial mortgage and asset-backed                                       | ​ | ​ | ​                | ​ | 111,056 | ​                | ​ | ​ | ​ | ​ | 113,341 | ​ | ​ | ​ | ​ | ​ | 13.7% | ​ | ​ | ​ | ​ | ​ | 81,054 | ​ | ​ | ​ | ​ | ​ | 83,965 | ​ | ​ | ​ | ​ | ​ | 11.5% | ​ | ​ |
| Obligations of U.S. government corporations and agencies                   | ​ | ​ | ​                | ​ | 100,376 | ​                | ​ | ​ | ​ | ​ | 101,275 | ​ | ​ | ​ | ​ | ​ | 12.3% | ​ | ​ | ​ | ​ | ​ | 104,153 | ​ | ​ | ​ | ​ | ​ | 104,961 | ​ | ​ | ​ | ​ | ​ | 14.4% | ​ | ​ |
| U.S. Treasury securities and obligations guaranteed by the U.S. government | ​ | ​ | ​                | ​ | 58,173  | ​                | ​ | ​ | ​ | ​ | 58,269 | ​ | ​ | ​ | ​ | ​ | 7.1% | ​ | ​ | ​ | ​ | ​ | 46,435 | ​ | ​ | ​ | ​ | ​ | 46,311 | ​ | ​ | ​ | ​ | ​ | 6.3% | ​ | ​ |
| Redeemable preferred stock                                                 | ​ | ​ | ​                | ​ | 2,025   | ​                | ​ | ​ | ​ | ​ | 1,901 | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ | ​ | ​ | ​ | 2,025 | ​ | ​ | ​ | ​ | ​ | 1,649 | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ |
| Total                                                                      | ​ | ​ | ​                | ​ | 737,916 | ​                | ​ | ​ | ​ | ​ | 756,963 | ​ | ​ | ​ | ​ | ​ | 91.8% | ​ | ​ | ​ | ​ | ​ | 654,836 | ​ | ​ | ​ | ​ | ​ | 663,118 | ​ | ​ | ​ | ​ | ​ | 90.8% | ​ | ​ |
| Equity securities:                                                         | ​ | ​ | ​                | ​ | ​ | ​                | ​ |
| Preferred stock                                                            | ​ | ​ | ​                | ​ | 45,149  | ​                | ​ | ​ | ​ | ​ | 49,601 | ​ | ​ | ​ | ​ | ​ | 6.0% | ​ | ​ | ​ | ​ | ​ | 37,016 | ​ | ​ | ​ | ​ | ​ | 37,042 | ​ | ​ | ​ | ​ | ​ | 5.1% | ​ | ​ |
| Common stock                                                               | ​ | ​ | ​                | ​ | 19,199  | ​                | ​ | ​ | ​ | ​ | 18,304 | ​ | ​ | ​ | ​ | ​ | 2.2% | ​ | ​ | ​ | ​ | ​ | 30,113 | ​ | ​ | ​ | ​ | ​ | 29,765 | ​ | ​ | ​ | ​ | ​ | 4.1% | ​ | ​ |
| Total                                                                      | ​ | ​ | ​                | ​ | 64,348  | ​                | ​ | ​ | ​ | ​ | 67,905 | ​ | ​ | ​ | ​ | ​ | 8.2% | ​ | ​ | ​ | ​ | ​ | 67,129 | ​ | ​ | ​ | ​ | ​ | 66,807 | ​ | ​ | ​ | ​ | ​ | 9.2% | ​ | ​ |
| Total investments                                                          | ​ | ​ | ​                | $       | 802,264 | ​                | ​ | ​ | ​ | $ | 824,868 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ | ​ | ​ | $ | 721,965 | ​ | ​ | ​ | ​ | $ | 729,925 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| ​                                                                    |
| Standard & Poor’s or Equivalent Designation | ​ | ​ | Fair Value       | ​ | ​ | % of Total | ​ |
|-------------------------------------------------------|---------|---------|------------------|---------|---------|------------|---------|
| ​                                               | ​ | ​ | ($ in thousands) | ​ |
| AAA                                                   | ​ | ​ | ​          | $       | 107,520 | ​    | ​ | ​ | ​ | ​ | 14.1% | ​ | ​ |
| AA                                                    | ​ | ​ | ​          | ​ | 387,622 | ​    | ​ | ​ | ​ | ​ | 50.7 | ​ | ​ |
| A                                                     | ​ | ​ | ​          | ​ | 160,732 | ​    | ​ | ​ | ​ | ​ | 21.0 | ​ | ​ |
| BBB                                                   | ​ | ​ | ​          | ​ | 70,768  | ​    | ​ | ​ | ​ | ​ | 9.2 | ​ | ​ |
| BB                                                    | ​ | ​ | ​          | ​ | 14,962  | ​    | ​ | ​ | ​ | ​ | 2.0 | ​ | ​ |
| Below BB and unrated                                  | ​ | ​ | ​          | ​ | 22,747  | ​    | ​ | ​ | ​ | ​ | 3.0 | ​ | ​ |
| Total                                                 | ​ | ​ | ​          | $       | 764,351 | ​    | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| ​                                               |
| Industry              | ​ | ​ | Fair Value       | ​ | ​ | % of Total | ​ |
|-----------------------|---------|---------|------------------|---------|---------|------------|---------|
| ​               | ​ | ​ | ($ in thousands) | ​ |
| Industrials and other | ​ | ​ | ​          | $       | 191,513 | ​    | ​ | ​ | ​ | ​ | 70.3% | ​ | ​ |
| Financial             | ​ | ​ | ​          | ​ | 55,388  | ​    | ​ | ​ | ​ | ​ | 20.3 | ​ | ​ |
| Utilities             | ​ | ​ | ​          | ​ | 25,510  | ​    | ​ | ​ | ​ | ​ | 9.4 | ​ | ​ |
| Total                 | ​ | ​ | ​          | $       | 272,411 | ​    | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| ​               |

----

TABLE OF CONTENTS

| Public/Private   | ​ | ​ | Fair Value       | ​ | ​ | % of Total | ​ |
|------------------|---------|---------|------------------|---------|---------|------------|---------|
| ​          | ​ | ​ | ($ in thousands) | ​ |
| Publicly traded  | ​ | ​ | ​          | $       | 233,578 | ​    | ​ | ​ | ​ | ​ | 85.7% | ​ | ​ |
| Privately placed | ​ | ​ | ​          | ​ | 38,833  | ​    | ​ | ​ | ​ | ​ | 14.3 | ​ | ​ |
| Total            | ​ | ​ | ​          | $       | 272,411 | ​    | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| ​          |
| ​                              | ​ | ​ | December 31, 2014 | ​ |
|--------------------------------------|---------|---------|------------------------|---------|
| ​                              | ​ | ​ | AmortizedCost          | ​ | ​ | FairValue | ​ | ​ | % of TotalFair Value | ​ |
| ​                              | ​ | ​ | ($ in thousands)       | ​ |
| Due in:                              | ​ | ​ | ​                | ​ |
| One year or less                     | ​ | ​ | ​                | $       | 37,479 | ​ | ​ | ​ | ​ | $ | 37,683 | ​ | ​ | ​ | ​ | ​ | 5.0% | ​ | ​ |
| After one year through five years    | ​ | ​ | ​                | ​ | 291,559 | ​ | ​ | ​ | ​ | ​ | 293,875 | ​ | ​ | ​ | ​ | ​ | 38.8% | ​ | ​ |
| After five years through ten years   | ​ | ​ | ​                | ​ | 58,652 | ​ | ​ | ​ | ​ | ​ | 62,530 | ​ | ​ | ​ | ​ | ​ | 8.3% | ​ | ​ |
| After ten years                      | ​ | ​ | ​                | ​ | 123,148 | ​ | ​ | ​ | ​ | ​ | 132,384 | ​ | ​ | ​ | ​ | ​ | 17.5% | ​ | ​ |
| ​                              | ​ | ​ | ​                | ​ | 510,838 | ​ | ​ | ​ | ​ | ​ | 526,472 | ​ | ​ | ​ | ​ | ​ | 69.6% | ​ | ​ |
| Residential mortgage-backed          | ​ | ​ | ​                | ​ | 113,997 | ​ | ​ | ​ | ​ | ​ | 115,249 | ​ | ​ | ​ | ​ | ​ | 15.2% | ​ | ​ |
| Commercial mortgage and asset-backed | ​ | ​ | ​                | ​ | 111,056 | ​ | ​ | ​ | ​ | ​ | 113,341 | ​ | ​ | ​ | ​ | ​ | 15.0% | ​ | ​ |
| Redeemable preferred stock           | ​ | ​ | ​                | ​ | 2,025 | ​ | ​ | ​ | ​ | ​ | 1,901 | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ |
| Total                                | ​ | ​ | ​                | $       | 737,916 | ​ | ​ | ​ | ​ | $ | 756,963 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| ​                              |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                             | ​ | ​ | Year Ended December 31, | ​ | ​   | % Change | ​ |
|-------------------------------------|---------|---------|------------------------------|---------|-----------|----------|---------|
| ​                             | ​ | ​ | 2013                         | ​ | ​   | 2012     | ​ |
| ​                             | ​ | ​ | ($ in thousands)             | ​ | ​   |
| Gross written premiums              | ​ | ​ | ​                      | $       | 368,518   | ​  | ​ | ​ | ​ | $ | 491,931 | ​ | ​ | ​ | ​ | ​ | (25.1)% | ​ | ​ |
| Net retention(1)                    | ​ | ​ | ​                      | ​ | 88.2%     | ​  | ​ | ​ | ​ | ​ | 71.6% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net written premiums                | ​ | ​ | ​                      | $       | 325,166   | ​  | ​ | ​ | ​ | $ | 352,309 | ​ | ​ | ​ | ​ | ​ | (7.7)% | ​ | ​ |
| Net earned premiums                 | ​ | ​ | ​                      | $       | 328,078   | ​  | ​ | ​ | ​ | $ | 364,568 | ​ | ​ | ​ | ​ | ​ | (10.0)% | ​ | ​ |
| Losses and loss adjustment expenses | ​ | ​ | ​                      | ​ | (184,486) | ​  | ​ | ​ | ​ | ​ | (264,496) | ​ | ​ | ​ | ​ | ​ | (30.2)% | ​ | ​ |
| Other operating expenses            | ​ | ​ | ​                      | ​ | (114,804) | ​  | ​ | ​ | ​ | ​ | (126,884) | ​ | ​ | ​ | ​ | ​ | (9.5)% | ​ | ​ |
| Underwriting profit (loss)(2)       | ​ | ​ | ​                      | ​ | 28,788    | ​  | ​ | ​ | ​ | ​ | (26,812) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net investment income               | ​ | ​ | ​                      | ​ | 45,373    | ​  | ​ | ​ | ​ | ​ | 44,297 | ​ | ​ | ​ | ​ | ​ | 2.4% | ​ | ​ |
| Net realized investment gains       | ​ | ​ | ​                      | ​ | 12,619    | ​  | ​ | ​ | ​ | ​ | 8,915 | ​ | ​ | ​ | ​ | ​ | 41.5% | ​ | ​ |
| Other income                        | ​ | ​ | ​                      | ​ | 222       | ​  | ​ | ​ | ​ | ​ | 130 | ​ | ​ | ​ | ​ | ​ | 70.8% | ​ | ​ |
| Other expenses                      | ​ | ​ | ​                      | ​ | (677)     | ​  | ​ | ​ | ​ | ​ | (3,350) | ​ | ​ | ​ | ​ | ​ | (79.8)% | ​ | ​ |
| Interest expense                    | ​ | ​ | ​                      | ​ | (6,777)   | ​  | ​ | ​ | ​ | ​ | (8,266) | ​ | ​ | ​ | ​ | ​ | (18.0)% | ​ | ​ |
| Amortization of intangible assets   | ​ | ​ | ​                      | ​ | (2,470)   | ​  | ​ | ​ | ​ | ​ | (2,848) | ​ | ​ | ​ | ​ | ​ | (13.3)% | ​ | ​ |
| Income before impairment and taxes  | ​ | ​ | ​                      | ​ | 77,078    | ​  | ​ | ​ | ​ | ​ | 12,066 | ​ | ​ | ​ | ​ | ​ | 538.8% | ​ | ​ |
| Impairment of intangible assets     | ​ | ​ | ​                      | ​ | —   | ​  | ​ | ​ | ​ | ​ | (4,299) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Income before taxes                 | ​ | ​ | ​                      | ​ | 77,078    | ​  | ​ | ​ | ​ | ​ | 7,767 | ​ | ​ | ​ | ​ | ​ | 892.4% | ​ | ​ |
| Income tax (expense) benefit        | ​ | ​ | ​                      | ​ | (9,741)   | ​  | ​ | ​ | ​ | ​ | 897 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net income                          | ​ | ​ | ​                      | $       | 67,337    | ​  | ​ | ​ | ​ | $ | 8,664 | ​ | ​ | ​ | ​ | ​ | 677.2% | ​ | ​ |
| Net operating income                | ​ | ​ | ​                      | $       | 58,918    | ​  | ​ | ​ | ​ | $ | 7,935 | ​ | ​ | ​ | ​ | ​ | 642.5% | ​ | ​ |
| Ratios:                             | ​ | ​ | ​                      | ​ |
| Loss ratio                          | ​ | ​ | ​                      | ​ | 56.2%     | ​  | ​ | ​ | ​ | ​ | 72.6% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Expense ratio                       | ​ | ​ | ​                      | ​ | 35.0%     | ​  | ​ | ​ | ​ | ​ | 34.8% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Combined ratio                      | ​ | ​ | ​                      | ​ | 91.2%     | ​  | ​ | ​ | ​ | ​ | 107.4% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                                                                  | ​ | ​ | Year Ended December 31, |
|------------------------------------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                                                  | ​ | ​ | 2013                         | ​ | ​ | 2012 |
| ​                                                                                  | ​ | ​ | IncomeBeforeTaxes            | ​ | ​ | NetIncome | ​ | ​ | IncomeBeforeTaxes | ​ | ​ | NetIncome |
| ​                                                                                  | ​ | ​ | (in thousands)               |
| Income as reported                                                                       | ​ | ​ | ​                      | $ | 77,078 | ​ | ​ | ​ | ​ | $ | 67,337 | ​ | ​ | ​ | ​ | $ | 7,767 | ​ | ​ | ​ | ​ | $ | 8,664 |
| Net realized investment gains                                                            | ​ | ​ | ​                      | ​ | (12,619) | ​ | ​ | ​ | ​ | ​ | (9,427) | ​ | ​ | ​ | ​ | ​ | (8,915) | ​ | ​ | ​ | ​ | ​ | (6,131) |
| Other expenses                                                                           | ​ | ​ | ​                      | ​ | 677 | ​ | ​ | ​ | ​ | ​ | 577 | ​ | ​ | ​ | ​ | ​ | 3,350 | ​ | ​ | ​ | ​ | ​ | 2,178 |
| Interest expense on leased building the Company is deemed to own for accounting purposes | ​ | ​ | ​                      | ​ | 663 | ​ | ​ | ​ | ​ | ​ | 431 | ​ | ​ | ​ | ​ | ​ | 662 | ​ | ​ | ​ | ​ | ​ | 430 |
| Impairment of intangible assets                                                          | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,299 | ​ | ​ | ​ | ​ | ​ | 2,794 |
| Net operating income                                                                     | ​ | ​ | ​                      | $ | 65,799 | ​ | ​ | ​ | ​ | $ | 58,918 | ​ | ​ | ​ | ​ | $ | 7,163 | ​ | ​ | ​ | ​ | $ | 7,935 |
| ​                                                                                  |

----

TABLE OF CONTENTS

| ​                      | ​ | ​ | Year Ended December 31, | ​ | ​ | % Change | ​ |
|------------------------------|---------|---------|------------------------------|---------|---------|----------|---------|
| ​                      | ​ | ​ | 2013                         | ​ | ​ | 2012     | ​ |
| ​                      | ​ | ​ | ($ in thousands)             | ​ | ​ |
| Gross written premiums:      | ​ | ​ | ​                      | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                      | $       | 192,394 | ​  | ​ | ​ | ​ | $ | 158,654 | ​ | ​ | ​ | ​ | ​ | 21.3% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                      | ​ | 20,594  | ​  | ​ | ​ | ​ | ​ | 36,709 | ​ | ​ | ​ | ​ | ​ | (43.9)% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                      | ​ | 155,530 | ​  | ​ | ​ | ​ | ​ | 296,568 | ​ | ​ | ​ | ​ | ​ | (47.6)% | ​ | ​ |
| ​                      | ​ | ​ | ​                      | $       | 368,518 | ​  | ​ | ​ | ​ | $ | 491,931 | ​ | ​ | ​ | ​ | ​ | (25.1)% | ​ | ​ |
| Net written premiums:        | ​ | ​ | ​                      | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                      | $       | 155,064 | ​  | ​ | ​ | ​ | $ | 123,483 | ​ | ​ | ​ | ​ | ​ | 25.6% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                      | ​ | 18,169  | ​  | ​ | ​ | ​ | ​ | 33,041 | ​ | ​ | ​ | ​ | ​ | (45.0)% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                      | ​ | 151,933 | ​  | ​ | ​ | ​ | ​ | 195,785 | ​ | ​ | ​ | ​ | ​ | (22.4)% | ​ | ​ |
| ​                      | ​ | ​ | ​                      | $       | 325,166 | ​  | ​ | ​ | ​ | $ | 352,309 | ​ | ​ | ​ | ​ | ​ | (7.7)% | ​ | ​ |
| Net earned premiums:         | ​ | ​ | ​                      | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                      | $       | 141,826 | ​  | ​ | ​ | ​ | $ | 115,940 | ​ | ​ | ​ | ​ | ​ | 22.3% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                      | ​ | 17,908  | ​  | ​ | ​ | ​ | ​ | 32,189 | ​ | ​ | ​ | ​ | ​ | (44.4)% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                      | ​ | 168,344 | ​  | ​ | ​ | ​ | ​ | 216,439 | ​ | ​ | ​ | ​ | ​ | (22.2)% | ​ | ​ |
| ​                      | ​ | ​ | ​                      | $       | 328,078 | ​  | ​ | ​ | ​ | $ | 364,568 | ​ | ​ | ​ | ​ | ​ | (10.0)% | ​ | ​ |
| ​                      |

----

TABLE OF CONTENTS

| ​                      | ​ | ​ | Year Ended December 31, | ​ |
|------------------------------|---------|---------|------------------------------|---------|
| ​                      | ​ | ​ | 2013                         | ​ | ​ | 2012 | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                      | ​ | 80.6% | ​ | ​ | ​ | ​ | ​ | 77.8% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                      | ​ | 88.2% | ​ | ​ | ​ | ​ | ​ | 90.0% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                      | ​ | 97.7% | ​ | ​ | ​ | ​ | ​ | 66.0% | ​ | ​ |
| Total                        | ​ | ​ | ​                      | ​ | 88.2% | ​ | ​ | ​ | ​ | ​ | 71.6% | ​ | ​ |

----

TABLE OF CONTENTS

| ​                      | ​ | ​ | Year Ended December 31, | ​ |
|------------------------------|---------|---------|------------------------------|---------|
| ​                      | ​ | ​ | 2013                         | ​ | ​ | 2012 | ​ |
| Excess and Surplus Lines     | ​ | ​ | ​                      | ​ | 69.3% | ​ | ​ | ​ | ​ | ​ | 85.4% | ​ | ​ |
| Specialty Admitted Insurance | ​ | ​ | ​                      | ​ | 121.6% | ​ | ​ | ​ | ​ | ​ | 153.8% | ​ | ​ |
| Casualty Reinsurance         | ​ | ​ | ​                      | ​ | 101.5% | ​ | ​ | ​ | ​ | ​ | 108.8% | ​ | ​ |
| Total                        | ​ | ​ | ​                      | ​ | 91.2% | ​ | ​ | ​ | ​ | ​ | 107.4% | ​ | ​ |
| ​                             | ​ | ​ | Year Ended December 31, | ​ | ​  | % Change | ​ |
|-------------------------------------|---------|---------|------------------------------|---------|----------|----------|---------|
| ​                             | ​ | ​ | 2013                         | ​ | ​  | 2012     | ​ |
| ​                             | ​ | ​ | ($ in thousands)             | ​ | ​  |
| Gross written premiums              | ​ | ​ | ​                      | $       | 192,394  | ​  | ​ | ​ | ​ | $ | 158,654 | ​ | ​ | ​ | ​ | ​ | 21.3% | ​ | ​ |
| Net written premiums                | ​ | ​ | ​                      | $       | 155,064  | ​  | ​ | ​ | ​ | $ | 123,483 | ​ | ​ | ​ | ​ | ​ | 25.6% | ​ | ​ |
| Net earned premiums                 | ​ | ​ | ​                      | $       | 141,826  | ​  | ​ | ​ | ​ | $ | 115,940 | ​ | ​ | ​ | ​ | ​ | 22.3% | ​ | ​ |
| Losses and loss adjustment expenses | ​ | ​ | ​                      | ​ | (57,250) | ​  | ​ | ​ | ​ | ​ | (60,985) | ​ | ​ | ​ | ​ | ​ | (6.1)% | ​ | ​ |
| Underwriting expenses               | ​ | ​ | ​                      | ​ | (41,053) | ​  | ​ | ​ | ​ | ​ | (37,976) | ​ | ​ | ​ | ​ | ​ | 8.1% | ​ | ​ |
| Underwriting profit(1)              | ​ | ​ | ​                      | $       | 43,523   | ​  | ​ | ​ | ​ | $ | 16,979 | ​ | ​ | ​ | ​ | ​ | 156.3% | ​ | ​ |
| Ratios:                             | ​ | ​ | ​                      | ​ |
| Loss ratio                          | ​ | ​ | ​                      | ​ | 40.4%    | ​  | ​ | ​ | ​ | ​ | 52.6% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Expense ratio                       | ​ | ​ | ​                      | ​ | 28.9%    | ​  | ​ | ​ | ​ | ​ | 32.8% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Combined ratio                      | ​ | ​ | ​                      | ​ | 69.3%    | ​  | ​ | ​ | ​ | ​ | 85.4% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS

| ​                             | ​ | ​ | Year Ended December 31, | ​ | ​  | % Change | ​ |
|-------------------------------------|---------|---------|------------------------------|---------|----------|----------|---------|
| ​                             | ​ | ​ | 2013                         | ​ | ​  | 2012     | ​ |
| ​                             | ​ | ​ | ($ in thousands)             | ​ | ​  |
| Gross written premiums              | ​ | ​ | ​                      | $       | 20,594   | ​  | ​ | ​ | ​ | $ | 36,709 | ​ | ​ | ​ | ​ | ​ | (43.9)% | ​ | ​ |
| Net written premiums                | ​ | ​ | ​                      | $       | 18,169   | ​  | ​ | ​ | ​ | $ | 33,041 | ​ | ​ | ​ | ​ | ​ | (45.0)% | ​ | ​ |
| Net earned premiums                 | ​ | ​ | ​                      | $       | 17,908   | ​  | ​ | ​ | ​ | $ | 32,189 | ​ | ​ | ​ | ​ | ​ | (44.4)% | ​ | ​ |
| Losses and loss adjustment expenses | ​ | ​ | ​                      | ​ | (12,066) | ​  | ​ | ​ | ​ | ​ | (37,988) | ​ | ​ | ​ | ​ | ​ | (68.2)% | ​ | ​ |
| Underwriting expenses               | ​ | ​ | ​                      | ​ | (9,710)  | ​  | ​ | ​ | ​ | ​ | (11,519) | ​ | ​ | ​ | ​ | ​ | (15.7)% | ​ | ​ |
| Underwriting loss(1)                | ​ | ​ | ​                      | $       | (3,868)  | ​  | ​ | ​ | ​ | $ | (17,318) | ​ | ​ | ​ | ​ | ​ | (77.7)% | ​ | ​ |
| Ratios:                             | ​ | ​ | ​                      | ​ |
| Loss ratio                          | ​ | ​ | ​                      | ​ | 67.4%    | ​  | ​ | ​ | ​ | ​ | 118.0% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Expense ratio                       | ​ | ​ | ​                      | ​ | 54.2%    | ​  | ​ | ​ | ​ | ​ | 35.8% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Combined ratio                      | ​ | ​ | ​                      | ​ | 121.6%   | ​  | ​ | ​ | ​ | ​ | 153.8% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS

| ​                             | ​ | ​ | Year Ended December 31, | ​ | ​   | % Change | ​ |
|-------------------------------------|---------|---------|------------------------------|---------|-----------|----------|---------|
| ​                             | ​ | ​ | 2013                         | ​ | ​   | 2012     | ​ |
| ​                             | ​ | ​ | ($ in thousands)             | ​ | ​   |
| Gross written premiums              | ​ | ​ | ​                      | $       | 155,530   | ​  | ​ | ​ | ​ | $ | 296,568 | ​ | ​ | ​ | ​ | ​ | (47.6)% | ​ | ​ |
| Net written premiums                | ​ | ​ | ​                      | $       | 151,933   | ​  | ​ | ​ | ​ | $ | 195,785 | ​ | ​ | ​ | ​ | ​ | (22.4)% | ​ | ​ |
| Net earned premiums                 | ​ | ​ | ​                      | $       | 168,344   | ​  | ​ | ​ | ​ | $ | 216,439 | ​ | ​ | ​ | ​ | ​ | (22.2)% | ​ | ​ |
| Losses and loss adjustment expenses | ​ | ​ | ​                      | ​ | (115,170) | ​  | ​ | ​ | ​ | ​ | (165,523) | ​ | ​ | ​ | ​ | ​ | (30.4)% | ​ | ​ |
| Underwriting expenses               | ​ | ​ | ​                      | ​ | (55,734)  | ​  | ​ | ​ | ​ | ​ | (70,065) | ​ | ​ | ​ | ​ | ​ | (20.5)% | ​ | ​ |
| Underwriting loss(1)                | ​ | ​ | ​                      | $       | (2,560)   | ​  | ​ | ​ | ​ | $ | (19,149) | ​ | ​ | ​ | ​ | ​ | (86.6)% | ​ | ​ |
| Ratios:                             | ​ | ​ | ​                      | ​ |
| Loss ratio                          | ​ | ​ | ​                      | ​ | 68.4%     | ​  | ​ | ​ | ​ | ​ | 76.5% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Expense ratio                       | ​ | ​ | ​                      | ​ | 33.1%     | ​  | ​ | ​ | ​ | ​ | 32.4% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Combined ratio                      | ​ | ​ | ​                      | ​ | 101.5%    | ​  | ​ | ​ | ​ | ​ | 108.8% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS

| ​                               | ​ | ​ | Year Ended December 31, | ​ |
|---------------------------------------|---------|---------|------------------------------|---------|
| ​                               | ​ | ​ | 2013                         | ​ | ​ | 2012 | ​ |
| Annualized gross investment yield on: | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Average cash and invested assets      | ​ | ​ | ​                      | ​ | 4.0% | ​ | ​ | ​ | ​ | ​ | 4.0% | ​ | ​ |
| Average fixed maturity securities     | ​ | ​ | ​                      | ​ | 3.9% | ​ | ​ | ​ | ​ | ​ | 4.6% | ​ | ​ |
| Annualized tax equivalent yield on:   | ​ | ​ | ​                      |
| Average fixed maturity securities     | ​ | ​ | ​                      | ​ | 4.0% | ​ | ​ | ​ | ​ | ​ | 4.8% | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                                                    | ​ | ​ | December 31, 2013 | ​ | ​ | December 31, 2012 | ​ |
|----------------------------------------------------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|
| ​                                                                    | ​ | ​ | Cost orAmortizedCost   | ​ | ​ | Fair Value             | ​ | ​ | % ofTotalFair Value | ​ | ​ | Cost orAmortizedCost | ​ | ​ | Fair Value | ​ | ​ | % ofTotalFair Value | ​ |
| ​                                                                    | ​ | ​ | ($ in thousands)       | ​ |
| Fixed maturity securities:                                                 | ​ | ​ | ​                | ​ | ​ | ​                | ​ |
| State and municipal                                                        | ​ | ​ | ​                | $       | 74,678  | ​                | ​ | ​ | ​ | $ | 76,146 | ​ | ​ | ​ | ​ | ​ | 10.4% | ​ | ​ | ​ | ​ | $ | 136,076 | ​ | ​ | ​ | ​ | $ | 153,415 | ​ | ​ | ​ | ​ | ​ | 18.1% | ​ | ​ |
| Residential mortgage-backed                                                | ​ | ​ | ​                | ​ | 101,352 | ​                | ​ | ​ | ​ | ​ | 98,569 | ​ | ​ | ​ | ​ | ​ | 13.5% | ​ | ​ | ​ | ​ | ​ | 149,970 | ​ | ​ | ​ | ​ | ​ | 154,607 | ​ | ​ | ​ | ​ | ​ | 18.2% | ​ | ​ |
| Corporate                                                                  | ​ | ​ | ​                | ​ | 245,139 | ​                | ​ | ​ | ​ | ​ | 251,517 | ​ | ​ | ​ | ​ | ​ | 34.5% | ​ | ​ | ​ | ​ | ​ | 278,225 | ​ | ​ | ​ | ​ | ​ | 293,855 | ​ | ​ | ​ | ​ | ​ | 34.6% | ​ | ​ |
| Commercial mortgage and asset-backed                                       | ​ | ​ | ​                | ​ | 81,054  | ​                | ​ | ​ | ​ | ​ | 83,965 | ​ | ​ | ​ | ​ | ​ | 11.5% | ​ | ​ | ​ | ​ | ​ | 36,766 | ​ | ​ | ​ | ​ | ​ | 42,331 | ​ | ​ | ​ | ​ | ​ | 5.0% | ​ | ​ |
| Obligations of U.S. government corporations and agencies                   | ​ | ​ | ​                | ​ | 104,153 | ​                | ​ | ​ | ​ | ​ | 104,961 | ​ | ​ | ​ | ​ | ​ | 14.4% | ​ | ​ | ​ | ​ | ​ | 108,052 | ​ | ​ | ​ | ​ | ​ | 113,835 | ​ | ​ | ​ | ​ | ​ | 13.4% | ​ | ​ |
| U.S. Treasury securities and obligations guaranteed by the U.S. government | ​ | ​ | ​                | ​ | 46,435  | ​                | ​ | ​ | ​ | ​ | 46,311 | ​ | ​ | ​ | ​ | ​ | 6.3% | ​ | ​ | ​ | ​ | ​ | 29,791 | ​ | ​ | ​ | ​ | ​ | 30,774 | ​ | ​ | ​ | ​ | ​ | 3.6% | ​ | ​ |
| Redeemable preferred stock                                                 | ​ | ​ | ​                | ​ | 2,025   | ​                | ​ | ​ | ​ | ​ | 1,649 | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ | ​ | ​ | ​ | 1,097 | ​ | ​ | ​ | ​ | ​ | 1,119 | ​ | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| Total                                                                      | ​ | ​ | ​                | ​ | 654,836 | ​                | ​ | ​ | ​ | ​ | 663,118 | ​ | ​ | ​ | ​ | ​ | 90.8% | ​ | ​ | ​ | ​ | ​ | 739,977 | ​ | ​ | ​ | ​ | ​ | 789,936 | ​ | ​ | ​ | ​ | ​ | 93.0% | ​ | ​ |
| Equity securities:                                                         | ​ | ​ | ​                | ​ | ​ | ​                | ​ |
| Preferred stock                                                            | ​ | ​ | ​                | ​ | 37,016  | ​                | ​ | ​ | ​ | ​ | 37,042 | ​ | ​ | ​ | ​ | ​ | 5.1% | ​ | ​ | ​ | ​ | ​ | 32,821 | ​ | ​ | ​ | ​ | ​ | 37,072 | ​ | ​ | ​ | ​ | ​ | 4.4% | ​ | ​ |
| Common stock                                                               | ​ | ​ | ​                | ​ | 30,113  | ​                | ​ | ​ | ​ | ​ | 29,765 | ​ | ​ | ​ | ​ | ​ | 4.1% | ​ | ​ | ​ | ​ | ​ | 20,019 | ​ | ​ | ​ | ​ | ​ | 21,727 | ​ | ​ | ​ | ​ | ​ | 2.6% | ​ | ​ |
| Total                                                                      | ​ | ​ | ​                | ​ | 67,129  | ​                | ​ | ​ | ​ | ​ | 66,807 | ​ | ​ | ​ | ​ | ​ | 9.2% | ​ | ​ | ​ | ​ | ​ | 52,840 | ​ | ​ | ​ | ​ | ​ | 58,799 | ​ | ​ | ​ | ​ | ​ | 7.0% | ​ | ​ |
| Total investments                                                          | ​ | ​ | ​                | $       | 721,965 | ​                | ​ | ​ | ​ | $ | 729,925 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ | ​ | ​ | $ | 792,817 | ​ | ​ | ​ | ​ | $ | 848,735 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| ​                                                                    |
| ​                              | ​ | ​ | December 31, 2013 | ​ |
|--------------------------------------|---------|---------|------------------------|---------|
| ​                              | ​ | ​ | AmortizedCost          | ​ | ​ | Fair Value | ​ | ​ | % ofTotal Value | ​ |
| ​                              | ​ | ​ | ($ in thousands)       | ​ |
| Due in:                              | ​ | ​ | ​                | ​ |
| One year or less                     | ​ | ​ | ​                | $       | 13,771 | ​ | ​ | ​ | ​ | $ | 13,959 | ​ | ​ | ​ | ​ | ​ | 2.1% | ​ | ​ |
| After one year through five years    | ​ | ​ | ​                | ​ | 310,360 | ​ | ​ | ​ | ​ | ​ | 315,828 | ​ | ​ | ​ | ​ | ​ | 47.6% | ​ | ​ |
| After five years through ten years   | ​ | ​ | ​                | ​ | 74,373 | ​ | ​ | ​ | ​ | ​ | 75,927 | ​ | ​ | ​ | ​ | ​ | 11.5% | ​ | ​ |
| After ten years                      | ​ | ​ | ​                | ​ | 71,901 | ​ | ​ | ​ | ​ | ​ | 73,221 | ​ | ​ | ​ | ​ | ​ | 11.0% | ​ | ​ |
| Residential mortgage-backed          | ​ | ​ | ​                | ​ | 101,352 | ​ | ​ | ​ | ​ | ​ | 98,569 | ​ | ​ | ​ | ​ | ​ | 14.9% | ​ | ​ |
| Commercial mortgage and asset-backed | ​ | ​ | ​                | ​ | 81,054 | ​ | ​ | ​ | ​ | ​ | 83,965 | ​ | ​ | ​ | ​ | ​ | 12.7% | ​ | ​ |
| Redeemable preferred stock           | ​ | ​ | ​                | ​ | 2,025 | ​ | ​ | ​ | ​ | ​ | 1,649 | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ |
| Total                                | ​ | ​ | ​                | $       | 654,836 | ​ | ​ | ​ | ​ | $ | 663,118 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| ​                              |

----

TABLE OF CONTENTS

| ​                              | ​ | ​ | Year Ended December 31, | ​ |
|--------------------------------------|---------|---------|------------------------------|---------|
| ​                              | ​ | ​ | 2013                         | ​ | ​ | 2012 | ​ |
| ​                              | ​ | ​ | (in thousands)               | ​ |
| Write-down of customer relationships | ​ | ​ | ​                      | $       |  — | ​ | ​ | ​ | ​ | $ | 3,830 | ​ | ​ |
| Write-down of trademarks             | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | 300 | ​ | ​ |
| Write-down of broker relationships   | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | 169 | ​ | ​ |
| ​                              | ​ | ​ | ​                      | $       | — | ​ | ​ | ​ | ​ | $ | 4,299 | ​ | ​ |
| ​                              |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                                               | ​ | ​ | James RiverCapital Trust I | ​ | ​ | James RiverCapital Trust II | ​ | ​ | James RiverCapital Trust III | ​ | ​ | James RiverCapital Trust IV                                         | ​ | ​ | FranklinHoldings II(Bermuda)Capital Trust I                        | ​ |
|-----------------------------------------------------------------------|---------|---------|----------------------------|---------|---------|-----------------------------|---------|---------|------------------------------|---------|---------|---------------------------------------------------------------------|---------|---------|--------------------------------------------------------------------|---------|
| ​                                                               | ​ | ​ | ($ in thousands)           | ​ |
| Issue date                                                            | ​ | ​ | May 26, 2004          | ​ | ​ | December 15, 2004      | ​ | ​ | June 15, 2006           | ​ | ​ | December 11, 2007                                              | ​ | ​ | January 10, 2008                                              | ​ |
| Principal amount of trust preferred securities                        | ​ | ​ | ​                    | $       | 7,000   | ​                     | ​ | ​ | ​                      | $       | 15,000  | ​                                                             | ​ | ​ | ​                                                            | $       | 20,000 | ​ | ​ | ​ | ​ | $ | 54,000 | ​ | ​ | ​ | ​ | $ | 30,000 | ​ | ​ |
| Principal amount of junior subordinated debt                          | ​ | ​ | ​                    | $       | 7,217   | ​                     | ​ | ​ | ​                      | $       | 15,464  | ​                                                             | ​ | ​ | ​                                                            | $       | 20,619 | ​ | ​ | ​ | ​ | $ | 55,670 | ​ | ​ | ​ | ​ | $ | 30,928 | ​ | ​ |
| Carrying amount of junior subordinated debt net of repurchases        | ​ | ​ | ​                    | $       | 7,217   | ​                     | ​ | ​ | ​                      | $       | 15,464  | ​                                                             | ​ | ​ | ​                                                            | $       | 20,619 | ​ | ​ | ​ | ​ | $ | 44,827 | ​ | ​ | ​ | ​ | $ | 15,928 | ​ | ​ |
| Maturity date of junior subordinated debt, unless accelerated earlier | ​ | ​ | May 15, 2034          | ​ | ​ | December 15, 2034      | ​ | ​ | June 15, 2036           | ​ | ​ | December 15, 2037                                              | ​ | ​ | March 15, 2038                                                | ​ |
| Trust common stock                                                    | ​ | ​ | ​                    | $       | 217     | ​                     | ​ | ​ | ​                      | $       | 464     | ​                                                             | ​ | ​ | ​                                                            | $       | 619 | ​ | ​ | ​ | ​ | $ | 1,670 | ​ | ​ | ​ | ​ | $ | 928 | ​ | ​ |
| Interest rate, per annum                                              | ​ | ​ | Three-MonthLIBOR plus4.0%  | ​ | ​ | Three-MonthLIBOR plus3.4%   | ​ | ​ | Three-MonthLIBOR plus3.0%    | ​ | ​ | 7.51% untilMarch 15, 2013;Three-MonthLIBOR plus3.1% thereafter | ​ | ​ | 7.97% untilJune 15, 2013;Three-MonthLIBOR plus4.0% thereafter | ​ |

----

TABLE OF CONTENTS

| Line of Business              | ​ | ​ | Company Retention                                                                                                                         | ​ |
|-------------------------------|---------|---------|-------------------------------------------------------------------------------------------------------------------------------------------|---------|
| Casualty                      | ​ | ​ |
| Primary Specialty Casualty    | ​ | ​ | Up to $1.0 million per occurrence, subject to a $1.0 million aggregate deductible                                                    | ​ |
| Excess Casualty               | ​ | ​ | Up to $1.0 million per occurrence(1)                                                                                                      | ​ |
| Excess Professional Liability | ​ | ​ | Up to $1.0 million per occurrence(2)                                                                                                      | ​ |
| Workers’ Compensation   | ​ | ​ | Up to $675,000 per occurrence, plus any amounts over $20.0 million per occurrence or above $10.0 million for any one life occurrence | ​ |
| Property                      | ​ | ​ | Up to $5.0 million per event(3)                                                                                                           | ​ |

----

TABLE OF CONTENTS

| Reinsurer                             | ​ | ​ | ReinsuranceRecoverable as ofDecember 31, 2014 | ​ | ​ | A.M. Best RatingDecember 31, 2014 | ​ |
|---------------------------------------|---------|---------|----------------------------------------------------|---------|---------|----------------------------------------|---------|
| ​                               | ​ | ​ | (in thousands)                                     | ​ | ​ | ​                                | ​ |
| Berkley Insurance Company             | ​ | ​ | ​                                            | $       | 38,583  | ​                                | ​ | ​ | A+ | ​ |
| Swiss Reinsurance America Corporation | ​ | ​ | ​                                            | ​ | 27,848  | ​                                | ​ | ​ | A+ | ​ |
| Madison Insurance Company             | ​ | ​ | ​                                            | ​ | 18,208  | ​                                | ​ | ​ | Unrated(1) | ​ |
| QBE Reinsurance Corporation           | ​ | ​ | ​                                            | ​ | 8,788   | ​                                | ​ | ​ | A | ​ |
| Lloyd’s Syndicate Number 4472   | ​ | ​ | ​                                            | ​ | 4,695   | ​                                | ​ | ​ | A | ​ |
| Mountain States Insurance Company     | ​ | ​ | ​                                            | ​ | 3,375   | ​                                | ​ | ​ | B++ | ​ |
| Safety National Casualty              | ​ | ​ | ​                                            | ​ | 3,359   | ​                                | ​ | ​ | A+ | ​ |
| Munich Reinsurance America            | ​ | ​ | ​                                            | ​ | 3,074   | ​                                | ​ | ​ | A+ | ​ |
| Lloyd’s Syndicate Number 2003   | ​ | ​ | ​                                            | ​ | 3,060   | ​                                | ​ | ​ | A | ​ |
| Aspen Insurance UK Ltd.               | ​ | ​ | ​                                            | ​ | 3,003   | ​                                | ​ | ​ | A | ​ |
| Top 10 Total                          | ​ | ​ | ​                                            | ​ | 113,993 | ​                                | ​ | ​ | ​ | ​ |
| Other                                 | ​ | ​ | ​                                            | ​ | 13,261  | ​                                | ​ | ​ | ​ | ​ |
| Total                                 | ​ | ​ | ​                                            | $       | 127,254 | ​                                | ​ | ​ | ​ | ​ |
| ​                               |

----

TABLE OF CONTENTS

| ​                                          | ​ | ​ | Year Ended December 31, |
|--------------------------------------------------|---------|---------|------------------------------|
| ​                                          | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                          | ​ | ​ | (in thousands)               |
| Cash and cash equivalents provided by (used in): | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Operating activities                             | ​ | ​ | ​                      | $ | 130,393 | ​ | ​ | ​ | ​ | $ | 105,638 | ​ | ​ | ​ | ​ | $ | 49,392 |
| Investing activities                             | ​ | ​ | ​                      | ​ | (174,877) | ​ | ​ | ​ | ​ | ​ | 46,755 | ​ | ​ | ​ | ​ | ​ | (101,497) |
| Financing activities                             | ​ | ​ | ​                      | ​ | (40,737) | ​ | ​ | ​ | ​ | ​ | (89,583) | ​ | ​ | ​ | ​ | ​ | (1,977) |
| Change in cash and cash equivalents              | ​ | ​ | ​                      | $ | (85,221) | ​ | ​ | ​ | ​ | $ | 62,810 | ​ | ​ | ​ | ​ | $ | (54,082) |
| ​                                          |

----

TABLE OF CONTENTS

| ​                                         | ​ | ​ | Payments Due by Period |
|-------------------------------------------------|---------|---------|------------------------|
| ​                                         | ​ | ​ | Total                  | ​ | ​ | Less than1 year | ​ | ​ | 1 – 3 years | ​ | ​ | 3 – 5 years | ​ | ​ | More than5 years |
| ​                                         | ​ | ​ | (in thousands)         |
| Reserve for losses and loss adjustment expenses | ​ | ​ | ​                | $ | 716,296 | ​ | ​ | ​ | ​ | $ | 202,712 | ​ | ​ | ​ | ​ | $ | 231,364 | ​ | ​ | ​ | ​ | $ | 58,736 | ​ | ​ | ​ | ​ | $ | 223,484 |
| Long-term debt:                                 | ​ | ​ | ​                | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Senior notes                                    | ​ | ​ | ​                | ​ | 88,300 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 73,300 | ​ | ​ | ​ | ​ | ​ | 15,000 |
| Junior subordinated debt                        | ​ | ​ | ​                | ​ | 104,055 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 104,055 |
| Operating lease obligations                     | ​ | ​ | ​                | ​ | 10,301 | ​ | ​ | ​ | ​ | ​ | 2,333 | ​ | ​ | ​ | ​ | ​ | 4,737 | ​ | ​ | ​ | ​ | ​ | 2,125 | ​ | ​ | ​ | ​ | ​ | 1,106 |
| Interest on debt obligations                    | ​ | ​ | ​                | ​ | 103,369 | ​ | ​ | ​ | ​ | ​ | 6,078 | ​ | ​ | ​ | ​ | ​ | 12,173 | ​ | ​ | ​ | ​ | ​ | 11,706 | ​ | ​ | ​ | ​ | ​ | 73,412 |
| Financing obligations                           | ​ | ​ | ​                | ​ | 28,538 | ​ | ​ | ​ | ​ | ​ | 735 | ​ | ​ | ​ | ​ | ​ | 1,515 | ​ | ​ | ​ | ​ | ​ | 452 | ​ | ​ | ​ | ​ | ​ | — |
| Total                                           | ​ | ​ | ​                | $ | 1,050,859 | ​ | ​ | ​ | ​ | $ | 211,858 | ​ | ​ | ​ | ​ | $ | 249,789 | ​ | ​ | ​ | ​ | $ | 146,319 | ​ | ​ | ​ | ​ | $ | 417,057 |
| ​                                         |

----

TABLE OF CONTENTS

| ​                                                     | ​ | ​ | Year Ended December 31, |
|-------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                     | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                                     | ​ | ​ | (in thousands)               |
| Underwriting profit (loss) of the operating segments:       | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Excess and Surplus Lines                                    | ​ | ​ | ​                      | $ | 34,213 | ​ | ​ | ​ | ​ | $ | 43,523 | ​ | ​ | ​ | ​ | $ | 16,979 |
| Specialty Admitted Insurance                                | ​ | ​ | ​                      | ​ | 33 | ​ | ​ | ​ | ​ | ​ | (3,868) | ​ | ​ | ​ | ​ | ​ | (17,318) |
| Casualty Reinsurance                                        | ​ | ​ | ​                      | ​ | 667 | ​ | ​ | ​ | ​ | ​ | (2,560) | ​ | ​ | ​ | ​ | ​ | (19,149) |
| Total underwriting profit (loss) of the operating segments  | ​ | ​ | ​                      | ​ | 34,913 | ​ | ​ | ​ | ​ | ​ | 37,095 | ​ | ​ | ​ | ​ | ​ | (19,488) |
| Other operating expenses of the Corporate and Other segment | ​ | ​ | ​                      | ​ | (9,124) | ​ | ​ | ​ | ​ | ​ | (8,307) | ​ | ​ | ​ | ​ | ​ | (7,324) |
| Underwriting profit (loss)                                  | ​ | ​ | ​                      | ​ | 25,789 | ​ | ​ | ​ | ​ | ​ | 28,788 | ​ | ​ | ​ | ​ | ​ | (26,812) |
| Net investment income                                       | ​ | ​ | ​                      | ​ | 43,005 | ​ | ​ | ​ | ​ | ​ | 45,373 | ​ | ​ | ​ | ​ | ​ | 44,297 |
| Net realized investment (losses) gains                      | ​ | ​ | ​                      | ​ | (1,336) | ​ | ​ | ​ | ​ | ​ | 12,619 | ​ | ​ | ​ | ​ | ​ | 8,915 |
| Other income                                                | ​ | ​ | ​                      | ​ | 1,122 | ​ | ​ | ​ | ​ | ​ | 222 | ​ | ​ | ​ | ​ | ​ | 130 |
| Other expenses                                              | ​ | ​ | ​                      | ​ | (16,012) | ​ | ​ | ​ | ​ | ​ | (677) | ​ | ​ | ​ | ​ | ​ | (3,350) |
| Interest expense                                            | ​ | ​ | ​                      | ​ | (6,347) | ​ | ​ | ​ | ​ | ​ | (6,777) | ​ | ​ | ​ | ​ | ​ | (8,266) |
| Amortization of intangible assets                           | ​ | ​ | ​                      | ​ | (597) | ​ | ​ | ​ | ​ | ​ | (2,470) | ​ | ​ | ​ | ​ | ​ | (2,848) |
| Impairment of intangible assets                             | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (4,299) |
| Income before taxes                                         | ​ | ​ | ​                      | $ | 45,624 | ​ | ​ | ​ | ​ | $ | 77,078 | ​ | ​ | ​ | ​ | $ | 7,767 |
| ​                                                     |

----

TABLE OF CONTENTS​

| ​                                                                                  | ​ | ​ | Year Ended December 31, |
|------------------------------------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                                                  | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                                                                  | ​ | ​ | IncomeBeforeTaxes            | ​ | ​ | NetIncome | ​ | ​ | IncomeBeforeTaxes | ​ | ​ | NetIncome | ​ | ​ | IncomeBeforeTaxes | ​ | ​ | NetIncome |
| ​                                                                                  | ​ | ​ | (in thousands)               |
| Income as reported                                                                       | ​ | ​ | ​                      | $ | 45,624 | ​ | ​ | ​ | ​ | $ | 44,685 | ​ | ​ | ​ | ​ | $ | 77,078 | ​ | ​ | ​ | ​ | $ | 67,337 | ​ | ​ | ​ | ​ | $ | 7,767 | ​ | ​ | ​ | ​ | $ | 8,664 |
| Net realized investment losses (gains)                                                   | ​ | ​ | ​                      | ​ | 1,336 | ​ | ​ | ​ | ​ | ​ | (890) | ​ | ​ | ​ | ​ | ​ | (12,619) | ​ | ​ | ​ | ​ | ​ | (9,427) | ​ | ​ | ​ | ​ | ​ | (8,915) | ​ | ​ | ​ | ​ | ​ | (6,131) |
| Initial Public Offering costs                                                            | ​ | ​ | ​                      | ​ | 14,930 | ​ | ​ | ​ | ​ | ​ | 13,223 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — |
| Other expenses                                                                           | ​ | ​ | ​                      | ​ | 1,082 | ​ | ​ | ​ | ​ | ​ | 977 | ​ | ​ | ​ | ​ | ​ | 677 | ​ | ​ | ​ | ​ | ​ | 577 | ​ | ​ | ​ | ​ | ​ | 3,350 | ​ | ​ | ​ | ​ | ​ | 2,178 |
| Interest expense on leased building the Company is deemed to own for accounting purposes | ​ | ​ | ​                      | ​ | 659 | ​ | ​ | ​ | ​ | ​ | 429 | ​ | ​ | ​ | ​ | ​ | 663 | ​ | ​ | ​ | ​ | ​ | 431 | ​ | ​ | ​ | ​ | ​ | 662 | ​ | ​ | ​ | ​ | ​ | 430 |
| Impairment of intangible assets                                                          | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,299 | ​ | ​ | ​ | ​ | ​ | 2,794 |
| Net operating income                                                                     | ​ | ​ | ​                      | $ | 63,631 | ​ | ​ | ​ | ​ | $ | 58,424 | ​ | ​ | ​ | ​ | $ | 65,799 | ​ | ​ | ​ | ​ | $ | 58,918 | ​ | ​ | ​ | ​ | $ | 7,163 | ​ | ​ | ​ | ​ | $ | 7,935 |
| ​                                                                                  |
| ​                    | ​ | ​ | As of December 31, |
|----------------------------|---------|---------|-------------------------|
| ​                    | ​ | ​ | 2014                    | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                    | ​ | ​ | (in thousands)          |
| Shareholders’ equity | ​ | ​ | ​                 | $ | 687,921 | ​ | ​ | ​ | ​ | $ | 701,490 | ​ | ​ | ​ | ​ | $ | 784,040 |
| Less:                      | ​ | ​ | ​                 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Goodwill                   | ​ | ​ | ​                 | ​ | 181,831 | ​ | ​ | ​ | ​ | ​ | 181,831 | ​ | ​ | ​ | ​ | ​ | 181,831 |
| Intangible assets          | ​ | ​ | ​                 | ​ | 40,125 | ​ | ​ | ​ | ​ | ​ | 40,722 | ​ | ​ | ​ | ​ | ​ | 43,192 |
| Tangible equity            | ​ | ​ | ​                 | $ | 465,965 | ​ | ​ | ​ | ​ | $ | 478,937 | ​ | ​ | ​ | ​ | $ | 559,017 |
| ​                    |

----

TABLE OF CONTENTS

| ​                   | ​ | ​ | As of December 31, 2014 | ​ |
|---------------------------|---------|---------|------------------------------|---------|
| ​                   | ​ | ​ | EstimatedFair Value          | ​ | ​ | HypotheticalChange inInterest Rates(bp=basis points) | ​ | ​ | EstimatedFair Value afterHypothetical Changein Interest Rates | ​ | ​ | EstimatedHypothetical PercentageIncrease (Decrease) inFair Value | ​ |
| ​                   | ​ | ​ | ($ in thousands)             | ​ |
| Fixed Maturity Securities | ​ | ​ | ​                      | $       | 764,351 | ​ | ​ | ​ | 200 bp decrease | ​ | ​ | ​ | $ | 803,952 | ​ | ​ | ​ | ​ | ​ | 5.2% | ​ | ​ |
| ​                   | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | 100 bp decrease | ​ | ​ | ​ | ​ | 787,145 | ​ | ​ | ​ | ​ | ​ | 3.0% | ​ | ​ |
| ​                   | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | 100 bp increase | ​ | ​ | ​ | ​ | 736,862 | ​ | ​ | ​ | ​ | ​ | (3.6)% | ​ | ​ |
| ​                   | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | 200 bp increase | ​ | ​ | ​ | ​ | 710,529 | ​ | ​ | ​ | ​ | ​ | (7.0)% | ​ | ​ |
| Bank Loan Participations  | ​ | ​ | ​                      | $       | 231,251 | ​ | ​ | ​ | 200 bp decrease | ​ | ​ | ​ | $ | 231,983 | ​ | ​ | ​ | ​ | ​ | 0.3% | ​ | ​ |
| ​                   | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | 100 bp decrease | ​ | ​ | ​ | ​ | 231,617 | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ |
| ​                   | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | 100 bp increase | ​ | ​ | ​ | ​ | 230,885 | ​ | ​ | ​ | ​ | ​ | (0.2)% | ​ | ​ |
| ​                   | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | 200 bp increase | ​ | ​ | ​ | ​ | 230,519 | ​ | ​ | ​ | ​ | ​ | (0.3)% | ​ | ​ |
| Borrowings                | ​ | ​ | ​                      | $       | 168,950 | ​ | ​ | ​ | 200 bp decrease | ​ | ​ | ​ | $ | 164,581 | ​ | ​ | ​ | ​ | ​ | (2.6)% | ​ | ​ |
| ​                   | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | 100 bp decrease | ​ | ​ | ​ | ​ | 166,912 | ​ | ​ | ​ | ​ | ​ | (1.2)% | ​ | ​ |
| ​                   | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | 100 bp increase | ​ | ​ | ​ | ​ | 170,740 | ​ | ​ | ​ | ​ | ​ | 1.1% | ​ | ​ |

----

TABLE OF CONTENTS

| ​           | ​ | ​ | As of December 31, 2014 | ​ |
|-------------------|---------|---------|------------------------------|---------|
| ​           | ​ | ​ | EstimatedFair Value          | ​ | ​ | HypotheticalPrice Change | ​ | ​ | EstimatedFair Value afterHypotheticalChange in Prices | ​ |
| ​           | ​ | ​ | ($ in thousands)             | ​ |
| Equity securities | ​ | ​ | ​                      | $       | 67,905 | ​ | ​ | ​ | 35% increase | ​ | ​ | ​ | $ | 91,672 | ​ | ​ |
| ​           | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | 35% decrease | ​ | ​ | ​ | ​ | 44,138 | ​ | ​ |

----

TABLE OF CONTENTS​​​​

----

TABLE OF CONTENTS​​​​​​​​

----

TABLE OF CONTENTS

| ​ | By:/s/ J. Adam Abram​​J. Adam AbramChief Executive Officer and Chairman | ​ | ​ | March 12, 2015​ | ​ |
|---------|-------------------------------------------------------------------------------------|---------|---------|-----------------------|---------|
| ​ | Name                                          | ​ | ​ | Title                                                                           | ​ | ​ | Date           | ​ |
|---------|-----------------------------------------------|---------|---------|---------------------------------------------------------------------------------|---------|---------|----------------|---------|
| ​ | /s/ J. Adam Abram​J. Adam Abram         | ​ | ​ | Chief Executive Officer and Chairman of the Board (Principal Executive Officer) | ​ | ​ | March 12, 2015 | ​ |
| ​ | /s/ Robert P. Myron​Robert P. Myron     | ​ | ​ | President, Chief Operating Officer and Director                                 | ​ | ​ | March 12, 2015 | ​ |
| ​ | /s/ Gregg T. Davis​Gregg T. Davis       | ​ | ​ | Chief Financial Officer(Principal Financial Officer)                            | ​ | ​ | March 12, 2015 | ​ |
| ​ | /s/ Michael E. Crow​Michael E. Crow     | ​ | ​ | Principal Accounting Officer                                                    | ​ | ​ | March 12, 2015 | ​ |
| ​ | /s/ Bryan Martin​Bryan Martin           | ​ | ​ | Director                                                                        | ​ | ​ | March 12, 2015 | ​ |
| ​ | /s/ Jerry R. Masters​Jerry R. Masters   | ​ | ​ | Director                                                                        | ​ | ​ | March 12, 2015 | ​ |
| ​ | /s/ Michael T. Oakes​Michael T. Oakes   | ​ | ​ | Director                                                                        | ​ | ​ | March 12, 2015 | ​ |
| ​ | /s/ R.J. Pelosky, Jr.​R.J. Pelosky, Jr. | ​ | ​ | Director                                                                        | ​ | ​ | March 12, 2015 | ​ |
| ​ | /s/ Thomas R. Sandler​Thomas R. Sandler | ​ | ​ | Director                                                                        | ​ | ​ | March 12, 2015 | ​ |
| ​ | /s/ David Zwillinger​David Zwillinger   | ​ | ​ | Director                                                                        | ​ | ​ | March 12, 2015 | ​ |

----

TABLE OF CONTENTS

| ExhibitNumber | ​ | ​ | Description                                                                                                                                                                                                                                                                                                                                                                                   | ​ |
|---------------|---------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 3.1           | ​ | ​ | Certificate of Incorporation of James River Group Holdings, Ltd. (incorporated by reference to Exhibit 3.1 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014)                                                                                                                                                        | ​ |
| 3.2           | ​ | ​ | Certificate of Incorporation on Change of Name (incorporated by reference to Exhibit 3.2 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014)                                                                                                                                                                          | ​ |
| 3.3           | ​ | ​ | Memorandum of Association of James River Group Holdings, Ltd. (incorporated by reference to Exhibit 3.3 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014)                                                                                                                                                           | ​ |
| 3.4           | ​ | ​ | Certificate of Deposit of Memorandum of Increase of Share Capital, dated December 24, 2007 (incorporated by reference to Exhibit 3.4 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014)                                                                                                                         | ​ |
| 3.5           | ​ | ​ | Certificate of Deposit of Memorandum of Increase of Share Capital, dated October 7, 2009 (incorporated by reference to Exhibit 3.5 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014)                                                                                                                           | ​ |
| 3.6           | ​ | ​ | Third Amended and Restated Bye-Laws of James River Group Holdings, Ltd.                                                                                                                                                                                                                                                                                                                       | ​ |
| 4.1           | ​ | ​ | Form of Certificate of Common Shares (incorporated by reference to Exhibit 4.1 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)                                                                                                                                                                | ​ |
| 4.2           | ​ | ​ | Indenture, dated as of May 26, 2004, by and between James River Group, Inc. and Wilmington Trust Company, as Trustee, relating to Floating Rate Senior Debentures Due 2034+                                                                                                                                                                                                              | ​ |
| 4.3           | ​ | ​ | Indenture, dated as of May 26, 2004, by and between James River Group, Inc. and Wilmington Trust Company, as Trustee, relating to Floating Rate Junior Subordinated Debentures Due 2034+                                                                                                                                                                                                 | ​ |
| 4.4           | ​ | ​ | Amended and Restated Declaration of Trust of James River Capital Trust I, dated as of May 26, 2004, by and among James River Group, Inc., as Sponsor, Wilmington Trust Company, as Institutional Trustee and Delaware Trustee, the Regular Trustees (as defined therein), and the holders, from time to time, of undivided beneficial interests in James River Capital Trust I+          | ​ |
| 4.5           | ​ | ​ | Preferred Securities Guarantee Agreement, dated as of May 26, 2004, by James River Group, Inc., as Guarantor, and Wilmington Trust Company, as Preferred Guarantee Trustee, for the benefit of the holders of James River Capital Trust I+                                                                                                                                               | ​ |
| 4.6           | ​ | ​ | Indenture, dated as of December 15, 2004, by and between James River Group, Inc. and Wilmington Trust Company, as Trustee, relating to Floating Rate Junior Subordinated Deferrable Interest Debentures Due 2034+                                                                                                                                                                        | ​ |
| 4.7           | ​ | ​ | Amended and Restated Declaration of Trust of James River Capital Trust II, dated as of December 15, 2004, by and among James River Group, Inc., as Sponsor, Wilmington Trust Company, as Institutional Trustee and Delaware Trustee, the Administrators (as defined therein), and the holders, from time to time, of undivided beneficial interests in the James River Capital Trust II+ | ​ |
| 4.8           | ​ | ​ | Guarantee Agreement, dated as of December 15, 2004, by James River Group, Inc., as Guarantor, and Wilmington Trust Company, as Guarantee Trustee, for the benefit of the holders, from time to time, of the capital securities of James River Capital Trust II+                                                                                                                          | ​ |
| 4.9           | ​ | ​ | Indenture, dated June 15, 2006, by and between James River Group, Inc. and Wilmington Trust Company, as Trustee, relating to Floating Rate Junior Subordinated Deferrable Interest Debentures Due 2036+                                                                                                                                                                                  | ​ |

----

TABLE OF CONTENTS

| ExhibitNumber | ​ | ​ | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ​ |
|---------------|---------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 4.10          | ​ | ​ | Amended and Restated Declaration of Trust of James River Capital Trust III, dated as of June 15, 2006, by and among James River Group, Inc., as Sponsor, Wilmington Trust Company, as Institutional Trustee and Delaware Trustee, the Administrators (as defined therein) and the holders, from time to time, of undivided beneficial interests in the James River Capital Trust III+                                                                                                                                                                                 | ​ |
| 4.11          | ​ | ​ | Guarantee Agreement dated as of June 15, 2006, by James River Group, Inc., as Guarantor, and Wilmington Trust Company, as Guarantee Trustee, for the benefit of the holders, from time to time, of the capital securities of James River Capital Trust III+                                                                                                                                                                                                                                                                                                           | ​ |
| 4.12          | ​ | ​ | Indenture dated December 11, 2007, by and between James River Group, Inc. and Wilmington Trust Company, as Trustee, relating to Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures Due 2037+                                                                                                                                                                                                                                                                                                                                                      | ​ |
| 4.13          | ​ | ​ | Amended and Restated Declaration of Trust dated December 11, 2007, by and among James River Group, Inc., as Sponsor, Wilmington Trust Company, as Institutional Trustee and Delaware Trustee and the Administrators (as defined therein) and the holders, from time to time, of undivided beneficial interests in James River Capital Trust IV+                                                                                                                                                                                                                       | ​ |
| 4.14          | ​ | ​ | Guarantee Agreement dated as of December 11, 2007, by James River Group, Inc., as Guarantor, and Wilmington Trust Company, as Guarantee Trustee, for the benefit of the holders, from time to time, of the capital securities of James River Capital Trust IV+                                                                                                                                                                                                                                                                                                        | ​ |
| 4.15          | ​ | ​ | Indenture dated as of January 10, 2008, among James River Group Holdings, Ltd. and Wilmington Trust Company, as Trustee relating to Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures Due 2038+                                                                                                                                                                                                                                                                                                                                                  | ​ |
| 4.16          | ​ | ​ | Amended and Restated Declaration of Trust dated as of January 10, 2008, by and among James River Group Holdings, Ltd., as Sponsor, Wilmington Trust Company, as Institutional Trustee and Delaware Trustee and the Administrators (as defined therein) for the benefit of the holders, from time to time, of undivided beneficial interest in Franklin Holdings II (Bermuda) Capital Trust I+                                                                                                                                                                         | ​ |
| 4.17          | ​ | ​ | Guarantee Agreement dated as of January 10, 2008, by and among James River Group Holdings, Ltd., as Guarantor, and Wilmington Trust Company, as Guarantee Trustee, for the benefit of the holders, from time to time, of the capital securities of Franklin Holdings II (Bermuda) Capital Trust I+                                                                                                                                                                                                                                                                    | ​ |
| 10.1          | ​ | ​ | Credit Agreement, dated as of June 5, 2013, among James River Group Holdings, Ltd., JRG Reinsurance Company, Ltd., the lenders named therein, and KeyBank National Association, as Administrative Agent and Letter of Credit Issuer (incorporated by reference to Exhibit 10.1 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014)                                                                                                                                                            | ​ |
| 10.2          | ​ | ​ | Continuing Guaranty of Payment, dated as of June 5, 2013, among James River Group, Inc., as Guarantor, James River Group Holdings, Ltd. and JRG Reinsurance Company Ltd., as the Borrowers, pursuant to Credit Agreement, dated as of June 5, 2013, among the Borrowers, KeyBank National Association, as Administrative Agent and as Letter of Credit Issuer, and certain Lender parties (incorporated by reference to Exhibit 10.2 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014) | ​ |
| 10.3          | ​ | ​ | First Amendment to Credit Agreement, dated as of September 24, 2014, among James River Group Holdings, Ltd., JRG Reinsurance Company, Ltd., the lenders named therein, and KeyBank National Association, as Administrative Agent and Letter of Credit Issuer (incorporated by reference to Exhibit 10.3 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014)                                                                                                                                   | ​ |
| 10.4          | ​ | ​ | Redemption Agreement by and between James River Group Holdings, Ltd. and Lehman Brothers Offshore Partners, Ltd. dated April 3, 2013 (incorporated by reference to Exhibit 10.4 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014)                                                                                                                                                                                                                                                           | ​ |

----

TABLE OF CONTENTS

| ExhibitNumber | ​ | ​ | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | ​ |
|---------------|---------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 10.5          | ​ | ​ | Redemption Agreement by and between James River Group Holdings, Ltd., Sunlight Capital Ventures, LLC, and Sunlight Capital Partners II, LLC dated April 3, 2013 (incorporated by reference to Exhibit 10.5 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014)                                                                                                                                                                                                                                                                                               | ​ |
| 10.6          | ​ | ​ | Form of Shareholder Indemnification Agreement, dated as of December 11, 2007, entered into by James River Group Holdings, Ltd. and James River Group, Inc., and each of  (1) D. E. Shaw CF-SP Franklin, L.L.C., D. E. Shaw CH-SP Franklin, L.L.C., and D. E. Shaw Oculus Portfolios, L.L.C., (2) The Goldman Sachs Group, Inc., (3) Sunlight Capital Ventures, LLC and Sunlight Capital Partners II, LLC and (4) Lehman Brothers Offshore Partners Ltd. (incorporated by reference to Exhibit 10.6 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014) | ​ |
| 10.7          | ​ | ​ | Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.7 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)                                                                                                                                                                                                                                                                                                                                                                                         | ​ |
| 10.8          | ​ | ​ | Amended and Restated James River Group Holdings, Ltd. Equity Incentive Plan (incorporated by reference to Exhibit 10.8 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014)*                                                                                                                                                                                                                                                                                                                                                                                       | ​ |
| 10.9          | ​ | ​ | Form of Stock Option Agreement (Amended and Restated James River Group Holdings, Ltd. Equity Incentive Plan) (incorporated by reference to Exhibit 10.9 of the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 7, 2014)*                                                                                                                                                                                                                                                                                                                                                      | ​ |
| 10.10         | ​ | ​ | First Amendment to the Amended and Restated James River Group Holdings, Ltd. Equity Incentive Plan (incorporated by reference to Exhibit 10.10 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                                                                                           | ​ |
| 10.11         | ​ | ​ | James River Group Holdings, Ltd. 2014 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.11 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                                                                                                                               | ​ |
| 10.12         | ​ | ​ | Form of Nonqualified Share Option Agreement (James River Group Holdings, Ltd. 2014 Long-Term Incentive Plan) (incorporated by reference to Exhibit 10.12 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                                                                                 | ​ |
| 10.13         | ​ | ​ | Form of Restricted Share Award Agreement (James River Group Holdings, Ltd. 2014 Long-Term Incentive Plan) (incorporated by reference to Exhibit 10.13 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                                                                                    | ​ |
| 10.14         | ​ | ​ | Form of Restricted Share Unit Award Agreement (James River Group Holdings, Ltd. 2014 Long-Term Incentive Plan) (incorporated by reference to Exhibit 10.14 of Amendment No. 3 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on December 9, 2014)*                                                                                                                                                                                                                                                                                                                                | ​ |
| 10.15         | ​ | ​ | James River Group Holdings, Ltd. 2014 Non-Employee Director Incentive Plan (incorporated by reference to Exhibit 10.15 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                                                                                                                   | ​ |
| 10.16         | ​ | ​ | Form of Restricted Share Award Agreement (James River Group Holdings, Ltd. 2014 Non-Employee Director Incentive Plan) (incorporated by reference to Exhibit 10.16 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                                                                        | ​ |

----

TABLE OF CONTENTS

| ExhibitNumber | ​ | ​ | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ​ |
|---------------|---------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 10.17         | ​ | ​ | Form of Restricted Share Unit Award Agreement (James River Group Holdings, Ltd. 2014 Non-Employee Director Incentive Plan) (incorporated by reference to Exhibit 10.17 of Amendment No. 3 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on December 9, 2014)*                                                                                                                                                                                                                                                                                                            | ​ |
| 10.18         | ​ | ​ | James River Management Company, Inc. Leadership Recognition Program (incorporated by reference to Exhibit 10.18 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                                                                                                                  | ​ |
| 10.19         | ​ | ​ | Amended and Restated Employment Agreement dated November 18, 2014 among James River Group Holdings, Ltd., James River Group, Inc. and J. Adam Abram (incorporated by reference to Exhibit 10.19 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                             | ​ |
| 10.20         | ​ | ​ | Amended and Restated Employment Agreement dated November 18, 2014 among James River Group Holdings, Ltd. and Robert P. Myron (incorporated by reference to Exhibit 10.20 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                                                    | ​ |
| 10.21         | ​ | ​ | Amended and Restated Employment Agreement dated November 18, 2014 by and between James River Group Holdings, Ltd., James River Group Inc. and Gregg T. Davis*                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ​ |
| 10.22         | ​ | ​ | Employment Agreement dated November 9, 2011 by and between James River Insurance Company, James River Management Company, Inc. and Richard Schmitzer (incorporated by reference to Exhibit 10.21 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                            | ​ |
| 10.23         | ​ | ​ | James River Management Company, Inc. Leadership Recognition Program Award Letter dated September 30, 2011 to Richard Schmitzer (incorporated by reference to Exhibit 10.22 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                                                  | ​ |
| 10.24         | ​ | ​ | Consulting Agreement dated November 18, 2014 by and between James River Group Holdings, Ltd. and Conifer Group, Inc. (incorporated by reference to Exhibit 10.23 of Amendment No. 1 to the Registration Statement on Form S-1, Registration No. 333-199958, filed with the Commission on November 24, 2014)*                                                                                                                                                                                                                                                                                                            | ​ |
| 10.25         | ​ | ​ | Registration Rights Agreement, dated as of December 17, 2014, by and among (1) James River Group Holdings, Ltd.; (2) (a) D. E. Shaw CH-SP Franklin, L.L.C., a Delaware limited liability company, D. E. Shaw CF-SP Franklin, L.L.C., a Delaware limited liability company, and D. E. Shaw Oculus Portfolios, L.L.C., a Delaware limited liability company; and (b) The Goldman Sachs Group, Inc., a Delaware corporation, and Goldman Sachs JRVR Investors Offshore, L.P., a Cayman Islands exempted limited partnership and (3) the persons identified as “Management Investors” on the signature pages thereto | ​ |
| 21.1          | ​ | ​ | List of subsidiaries of James River Group Holdings, Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ​ |
| 23.1          | ​ | ​ | Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ​ |
| 31.1          | ​ | ​ | Chief Executive Officer Certification pursuant to Rule 13a-14(a)/15d-14(a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ​ |
| 31.2          | ​ | ​ | Chief Financial Officer Certification pursuant to Rule 13a-14(a)/15d-14(a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ​ |
| 32            | ​ | ​ | Chief Executive Officer and Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ​ |

----

TABLE OF CONTENTS​

| ​                                                                                                                    | ​ | ​ | ​                                                                                      | ​ | ​ | Page    | ​ |
|----------------------------------------------------------------------------------------------------------------------------|---------|---------|----------------------------------------------------------------------------------------------|---------|---------|---------|---------|
| Report of Independent Registered Public Accounting Firm                                                                    | ​ | ​ | ​                                                                                      | ​ | F-2     | ​ | ​ |
| Consolidated Balance Sheets as of December 31, 2014 and 2013                                                          | ​ | ​ | ​                                                                                      | ​ | F-3     | ​ | ​ |
| Consolidated Income Statements for the Years Ended December 31, 2014, 2013 and 2012                                   | ​ | ​ | ​                                                                                      | ​ | F-4     | ​ | ​ |
| Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2014, 2013 and 2012 | ​ | ​ | ​                                                                                      | ​ | F-5     | ​ | ​ |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2014, 2013and 2012                             | ​ | ​ | ​                                                                                      | ​ | F-6     | ​ | ​ |
| Notes to Consolidated Financial Statements for the Years Ended December 31, 2014, 2013 and 2012                       | ​ | ​ | ​                                                                                      | ​ | F-7     | ​ | ​ |
| Schedule I                                                                                                            | ​ | ​ | Summary of Investments                                                                       | ​ | ​ | ​ | ​ | F-48 | ​ | ​ |
| Schedule II                                                                                                           | ​ | ​ | Condensed Financial Information of Registrant                                                | ​ | ​ | ​ | ​ | F-49 | ​ | ​ |
| Schedule III                                                                                                          | ​ | ​ | Supplementary Insurance Information                                                          | ​ | ​ | ​ | ​ | F-53 | ​ | ​ |
| Schedule IV                                                                                                           | ​ | ​ | Reinsurance                                                                                  | ​ | ​ | ​ | ​ | F-54 | ​ | ​ |
| Schedule V                                                                                                            | ​ | ​ | Valuation and Qualifying Accounts                                                            | ​ | ​ | ​ | ​ | F-55 | ​ | ​ |
| Schedule VI                                                                                                           | ​ | ​ | Supplementary Information Concerning Property Casualty Insurance   Operations | ​ | ​ | ​ | ​ | F-56 | ​ | ​ |

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS​

| ​                                                                                                                         | ​ | ​ | December 31,                    | ​ |
|---------------------------------------------------------------------------------------------------------------------------------|---------|---------|--------------------------------------|---------|
| ​                                                                                                                         | ​ | ​ | 2014                                 | ​ | ​ | 2013 | ​ |
| ​                                                                                                                         | ​ | ​ | (in thousands, except share amounts) | ​ |
| Assets                                                                                                                          | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Invested assets:                                                                                                                | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Fixed maturity securities:                                                                                                      | ​ | ​ | ​                              |
| Available-for-sale, at fair value (amortized cost: 2014 – $737,916; 2013 – $654,836)        | ​ | ​ | ​                              | $       | 756,963 | ​ | ​ | ​ | ​ | $ | 663,118 | ​ | ​ |
| Trading, at fair value (amortized cost: 2014 – $7,324; 2013 – $17,189)                      | ​ | ​ | ​                              | ​ | 7,388 | ​ | ​ | ​ | ​ | ​ | 17,306 | ​ | ​ |
| Equity securities available-for-sale, at fair value (cost: 2014 – $64,348; 2013 – $67,129)  | ​ | ​ | ​                              | ​ | 67,905 | ​ | ​ | ​ | ​ | ​ | 66,807 | ​ | ​ |
| Bank loan participations held-for-investment, at amortized cost, net of allowance                                               | ​ | ​ | ​                              | ​ | 239,511 | ​ | ​ | ​ | ​ | ​ | 197,659 | ​ | ​ |
| Short-term investments                                                                                                          | ​ | ​ | ​                              | ​ | 131,856 | ​ | ​ | ​ | ​ | ​ | 71,518 | ​ | ​ |
| Other invested assets                                                                                                           | ​ | ​ | ​                              | ​ | 33,622 | ​ | ​ | ​ | ​ | ​ | 42,066 | ​ | ​ |
| Total invested assets                                                                                                           | ​ | ​ | ​                              | ​ | 1,237,245 | ​ | ​ | ​ | ​ | ​ | 1,058,474 | ​ | ​ |
| Cash and cash equivalents                                                                                                       | ​ | ​ | ​                              | ​ | 73,383 | ​ | ​ | ​ | ​ | ​ | 158,604 | ​ | ​ |
| Accrued investment income                                                                                                       | ​ | ​ | ​                              | ​ | 7,273 | ​ | ​ | ​ | ​ | ​ | 7,156 | ​ | ​ |
| Premiums receivable and agents’ balances, net                                                                             | ​ | ​ | ​                              | ​ | 162,527 | ​ | ​ | ​ | ​ | ​ | 135,889 | ​ | ​ |
| Reinsurance recoverable on unpaid losses                                                                                        | ​ | ​ | ​                              | ​ | 127,254 | ​ | ​ | ​ | ​ | ​ | 119,467 | ​ | ​ |
| Reinsurance recoverable on paid losses                                                                                          | ​ | ​ | ​                              | ​ | 1,725 | ​ | ​ | ​ | ​ | ​ | 1,010 | ​ | ​ |
| Prepaid reinsurance premiums                                                                                                    | ​ | ​ | ​                              | ​ | 29,445 | ​ | ​ | ​ | ​ | ​ | 23,737 | ​ | ​ |
| Deferred policy acquisition costs                                                                                               | ​ | ​ | ​                              | ​ | 60,202 | ​ | ​ | ​ | ​ | ​ | 46,204 | ​ | ​ |
| Intangible assets, net                                                                                                          | ​ | ​ | ​                              | ​ | 40,125 | ​ | ​ | ​ | ​ | ​ | 40,722 | ​ | ​ |
| Goodwill                                                                                                                        | ​ | ​ | ​                              | ​ | 181,831 | ​ | ​ | ​ | ​ | ​ | 181,831 | ​ | ​ |
| U.S. income tax receivable                                                                                                      | ​ | ​ | ​                              | ​ | 4,198 | ​ | ​ | ​ | ​ | ​ | 966 | ​ | ​ |
| Deferred tax assets, net                                                                                                        | ​ | ​ | ​                              | ​ | 451 | ​ | ​ | ​ | ​ | ​ | 194 | ​ | ​ |
| Other assets                                                                                                                    | ​ | ​ | ​                              | ​ | 33,633 | ​ | ​ | ​ | ​ | ​ | 32,539 | ​ | ​ |
| Total assets                                                                                                                    | ​ | ​ | ​                              | $       | 1,959,292 | ​ | ​ | ​ | ​ | $ | 1,806,793 | ​ | ​ |
| Liabilities and shareholders’ equity                                                                                      | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Liabilities:                                                                                                                    | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Reserve for losses and loss adjustment expenses                                                                                 | ​ | ​ | ​                              | $       | 716,296 | ​ | ​ | ​ | ​ | $ | 646,452 | ​ | ​ |
| Unearned premiums                                                                                                               | ​ | ​ | ​                              | ​ | 277,579 | ​ | ​ | ​ | ​ | ​ | 218,532 | ​ | ​ |
| Payables to reinsurers                                                                                                          | ​ | ​ | ​                              | ​ | 19,272 | ​ | ​ | ​ | ​ | ​ | 29,364 | ​ | ​ |
| Senior debt                                                                                                                     | ​ | ​ | ​                              | ​ | 88,300 | ​ | ​ | ​ | ​ | ​ | 58,000 | ​ | ​ |
| Junior subordinated debt                                                                                                        | ​ | ​ | ​                              | ​ | 104,055 | ​ | ​ | ​ | ​ | ​ | 104,055 | ​ | ​ |
| Accrued expenses                                                                                                                | ​ | ​ | ​                              | ​ | 31,107 | ​ | ​ | ​ | ​ | ​ | 14,535 | ​ | ​ |
| Other liabilities                                                                                                               | ​ | ​ | ​                              | ​ | 34,762 | ​ | ​ | ​ | ​ | ​ | 34,365 | ​ | ​ |
| Total liabilities                                                                                                               | ​ | ​ | ​                              | ​ | 1,271,371 | ​ | ​ | ​ | ​ | ​ | 1,105,303 | ​ | ​ |
| Commitments and contingent liabilities                                                                                          | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Shareholders’ equity:                                                                                                     | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Common Shares – $0.0002 par value; 200,000,000 shares authorized; 2014 and 2013: 28,540,350 shares issued and outstanding | ​ | ​ | ​                              | ​ | 6 | ​ | ​ | ​ | ​ | ​ | 6 | ​ | ​ |
| Preferred Shares – 2014 and 2013: $0.00125 par value; 20,000,000 shares authorized; no shares issued and outstanding      | ​ | ​ | ​                              | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Additional paid-in capital                                                                                                      | ​ | ​ | ​                              | ​ | 628,236 | ​ | ​ | ​ | ​ | ​ | 627,647 | ​ | ​ |
| Retained earnings                                                                                                               | ​ | ​ | ​                              | ​ | 41,323 | ​ | ​ | ​ | ​ | ​ | 66,636 | ​ | ​ |
| Accumulated other comprehensive income                                                                                          | ​ | ​ | ​                              | ​ | 18,356 | ​ | ​ | ​ | ​ | ​ | 7,201 | ​ | ​ |
| Total shareholders’ equity                                                                                                | ​ | ​ | ​                              | ​ | 687,921 | ​ | ​ | ​ | ​ | ​ | 701,490 | ​ | ​ |
| Total liabilities and shareholders’ equity                                                                                | ​ | ​ | ​                              | $       | 1,959,292 | ​ | ​ | ​ | ​ | $ | 1,806,793 | ​ | ​ |
| ​                                                                                                                         |

----

TABLE OF CONTENTS​

| ​                                                                                                   | ​ | ​ | Year Ended December 31,         |
|-----------------------------------------------------------------------------------------------------------|---------|---------|--------------------------------------|
| ​                                                                                                   | ​ | ​ | 2014                                 | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                                                                                   | ​ | ​ | (in thousands, except share amounts) |
| Revenues:                                                                                                 | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Gross written premiums                                                                                    | ​ | ​ | ​                              | $ | 518,767 | ​ | ​ | ​ | ​ | $ | 368,518 | ​ | ​ | ​ | ​ | $ | 491,931 |
| Ceded written premiums                                                                                    | ​ | ​ | ​                              | ​ | (68,684) | ​ | ​ | ​ | ​ | ​ | (43,352) | ​ | ​ | ​ | ​ | ​ | (139,622) |
| Net written premiums                                                                                      | ​ | ​ | ​                              | ​ | 450,083 | ​ | ​ | ​ | ​ | ​ | 325,166 | ​ | ​ | ​ | ​ | ​ | 352,309 |
| Change in net unearned premiums                                                                           | ​ | ​ | ​                              | ​ | (53,871) | ​ | ​ | ​ | ​ | ​ | 2,912 | ​ | ​ | ​ | ​ | ​ | 12,259 |
| Net earned premiums                                                                                       | ​ | ​ | ​                              | ​ | 396,212 | ​ | ​ | ​ | ​ | ​ | 328,078 | ​ | ​ | ​ | ​ | ​ | 364,568 |
| Net investment income                                                                                     | ​ | ​ | ​                              | ​ | 43,005 | ​ | ​ | ​ | ​ | ​ | 45,373 | ​ | ​ | ​ | ​ | ​ | 44,297 |
| Net realized investment (losses) gains                                                                    | ​ | ​ | ​                              | ​ | (1,336) | ​ | ​ | ​ | ​ | ​ | 12,619 | ​ | ​ | ​ | ​ | ​ | 8,915 |
| Other income                                                                                              | ​ | ​ | ​                              | ​ | 1,122 | ​ | ​ | ​ | ​ | ​ | 222 | ​ | ​ | ​ | ​ | ​ | 130 |
| Total revenues                                                                                            | ​ | ​ | ​                              | ​ | 439,003 | ​ | ​ | ​ | ​ | ​ | 386,292 | ​ | ​ | ​ | ​ | ​ | 417,910 |
| Expenses:                                                                                                 | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Losses and loss adjustment expenses                                                                       | ​ | ​ | ​                              | ​ | 237,368 | ​ | ​ | ​ | ​ | ​ | 184,486 | ​ | ​ | ​ | ​ | ​ | 264,496 |
| Other operating expenses                                                                                  | ​ | ​ | ​                              | ​ | 133,055 | ​ | ​ | ​ | ​ | ​ | 114,804 | ​ | ​ | ​ | ​ | ​ | 126,884 |
| Other expenses                                                                                            | ​ | ​ | ​                              | ​ | 16,012 | ​ | ​ | ​ | ​ | ​ | 677 | ​ | ​ | ​ | ​ | ​ | 3,350 |
| Interest expense                                                                                          | ​ | ​ | ​                              | ​ | 6,347 | ​ | ​ | ​ | ​ | ​ | 6,777 | ​ | ​ | ​ | ​ | ​ | 8,266 |
| Amortization of intangible assets                                                                         | ​ | ​ | ​                              | ​ | 597 | ​ | ​ | ​ | ​ | ​ | 2,470 | ​ | ​ | ​ | ​ | ​ | 2,848 |
| Impairment of intangible assets                                                                           | ​ | ​ | ​                              | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,299 |
| Total expenses                                                                                            | ​ | ​ | ​                              | ​ | 393,379 | ​ | ​ | ​ | ​ | ​ | 309,214 | ​ | ​ | ​ | ​ | ​ | 410,143 |
| Income before income taxes                                                                                | ​ | ​ | ​                              | ​ | 45,624 | ​ | ​ | ​ | ​ | ​ | 77,078 | ​ | ​ | ​ | ​ | ​ | 7,767 |
| Income tax expense (benefit):                                                                             | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Current                                                                                                   | ​ | ​ | ​                              | ​ | 4,700 | ​ | ​ | ​ | ​ | ​ | 7,260 | ​ | ​ | ​ | ​ | ​ | 2,835 |
| Deferred                                                                                                  | ​ | ​ | ​                              | ​ | (3,761) | ​ | ​ | ​ | ​ | ​ | 2,481 | ​ | ​ | ​ | ​ | ​ | (3,732) |
| ​                                                                                                   | ​ | ​ | ​                              | ​ | 939 | ​ | ​ | ​ | ​ | ​ | 9,741 | ​ | ​ | ​ | ​ | ​ | (897) |
| Net income                                                                                                | ​ | ​ | ​                              | $ | 44,685 | ​ | ​ | ​ | ​ | $ | 67,337 | ​ | ​ | ​ | ​ | $ | 8,664 |
| Other comprehensive income:                                                                               | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net unrealized gains (losses), net of taxes of  $3,489 in 2014, $(8,713) in 2013 and $3,082 in 2012 | ​ | ​ | ​                              | ​ | 11,155 | ​ | ​ | ​ | ​ | ​ | (39,245) | ​ | ​ | ​ | ​ | ​ | 12,355 |
| Total comprehensive income                                                                                | ​ | ​ | ​                              | $ | 55,840 | ​ | ​ | ​ | ​ | $ | 28,092 | ​ | ​ | ​ | ​ | $ | 21,019 |
| Earnings per share:                                                                                       | ​ | ​ | ​                              | ​ |
| Basic                                                                                                     | ​ | ​ | ​                              | $ | 1.57 | ​ | ​ | ​ | ​ | $ | 2.21 | ​ | ​ | ​ | ​ | $ | 0.24 |
| Diluted                                                                                                   | ​ | ​ | ​                              | $ | 1.55 | ​ | ​ | ​ | ​ | $ | 2.21 | ​ | ​ | ​ | ​ | $ | 0.24 |
| Weighted-average common shares outstanding:                                                               | ​ | ​ | ​                              | ​ |
| Basic                                                                                                     | ​ | ​ | ​                              | ​ | 28,540,350 | ​ | ​ | ​ | ​ | ​ | 30,442,950 | ​ | ​ | ​ | ​ | ​ | 35,733,350 |
| Diluted                                                                                                   | ​ | ​ | ​                              | ​ | 28,810,301 | ​ | ​ | ​ | ​ | ​ | 30,500,800 | ​ | ​ | ​ | ​ | ​ | 35,733,350 |
| ​                                                                                                   |

----

TABLE OF CONTENTS​

| ​                                                               | ​ | ​ | CommonShares                         | ​ | ​ | PreferredShares | ​ | ​ | AdditionalPaid-inCapital | ​ | ​        | RetainedEarnings(Deficit) | ​ | ​ | AccumulatedOtherComprehensiveIncome | ​ | ​   | Total JamesRiver GroupHoldings, Ltd.Shareholders’Equity | ​ | ​ | Non-ControllingInterest | ​ | ​  | TotalShareholders’Equity | ​ |
|-----------------------------------------------------------------------|---------|---------|--------------------------------------|---------|---------|-----------------|---------|---------|--------------------------|---------|----------------|---------------------------|---------|---------|-------------------------------------|---------|-----------|---------------------------------------------------------------|---------|---------|-------------------------|---------|----------|--------------------------------|---------|
| ​                                                               | ​ | ​ | (in thousands, except share amounts) | ​ |
| Balances at December 31, 2011                                    | ​ | ​ | ​                              | $       | 7       | ​         | ​ | ​ | ​                  | $       |  — | ​                   | ​ | ​ | ​                             | $       | 726,058   | ​                                                       | ​ | ​ | ​                 | $       | (9,365)  | ​                        | ​ | ​ | ​ | $ | 34,091 | ​ | ​ | ​ | ​ | $ | 750,791 | ​ | ​ | ​ | ​ | $ | 11,584 | ​ | ​ | ​ | ​ | $ | 762,375 | ​ | ​ |
| Net income                                                            | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | —   | ​                                                       | ​ | ​ | ​                 | ​ | 8,664    | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 8,664 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 8,664 | ​ | ​ |
| Other comprehensive income                                            | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | —   | ​                                                       | ​ | ​ | ​                 | ​ | —  | ​                        | ​ | ​ | ​ | ​ | 12,355 | ​ | ​ | ​ | ​ | ​ | 12,355 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 12,355 | ​ | ​ |
| Net exercise of subsidiary share options (Note 12)                    | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | 9,365     | ​                                                       | ​ | ​ | ​                 | ​ | —  | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 9,365 | ​ | ​ | ​ | ​ | ​ | (11,316) | ​ | ​ | ​ | ​ | ​ | (1,951) | ​ | ​ |
| Special bonus shares issued (Note 12)                            | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | 1,585     | ​                                                       | ​ | ​ | ​                 | ​ | —  | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,585 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,585 | ​ | ​ |
| Compensation expense under share incentive plan                       | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | 1,012     | ​                                                       | ​ | ​ | ​                 | ​ | —  | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,012 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,012 | ​ | ​ |
| Balances at December 31, 2012                                    | ​ | ​ | ​                              | ​ | 7       | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | 738,020   | ​                                                       | ​ | ​ | ​                 | ​ | (701)    | ​                        | ​ | ​ | ​ | ​ | 46,446 | ​ | ​ | ​ | ​ | ​ | 783,772 | ​ | ​ | ​ | ​ | ​ | 268 | ​ | ​ | ​ | ​ | ​ | 784,040 | ​ | ​ |
| Net income                                                            | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | —   | ​                                                       | ​ | ​ | ​                 | ​ | 67,337   | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 67,337 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 67,337 | ​ | ​ |
| Other comprehensive loss                                              | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | —   | ​                                                       | ​ | ​ | ​                 | ​ | —  | ​                        | ​ | ​ | ​ | ​ | (39,245) | ​ | ​ | ​ | ​ | ​ | (39,245) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (39,245) | ​ | ​ |
| Common shares repurchase (Note 10)                               | ​ | ​ | ​                              | ​ | (1)     | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | (110,759) | ​                                                       | ​ | ​ | ​                 | ​ | —  | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (110,760) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (110,760) | ​ | ​ |
| Repurchase of non-controlling interest (Note 12)                      | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | (321)     | ​                                                       | ​ | ​ | ​                 | ​ | —  | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (321) | ​ | ​ | ​ | ​ | ​ | (208) | ​ | ​ | ​ | ​ | ​ | (529) | ​ | ​ |
| Exchange of subsidiary common shares for common shares (Note 10) | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | 60        | ​                                                       | ​ | ​ | ​                 | ​ | —  | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 60 | ​ | ​ | ​ | ​ | ​ | (60) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Compensation expense under share incentive plan                       | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | 647       | ​                                                       | ​ | ​ | ​                 | ​ | —  | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 647 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 647 | ​ | ​ |
| Balances at December 31, 2013                                    | ​ | ​ | ​                              | ​ | 6       | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | 627,647   | ​                                                       | ​ | ​ | ​                 | ​ | 66,636   | ​                        | ​ | ​ | ​ | ​ | 7,201 | ​ | ​ | ​ | ​ | ​ | 701,490 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 701,490 | ​ | ​ |
| Net income                                                            | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | —   | ​                                                       | ​ | ​ | ​                 | ​ | 44,685   | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 44,685 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 44,685 | ​ | ​ |
| Other comprehensive income                                            | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | —   | ​                                                       | ​ | ​ | ​                 | ​ | —  | ​                        | ​ | ​ | ​ | ​ | 11,155 | ​ | ​ | ​ | ​ | ​ | 11,155 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 11,155 | ​ | ​ |
| Dividends                                                             | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | —   | ​                                                       | ​ | ​ | ​                 | ​ | (69,998) | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (69,998) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (69,998) | ​ | ​ |
| Compensation expense under share incentive plans                      | ​ | ​ | ​                              | ​ | — | ​         | ​ | ​ | ​                  | ​ | —        | ​                   | ​ | ​ | ​                             | ​ | 589       | ​                                                       | ​ | ​ | ​                 | ​ | —  | ​                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 589 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 589 | ​ | ​ |
| Balances at December 31, 2014                                    | ​ | ​ | ​                              | $       | 6       | ​         | ​ | ​ | ​                  | $       | —        | ​                   | ​ | ​ | ​                             | $       | 628,236   | ​                                                       | ​ | ​ | ​                 | $       | 41,323   | ​                        | ​ | ​ | ​ | $ | 18,356 | ​ | ​ | ​ | ​ | $ | 687,921 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 687,921 | ​ | ​ |
| ​                                                               |

----

TABLE OF CONTENTS​

| ​                                                                                                  | ​ | ​ | Year Ended December 31, |
|----------------------------------------------------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                                                                  | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                                                                                  | ​ | ​ | (in thousands)               |
| Operating activities                                                                                     | ​ | ​ | ​                      | ​ |
| Net income                                                                                               | ​ | ​ | ​                      | $ | 44,685 | ​ | ​ | ​ | ​ | $ | 67,337 | ​ | ​ | ​ | ​ | $ | 8,664 |
| Adjustments to reconcile net income to net cash provided by operating activities:                        | ​ | ​ | ​                      | ​ |
| Deferred policy acquisition costs                                                                        | ​ | ​ | ​                      | ​ | (99,181) | ​ | ​ | ​ | ​ | ​ | (68,516) | ​ | ​ | ​ | ​ | ​ | (68,775) |
| Amortization of policy acquisition costs                                                                 | ​ | ​ | ​                      | ​ | 85,183 | ​ | ​ | ​ | ​ | ​ | 71,648 | ​ | ​ | ​ | ​ | ​ | 88,577 |
| Net realized investment losses (gains)                                                                   | ​ | ​ | ​                      | ​ | 1,336 | ​ | ​ | ​ | ​ | ​ | (12,619) | ​ | ​ | ​ | ​ | ​ | (8,915) |
| Impairment of intangible assets                                                                          | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,299 |
| Distributions from equity method investments                                                             | ​ | ​ | ​                      | ​ | 3,904 | ​ | ​ | ​ | ​ | ​ | 2,637 | ​ | ​ | ​ | ​ | ​ | — |
| (Income) loss from equity method investments                                                             | ​ | ​ | ​                      | ​ | (5,163) | ​ | ​ | ​ | ​ | ​ | (4,620) | ​ | ​ | ​ | ​ | ​ | 698 |
| Trading securities purchases, sales, and maturities, net                                                 | ​ | ​ | ​                      | ​ | 9,808 | ​ | ​ | ​ | ​ | ​ | 1,518 | ​ | ​ | ​ | ​ | ​ | (795) |
| Deferred U.S. income taxes                                                                               | ​ | ​ | ​                      | ​ | (3,761) | ​ | ​ | ​ | ​ | ​ | 2,481 | ​ | ​ | ​ | ​ | ​ | (3,732) |
| Provision for depreciation and amortization                                                              | ​ | ​ | ​                      | ​ | 2,760 | ​ | ​ | ​ | ​ | ​ | 3,567 | ​ | ​ | ​ | ​ | ​ | 3,186 |
| Share based compensation expense                                                                         | ​ | ​ | ​                      | ​ | 589 | ​ | ​ | ​ | ​ | ​ | 647 | ​ | ​ | ​ | ​ | ​ | 1,012 |
| Expense associated with bonus shares issued (Note 12)                                                    | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,665 |
| Change in operating assets and liabilities:                                                              | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Reserve for losses and loss adjustment expenses                                                          | ​ | ​ | ​                      | ​ | 69,844 | ​ | ​ | ​ | ​ | ​ | (63,269) | ​ | ​ | ​ | ​ | ​ | 143,766 |
| Unearned premiums                                                                                        | ​ | ​ | ​                      | ​ | 59,047 | ​ | ​ | ​ | ​ | ​ | (20,523) | ​ | ​ | ​ | ​ | ​ | 15,442 |
| Premiums receivable and agents’ balances                                                           | ​ | ​ | ​                      | ​ | (26,638) | ​ | ​ | ​ | ​ | ​ | 114,985 | ​ | ​ | ​ | ​ | ​ | (110,737) |
| Reinsurance balances                                                                                     | ​ | ​ | ​                      | ​ | (24,302) | ​ | ​ | ​ | ​ | ​ | 27,050 | ​ | ​ | ​ | ​ | ​ | (45,187) |
| Payable to insurance companies                                                                           | ​ | ​ | ​                      | ​ | (4,090) | ​ | ​ | ​ | ​ | ​ | (22,126) | ​ | ​ | ​ | ​ | ​ | 20,490 |
| Other                                                                                                    | ​ | ​ | ​                      | ​ | 16,372 | ​ | ​ | ​ | ​ | ​ | 5,441 | ​ | ​ | ​ | ​ | ​ | (1,266) |
| Net cash provided by operating activities                                                                | ​ | ​ | ​                      | ​ | 130,393 | ​ | ​ | ​ | ​ | ​ | 105,638 | ​ | ​ | ​ | ​ | ​ | 49,392 |
| Investing activities                                                                                     | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Securities available-for-sale:                                                                           | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Purchases – fixed maturity securities                                                              | ​ | ​ | ​                      | ​ | (161,951) | ​ | ​ | ​ | ​ | ​ | (226,292) | ​ | ​ | ​ | ​ | ​ | (255,459) |
| Purchases – equity securities                                                                      | ​ | ​ | ​                      | ​ | (8,133) | ​ | ​ | ​ | ​ | ​ | (16,207) | ​ | ​ | ​ | ​ | ​ | (16,684) |
| Sales – fixed maturity securities                                                                  | ​ | ​ | ​                      | ​ | 28,101 | ​ | ​ | ​ | ​ | ​ | 260,182 | ​ | ​ | ​ | ​ | ​ | 85,089 |
| Maturities and calls – fixed maturity securities                                                   | ​ | ​ | ​                      | ​ | 47,775 | ​ | ​ | ​ | ​ | ​ | 60,480 | ​ | ​ | ​ | ​ | ​ | 91,034 |
| Sales – equity securities                                                                          | ​ | ​ | ​                      | ​ | 16,612 | ​ | ​ | ​ | ​ | ​ | 1,127 | ​ | ​ | ​ | ​ | ​ | 42,148 |
| Bank loan participations:                                                                                | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Purchases                                                                                                | ​ | ​ | ​                      | ​ | (272,902) | ​ | ​ | ​ | ​ | ​ | (273,249) | ​ | ​ | ​ | ​ | ​ | (165,985) |
| Sales                                                                                                    | ​ | ​ | ​                      | ​ | 157,863 | ​ | ​ | ​ | ​ | ​ | 150,724 | ​ | ​ | ​ | ​ | ​ | 92,160 |
| Maturities                                                                                               | ​ | ​ | ​                      | ​ | 75,185 | ​ | ​ | ​ | ​ | ​ | 98,518 | ​ | ​ | ​ | ​ | ​ | 62,641 |
| Other invested asset – purchases                                                                   | ​ | ​ | ​                      | ​ | (6,800) | ​ | ​ | ​ | ​ | ​ | (16,525) | ​ | ​ | ​ | ​ | ​ | (13,198) |
| Other invested asset – return of capital                                                           | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | 246 | ​ | ​ | ​ | ​ | ​ | 577 |
| Other invested asset – disposals                                                                   | ​ | ​ | ​                      | ​ | 9,470 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — |
| Securities receivable or payable, net                                                                    | ​ | ​ | ​                      | ​ | 1,332 | ​ | ​ | ​ | ​ | ​ | 330 | ​ | ​ | ​ | ​ | ​ | (330) |
| Short-term investments, net                                                                              | ​ | ​ | ​                      | ​ | (60,338) | ​ | ​ | ​ | ​ | ​ | 8,130 | ​ | ​ | ​ | ​ | ​ | (22,867) |
| Other                                                                                                    | ​ | ​ | ​                      | ​ | (1,091) | ​ | ​ | ​ | ​ | ​ | (709) | ​ | ​ | ​ | ​ | ​ | (623) |
| Net cash provided by (used in) investing activities                                                      | ​ | ​ | ​                      | ​ | (174,877) | ​ | ​ | ​ | ​ | ​ | 46,755 | ​ | ​ | ​ | ​ | ​ | (101,497) |
| Financing activities                                                                                     | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Dividends paid                                                                                           | ​ | ​ | ​                      | ​ | (69,998) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — |
| Senior debt issuances                                                                                    | ​ | ​ | ​                      | ​ | 30,300 | ​ | ​ | ​ | ​ | ​ | 43,000 | ​ | ​ | ​ | ​ | ​ | — |
| Senior debt repayments                                                                                   | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | (20,000) | ​ | ​ | ​ | ​ | ​ | — |
| Common share repurchases                                                                                 | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | (110,760) | ​ | ​ | ​ | ​ | ​ | — |
| Non-Controlling Interest – Subsidiary common share repurchases (Note 12)                           | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | (529) | ​ | ​ | ​ | ​ | ​ | — |
| Other financing activities                                                                               | ​ | ​ | ​                      | ​ | (1,039) | ​ | ​ | ​ | ​ | ​ | (1,294) | ​ | ​ | ​ | ​ | ​ | (603) |
| Excess tax benefits from share option exercises                                                          | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,657 |
| Non-Controlling Interest – Withholding taxes on net exercise of subsidiary share options (Note 12) | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (1,951) |
| Withholding taxes paid on bonus shares issued (Note 12)                                                  | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (1,080) |
| Net cash used in financing activities                                                                    | ​ | ​ | ​                      | ​ | (40,737) | ​ | ​ | ​ | ​ | ​ | (89,583) | ​ | ​ | ​ | ​ | ​ | (1,977) |
| Change in cash and cash equivalents                                                                      | ​ | ​ | ​                      | ​ | (85,221) | ​ | ​ | ​ | ​ | ​ | 62,810 | ​ | ​ | ​ | ​ | ​ | (54,082) |
| Cash and cash equivalents at beginning of period                                                         | ​ | ​ | ​                      | ​ | 158,604 | ​ | ​ | ​ | ​ | ​ | 95,794 | ​ | ​ | ​ | ​ | ​ | 149,876 |
| Cash and cash equivalents at end of period                                                               | ​ | ​ | ​                      | $ | 73,383 | ​ | ​ | ​ | ​ | $ | 158,604 | ​ | ​ | ​ | ​ | $ | 95,794 |
| Supplemental information                                                                                 | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| U.S. income taxes paid, net of refunds                                                                   | ​ | ​ | ​                      | $ | 7,933 | ​ | ​ | ​ | ​ | $ | 5,820 | ​ | ​ | ​ | ​ | $ | 3,972 |
| Interest paid                                                                                            | ​ | ​ | ​                      | $ | 6,682 | ​ | ​ | ​ | ​ | $ | 7,625 | ​ | ​ | ​ | ​ | $ | 9,631 |
| ​                                                                                                  |

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                                 | ​ | ​ | Income(Numerator)                     | ​ | ​ | Weighted-AverageCommon Shares(Denominator) | ​ | ​ | EarningsPer Share | ​ |
|---------------------------------------------------------|---------|---------|---------------------------------------|---------|---------|--------------------------------------------|---------|---------|-------------------|---------|
| ​                                                 | ​ | ​ | (in thousands, except per share data) | ​ |
| Year ended December 31, 2014                       | ​ | ​ | ​                               | ​ |
| Basic                                                   | ​ | ​ | ​                               | $       | 44,685  | ​                                    | ​ | ​ | ​           | ​ | 28,540,350 | ​ | ​ | ​ | ​ | $ | 1.57 | ​ | ​ |
| Common share equivalents                                | ​ | ​ | ​                               | ​ | — | ​                                    | ​ | ​ | ​           | ​ | 269,951 | ​ | ​ | ​ | ​ | ​ | (0.02) | ​ | ​ |
| Diluted                                                 | ​ | ​ | ​                               | $       | 44,685  | ​                                    | ​ | ​ | ​           | ​ | 28,810,301 | ​ | ​ | ​ | ​ | $ | 1.55 | ​ | ​ |
| Year ended December 31, 2013                       | ​ | ​ | ​                               | ​ |
| Basic                                                   | ​ | ​ | ​                               | $       | 67,337  | ​                                    | ​ | ​ | ​           | ​ | 30,442,950 | ​ | ​ | ​ | ​ | $ | 2.21 | ​ | ​ |
| Common share equivalents                                | ​ | ​ | ​                               | ​ | — | ​                                    | ​ | ​ | ​           | ​ | 57,850 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Diluted                                                 | ​ | ​ | ​                               | $       | 67,337  | ​                                    | ​ | ​ | ​           | ​ | 30,500,800 | ​ | ​ | ​ | ​ | $ | 2.21 | ​ | ​ |
| Year ended December 31, 2012                       | ​ | ​ | ​                               | ​ |
| Basic                                                   | ​ | ​ | ​                               | $       | 8,664   | ​                                    | ​ | ​ | ​           | ​ | 35,733,350 | ​ | ​ | ​ | ​ | $ | 0.24 | ​ | ​ |
| Effect of non-controlling interest securities (Note 12) | ​ | ​ | ​                               | ​ | (121)   | ​                                    | ​ | ​ | ​           | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Diluted                                                 | ​ | ​ | ​                               | $       | 8,543   | ​                                    | ​ | ​ | ​           | ​ | 35,733,350 | ​ | ​ | ​ | ​ | $ | 0.24 | ​ | ​ |
| ​                                                 |

----

TABLE OF CONTENTS

| ​                                                                    | ​ | ​ | Cost orAmortizedCost | ​ | ​ | GrossUnrealizedGains | ​ | ​ | GrossUnrealizedLosses | ​ | ​ | FairValue |
|----------------------------------------------------------------------------|---------|---------|----------------------|---------|---------|----------------------|---------|---------|-----------------------|---------|---------|-----------|
| ​                                                                    | ​ | ​ | (in thousands)       |
| December 31, 2014                                                     | ​ | ​ | ​              | ​ | ​ |
| Fixed maturity securities:                                                 | ​ | ​ | ​              | ​ | ​ |
| State and municipal                                                        | ​ | ​ | ​              | $       | 90,715  | ​              | ​ | ​ | ​               | $       | 8,509   | ​   | ​ | ​ | ​ | $ | (178) | ​ | ​ | ​ | ​ | $ | 99,046 |
| Residential mortgage-backed                                                | ​ | ​ | ​              | ​ | 113,997 | ​              | ​ | ​ | ​               | ​ | 2,661   | ​   | ​ | ​ | ​ | ​ | (1,409) | ​ | ​ | ​ | ​ | ​ | 115,249 |
| Corporate                                                                  | ​ | ​ | ​              | ​ | 261,574 | ​              | ​ | ​ | ​               | ​ | 8,742   | ​   | ​ | ​ | ​ | ​ | (2,434) | ​ | ​ | ​ | ​ | ​ | 267,882 |
| Commercial mortgage and asset-backed                                       | ​ | ​ | ​              | ​ | 111,056 | ​              | ​ | ​ | ​               | ​ | 2,429   | ​   | ​ | ​ | ​ | ​ | (144) | ​ | ​ | ​ | ​ | ​ | 113,341 |
| Obligations of U.S. government corporations and agencies                   | ​ | ​ | ​              | ​ | 100,376 | ​              | ​ | ​ | ​               | ​ | 1,431   | ​   | ​ | ​ | ​ | ​ | (532) | ​ | ​ | ​ | ​ | ​ | 101,275 |
| U.S. Treasury securities and obligations guaranteed by the U.S. government | ​ | ​ | ​              | ​ | 58,173  | ​              | ​ | ​ | ​               | ​ | 289     | ​   | ​ | ​ | ​ | ​ | (193) | ​ | ​ | ​ | ​ | ​ | 58,269 |
| Redeemable preferred stock                                                 | ​ | ​ | ​              | ​ | 2,025   | ​              | ​ | ​ | ​               | ​ | — | ​   | ​ | ​ | ​ | ​ | (124) | ​ | ​ | ​ | ​ | ​ | 1,901 |
| Total fixed maturity securities                                            | ​ | ​ | ​              | ​ | 737,916 | ​              | ​ | ​ | ​               | ​ | 24,061  | ​   | ​ | ​ | ​ | ​ | (5,014) | ​ | ​ | ​ | ​ | ​ | 756,963 |
| Equity securities                                                          | ​ | ​ | ​              | ​ | 64,348  | ​              | ​ | ​ | ​               | ​ | 5,182   | ​   | ​ | ​ | ​ | ​ | (1,625) | ​ | ​ | ​ | ​ | ​ | 67,905 |
| Total investments available-for-sale                                       | ​ | ​ | ​              | $       | 802,264 | ​              | ​ | ​ | ​               | $       | 29,243  | ​   | ​ | ​ | ​ | $ | (6,639) | ​ | ​ | ​ | ​ | $ | 824,868 |
| December 31, 2013                                                     | ​ | ​ | ​              | ​ | ​ |
| Fixed maturity securities:                                                 | ​ | ​ | ​              | ​ | ​ |
| State and municipal                                                        | ​ | ​ | ​              | $       | 74,678  | ​              | ​ | ​ | ​               | $       | 3,903   | ​   | ​ | ​ | ​ | $ | (2,435) | ​ | ​ | ​ | ​ | $ | 76,146 |
| Residential mortgage-backed                                                | ​ | ​ | ​              | ​ | 101,352 | ​              | ​ | ​ | ​               | ​ | 2,119   | ​   | ​ | ​ | ​ | ​ | (4,902) | ​ | ​ | ​ | ​ | ​ | 98,569 |
| Corporate                                                                  | ​ | ​ | ​              | ​ | 245,139 | ​              | ​ | ​ | ​               | ​ | 8,576   | ​   | ​ | ​ | ​ | ​ | (2,198) | ​ | ​ | ​ | ​ | ​ | 251,517 |
| Commercial mortgage and asset-backed                                       | ​ | ​ | ​              | ​ | 81,054  | ​              | ​ | ​ | ​               | ​ | 3,000   | ​   | ​ | ​ | ​ | ​ | (89) | ​ | ​ | ​ | ​ | ​ | 83,965 |
| Obligations of U.S. government corporations and agencies                   | ​ | ​ | ​              | ​ | 104,153 | ​              | ​ | ​ | ​               | ​ | 1,944   | ​   | ​ | ​ | ​ | ​ | (1,136) | ​ | ​ | ​ | ​ | ​ | 104,961 |
| U.S. Treasury securities and obligations guaranteed by the U.S. government | ​ | ​ | ​              | ​ | 46,435  | ​              | ​ | ​ | ​               | ​ | 339     | ​   | ​ | ​ | ​ | ​ | (463) | ​ | ​ | ​ | ​ | ​ | 46,311 |
| Redeemable preferred stock                                                 | ​ | ​ | ​              | ​ | 2,025   | ​              | ​ | ​ | ​               | ​ | — | ​   | ​ | ​ | ​ | ​ | (376) | ​ | ​ | ​ | ​ | ​ | 1,649 |
| Total fixed maturity securities                                            | ​ | ​ | ​              | ​ | 654,836 | ​              | ​ | ​ | ​               | ​ | 19,881  | ​   | ​ | ​ | ​ | ​ | (11,599) | ​ | ​ | ​ | ​ | ​ | 663,118 |
| Equity securities                                                          | ​ | ​ | ​              | ​ | 67,129  | ​              | ​ | ​ | ​               | ​ | 2,140   | ​   | ​ | ​ | ​ | ​ | (2,462) | ​ | ​ | ​ | ​ | ​ | 66,807 |
| Total investments available-for-sale                                       | ​ | ​ | ​              | $       | 721,965 | ​              | ​ | ​ | ​               | $       | 22,021  | ​   | ​ | ​ | ​ | $ | (14,061) | ​ | ​ | ​ | ​ | $ | 729,925 |
| ​                                                                    |
| ​                              | ​ | ​ | AmortizedCost  | ​ | ​ | FairValue |
|--------------------------------------|---------|---------|----------------|---------|---------|-----------|
| ​                              | ​ | ​ | (in thousands) |
| One year or less                     | ​ | ​ | ​        | $       | 37,479  | ​   | ​ | ​ | ​ | $ | 37,683 |
| After one year through five years    | ​ | ​ | ​        | ​ | 291,559 | ​   | ​ | ​ | ​ | ​ | 293,875 |
| After five years through ten years   | ​ | ​ | ​        | ​ | 58,652  | ​   | ​ | ​ | ​ | ​ | 62,530 |
| After ten years                      | ​ | ​ | ​        | ​ | 123,148 | ​   | ​ | ​ | ​ | ​ | 132,384 |
| Residential mortgage-backed          | ​ | ​ | ​        | ​ | 113,997 | ​   | ​ | ​ | ​ | ​ | 115,249 |
| Commercial mortgage and asset-backed | ​ | ​ | ​        | ​ | 111,056 | ​   | ​ | ​ | ​ | ​ | 113,341 |
| Redeemable preferred stock           | ​ | ​ | ​        | ​ | 2,025   | ​   | ​ | ​ | ​ | ​ | 1,901 |
| Total                                | ​ | ​ | ​        | $       | 737,916 | ​   | ​ | ​ | ​ | $ | 756,963 |
| ​                              |

----

TABLE OF CONTENTS

| ​                                                                    | ​ | ​ | Less Than 12 Months | ​ | ​ | 12 Months or More     | ​ | ​ | Total     | ​ |
|----------------------------------------------------------------------------|---------|---------|---------------------|---------|---------|-----------------------|---------|---------|-----------|---------|
| ​                                                                    | ​ | ​ | FairValue           | ​ | ​ | GrossUnrealizedLosses | ​ | ​ | FairValue | ​ | ​ | GrossUnrealizedLosses | ​ | ​ | FairValue | ​ | ​ | GrossUnrealizedLosses | ​ |
| ​                                                                    | ​ | ​ | (in thousands)      | ​ |
| December 31, 2014                                                     | ​ | ​ | ​             | ​ | ​ | ​               | ​ |
| Fixed maturity securities:                                                 | ​ | ​ | ​             | ​ | ​ | ​               | ​ |
| State and municipal                                                        | ​ | ​ | ​             | $       | 3,197   | ​               | ​ | ​ | ​   | $       | (176) | ​ | ​ | ​ | ​ | $ | 247 | ​ | ​ | ​ | ​ | $ | (2) | ​ | ​ | ​ | ​ | $ | 3,444 | ​ | ​ | ​ | ​ | $ | (178) | ​ | ​ |
| Residential mortgage-backed                                                | ​ | ​ | ​             | ​ | 2,072   | ​               | ​ | ​ | ​   | ​ | (2) | ​ | ​ | ​ | ​ | ​ | 47,594 | ​ | ​ | ​ | ​ | ​ | (1,407) | ​ | ​ | ​ | ​ | ​ | 49,666 | ​ | ​ | ​ | ​ | ​ | (1,409) | ​ | ​ |
| Corporate                                                                  | ​ | ​ | ​             | ​ | 25,885  | ​               | ​ | ​ | ​   | ​ | (235) | ​ | ​ | ​ | ​ | ​ | 22,353 | ​ | ​ | ​ | ​ | ​ | (2,199) | ​ | ​ | ​ | ​ | ​ | 48,238 | ​ | ​ | ​ | ​ | ​ | (2,434) | ​ | ​ |
| Commercial mortgage and asset-backed                                       | ​ | ​ | ​             | ​ | 23,894  | ​               | ​ | ​ | ​   | ​ | (118) | ​ | ​ | ​ | ​ | ​ | 8,742 | ​ | ​ | ​ | ​ | ​ | (26) | ​ | ​ | ​ | ​ | ​ | 32,636 | ​ | ​ | ​ | ​ | ​ | (144) | ​ | ​ |
| Obligations of U.S. government corporations and agencies                   | ​ | ​ | ​             | ​ | 202     | ​               | ​ | ​ | ​   | ​ | — | ​ | ​ | ​ | ​ | ​ | 48,029 | ​ | ​ | ​ | ​ | ​ | (532) | ​ | ​ | ​ | ​ | ​ | 48,231 | ​ | ​ | ​ | ​ | ​ | (532) | ​ | ​ |
| U.S. Treasury securities and obligations guaranteed by the U.S. government | ​ | ​ | ​             | ​ | 13,055  | ​               | ​ | ​ | ​   | ​ | (24) | ​ | ​ | ​ | ​ | ​ | 19,383 | ​ | ​ | ​ | ​ | ​ | (169) | ​ | ​ | ​ | ​ | ​ | 32,438 | ​ | ​ | ​ | ​ | ​ | (193) | ​ | ​ |
| Redeemable preferred stock                                                 | ​ | ​ | ​             | ​ | — | ​               | ​ | ​ | ​   | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,901 | ​ | ​ | ​ | ​ | ​ | (124) | ​ | ​ | ​ | ​ | ​ | 1,901 | ​ | ​ | ​ | ​ | ​ | (124) | ​ | ​ |
| Total fixed maturity securities                                            | ​ | ​ | ​             | ​ | 68,305  | ​               | ​ | ​ | ​   | ​ | (555) | ​ | ​ | ​ | ​ | ​ | 148,249 | ​ | ​ | ​ | ​ | ​ | (4,459) | ​ | ​ | ​ | ​ | ​ | 216,554 | ​ | ​ | ​ | ​ | ​ | (5,014) | ​ | ​ |
| Equity securities                                                          | ​ | ​ | ​             | ​ | 1,361   | ​               | ​ | ​ | ​   | ​ | (205) | ​ | ​ | ​ | ​ | ​ | 10,621 | ​ | ​ | ​ | ​ | ​ | (1,420) | ​ | ​ | ​ | ​ | ​ | 11,982 | ​ | ​ | ​ | ​ | ​ | (1,625) | ​ | ​ |
| Total investments available-for-sale                                       | ​ | ​ | ​             | $       | 69,666  | ​               | ​ | ​ | ​   | $       | (760) | ​ | ​ | ​ | ​ | $ | 158,870 | ​ | ​ | ​ | ​ | $ | (5,879) | ​ | ​ | ​ | ​ | $ | 228,536 | ​ | ​ | ​ | ​ | $ | (6,639) | ​ | ​ |
| December 31, 2013                                                     | ​ | ​ | ​             | ​ | ​ | ​               | ​ |
| Fixed maturity securities:                                                 | ​ | ​ | ​             | ​ | ​ | ​               | ​ |
| State and municipal                                                        | ​ | ​ | ​             | $       | 12,913  | ​               | ​ | ​ | ​   | $       | (780) | ​ | ​ | ​ | ​ | $ | 3,129 | ​ | ​ | ​ | ​ | $ | (1,655) | ​ | ​ | ​ | ​ | $ | 16,042 | ​ | ​ | ​ | ​ | $ | (2,435) | ​ | ​ |
| Residential mortgage-backed                                                | ​ | ​ | ​             | ​ | 46,210  | ​               | ​ | ​ | ​   | ​ | (3,087) | ​ | ​ | ​ | ​ | ​ | 16,783 | ​ | ​ | ​ | ​ | ​ | (1,815) | ​ | ​ | ​ | ​ | ​ | 62,993 | ​ | ​ | ​ | ​ | ​ | (4,902) | ​ | ​ |
| Corporate                                                                  | ​ | ​ | ​             | ​ | 45,624  | ​               | ​ | ​ | ​   | ​ | (1,692) | ​ | ​ | ​ | ​ | ​ | 1,924 | ​ | ​ | ​ | ​ | ​ | (506) | ​ | ​ | ​ | ​ | ​ | 47,548 | ​ | ​ | ​ | ​ | ​ | (2,198) | ​ | ​ |
| Commercial mortgage and asset-backed                                       | ​ | ​ | ​             | ​ | 39,497  | ​               | ​ | ​ | ​   | ​ | (89) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 39,497 | ​ | ​ | ​ | ​ | ​ | (89) | ​ | ​ |
| Obligations of U.S. government corporations and agencies                   | ​ | ​ | ​             | ​ | 51,686  | ​               | ​ | ​ | ​   | ​ | (1,136) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 51,686 | ​ | ​ | ​ | ​ | ​ | (1,136) | ​ | ​ |
| U.S. Treasury securities and obligations guaranteed by the U.S. government | ​ | ​ | ​             | ​ | 31,219  | ​               | ​ | ​ | ​   | ​ | (463) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 31,219 | ​ | ​ | ​ | ​ | ​ | (463) | ​ | ​ |
| Redeemable preferred stock                                                 | ​ | ​ | ​             | ​ | 1,649   | ​               | ​ | ​ | ​   | ​ | (376) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,649 | ​ | ​ | ​ | ​ | ​ | (376) | ​ | ​ |
| Total fixed maturity securities                                            | ​ | ​ | ​             | ​ | 228,798 | ​               | ​ | ​ | ​   | ​ | (7,623) | ​ | ​ | ​ | ​ | ​ | 21,836 | ​ | ​ | ​ | ​ | ​ | (3,976) | ​ | ​ | ​ | ​ | ​ | 250,634 | ​ | ​ | ​ | ​ | ​ | (11,599) | ​ | ​ |
| Equity securities                                                          | ​ | ​ | ​             | ​ | 26,339  | ​               | ​ | ​ | ​   | ​ | (2,462) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 26,339 | ​ | ​ | ​ | ​ | ​ | (2,462) | ​ | ​ |
| Total investments available-for-sale                                       | ​ | ​ | ​             | $       | 255,137 | ​               | ​ | ​ | ​   | $       | (10,085) | ​ | ​ | ​ | ​ | $ | 21,836 | ​ | ​ | ​ | ​ | $ | (3,976) | ​ | ​ | ​ | ​ | $ | 276,973 | ​ | ​ | ​ | ​ | $ | (14,061) | ​ | ​ |
| ​                                                                    |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                            | ​ | ​ | Year Ended December 31, |
|----------------------------------------------------|---------|---------|------------------------------|
| ​                                            | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                            | ​ | ​ | (in thousands)               |
| Fixed maturity securities                          | ​ | ​ | ​                      | $ | 22,861 | ​ | ​ | ​ | ​ | $ | 24,896 | ​ | ​ | ​ | ​ | $ | 31,330 |
| Bank loan participations                           | ​ | ​ | ​                      | ​ | 13,809 | ​ | ​ | ​ | ​ | ​ | 14,406 | ​ | ​ | ​ | ​ | ​ | 13,677 |
| Equity securities                                  | ​ | ​ | ​                      | ​ | 4,103 | ​ | ​ | ​ | ​ | ​ | 4,308 | ​ | ​ | ​ | ​ | ​ | 3,062 |
| Other invested assets                              | ​ | ​ | ​                      | ​ | 5,690 | ​ | ​ | ​ | ​ | ​ | 5,123 | ​ | ​ | ​ | ​ | ​ | (674) |
| Cash, cash equivalents, and short-term investments | ​ | ​ | ​                      | ​ | 116 | ​ | ​ | ​ | ​ | ​ | 120 | ​ | ​ | ​ | ​ | ​ | 214 |
| Trading losses                                     | ​ | ​ | ​                      | ​ | (32) | ​ | ​ | ​ | ​ | ​ | (226) | ​ | ​ | ​ | ​ | ​ | (110) |
| Gross investment income                            | ​ | ​ | ​                      | ​ | 46,547 | ​ | ​ | ​ | ​ | ​ | 48,627 | ​ | ​ | ​ | ​ | ​ | 47,499 |
| Investment expense                                 | ​ | ​ | ​                      | ​ | (3,542) | ​ | ​ | ​ | ​ | ​ | (3,254) | ​ | ​ | ​ | ​ | ​ | (3,202) |
| Net investment income                              | ​ | ​ | ​                      | $ | 43,005 | ​ | ​ | ​ | ​ | $ | 45,373 | ​ | ​ | ​ | ​ | $ | 44,297 |
| ​                                            |

----

TABLE OF CONTENTS

| ​                           | ​ | ​ | Year Ended December 31, |
|-----------------------------------|---------|---------|------------------------------|
| ​                           | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                           | ​ | ​ | (in thousands)               |
| Fixed maturity securities:        | ​ | ​ | ​                      | ​ |
| Gross realized gains              | ​ | ​ | ​                      | $ | 522 | ​ | ​ | ​ | ​ | $ | 14,347 | ​ | ​ | ​ | ​ | $ | 4,584 |
| Gross realized losses             | ​ | ​ | ​                      | ​ | (1,502) | ​ | ​ | ​ | ​ | ​ | (2,823) | ​ | ​ | ​ | ​ | ​ | (969) |
| ​                           | ​ | ​ | ​                      | ​ | (980) | ​ | ​ | ​ | ​ | ​ | 11,524 | ​ | ​ | ​ | ​ | ​ | 3,615 |
| Equity securities:                | ​ | ​ | ​                      | ​ |
| Gross realized gains              | ​ | ​ | ​                      | ​ | 88 | ​ | ​ | ​ | ​ | ​ | 13 | ​ | ​ | ​ | ​ | ​ | 4,506 |
| Gross realized losses             | ​ | ​ | ​                      | ​ | (842) | ​ | ​ | ​ | ​ | ​ | (804) | ​ | ​ | ​ | ​ | ​ | (399) |
| ​                           | ​ | ​ | ​                      | ​ | (754) | ​ | ​ | ​ | ​ | ​ | (791) | ​ | ​ | ​ | ​ | ​ | 4,107 |
| Bank loan participations:         | ​ | ​ | ​                      | ​ |
| Gross realized gains              | ​ | ​ | ​                      | ​ | 2,178 | ​ | ​ | ​ | ​ | ​ | 2,549 | ​ | ​ | ​ | ​ | ​ | 2,757 |
| Gross realized losses             | ​ | ​ | ​                      | ​ | (1,211) | ​ | ​ | ​ | ​ | ​ | (675) | ​ | ​ | ​ | ​ | ​ | (1,435) |
| ​                           | ​ | ​ | ​                      | ​ | 967 | ​ | ​ | ​ | ​ | ​ | 1,874 | ​ | ​ | ​ | ​ | ​ | 1,322 |
| Short-term investments and other: | ​ | ​ | ​                      | ​ |
| Gross realized gains              | ​ | ​ | ​                      | ​ | 1,371 | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ | ​ | ​ | ​ | — |
| Gross realized losses             | ​ | ​ | ​                      | ​ | (1,940) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (129) |
| ​                           | ​ | ​ | ​                      | ​ | (569) | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ | ​ | ​ | ​ | (129) |
| Total                             | ​ | ​ | ​                      | $ | (1,336) | ​ | ​ | ​ | ​ | $ | 12,619 | ​ | ​ | ​ | ​ | $ | 8,915 |
| ​                           |
| ​                                    | ​ | ​ | Year Ended December 31, |
|--------------------------------------------|---------|---------|------------------------------|
| ​                                    | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                    | ​ | ​ | (in thousands)               |
| Change in gross unrealized gains (losses): | ​ | ​ | ​                      | ​ |
| Fixed maturity securities                  | ​ | ​ | ​                      | $ | 10,765 | ​ | ​ | ​ | ​ | $ | (41,677) | ​ | ​ | ​ | ​ | $ | 13,384 |
| Equity securities                          | ​ | ​ | ​                      | ​ | 3,879 | ​ | ​ | ​ | ​ | ​ | (6,281) | ​ | ​ | ​ | ​ | ​ | 2,054 |
| Total                                      | ​ | ​ | ​                      | $ | 14,644 | ​ | ​ | ​ | ​ | $ | (47,958) | ​ | ​ | ​ | ​ | $ | 15,438 |
| ​                                    |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​     | ​ | ​ | As of and for the Year Ended December 31, | ​ | ​ |
|-------------|---------|---------|------------------------------------------------|---------|---------|
| ​     | ​ | ​ | 2014                                           | ​ | ​ | 2013 | ​ | ​ |
| ​     | ​ | ​ | (in thousands)                                 | ​ |
| Assets      | ​ | ​ | ​                                        | $       | 229,394 | ​ | ​ | ​ | ​ | $ | 176,514 | ​ | ​ | ​ |
| Liabilities | ​ | ​ | ​                                        | ​ | 1,971   | ​ | ​ | ​ | ​ | ​ | 1,080 | ​ | ​ | ​ |
| Equity      | ​ | ​ | ​                                        | ​ | 227,423 | ​ | ​ | ​ | ​ | ​ | 175,434 | ​ | ​ | ​ |
| Revenue     | ​ | ​ | ​                                        | ​ | 12,631  | ​ | ​ | ​ | ​ | ​ | 19,833 | ​ | ​ | ​ |
| Expenses    | ​ | ​ | ​                                        | ​ | 1,855   | ​ | ​ | ​ | ​ | ​ | 4,235 | ​ | ​ | ​ |
| Net income  | ​ | ​ | ​                                        | ​ | 10,776  | ​ | ​ | ​ | ​ | ​ | 15,598 | ​ | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                  | ​ | ​ | Year Ended December 31, |
|------------------------------------------|---------|---------|------------------------------|
| ​                                  | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                  | ​ | ​ | (in thousands)               |
| Balance at beginning of period           | ​ | ​ | ​                      | $ | 46,204 | ​ | ​ | ​ | ​ | $ | 49,336 | ​ | ​ | ​ | ​ | $ | 69,138 |
| Policy acquisition costs deferred:       | ​ | ​ | ​                      | ​ |
| Commissions                              | ​ | ​ | ​                      | ​ | 93,646 | ​ | ​ | ​ | ​ | ​ | 63,958 | ​ | ​ | ​ | ​ | ​ | 64,185 |
| Underwriting and other issue expenses    | ​ | ​ | ​                      | ​ | 5,535 | ​ | ​ | ​ | ​ | ​ | 4,558 | ​ | ​ | ​ | ​ | ​ | 4,590 |
| ​                                  | ​ | ​ | ​                      | ​ | 99,181 | ​ | ​ | ​ | ​ | ​ | 68,516 | ​ | ​ | ​ | ​ | ​ | 68,775 |
| Amortization of policy acquisition costs | ​ | ​ | ​                      | ​ | (85,183) | ​ | ​ | ​ | ​ | ​ | (71,648) | ​ | ​ | ​ | ​ | ​ | (88,577) |
| Net change                               | ​ | ​ | ​                      | ​ | 13,998 | ​ | ​ | ​ | ​ | ​ | (3,132) | ​ | ​ | ​ | ​ | ​ | (19,802) |
| Balance at end of period                 | ​ | ​ | ​                      | $ | 60,202 | ​ | ​ | ​ | ​ | $ | 46,204 | ​ | ​ | ​ | ​ | $ | 49,336 |
| ​                                  |

----

TABLE OF CONTENTS

| ​                                                | ​             | ​ | Weighted-AverageLife(Years) | ​                 | ​ | December 31, | ​             |
|--------------------------------------------------------|---------------------|---------|-----------------------------|-------------------------|---------|-------------------|---------------------|
| ​                                                | 2014                | ​ | ​                     | 2013                    | ​ |
| ​                                                | GrossCarryingAmount | ​ | ​                     | AccumulatedAmortization | ​ | ​           | GrossCarryingAmount | ​ | ​ | AccumulatedAmortization | ​ |
| ​                                                | ​             | ​ | ​                     | ​                 | ​ | (in thousands)    | ​             |
| Trademarks                                             | ​             | ​ | Indefinite                  | ​                 | ​ | ​           | $                   | 22,200 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 22,200 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Insurance licenses and authorities                     | ​             | ​ | Indefinite                  | ​                 | ​ | ​           | ​             | 9,164 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 9,164 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Identifiable intangibles not subject to amortization   | ​             | ​ | ​                     | ​                 | ​ | ​           | ​             | 31,364 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 31,364 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Broker relationships                                   | ​             | ​ | 24.6                        | ​                 | ​ | ​           | ​             | 11,611 | ​ | ​ | ​ | ​ | ​ | 2,850 | ​ | ​ | ​ | ​ | ​ | 11,611 | ​ | ​ | ​ | ​ | ​ | 2,253 | ​ | ​ |
| Identifiable intangible assets subject to amortization | ​             | ​ | ​                     | ​                 | ​ | ​           | ​             | 11,611 | ​ | ​ | ​ | ​ | ​ | 2,850 | ​ | ​ | ​ | ​ | ​ | 11,611 | ​ | ​ | ​ | ​ | ​ | 2,253 | ​ | ​ |
| ​                                                | ​             | ​ | ​                     | ​                 | ​ | ​           | $                   | 42,975 | ​ | ​ | ​ | ​ | $ | 2,850 | ​ | ​ | ​ | ​ | $ | 42,975 | ​ | ​ | ​ | ​ | $ | 2,253 | ​ | ​ |
| ​                                                |
| ​ | 2015       | ​ | ​ | ​ | $       | 597   |
|---------|------------|---------|---------|---------|---------|-------|
| ​ | 2016       | ​ | ​ | ​ | ​ | 597   |
| ​ | 2017       | ​ | ​ | ​ | ​ | 597   |
| ​ | 2018       | ​ | ​ | ​ | ​ | 597   |
| ​ | 2019       | ​ | ​ | ​ | ​ | 597   |
| ​ | Thereafter | ​ | ​ | ​ | ​ | 5,776 |
| ​ | Total      | ​ | ​ | ​ | $       | 8,761 |
| ​ |
| ​                              | ​ | ​ | December 31,2013Net CarryingValue | ​ | ​ | Amortization | ​ | ​ | ImpairmentLosses | ​ | ​ | December 31,2014Net CarryingValue | ​ |
|--------------------------------------|---------|---------|----------------------------------------|---------|---------|--------------|---------|---------|------------------|---------|---------|----------------------------------------|---------|
| ​                              | ​ | ​ | (in thousands)                         | ​ |
| Excess and Surplus Lines             | ​ | ​ | ​                                | ​ | ​ |
| Trademarks                           | ​ | ​ | ​                                | $       | 19,700  | ​      | ​ | ​ | ​          | $       | — | ​                                | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 19,700 | ​ | ​ |
| Insurance licenses and authorities   | ​ | ​ | ​                                | ​ | 4,900   | ​      | ​ | ​ | ​          | ​ | — | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,900 | ​ | ​ |
| Broker relationships                 | ​ | ​ | ​                                | ​ | 7,775   | ​      | ​ | ​ | ​          | ​ | (362)   | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 7,413 | ​ | ​ |
| ​                              | ​ | ​ | ​                                | ​ | 32,375  | ​      | ​ | ​ | ​          | ​ | (362)   | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 32,013 | ​ | ​ |
| Specialty Admitted Insurance         | ​ | ​ | ​                                | ​ | ​ |
| Trademarks                           | ​ | ​ | ​                                | ​ | 2,500   | ​      | ​ | ​ | ​          | ​ | — | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,500 | ​ | ​ |
| Insurance licenses and authorities   | ​ | ​ | ​                                | ​ | 4,265   | ​      | ​ | ​ | ​          | ​ | — | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,265 | ​ | ​ |
| Broker relationships                 | ​ | ​ | ​                                | ​ | 1,582   | ​      | ​ | ​ | ​          | ​ | (235)   | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,347 | ​ | ​ |
| ​                              | ​ | ​ | ​                                | ​ | 8,347   | ​      | ​ | ​ | ​          | ​ | (235)   | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 8,112 | ​ | ​ |
| Total identifiable intangible assets | ​ | ​ | ​                                | $       | 40,722  | ​      | ​ | ​ | ​          | $       | (597)   | ​                                | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 40,125 | ​ | ​ |
| ​                              |

----

TABLE OF CONTENTS

| ​                              | ​ | ​ | December 31,2012Net CarryingValue | ​ | ​ | Amortization | ​ | ​ | ImpairmentLosses | ​ | ​ | December 31,2013Net CarryingValue | ​ |
|--------------------------------------|---------|---------|----------------------------------------|---------|---------|--------------|---------|---------|------------------|---------|---------|----------------------------------------|---------|
| ​                              | ​ | ​ | (in thousands)                         | ​ |
| Excess and Surplus Lines             | ​ | ​ | ​                                | ​ | ​ |
| Trademarks                           | ​ | ​ | ​                                | $       | 19,700  | ​      | ​ | ​ | ​          | $       | — | ​                                | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 19,700 | ​ | ​ |
| Insurance licenses and authorities   | ​ | ​ | ​                                | ​ | 4,900   | ​      | ​ | ​ | ​          | ​ | — | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,900 | ​ | ​ |
| Customer relationships               | ​ | ​ | ​                                | ​ | 1,940   | ​      | ​ | ​ | ​          | ​ | (1,940) | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Broker relationships                 | ​ | ​ | ​                                | ​ | 8,137   | ​      | ​ | ​ | ​          | ​ | (362)   | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 7,775 | ​ | ​ |
| ​                              | ​ | ​ | ​                                | ​ | 34,677  | ​      | ​ | ​ | ​          | ​ | (2,302) | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 32,375 | ​ | ​ |
| Specialty Admitted Insurance         | ​ | ​ | ​                                | ​ | ​ |
| Trademarks                           | ​ | ​ | ​                                | ​ | 2,500   | ​      | ​ | ​ | ​          | ​ | — | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,500 | ​ | ​ |
| Insurance licenses and authorities   | ​ | ​ | ​                                | ​ | 4,265   | ​      | ​ | ​ | ​          | ​ | — | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,265 | ​ | ​ |
| Broker relationships                 | ​ | ​ | ​                                | ​ | 1,750   | ​      | ​ | ​ | ​          | ​ | (168)   | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,582 | ​ | ​ |
| ​                              | ​ | ​ | ​                                | ​ | 8,515   | ​      | ​ | ​ | ​          | ​ | (168)   | ​                                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 8,347 | ​ | ​ |
| Total identifiable intangible assets | ​ | ​ | ​                                | $       | 43,192  | ​      | ​ | ​ | ​          | $       | (2,470) | ​                                | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 40,722 | ​ | ​ |
| ​                              |
| ​                                                                                            | ​ | ​ | December 31, | ​ |
|----------------------------------------------------------------------------------------------------|---------|---------|-------------------|---------|
| ​                                                                                            | ​ | ​ | 2014              | ​ | ​ | 2013 | ​ |
| ​                                                                                            | ​ | ​ | (in thousands)    | ​ |
| Building, leased for which the Company has been deemed the owner for accounting purposes (Note 22) | ​ | ​ | ​           | $       | 29,917 | ​ | ​ | ​ | ​ | $ | 29,907 | ​ | ​ |
| Electronic data processing hardware and software                                                   | ​ | ​ | ​           | ​ | 3,353 | ​ | ​ | ​ | ​ | ​ | 2,501 | ​ | ​ |
| Furniture and equipment                                                                            | ​ | ​ | ​           | ​ | 1,893 | ​ | ​ | ​ | ​ | ​ | 1,693 | ​ | ​ |
| Property and equipment, cost basis                                                                 | ​ | ​ | ​           | ​ | 35,163 | ​ | ​ | ​ | ​ | ​ | 34,101 | ​ | ​ |
| Accumulated depreciation                                                                           | ​ | ​ | ​           | ​ | (10,186) | ​ | ​ | ​ | ​ | ​ | (8,536) | ​ | ​ |
| Property and equipment, net                                                                        | ​ | ​ | ​           | $       | 24,977 | ​ | ​ | ​ | ​ | $ | 25,565 | ​ | ​ |
| ​                                                                                            |

----

TABLE OF CONTENTS

| ​                                                                                                                                          | ​ | ​ | Year Ended December 31, |
|--------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                                                                                                          | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                                                                                                                          | ​ | ​ | (in thousands)               |
| Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period                                           | ​ | ​ | ​                      | $ | 526,985 | ​ | ​ | ​ | ​ | $ | 533,909 | ​ | ​ | ​ | ​ | $ | 476,761 |
| Add: Incurred losses and loss adjustment expenses net of reinsurance:                                                                            | ​ | ​ | ​                      | ​ |
| Current year                                                                                                                                     | ​ | ​ | ​                      | ​ | 264,786 | ​ | ​ | ​ | ​ | ​ | 221,938 | ​ | ​ | ​ | ​ | ​ | 263,102 |
| Prior years                                                                                                                                      | ​ | ​ | ​                      | ​ | (27,418) | ​ | ​ | ​ | ​ | ​ | (37,452) | ​ | ​ | ​ | ​ | ​ | 1,394 |
| Total incurred losses and loss and adjustment expenses                                                                                           | ​ | ​ | ​                      | ​ | 237,368 | ​ | ​ | ​ | ​ | ​ | 184,486 | ​ | ​ | ​ | ​ | ​ | 264,496 |
| Deduct: Loss and loss adjustment expense payments net of reinsurance:                                                                            | ​ | ​ | ​                      | ​ |
| Current year                                                                                                                                     | ​ | ​ | ​                      | ​ | 25,942 | ​ | ​ | ​ | ​ | ​ | 19,485 | ​ | ​ | ​ | ​ | ​ | 30,023 |
| Prior years                                                                                                                                      | ​ | ​ | ​                      | ​ | 149,369 | ​ | ​ | ​ | ​ | ​ | 171,925 | ​ | ​ | ​ | ​ | ​ | 177,325 |
| Total loss and loss adjustment expense payments                                                                                                  | ​ | ​ | ​                      | ​ | 175,311 | ​ | ​ | ​ | ​ | ​ | 191,410 | ​ | ​ | ​ | ​ | ​ | 207,348 |
| Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period                                                 | ​ | ​ | ​                      | ​ | 589,042 | ​ | ​ | ​ | ​ | ​ | 526,985 | ​ | ​ | ​ | ​ | ​ | 533,909 |
| Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period                                                     | ​ | ​ | ​                      | ​ | 127,254 | ​ | ​ | ​ | ​ | ​ | 119,467 | ​ | ​ | ​ | ​ | ​ | 175,812 |
| Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period | ​ | ​ | ​                      | $ | 716,296 | ​ | ​ | ​ | ​ | $ | 646,452 | ​ | ​ | ​ | ​ | $ | 709,721 |
| ​                                                                                                                                          |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                              | ​ | ​ | Year Ended December 31, |
|--------------------------------------|---------|---------|------------------------------|
| ​                              | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                              | ​ | ​ | (in thousands)               |
| Written premiums:                    | ​ | ​ | ​                      | ​ |
| Direct                               | ​ | ​ | ​                      | $ | 310,161 | ​ | ​ | ​ | ​ | $ | 211,607 | ​ | ​ | ​ | ​ | $ | 193,956 |
| Assumed                              | ​ | ​ | ​                      | ​ | 208,606 | ​ | ​ | ​ | ​ | ​ | 156,911 | ​ | ​ | ​ | ​ | ​ | 297,975 |
| Ceded                                | ​ | ​ | ​                      | ​ | (68,684) | ​ | ​ | ​ | ​ | ​ | (43,352) | ​ | ​ | ​ | ​ | ​ | (139,622) |
| Net                                  | ​ | ​ | ​                      | $ | 450,083 | ​ | ​ | ​ | ​ | $ | 325,166 | ​ | ​ | ​ | ​ | $ | 352,309 |
| Earned premiums:                     | ​ | ​ | ​                      | ​ |
| Direct                               | ​ | ​ | ​                      | $ | 281,676 | ​ | ​ | ​ | ​ | $ | 196,351 | ​ | ​ | ​ | ​ | $ | 180,888 |
| Assumed                              | ​ | ​ | ​                      | ​ | 178,045 | ​ | ​ | ​ | ​ | ​ | 192,690 | ​ | ​ | ​ | ​ | ​ | 307,808 |
| Ceded                                | ​ | ​ | ​                      | ​ | (63,509) | ​ | ​ | ​ | ​ | ​ | (60,963) | ​ | ​ | ​ | ​ | ​ | (124,128) |
| Net                                  | ​ | ​ | ​                      | $ | 396,212 | ​ | ​ | ​ | ​ | $ | 328,078 | ​ | ​ | ​ | ​ | $ | 364,568 |
| Losses and loss adjustment expenses: | ​ | ​ | ​                      | ​ |
| Direct                               | ​ | ​ | ​                      | $ | 144,178 | ​ | ​ | ​ | ​ | $ | 73,948 | ​ | ​ | ​ | ​ | $ | 115,072 |
| Assumed                              | ​ | ​ | ​                      | ​ | 118,515 | ​ | ​ | ​ | ​ | ​ | 141,340 | ​ | ​ | ​ | ​ | ​ | 259,938 |
| Ceded                                | ​ | ​ | ​                      | ​ | (25,325) | ​ | ​ | ​ | ​ | ​ | (30,802) | ​ | ​ | ​ | ​ | ​ | (110,514) |
| Net                                  | ​ | ​ | ​                      | $ | 237,368 | ​ | ​ | ​ | ​ | $ | 184,486 | ​ | ​ | ​ | ​ | $ | 264,496 |
| ​                              |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                                                   | ​ | ​ | James RiverCapitalTrust I | ​ | ​ | James RiverCapitalTrust II | ​ | ​ | James RiverCapitalTrust III | ​ | ​ | James RiverCapitalTrust IV                                          | ​ | ​ | FranklinHoldings II(Bermuda)CapitalTrust I                         | ​ |
|---------------------------------------------------------------------------|---------|---------|---------------------------|---------|---------|----------------------------|---------|---------|-----------------------------|---------|---------|---------------------------------------------------------------------|---------|---------|--------------------------------------------------------------------|---------|
| ​                                                                   | ​ | ​ | ($ in thousands)          | ​ |
| Issue date                                                                | ​ | ​ | May 26,2004          | ​ | ​ | December 15,2004      | ​ | ​ | June 15,2006           | ​ | ​ | December 11,2007                                               | ​ | ​ | January 10,2008                                               | ​ |
| Principal amount of Trust Preferred Securities                            | ​ | ​ | ​                   | $       | 7,000   | ​                    | ​ | ​ | ​                     | $       | 15,000  | ​                                                             | ​ | ​ | ​                                                            | $       | 20,000 | ​ | ​ | ​ | ​ | $ | 54,000 | ​ | ​ | ​ | ​ | $ | 30,000 | ​ | ​ |
| Principal amount of Junior Subordinated Debt                              | ​ | ​ | ​                   | $       | 7,217   | ​                    | ​ | ​ | ​                     | $       | 15,464  | ​                                                             | ​ | ​ | ​                                                            | $       | 20,619 | ​ | ​ | ​ | ​ | $ | 55,670 | ​ | ​ | ​ | ​ | $ | 30,928 | ​ | ​ |
| Carrying amount of Junior Subordinated Debt net of repurchases            | ​ | ​ | ​                   | $       | 7,217   | ​                    | ​ | ​ | ​                     | $       | 15,464  | ​                                                             | ​ | ​ | ​                                                            | $       | 20,619 | ​ | ​ | ​ | ​ | $ | 44,827 | ​ | ​ | ​ | ​ | $ | 15,928 | ​ | ​ |
| Maturity date of Junior Subordinated Debt, unless accelerated earlier     | ​ | ​ | May 24,2034          | ​ | ​ | December 15,2034      | ​ | ​ | June 15,2036           | ​ | ​ | December 15,2037                                               | ​ | ​ | March 15,2038                                                 | ​ |
| Trust common stock                                                        | ​ | ​ | ​                   | $       | 217     | ​                    | ​ | ​ | ​                     | $       | 464     | ​                                                             | ​ | ​ | ​                                                            | $       | 619 | ​ | ​ | ​ | ​ | $ | 1,670 | ​ | ​ | ​ | ​ | $ | 928 | ​ | ​ |
| Interest rate, per annum                                                  | ​ | ​ | Three-MonthLIBORplus 4.0% | ​ | ​ | Three-MonthLIBORplus 3.4%  | ​ | ​ | Three-MonthLIBORplus 3.0%   | ​ | ​ | 7.51% untilMarch 15, 2013;three-MonthLIBOR plus3.1% thereafter | ​ | ​ | 7.97% untilJune 15, 2013;three-MonthLIBOR plus4.0% thereafter | ​ |
| Redeemable at 100% of principal amount atoption of the Companyon or after | ​ | ​ | May 24,2009          | ​ | ​ | December 15,2009      | ​ | ​ | June 15,2011           | ​ | ​ | March 15,2013                                                  | ​ | ​ | June 15,2013                                                  | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                  | ​ | ​ | Year Ended December 31, | ​ |
|--------------------------|---------|---------|------------------------------|---------|
| ​                  | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 | ​ |
| ​                  | ​ | ​ | Shares                       | ​ | ​ | Weighted-AverageExercisePrice | ​ | ​ | Shares | ​ | ​ | Weighted-AverageExercisePrice | ​ | ​ | Shares | ​ | ​ | Weighted-AverageExercisePrice | ​ |
| Outstanding:             | ​ | ​ | ​                      | ​ | ​ | ​ | ​ |
| Beginning of year        | ​ | ​ | ​                      | ​ | 2,166,250 | ​ | ​ | ​ | ​ | $ | 15.51 | ​ | ​ | ​ | ​ | ​ | 2,287,500 | ​ | ​ | ​ | ​ | $ | 15.50 | ​ | ​ | ​ | ​ | ​ | 2,330,000 | ​ | ​ | ​ | ​ | $ | 15.56 | ​ | ​ |
| Granted                  | ​ | ​ | ​                      | ​ | 993,518 | ​ | ​ | ​ | ​ | $ | 21.00 | ​ | ​ | ​ | ​ | ​ | 50,000 | ​ | ​ | ​ | ​ | $ | 16.83 | ​ | ​ | ​ | ​ | ​ | 595,000 | ​ | ​ | ​ | ​ | $ | 15.41 | ​ | ​ |
| Lapsed                   | ​ | ​ | ​                      | ​ | (55,000) | ​ | ​ | ​ | ​ | $ | 15.65 | ​ | ​ | ​ | ​ | ​ | (171,250) | ​ | ​ | ​ | ​ | $ | 15.65 | ​ | ​ | ​ | ​ | ​ | (637,500) | ​ | ​ | ​ | ​ | $ | 15.65 | ​ | ​ |
| End of year              | ​ | ​ | ​                      | ​ | 3,104,768 | ​ | ​ | ​ | ​ | $ | 17.27 | ​ | ​ | ​ | ​ | ​ | 2,166,250 | ​ | ​ | ​ | ​ | $ | 15.51 | ​ | ​ | ​ | ​ | ​ | 2,287,500 | ​ | ​ | ​ | ​ | $ | 15.50 | ​ | ​ |
| Exercisable, end of year | ​ | ​ | ​                      | ​ | 1,751,249 | ​ | ​ | ​ | ​ | $ | 15.51 | ​ | ​ | ​ | ​ | ​ | 1,570,100 | ​ | ​ | ​ | ​ | $ | 15.54 | ​ | ​ | ​ | ​ | ​ | 1,431,950 | ​ | ​ | ​ | ​ | $ | 15.59 | ​ | ​ |
| ​                  |
| ​                           | ​ | ​ | Year Ended December 31, | ​ |
|-----------------------------------|---------|---------|------------------------------|---------|
| ​                           | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 | ​ |
| Range of risk-free interest rates | ​ | ​ | ​                      | ​ | 1.53% | ​ | ​ | ​ | 0.77% – 1.50% | ​ | ​ | 0.62% – 0.85% | ​ |
| Dividend yield                    | ​ | ​ | ​                      | ​ | 2.00% | ​ | ​ | ​ | ​ | ​ | 0.00% | ​ | ​ | ​ | ​ | ​ | 1.30% | ​ | ​ |
| Expected share price volatility   | ​ | ​ | ​                      | ​ | 25.00% | ​ | ​ | ​ | ​ | ​ | 26.00% | ​ | ​ | ​ | ​ | ​ | 26.00% | ​ | ​ |
| Expected life                     | ​ | ​ | 5.0 years                    | ​ | ​ | 5.0 years | ​ | ​ | 5.0 years | ​ |

----

TABLE OF CONTENTS

| ​                     | ​ | ​ | Shares  | ​ | ​ | Weighted-AverageGrant DateFair Value | ​ |
|-----------------------------|---------|---------|---------|---------|---------|--------------------------------------|---------|
| Unvested, beginning of year | ​ | ​ | ​ | ​ | — | ​                              | ​ | ​ | ​ | $ | — | ​ | ​ |
| Granted                     | ​ | ​ | ​ | ​ | 340,474 | ​                              | ​ | ​ | ​ | $ | 21.00 | ​ | ​ |
| Unvested, end of year       | ​ | ​ | ​ | ​ | 340,474 | ​                              | ​ | ​ | ​ | $ | 21.00 | ​ | ​ |
| ​                     |
| ​                                              | ​ | ​ | December 31, |
|------------------------------------------------------|---------|---------|-------------------|
| ​                                              | ​ | ​ | 2014              | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                              | ​ | ​ | (in thousands)    |
| Share based compensation expense                     | ​ | ​ | ​           | $ | 589 | ​ | ​ | ​ | ​ | $ | 647 | ​ | ​ | ​ | ​ | $ | 1,012 |
| U.S. tax benefit on share based compensation expense | ​ | ​ | ​           | $ | 135 | ​ | ​ | ​ | ​ | $ | 139 | ​ | ​ | ​ | ​ | $ | 248 |

----

TABLE OF CONTENTS

| ​                                          | ​ | ​ | Year Ended December 31, 2012 | ​ |
|--------------------------------------------------|---------|---------|-----------------------------------|---------|
| ​                                          | ​ | ​ | Numberof Shares                   | ​ | ​ | Weighted-AverageExercise Price | ​ |
| Outstanding and exercisable, beginning of period | ​ | ​ | ​                           | ​ | 569,129 | ​ | ​ | ​ | ​ | $ | 15.92 | ​ | ​ |
| Exercised                                        | ​ | ​ | ​                           | ​ | (569,129) | ​ | ​ | ​ | ​ | $ | 15.92 | ​ | ​ |
| Outstanding and exercisable, end of period       | ​ | ​ | ​                           | ​ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| ​                                          |

----

TABLE OF CONTENTS

| ​                                     | ​ | ​ | Year Ended December 31, |
|---------------------------------------------|---------|---------|------------------------------|
| ​                                     | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                     | ​ | ​ | (in thousands)               |
| Expected Federal income tax expense         | ​ | ​ | ​                      | $ | 3,166 | ​ | ​ | ​ | ​ | $ | 10,906 | ​ | ​ | ​ | ​ | $ | 863 |
| Tax-exempt investment income                | ​ | ​ | ​                      | ​ | (751) | ​ | ​ | ​ | ​ | ​ | (769) | ​ | ​ | ​ | ​ | ​ | (1,279) |
| Dividends received deduction                | ​ | ​ | ​                      | ​ | (740) | ​ | ​ | ​ | ​ | ​ | (583) | ​ | ​ | ​ | ​ | ​ | (582) |
| Tax credits on renewable energy investments | ​ | ​ | ​                      | ​ | (2,033) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — |
| Other                                       | ​ | ​ | ​                      | ​ | 897 | ​ | ​ | ​ | ​ | ​ | 187 | ​ | ​ | ​ | ​ | ​ | 101 |
| Federal income tax expense (benefit)        | ​ | ​ | ​                      | ​ | 539 | ​ | ​ | ​ | ​ | ​ | 9,741 | ​ | ​ | ​ | ​ | ​ | (897) |
| U.S. State income tax expense               | ​ | ​ | ​                      | ​ | 400 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — |
| Total income tax expense (benefit)          | ​ | ​ | ​                      | $ | 939 | ​ | ​ | ​ | ​ | $ | 9,741 | ​ | ​ | ​ | ​ | $ | (897) |
| ​                                     |
| ​                                         | ​ | ​ | December 31, |
|-------------------------------------------------|---------|---------|-------------------|
| ​                                         | ​ | ​ | 2014              | ​ | ​ | 2013 |
| ​                                         | ​ | ​ | (in thousands)    |
| Deferred tax assets:                            | ​ | ​ | ​           |
| Accrued compensation expenses                   | ​ | ​ | ​           | $ | 5,673 | ​ | ​ | ​ | ​ | $ | 2,681 |
| Reserve for losses and loss adjustment expenses | ​ | ​ | ​           | ​ | 5,112 | ​ | ​ | ​ | ​ | ​ | 6,135 |
| Unearned premiums                               | ​ | ​ | ​           | ​ | 2,130 | ​ | ​ | ​ | ​ | ​ | 1,689 |
| Share based compensation                        | ​ | ​ | ​           | ​ | 2,856 | ​ | ​ | ​ | ​ | ​ | 2,720 |
| Allowance for doubtful accounts                 | ​ | ​ | ​           | ​ | 695 | ​ | ​ | ​ | ​ | ​ | 596 |
| Deferred policy acquisition costs               | ​ | ​ | ​           | ​ | 123 | ​ | ​ | ​ | ​ | ​ | 551 |
| Property and equipment                          | ​ | ​ | ​           | ​ | 1,771 | ​ | ​ | ​ | ​ | ​ | 1,353 |
| Invested asset impairments                      | ​ | ​ | ​           | ​ | 824 | ​ | ​ | ​ | ​ | ​ | 281 |
| Other                                           | ​ | ​ | ​           | ​ | 1,851 | ​ | ​ | ​ | ​ | ​ | 2,090 |
| Total deferred tax assets                       | ​ | ​ | ​           | ​ | 21,035 | ​ | ​ | ​ | ​ | ​ | 18,096 |
| Deferred tax liabilities:                       | ​ | ​ | ​           |
| Intangible assets                               | ​ | ​ | ​           | ​ | 12,592 | ​ | ​ | ​ | ​ | ​ | 12,611 |
| Net unrealized gains                            | ​ | ​ | ​           | ​ | 4,248 | ​ | ​ | ​ | ​ | ​ | 758 |
| Deferred gain on extinguishment of debt         | ​ | ​ | ​           | ​ | 424 | ​ | ​ | ​ | ​ | ​ | 530 |
| Other                                           | ​ | ​ | ​           | ​ | 3,320 | ​ | ​ | ​ | ​ | ​ | 4,003 |
| Total deferred tax liabilities                  | ​ | ​ | ​           | ​ | 20,584 | ​ | ​ | ​ | ​ | ​ | 17,902 |
| Net deferred tax assets                         | ​ | ​ | ​           | $ | 451 | ​ | ​ | ​ | ​ | $ | 194 |
| ​                                         |

----

TABLE OF CONTENTS

| ​                                                     | ​ | ​ | Year Ended December 31, |
|-------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                     | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                                     | ​ | ​ | (in thousands)               |
| Amortization of policy acquisition costs                    | ​ | ​ | ​                      | $ | 85,183 | ​ | ​ | ​ | ​ | $ | 71,648 | ​ | ​ | ​ | ​ | $ | 88,577 |
| Other underwriting expenses of the insurance segments       | ​ | ​ | ​                      | ​ | 38,748 | ​ | ​ | ​ | ​ | ​ | 34,849 | ​ | ​ | ​ | ​ | ​ | 30,983 |
| Other operating expenses of the Corporate and Other segment | ​ | ​ | ​                      | ​ | 9,124 | ​ | ​ | ​ | ​ | ​ | 8,307 | ​ | ​ | ​ | ​ | ​ | 7,324 |
| Total                                                       | ​ | ​ | ​                      | $ | 133,055 | ​ | ​ | ​ | ​ | $ | 114,804 | ​ | ​ | ​ | ​ | $ | 126,884 |
| ​                                                     |

----

TABLE OF CONTENTS

| ​ | 2015       | ​ | ​ | ​ | $       | 2,333  |
|---------|------------|---------|---------|---------|---------|--------|
| ​ | 2016       | ​ | ​ | ​ | ​ | 2,351  |
| ​ | 2017       | ​ | ​ | ​ | ​ | 2,386  |
| ​ | 2018       | ​ | ​ | ​ | ​ | 1,579  |
| ​ | 2019       | ​ | ​ | ​ | ​ | 546    |
| ​ | Thereafter | ​ | ​ | ​ | ​ | 1,106  |
| ​ | ​    | ​ | ​ | ​ | $       | 10,301 |
| ​ |

----

TABLE OF CONTENTS

| ​                                                                          | ​ | ​ | Year Ended December 31, |
|----------------------------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                                          | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                                                          | ​ | ​ | (in thousands)               |
| Unrealized gains (losses) arising during the period, before U.S. income taxes    | ​ | ​ | ​                      | $ | 12,910 | ​ | ​ | ​ | ​ | $ | (37,225) | ​ | ​ | ​ | ​ | $ | 23,160 |
| U.S. income taxes                                                                | ​ | ​ | ​                      | ​ | (2,820) | ​ | ​ | ​ | ​ | ​ | 5,854 | ​ | ​ | ​ | ​ | ​ | (5,594) |
| Unrealized gains (losses) arising during the period, net of U.S. income taxes    | ​ | ​ | ​                      | ​ | 10,090 | ​ | ​ | ​ | ​ | ​ | (31,371) | ​ | ​ | ​ | ​ | ​ | 17,566 |
| Less reclassification adjustment:                                                | ​ | ​ | ​                      | ​ |
| Net realized investment (losses) gains                                           | ​ | ​ | ​                      | ​ | (1,734) | ​ | ​ | ​ | ​ | ​ | 10,733 | ​ | ​ | ​ | ​ | ​ | 7,723 |
| U.S. income taxes                                                                | ​ | ​ | ​                      | ​ | 669 | ​ | ​ | ​ | ​ | ​ | (2,859) | ​ | ​ | ​ | ​ | ​ | (2,512) |
| Reclassification adjustment for investment (losses) gains realized in net income | ​ | ​ | ​                      | ​ | (1,065) | ​ | ​ | ​ | ​ | ​ | 7,874 | ​ | ​ | ​ | ​ | ​ | 5,211 |
| Other comprehensive income (loss)                                                | ​ | ​ | ​                      | $ | 11,155 | ​ | ​ | ​ | ​ | $ | (39,245) | ​ | ​ | ​ | ​ | $ | 12,355 |
| ​                                                                          |

----

TABLE OF CONTENTS

| ​                                            | ​ | ​ | Excess andSurplus Lines | ​ | ​ | SpecialtyAdmittedInsurance | ​ | ​ | CasualtyReinsurance | ​ | ​  | CorporateandOther | ​ | ​ | Total   |
|----------------------------------------------------|---------|---------|-------------------------|---------|---------|----------------------------|---------|---------|---------------------|---------|----------|-------------------|---------|---------|---------|
| ​                                            | ​ | ​ | (in thousands)          |
| As of and for the Year EndedDecember 31, 2014 | ​ | ​ | ​                 | ​ | ​ | ​                    |
| Gross written premiums                             | ​ | ​ | ​                 | $       | 252,707 | ​                    | ​ | ​ | ​             | $       | 59,380   | ​           | ​ | ​ | ​ | $ | 206,680 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 518,767 |
| Net earned premiums                                | ​ | ​ | ​                 | ​ | 195,786 | ​                    | ​ | ​ | ​             | ​ | 28,449   | ​           | ​ | ​ | ​ | ​ | 171,977 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 396,212 |
| Segment revenues                                   | ​ | ​ | ​                 | ​ | 208,778 | ​                    | ​ | ​ | ​             | ​ | 30,896   | ​           | ​ | ​ | ​ | ​ | 193,909 | ​ | ​ | ​ | ​ | ​ | 5,420 | ​ | ​ | ​ | ​ | ​ | 439,003 |
| Net investment income                              | ​ | ​ | ​                 | ​ | 14,083  | ​                    | ​ | ​ | ​             | ​ | 2,320    | ​           | ​ | ​ | ​ | ​ | 20,745 | ​ | ​ | ​ | ​ | ​ | 5,857 | ​ | ​ | ​ | ​ | ​ | 43,005 |
| Interest expense                                   | ​ | ​ | ​                 | ​ | — | ​                    | ​ | ​ | ​             | ​ | —  | ​           | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 6,347 | ​ | ​ | ​ | ​ | ​ | 6,347 |
| Underwriting profit of operating segments          | ​ | ​ | ​                 | ​ | 34,213  | ​                    | ​ | ​ | ​             | ​ | 33       | ​           | ​ | ​ | ​ | ​ | 667 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 34,913 |
| Segment goodwill                                   | ​ | ​ | ​                 | ​ | 181,831 | ​                    | ​ | ​ | ​             | ​ | —  | ​           | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 181,831 |
| Segment assets                                     | ​ | ​ | ​                 | ​ | 684,838 | ​                    | ​ | ​ | ​             | ​ | 124,503  | ​           | ​ | ​ | ​ | ​ | 1,035,084 | ​ | ​ | ​ | ​ | ​ | 114,867 | ​ | ​ | ​ | ​ | ​ | 1,959,292 |
| As of and for the Year EndedDecember 31, 2013 | ​ | ​ | ​                 | ​ | ​ | ​                    |
| Gross written premiums                             | ​ | ​ | ​                 | $       | 192,394 | ​                    | ​ | ​ | ​             | $       | 20,594   | ​           | ​ | ​ | ​ | $ | 155,530 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 368,518 |
| Net earned premiums                                | ​ | ​ | ​                 | ​ | 141,826 | ​                    | ​ | ​ | ​             | ​ | 17,908   | ​           | ​ | ​ | ​ | ​ | 168,344 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 328,078 |
| Segment revenues                                   | ​ | ​ | ​                 | ​ | 165,431 | ​                    | ​ | ​ | ​             | ​ | 21,582   | ​           | ​ | ​ | ​ | ​ | 193,752 | ​ | ​ | ​ | ​ | ​ | 5,527 | ​ | ​ | ​ | ​ | ​ | 386,292 |
| Net investment income                              | ​ | ​ | ​                 | ​ | 15,489  | ​                    | ​ | ​ | ​             | ​ | 2,601    | ​           | ​ | ​ | ​ | ​ | 21,907 | ​ | ​ | ​ | ​ | ​ | 5,376 | ​ | ​ | ​ | ​ | ​ | 45,373 |
| Interest expense                                   | ​ | ​ | ​                 | ​ | — | ​                    | ​ | ​ | ​             | ​ | —  | ​           | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 6,777 | ​ | ​ | ​ | ​ | ​ | 6,777 |
| Underwriting profit (loss) of operating segments   | ​ | ​ | ​                 | ​ | 43,523  | ​                    | ​ | ​ | ​             | ​ | (3,868)  | ​           | ​ | ​ | ​ | ​ | (2,560) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 37,095 |
| Segment goodwill                                   | ​ | ​ | ​                 | ​ | 181,831 | ​                    | ​ | ​ | ​             | ​ | —  | ​           | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 181,831 |
| Segment assets                                     | ​ | ​ | ​                 | ​ | 651,249 | ​                    | ​ | ​ | ​             | ​ | 92,700   | ​           | ​ | ​ | ​ | ​ | 967,982 | ​ | ​ | ​ | ​ | ​ | 94,862 | ​ | ​ | ​ | ​ | ​ | 1,806,793 |
| As of and for the Year EndedDecember 31, 2012 | ​ | ​ | ​                 | ​ | ​ | ​                    |
| Gross written premiums                             | ​ | ​ | ​                 | $       | 158,654 | ​                    | ​ | ​ | ​             | $       | 36,709   | ​           | ​ | ​ | ​ | $ | 296,568 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 491,931 |
| Net earned premiums                                | ​ | ​ | ​                 | ​ | 115,940 | ​                    | ​ | ​ | ​             | ​ | 32,189   | ​           | ​ | ​ | ​ | ​ | 216,439 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 364,568 |
| Segment revenues                                   | ​ | ​ | ​                 | ​ | 140,594 | ​                    | ​ | ​ | ​             | ​ | 36,352   | ​           | ​ | ​ | ​ | ​ | 241,005 | ​ | ​ | ​ | ​ | ​ | (41) | ​ | ​ | ​ | ​ | ​ | 417,910 |
| Net investment income                              | ​ | ​ | ​                 | ​ | 18,080  | ​                    | ​ | ​ | ​             | ​ | 2,736    | ​           | ​ | ​ | ​ | ​ | 23,605 | ​ | ​ | ​ | ​ | ​ | (124) | ​ | ​ | ​ | ​ | ​ | 44,297 |
| Interest expense                                   | ​ | ​ | ​                 | ​ | — | ​                    | ​ | ​ | ​             | ​ | —  | ​           | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 8,266 | ​ | ​ | ​ | ​ | ​ | 8,266 |
| Underwriting profit (loss) of operating segments   | ​ | ​ | ​                 | ​ | 16,979  | ​                    | ​ | ​ | ​             | ​ | (17,318) | ​           | ​ | ​ | ​ | ​ | (19,149) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (19,488) |
| Segment goodwill                                   | ​ | ​ | ​                 | ​ | 181,831 | ​                    | ​ | ​ | ​             | ​ | —  | ​           | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 181,831 |
| Segment assets                                     | ​ | ​ | ​                 | ​ | 714,665 | ​                    | ​ | ​ | ​             | ​ | 102,573  | ​           | ​ | ​ | ​ | ​ | 1,109,052 | ​ | ​ | ​ | ​ | ​ | 99,091 | ​ | ​ | ​ | ​ | ​ | 2,025,381 |

----

TABLE OF CONTENTS

| ​                                                     | ​ | ​ | Year Ended December 31, |
|-------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                     | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                                     | ​ | ​ | (in thousands)               |
| Underwriting profit (loss) of the operating segments:       | ​ | ​ | ​                      | ​ |
| Excess and Surplus Lines                                    | ​ | ​ | ​                      | $ | 34,213 | ​ | ​ | ​ | ​ | $ | 43,523 | ​ | ​ | ​ | ​ | $ | 16,979 |
| Specialty Admitted Insurance                                | ​ | ​ | ​                      | ​ | 33 | ​ | ​ | ​ | ​ | ​ | (3,868) | ​ | ​ | ​ | ​ | ​ | (17,318) |
| Casualty Reinsurance                                        | ​ | ​ | ​                      | ​ | 667 | ​ | ​ | ​ | ​ | ​ | (2,560) | ​ | ​ | ​ | ​ | ​ | (19,149) |
| Total underwriting profit (loss) of operating segments      | ​ | ​ | ​                      | ​ | 34,913 | ​ | ​ | ​ | ​ | ​ | 37,095 | ​ | ​ | ​ | ​ | ​ | (19,488) |
| Other operating expenses of the Corporate and Other segment | ​ | ​ | ​                      | ​ | (9,124) | ​ | ​ | ​ | ​ | ​ | (8,307) | ​ | ​ | ​ | ​ | ​ | (7,324) |
| Underwriting profit (loss)                                  | ​ | ​ | ​                      | ​ | 25,789 | ​ | ​ | ​ | ​ | ​ | 28,788 | ​ | ​ | ​ | ​ | ​ | (26,812) |
| Net investment income                                       | ​ | ​ | ​                      | ​ | 43,005 | ​ | ​ | ​ | ​ | ​ | 45,373 | ​ | ​ | ​ | ​ | ​ | 44,297 |
| Net realized investment (losses) gains                      | ​ | ​ | ​                      | ​ | (1,336) | ​ | ​ | ​ | ​ | ​ | 12,619 | ​ | ​ | ​ | ​ | ​ | 8,915 |
| Other income                                                | ​ | ​ | ​                      | ​ | 1,122 | ​ | ​ | ​ | ​ | ​ | 222 | ​ | ​ | ​ | ​ | ​ | 130 |
| Other expenses                                              | ​ | ​ | ​                      | ​ | (16,012) | ​ | ​ | ​ | ​ | ​ | (677) | ​ | ​ | ​ | ​ | ​ | (3,350) |
| Interest expense                                            | ​ | ​ | ​                      | ​ | (6,347) | ​ | ​ | ​ | ​ | ​ | (6,777) | ​ | ​ | ​ | ​ | ​ | (8,266) |
| Amortization of intangible assets                           | ​ | ​ | ​                      | ​ | (597) | ​ | ​ | ​ | ​ | ​ | (2,470) | ​ | ​ | ​ | ​ | ​ | (2,848) |
| Impairment of intangible assets                             | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (4,299) |
| Income before income taxes                                  | ​ | ​ | ​                      | $ | 45,624 | ​ | ​ | ​ | ​ | $ | 77,078 | ​ | ​ | ​ | ​ | $ | 7,767 |
| ​                                                     |
| ​                                | ​ | ​ | Year Ended December 31, |
|----------------------------------------|---------|---------|------------------------------|
| ​                                | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                | ​ | ​ | (in thousands)               |
| Manufacturers and Contractors          | ​ | ​ | ​                      | $ | 72,063 | ​ | ​ | ​ | ​ | $ | 58,509 | ​ | ​ | ​ | ​ | $ | 46,648 |
| Excess Casualty                        | ​ | ​ | ​                      | ​ | 31,688 | ​ | ​ | ​ | ​ | ​ | 32,489 | ​ | ​ | ​ | ​ | ​ | 29,761 |
| Allied Health                          | ​ | ​ | ​                      | ​ | 9,707 | ​ | ​ | ​ | ​ | ​ | 9,148 | ​ | ​ | ​ | ​ | ​ | 8,391 |
| General Casualty                       | ​ | ​ | ​                      | ​ | 60,458 | ​ | ​ | ​ | ​ | ​ | 22,636 | ​ | ​ | ​ | ​ | ​ | 12,674 |
| Professional Liability                 | ​ | ​ | ​                      | ​ | 10,784 | ​ | ​ | ​ | ​ | ​ | 10,695 | ​ | ​ | ​ | ​ | ​ | 10,664 |
| Energy                                 | ​ | ​ | ​                      | ​ | 28,980 | ​ | ​ | ​ | ​ | ​ | 21,400 | ​ | ​ | ​ | ​ | ​ | 15,766 |
| Excess Property                        | ​ | ​ | ​                      | ​ | 11,795 | ​ | ​ | ​ | ​ | ​ | 10,988 | ​ | ​ | ​ | ​ | ​ | 9,231 |
| Medical Professionals                  | ​ | ​ | ​                      | ​ | 3,922 | ​ | ​ | ​ | ​ | ​ | 4,492 | ​ | ​ | ​ | ​ | ​ | 5,294 |
| Life Sciences                          | ​ | ​ | ​                      | ​ | 10,155 | ​ | ​ | ​ | ​ | ​ | 9,978 | ​ | ​ | ​ | ​ | ​ | 9,865 |
| Environmental                          | ​ | ​ | ​                      | ​ | 3,431 | ​ | ​ | ​ | ​ | ​ | 2,557 | ​ | ​ | ​ | ​ | ​ | 2,954 |
| Sports and Entertainment               | ​ | ​ | ​                      | ​ | 2,753 | ​ | ​ | ​ | ​ | ​ | 3,189 | ​ | ​ | ​ | ​ | ​ | 1,624 |
| Small Business                         | ​ | ​ | ​                      | ​ | 6,971 | ​ | ​ | ​ | ​ | ​ | 6,313 | ​ | ​ | ​ | ​ | ​ | 5,782 |
| Total Excess and Surplus Lines segment | ​ | ​ | ​                      | ​ | 252,707 | ​ | ​ | ​ | ​ | ​ | 192,394 | ​ | ​ | ​ | ​ | ​ | 158,654 |
| Specialty Admitted Insurance segment   | ​ | ​ | ​                      | ​ | 59,380 | ​ | ​ | ​ | ​ | ​ | 20,594 | ​ | ​ | ​ | ​ | ​ | 36,709 |
| Casualty Reinsurance segment           | ​ | ​ | ​                      | ​ | 206,680 | ​ | ​ | ​ | ​ | ​ | 155,530 | ​ | ​ | ​ | ​ | ​ | 296,568 |
| Total                                  | ​ | ​ | ​                      | $ | 518,767 | ​ | ​ | ​ | ​ | $ | 368,518 | ​ | ​ | ​ | ​ | $ | 491,931 |
| ​                                |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                                                    | ​ | ​ | Fair Value Measurements Using                           |
|----------------------------------------------------------------------------|---------|---------|---------------------------------------------------------|
| ​                                                                    | ​ | ​ | Quoted Pricesin ActiveMarkets forIdenticalAssetsLevel 1 | ​ | ​ | SignificantOtherObservableInputsLevel 2 | ​ | ​ | SignificantUnobservableInputsLevel 3 | ​ | ​ | Total |
| ​                                                                    | ​ | ​ | (in thousands)                                          |
| Available-for-sale securities                                              | ​ | ​ | ​                                                 | ​ | ​ |
| Fixed maturity securities:                                                 | ​ | ​ | ​                                                 | ​ | ​ |
| State and municipal                                                        | ​ | ​ | ​                                                 | $ | — | ​ | ​ | ​ | ​ | $ | 99,046 | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 99,046 |
| Residential mortgage-backed                                                | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 115,249 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 115,249 |
| Corporate                                                                  | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 267,882 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 267,882 |
| Commercial mortgage and asset-backed                                       | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 113,341 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 113,341 |
| Obligations of U.S. government corporations and agencies                   | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 101,275 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 101,275 |
| U.S. Treasury securities and obligations guaranteed by the U.S. government | ​ | ​ | ​                                                 | ​ | 56,891 | ​ | ​ | ​ | ​ | ​ | 1,378 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 58,269 |
| Redeemable preferred stock                                                 | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,901 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,901 |
| Total fixed maturity securities                                            | ​ | ​ | ​                                                 | ​ | 56,891 | ​ | ​ | ​ | ​ | ​ | 700,072 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 756,963 |
| Equity securities:                                                         | ​ | ​ | ​                                                 | ​ | ​ |
| Preferred stock                                                            | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 49,601 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 49,601 |
| Common stock                                                               | ​ | ​ | ​                                                 | ​ | 17,570 | ​ | ​ | ​ | ​ | ​ | 734 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 18,304 |
| Total equity securities                                                    | ​ | ​ | ​                                                 | ​ | 17,570 | ​ | ​ | ​ | ​ | ​ | 50,335 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 67,905 |
| Total available-for-sale securities                                        | ​ | ​ | ​                                                 | $ | 74,461 | ​ | ​ | ​ | ​ | $ | 750,407 | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 824,868 |
| Trading securities:                                                        | ​ | ​ | ​                                                 | ​ | ​ |
| Fixed maturity securities                                                  | ​ | ​ | ​                                                 | $ | — | ​ | ​ | ​ | ​ | $ | 7,388 | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 7,388 |
| Short-term investments                                                     | ​ | ​ | ​                                                 | $ | 58,507 | ​ | ​ | ​ | ​ | $ | 73,349 | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 131,856 |
| ​                                                                    |

----

TABLE OF CONTENTS

| ​                                                                    | ​ | ​ | Fair Value Measurements Using                           |
|----------------------------------------------------------------------------|---------|---------|---------------------------------------------------------|
| ​                                                                    | ​ | ​ | Quoted Pricesin ActiveMarkets forIdenticalAssetsLevel 1 | ​ | ​ | SignificantOtherObservableInputsLevel 2 | ​ | ​ | SignificantUnobservableInputsLevel 3 | ​ | ​ | Total |
| ​                                                                    | ​ | ​ | (in thousands)                                          |
| Available-for-sale securities                                              | ​ | ​ | ​                                                 | ​ | ​ |
| Fixed maturity securities:                                                 | ​ | ​ | ​                                                 | ​ | ​ |
| State and municipal                                                        | ​ | ​ | ​                                                 | $ | — | ​ | ​ | ​ | ​ | $ | 76,146 | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 76,146 |
| Residential mortgage-backed                                                | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 98,569 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 98,569 |
| Corporate                                                                  | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 251,517 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 251,517 |
| Commercial mortgage and asset-backed                                       | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 83,965 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 83,965 |
| Obligations of U.S. government corporations and agencies                   | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 104,961 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 104,961 |
| U.S. Treasury securities and obligations guaranteed by the U.S. government | ​ | ​ | ​                                                 | ​ | 44,757 | ​ | ​ | ​ | ​ | ​ | 1,554 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 46,311 |
| Redeemable preferred stock                                                 | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,649 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,649 |
| Total fixed maturity securities                                            | ​ | ​ | ​                                                 | ​ | 44,757 | ​ | ​ | ​ | ​ | ​ | 618,361 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 663,118 |
| Equity securities:                                                         | ​ | ​ | ​                                                 | ​ | ​ |
| Preferred stock                                                            | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 37,042 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 37,042 |
| Common stock                                                               | ​ | ​ | ​                                                 | ​ | 29,031 | ​ | ​ | ​ | ​ | ​ | 734 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 29,765 |
| Total equity securities                                                    | ​ | ​ | ​                                                 | ​ | 29,031 | ​ | ​ | ​ | ​ | ​ | 37,776 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 66,807 |
| Total available-for-sale securities                                        | ​ | ​ | ​                                                 | $ | 73,788 | ​ | ​ | ​ | ​ | $ | 656,137 | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 729,925 |
| Trading securities:                                                        | ​ | ​ | ​                                                 | ​ | ​ |
| Fixed maturity securities                                                  | ​ | ​ | ​                                                 | $ | 4,980 | ​ | ​ | ​ | ​ | $ | 12,326 | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 17,306 |
| Short-term investments                                                     | ​ | ​ | ​                                                 | $ | 45,523 | ​ | ​ | ​ | ​ | $ | 25,995 | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 71,518 |
| ​                                                                    |
| ​                                      | ​ | ​ | Year Ended December 31, |
|----------------------------------------------|---------|---------|------------------------------|
| ​                                      | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                      | ​ | ​ | (in thousands)               |
| Beginning balance                            | ​ | ​ | ​                      | $ |  — | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 4,386 |
| Transfers out of Level 3                     | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (13,234) |
| Transfers in to Level 3                      | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 9,314 |
| Purchases                                    | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,388 |
| Sales                                        | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (2,990) |
| Amortization of discount                     | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 25 |
| Total gains or losses (realized/unrealized): | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Included in earnings                         | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 61 |
| Included in other comprehensive income       | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 50 |
| Ending balance                               | ​ | ​ | ​                      | $ |  — | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | — |
| ​                                      |

----

TABLE OF CONTENTS

| ​                                      | ​ | ​ | Fair Value Measurements Using                            |
|----------------------------------------------|---------|---------|----------------------------------------------------------|
| ​                                      | ​ | ​ | Quoted Pricesin ActiveMarkets forIdentical AssetsLevel 1 | ​ | ​ | SignificantOtherObservableInputsLevel 2 | ​ | ​ | SignificantUnobservableInputsLevel 3 | ​ | ​ | Total |
| ​                                      | ​ | ​ | (in thousands)                                           |
| December 31, 2013                       | ​ | ​ | ​                                                  | ​ | ​ |
| Bank loan participations held-for-investment | ​ | ​ | ​                                                  | $ |  — | ​ | ​ | ​ | ​ | $ |  — | ​ | ​ | ​ | ​ | $ | 246 | ​ | ​ | ​ | ​ | $ | 246 |
| ​                                      |

----

TABLE OF CONTENTS

| ​                                        | ​ | ​ | December 31, |
|------------------------------------------------|---------|---------|-------------------|
| ​                                        | ​ | ​ | 2014              | ​ | ​ | 2013 |
| ​                                        | ​ | ​ | CarryingValue     | ​ | ​ | FairValue | ​ | ​ | CarryingValue | ​ | ​ | FairValue |
| ​                                        | ​ | ​ | (in thousands)    |
| Assets                                         | ​ | ​ | ​           | ​ | ​ |
| Available-for-sale:                            | ​ | ​ | ​           | ​ | ​ |
| Fixed maturity securities                      | ​ | ​ | ​           | $ | 756,963 | ​ | ​ | ​ | ​ | $ | 756,963 | ​ | ​ | ​ | ​ | $ | 663,118 | ​ | ​ | ​ | ​ | $ | 663,118 |
| Equity securities                              | ​ | ​ | ​           | ​ | 67,905 | ​ | ​ | ​ | ​ | ​ | 67,905 | ​ | ​ | ​ | ​ | ​ | 66,807 | ​ | ​ | ​ | ​ | ​ | 66,807 |
| Trading:                                       | ​ | ​ | ​           | ​ | ​ |
| Fixed maturity securities                      | ​ | ​ | ​           | ​ | 7,388 | ​ | ​ | ​ | ​ | ​ | 7,388 | ​ | ​ | ​ | ​ | ​ | 17,306 | ​ | ​ | ​ | ​ | ​ | 17,306 |
| Bank loan participations held-for-investment   | ​ | ​ | ​           | ​ | 239,511 | ​ | ​ | ​ | ​ | ​ | 231,251 | ​ | ​ | ​ | ​ | ​ | 197,659 | ​ | ​ | ​ | ​ | ​ | 200,626 |
| Cash and cash equivalents                      | ​ | ​ | ​           | ​ | 73,383 | ​ | ​ | ​ | ​ | ​ | 73,383 | ​ | ​ | ​ | ​ | ​ | 158,604 | ​ | ​ | ​ | ​ | ​ | 158,604 |
| Short-term investments                         | ​ | ​ | ​           | ​ | 131,856 | ​ | ​ | ​ | ​ | ​ | 131,856 | ​ | ​ | ​ | ​ | ​ | 71,518 | ​ | ​ | ​ | ​ | ​ | 71,518 |
| Other invested assets – notes receivable | ​ | ​ | ​           | ​ | 4,500 | ​ | ​ | ​ | ​ | ​ | 6,410 | ​ | ​ | ​ | ​ | ​ | 7,750 | ​ | ​ | ​ | ​ | ​ | 9,661 |
| Liabilities                                    | ​ | ​ | ​           | ​ | ​ |
| Senior debt                                    | ​ | ​ | ​           | ​ | 88,300 | ​ | ​ | ​ | ​ | ​ | 79,850 | ​ | ​ | ​ | ​ | ​ | 58,000 | ​ | ​ | ​ | ​ | ​ | 52,698 |
| Junior subordinated debt                       | ​ | ​ | ​           | ​ | 104,055 | ​ | ​ | ​ | ​ | ​ | 89,100 | ​ | ​ | ​ | ​ | ​ | 104,055 | ​ | ​ | ​ | ​ | ​ | 79,524 |

----

TABLE OF CONTENTS

| ​                                        | ​ | ​ | 2014           | ​ | ​ | 2013    | ​ | ​ | 2012    | ​ |
|------------------------------------------------|---------|---------|----------------|---------|---------|---------|---------|---------|---------|---------|
| ​                                        | ​ | ​ | (in thousands) | ​ |
| Statutory net income                           | ​ | ​ | ​        | $       | 14,872  | ​ | ​ | ​ | ​ | $       | 24,857 | ​ | ​ | ​ | ​ | $ | 21,247 | ​ | ​ |
| Statutory capital and surplus                  | ​ | ​ | ​        | ​ | 207,813 | ​ | ​ | ​ | ​ | ​ | 208,369 | ​ | ​ | ​ | ​ | ​ | 252,614 | ​ | ​ |
| Minimum required statutory capital and surplus | ​ | ​ | ​        | ​ | 21,250  | ​ | ​ | ​ | ​ | ​ | 21,250 | ​ | ​ | ​ | ​ | ​ | 21,250 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                | ​ | ​ | 2014 Quarter                          | ​ | ​ | 2014    |
|------------------------|---------|---------|---------------------------------------|---------|---------|---------|
| ​                | ​ | ​ | First                                 | ​ | ​ | Second  | ​ | ​ | Third | ​ | ​ | Fourth | ​ | ​ | Year |
| ​                | ​ | ​ | (in thousands, except per share data) |
| Gross written premiums | ​ | ​ | ​                               | $       | 147,241 | ​ | ​ | ​ | ​ | $ | 96,960 | ​ | ​ | ​ | ​ | $ | 171,415 | ​ | ​ | ​ | ​ | $ | 103,151 | ​ | ​ | ​ | ​ | $ | 518,767 |
| Total revenues         | ​ | ​ | ​                               | ​ | 99,695  | ​ | ​ | ​ | ​ | ​ | 106,796 | ​ | ​ | ​ | ​ | ​ | 111,817 | ​ | ​ | ​ | ​ | ​ | 120,695 | ​ | ​ | ​ | ​ | ​ | 439,003 |
| Net income             | ​ | ​ | ​                               | ​ | 9,138   | ​ | ​ | ​ | ​ | ​ | 9,513 | ​ | ​ | ​ | ​ | ​ | 17,168 | ​ | ​ | ​ | ​ | ​ | 8,866 | ​ | ​ | ​ | ​ | ​ | 44,685 |
| Comprehensive income   | ​ | ​ | ​                               | ​ | 14,911  | ​ | ​ | ​ | ​ | ​ | 15,244 | ​ | ​ | ​ | ​ | ​ | 12,748 | ​ | ​ | ​ | ​ | ​ | 12,937 | ​ | ​ | ​ | ​ | ​ | 55,840 |
| Earnings per share:    | ​ | ​ | ​                               | ​ | ​ | ​ |
| Basic                  | ​ | ​ | ​                               | $       | 0.32    | ​ | ​ | ​ | ​ | $ | 0.33 | ​ | ​ | ​ | ​ | $ | 0.60 | ​ | ​ | ​ | ​ | $ | 0.31 | ​ | ​ | ​ | ​ | $ | 1.57 |
| Diluted                | ​ | ​ | ​                               | $       | 0.32    | ​ | ​ | ​ | ​ | $ | 0.33 | ​ | ​ | ​ | ​ | $ | 0.60 | ​ | ​ | ​ | ​ | $ | 0.31 | ​ | ​ | ​ | ​ | $ | 1.55 |
| ​                    | ​ | ​ | 2013 Quarter                          | ​ | ​ | 2013    |
|----------------------------|---------|---------|---------------------------------------|---------|---------|---------|
| ​                    | ​ | ​ | First                                 | ​ | ​ | Second  | ​ | ​ | Third | ​ | ​ | Fourth | ​ | ​ | Year |
| ​                    | ​ | ​ | (in thousands, except per share data) |
| Gross written premiums     | ​ | ​ | ​                               | $       | 74,770  | ​ | ​ | ​ | ​ | $ | 90,251 | ​ | ​ | ​ | ​ | $ | 119,399 | ​ | ​ | ​ | ​ | $ | 84,098 | ​ | ​ | ​ | ​ | $ | 368,518 |
| Total revenues             | ​ | ​ | ​                               | ​ | 103,107 | ​ | ​ | ​ | ​ | ​ | 97,897 | ​ | ​ | ​ | ​ | ​ | 93,351 | ​ | ​ | ​ | ​ | ​ | 91,937 | ​ | ​ | ​ | ​ | ​ | 386,292 |
| Net income                 | ​ | ​ | ​                               | ​ | 15,732  | ​ | ​ | ​ | ​ | ​ | 12,404 | ​ | ​ | ​ | ​ | ​ | 21,171 | ​ | ​ | ​ | ​ | ​ | 18,030 | ​ | ​ | ​ | ​ | ​ | 67,337 |
| Comprehensive income       | ​ | ​ | ​                               | ​ | 9,048   | ​ | ​ | ​ | ​ | ​ | (13,117) | ​ | ​ | ​ | ​ | ​ | 18,569 | ​ | ​ | ​ | ​ | ​ | 13,592 | ​ | ​ | ​ | ​ | ​ | 28,092 |
| Earnings (loss) per share: | ​ | ​ | ​                               | ​ | ​ | ​ |
| Basic                      | ​ | ​ | ​                               | $       | 0.44    | ​ | ​ | ​ | ​ | $ | 0.43 | ​ | ​ | ​ | ​ | $ | 0.74 | ​ | ​ | ​ | ​ | $ | 0.63 | ​ | ​ | ​ | ​ | $ | 2.21 |
| Diluted                    | ​ | ​ | ​                               | $       | 0.44    | ​ | ​ | ​ | ​ | $ | 0.43 | ​ | ​ | ​ | ​ | $ | 0.74 | ​ | ​ | ​ | ​ | $ | 0.63 | ​ | ​ | ​ | ​ | $ | 2.21 |

----

TABLE OF CONTENTS​

| Type of Investment                                                         | ​ | ​ | Cost orAmortized Cost | ​ | ​ | FairValue | ​ | ​ | Amount atwhich shownon BalanceSheet(1) | ​ |
|----------------------------------------------------------------------------|---------|---------|-----------------------|---------|---------|-----------|---------|---------|----------------------------------------|---------|
| ​                                                                    | ​ | ​ | (in thousands)        | ​ |
| Fixed maturity securities, available-for-sale:                             | ​ | ​ | ​               | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| State and municipal                                                        | ​ | ​ | ​               | $       | 90,715  | ​   | ​ | ​ | ​                                | $       | 99,046 | ​ | ​ | ​ | ​ | $ | 99,046 | ​ | ​ |
| Residential mortgage-backed                                                | ​ | ​ | ​               | ​ | 113,997 | ​   | ​ | ​ | ​                                | ​ | 115,249 | ​ | ​ | ​ | ​ | ​ | 115,249 | ​ | ​ |
| Corporate                                                                  | ​ | ​ | ​               | ​ | 249,599 | ​   | ​ | ​ | ​                                | ​ | 255,268 | ​ | ​ | ​ | ​ | ​ | 255,268 | ​ | ​ |
| Commercial mortgage and asset-backed                                       | ​ | ​ | ​               | ​ | 111,056 | ​   | ​ | ​ | ​                                | ​ | 113,341 | ​ | ​ | ​ | ​ | ​ | 113,341 | ​ | ​ |
| Obligations of U.S. government corporations and agencies                   | ​ | ​ | ​               | ​ | 100,376 | ​   | ​ | ​ | ​                                | ​ | 101,275 | ​ | ​ | ​ | ​ | ​ | 101,275 | ​ | ​ |
| U.S. Treasury securities and obligations guaranteed by the U.S. government | ​ | ​ | ​               | ​ | 58,173  | ​   | ​ | ​ | ​                                | ​ | 58,269 | ​ | ​ | ​ | ​ | ​ | 58,269 | ​ | ​ |
| Redeemable preferred stock                                                 | ​ | ​ | ​               | ​ | 2,025   | ​   | ​ | ​ | ​                                | ​ | 1,901 | ​ | ​ | ​ | ​ | ​ | 1,901 | ​ | ​ |
| Total fixed maturity securities, available-for sale                        | ​ | ​ | ​               | ​ | 725,941 | ​   | ​ | ​ | ​                                | ​ | 744,349 | ​ | ​ | ​ | ​ | ​ | 744,349 | ​ | ​ |
| Fixed maturity securities, trading                                         | ​ | ​ | ​               | ​ | 7,324   | ​   | ​ | ​ | ​                                | ​ | 7,388 | ​ | ​ | ​ | ​ | ​ | 7,388 | ​ | ​ |
| Equity securities, available-for-sale                                      | ​ | ​ | ​               | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Preferred Stock                                                            | ​ | ​ | ​               | ​ | 45,149  | ​   | ​ | ​ | ​                                | ​ | 49,601 | ​ | ​ | ​ | ​ | ​ | 49,601 | ​ | ​ |
| Common Stock                                                               | ​ | ​ | ​               | ​ | 12,747  | ​   | ​ | ​ | ​                                | ​ | 11,772 | ​ | ​ | ​ | ​ | ​ | 11,772 | ​ | ​ |
| Total equity securities, available-for sale                                | ​ | ​ | ​               | ​ | 57,896  | ​   | ​ | ​ | ​                                | ​ | 61,373 | ​ | ​ | ​ | ​ | ​ | 61,373 | ​ | ​ |
| Bank loan participations, held-for-investment, net of allowance            | ​ | ​ | ​               | ​ | 234,925 | ​   | ​ | ​ | ​                                | ​ | 226,623 | ​ | ​ | ​ | ​ | ​ | 234,925 | ​ | ​ |
| Short-term investments                                                     | ​ | ​ | ​               | ​ | 130,856 | ​   | ​ | ​ | ​                                | ​ | 130,856 | ​ | ​ | ​ | ​ | ​ | 130,856 | ​ | ​ |
| Other invested assets                                                      | ​ | ​ | ​               | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,003 | ​ | ​ |
| Total invested assets                                                      | ​ | ​ | ​               | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,182,894 | ​ | ​ |
| ​                                                                    |

----

TABLE OF CONTENTS​

| ​                                          | ​ | ​ | December 31, |
|--------------------------------------------------|---------|---------|-------------------|
| ​                                          | ​ | ​ | 2014              | ​ | ​ | 2013 |
| ​                                          | ​ | ​ | (in thousands)    |
| Assets                                           | ​ | ​ | ​           |
| Cash and cash equivalents                        | ​ | ​ | ​           | $ | 623 | ​ | ​ | ​ | ​ | $ | 514 |
| Investment in subsidiaries                       | ​ | ​ | ​           | ​ | 893,365 | ​ | ​ | ​ | ​ | ​ | 864,509 |
| Due from subsidiaries                            | ​ | ​ | ​           | ​ | 247 | ​ | ​ | ​ | ​ | ​ | 270 |
| Other assets                                     | ​ | ​ | ​           | ​ | 2,450 | ​ | ​ | ​ | ​ | ​ | 1,513 |
| Total assets                                     | ​ | ​ | ​           | $ | 896,685 | ​ | ​ | ​ | ​ | $ | 866,806 |
| Liabilities and shareholders’ equity       | ​ | ​ | ​           |
| Liabilities:                                     | ​ | ​ | ​           |
| Accrued expenses                                 | ​ | ​ | ​           | $ | 4,473 | ​ | ​ | ​ | ​ | $ | 1,645 |
| Senior debt                                      | ​ | ​ | ​           | ​ | 73,300 | ​ | ​ | ​ | ​ | ​ | 43,000 |
| Junior subordinated debt                         | ​ | ​ | ​           | ​ | 15,928 | ​ | ​ | ​ | ​ | ​ | 15,928 |
| Notes payable to subsidiary                      | ​ | ​ | ​           | ​ | 100,000 | ​ | ​ | ​ | ​ | ​ | 100,000 |
| Due to subsidiaries                              | ​ | ​ | ​           | ​ | 14,884 | ​ | ​ | ​ | ​ | ​ | 4,743 |
| Other liabilities                                | ​ | ​ | ​           | ​ | 179 | ​ | ​ | ​ | ​ | ​ | — |
| Total liabilities                                | ​ | ​ | ​           | ​ | 208,764 | ​ | ​ | ​ | ​ | ​ | 165,316 |
| Commitments and contingent liabilities           | ​ | ​ | ​           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Shareholders’ equity:                      | ​ | ​ | ​           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Class A common shares                            | ​ | ​ | ​           | ​ | 6 | ​ | ​ | ​ | ​ | ​ | 6 |
| Additional paid-in capital                       | ​ | ​ | ​           | ​ | 628,236 | ​ | ​ | ​ | ​ | ​ | 627,647 |
| Retained earnings                                | ​ | ​ | ​           | ​ | 41,323 | ​ | ​ | ​ | ​ | ​ | 66,636 |
| Accumulated other comprehensive income           | ​ | ​ | ​           | ​ | 18,356 | ​ | ​ | ​ | ​ | ​ | 7,201 |
| Total shareholders’ equity                 | ​ | ​ | ​           | ​ | 687,921 | ​ | ​ | ​ | ​ | ​ | 701,490 |
| Total liabilities and shareholders’ equity | ​ | ​ | ​           | $ | 896,685 | ​ | ​ | ​ | ​ | $ | 866,806 |
| ​                                          |

----

TABLE OF CONTENTS

| ​                                                         | ​ | ​ | Year Ended December 31, | ​ |
|-----------------------------------------------------------------|---------|---------|------------------------------|---------|
| ​                                                         | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 | ​ |
| ​                                                         | ​ | ​ | (in thousands)               | ​ |
| Revenues:                                                       | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Management fees from subsidiaries                               | ​ | ​ | ​                      | $       | 2,600 | ​ | ​ | ​ | ​ | $ | 2,600 | ​ | ​ | ​ | ​ | $ | 2,528 | ​ | ​ |
| Other Income                                                    | ​ | ​ | ​                      | ​ | 40 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total revenues                                                  | ​ | ​ | ​                      | ​ | 2,640 | ​ | ​ | ​ | ​ | ​ | 2,600 | ​ | ​ | ​ | ​ | ​ | 2,528 | ​ | ​ |
| Expenses:                                                       | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Other operating expenses                                        | ​ | ​ | ​                      | ​ | 5,204 | ​ | ​ | ​ | ​ | ​ | 4,746 | ​ | ​ | ​ | ​ | ​ | 4,240 | ​ | ​ |
| Other expenses                                                  | ​ | ​ | ​                      | ​ | 7,353 | ​ | ​ | ​ | ​ | ​ | 389 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Interest expense                                                | ​ | ​ | ​                      | ​ | 3,099 | ​ | ​ | ​ | ​ | ​ | 1,638 | ​ | ​ | ​ | ​ | ​ | 310 | ​ | ​ |
| Total expenses                                                  | ​ | ​ | ​                      | ​ | 15,656 | ​ | ​ | ​ | ​ | ​ | 6,773 | ​ | ​ | ​ | ​ | ​ | 4,550 | ​ | ​ |
| Income before equity in net income of subsidiaries              | ​ | ​ | ​                      | ​ | (13,016) | ​ | ​ | ​ | ​ | ​ | (4,173) | ​ | ​ | ​ | ​ | ​ | (2,022) | ​ | ​ |
| Equity in net income of subsidiaries                            | ​ | ​ | ​                      | ​ | 57,701 | ​ | ​ | ​ | ​ | ​ | 71,510 | ​ | ​ | ​ | ​ | ​ | 10,686 | ​ | ​ |
| Net income                                                      | ​ | ​ | ​                      | $       | 44,685 | ​ | ​ | ​ | ​ | $ | 67,337 | ​ | ​ | ​ | ​ | $ | 8,664 | ​ | ​ |
| Other comprehensive income:                                     | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Equity in other comprehensive earnings (losses) of subsidiaries | ​ | ​ | ​                      | ​ | 11,155 | ​ | ​ | ​ | ​ | ​ | (39,245) | ​ | ​ | ​ | ​ | ​ | 12,355 | ​ | ​ |
| Total comprehensive income                                      | ​ | ​ | ​                      | $       | 55,840 | ​ | ​ | ​ | ​ | $ | 28,092 | ​ | ​ | ​ | ​ | $ | 21,019 | ​ | ​ |
| ​                                                         |

----

TABLE OF CONTENTS

| ​                                                                                     | ​ | ​ | Year Ended December 31, |
|---------------------------------------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                                                     | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                                                                     | ​ | ​ | (in thousands)               |
| Operating activities                                                                        | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net income                                                                                  | ​ | ​ | ​                      | $ | 44,685 | ​ | ​ | ​ | ​ | $ | 67,337 | ​ | ​ | ​ | ​ | $ | 8,664 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Provision for depreciation and amortization                                                 | ​ | ​ | ​                      | ​ | 203 | ​ | ​ | ​ | ​ | ​ | 129 | ​ | ​ | ​ | ​ | ​ | 2 |
| Share based compensation expense                                                            | ​ | ​ | ​                      | ​ | 589 | ​ | ​ | ​ | ​ | ​ | 647 | ​ | ​ | ​ | ​ | ​ | 1,012 |
| Equity in undistributed earnings of subsidiaries                                            | ​ | ​ | ​                      | ​ | (57,701) | ​ | ​ | ​ | ​ | ​ | (71,510) | ​ | ​ | ​ | ​ | ​ | (10,686) |
| Changes in operating assets and liabilities                                                 | ​ | ​ | ​                      | ​ | 12,443 | ​ | ​ | ​ | ​ | ​ | 2,213 | ​ | ​ | ​ | ​ | ​ | (66) |
| Net cash provided by (used in) operating activities                                         | ​ | ​ | ​                      | ​ | 219 | ​ | ​ | ​ | ​ | ​ | (1,184) | ​ | ​ | ​ | ​ | ​ | (1,074) |
| Investing activities                                                                        | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Dividends from subsidiaries                                                                 | ​ | ​ | ​                      | ​ | 50,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — |
| Purchases of property and equipment                                                         | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | (3) | ​ | ​ | ​ | ​ | ​ | — |
| Net cash provided by (used in) investing activities                                         | ​ | ​ | ​                      | ​ | 50,000 | ​ | ​ | ​ | ​ | ​ | (3) | ​ | ​ | ​ | ​ | ​ | — |
| Financing activities                                                                        | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Dividends Paid                                                                              | ​ | ​ | ​                      | ​ | (69,998) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — |
| Merger with subsidiary                                                                      | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | 217 | ​ | ​ | ​ | ​ | ​ | — |
| Senior debt issuance                                                                        | ​ | ​ | ​                      | ​ | 30,300 | ​ | ​ | ​ | ​ | ​ | 43,000 | ​ | ​ | ​ | ​ | ​ | — |
| Subsidiary note issuance                                                                    | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | 100,000 | ​ | ​ | ​ | ​ | ​ | 11,000 |
| Subsidiary note repayment                                                                   | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | (11,000) | ​ | ​ | ​ | ​ | ​ | (7,000) |
| Contribution to subsidiary                                                                  | ​ | ​ | ​                      | ​ | (10,000) | ​ | ​ | ​ | ​ | ​ | (20,000) | ​ | ​ | ​ | ​ | ​ | (4,000) |
| Debt issue costs paid                                                                       | ​ | ​ | ​                      | ​ | (412) | ​ | ​ | ​ | ​ | ​ | (649) | ​ | ​ | ​ | ​ | ​ | — |
| Common stock repurchases                                                                    | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | (110,760) | ​ | ​ | ​ | ​ | ​ | — |
| Net cash (used in) provided by financing activities                                         | ​ | ​ | ​                      | ​ | (50,110) | ​ | ​ | ​ | ​ | ​ | 808 | ​ | ​ | ​ | ​ | ​ | — |
| Change in cash and cash equivalents                                                         | ​ | ​ | ​                      | ​ | 109 | ​ | ​ | ​ | ​ | ​ | (379) | ​ | ​ | ​ | ​ | ​ | (1,074) |
| Cash and cash equivalents at beginning of period                                            | ​ | ​ | ​                      | ​ | 514 | ​ | ​ | ​ | ​ | ​ | 893 | ​ | ​ | ​ | ​ | ​ | 1,967 |
| Cash and cash equivalents at end of period                                                  | ​ | ​ | ​                      | $ | 623 | ​ | ​ | ​ | ​ | $ | 514 | ​ | ​ | ​ | ​ | $ | 893 |
| Supplemental information                                                                    | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest paid                                                                               | ​ | ​ | ​                      | $ | 3,733 | ​ | ​ | ​ | ​ | $ | 1,970 | ​ | ​ | ​ | ​ | $ | 311 |
| ​                                                                                     |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

| ​                  | ​ | ​ | DeferredPolicyAcquisitionCosts | ​ | ​ | Reservefor Lossesand LossAdjustmentExpenses | ​ | ​ | UnearnedPremiums | ​ | ​ | NetEarnedPremiums | ​ | ​ | NetInvestmentIncome | ​ | ​ | Lossesand LossAdjustmentExpenses | ​ | ​ | Amortizationof PolicyAcquisitionCosts | ​ | ​ | OtherOperatingExpenses | ​ | ​ | NetWrittenPremiums |
|--------------------------|---------|---------|--------------------------------|---------|---------|---------------------------------------------|---------|---------|------------------|---------|---------|-------------------|---------|---------|---------------------|---------|---------|----------------------------------|---------|---------|---------------------------------------|---------|---------|------------------------|---------|---------|--------------------|
| December 31, 2014   | ​ | ​ | ​                        | ​ | ​ | ​                                     | ​ | ​ | ​          | ​ | ​ | ​           | ​ | ​ | ​             | ​ | ​ | ​                          | ​ | ​ | ​                               | ​ | ​ | ​                | ​ | ​ | ​            | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Excess and Surplus Lines | ​ | ​ | ​                        | $       | 14,146  | ​                                     | ​ | ​ | ​          | $       | 432,220 | ​           | ​ | ​ | ​             | $       | 100,554 | ​                          | ​ | ​ | ​                               | $       | 195,786 | ​                | ​ | ​ | ​            | $ | 14,083 | ​ | ​ | ​ | ​ | $ | 108,146 | ​ | ​ | ​ | ​ | $ | 33,464 | ​ | ​ | ​ | ​ | $ | 53,427 | ​ | ​ | ​ | ​ | $ | 208,124 |
| Specialty Admitted       | ​ | ​ | ​                        | ​ | 1,838   | ​                                     | ​ | ​ | ​          | ​ | 54,544  | ​           | ​ | ​ | ​             | ​ | 25,295  | ​                          | ​ | ​ | ​                               | ​ | 28,449  | ​                | ​ | ​ | ​            | ​ | 2,320 | ​ | ​ | ​ | ​ | ​ | 15,179 | ​ | ​ | ​ | ​ | ​ | 3,306 | ​ | ​ | ​ | ​ | ​ | 13,237 | ​ | ​ | ​ | ​ | ​ | 36,228 |
| Casualty Reinsurance     | ​ | ​ | ​                        | ​ | 44,218  | ​                                     | ​ | ​ | ​          | ​ | 229,532 | ​           | ​ | ​ | ​             | ​ | 151,730 | ​                          | ​ | ​ | ​                               | ​ | 171,977 | ​                | ​ | ​ | ​            | ​ | 20,745 | ​ | ​ | ​ | ​ | ​ | 114,043 | ​ | ​ | ​ | ​ | ​ | 48,413 | ​ | ​ | ​ | ​ | ​ | 57,267 | ​ | ​ | ​ | ​ | ​ | 205,731 |
| Corporate and Other      | ​ | ​ | ​                        | ​ | — | ​                                     | ​ | ​ | ​          | ​ | — | ​           | ​ | ​ | ​             | ​ | — | ​                          | ​ | ​ | ​                               | ​ | — | ​                | ​ | ​ | ​            | ​ | 5,857 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 9,124 | ​ | ​ | ​ | ​ | ​ | — |
| Total                    | ​ | ​ | ​                        | $       | 60,202  | ​                                     | ​ | ​ | ​          | $       | 716,296 | ​           | ​ | ​ | ​             | $       | 277,579 | ​                          | ​ | ​ | ​                               | $       | 396,212 | ​                | ​ | ​ | ​            | $ | 43,005 | ​ | ​ | ​ | ​ | $ | 237,368 | ​ | ​ | ​ | ​ | $ | 85,183 | ​ | ​ | ​ | ​ | $ | 133,055 | ​ | ​ | ​ | ​ | $ | 450,083 |
| December 31, 2013   | ​ | ​ | ​                        | ​ | ​ | ​                                     | ​ | ​ | ​          | ​ | ​ | ​           | ​ | ​ | ​             | ​ | ​ | ​                          | ​ | ​ | ​                               | ​ | ​ | ​                | ​ | ​ | ​            | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Excess and Surplus Lines | ​ | ​ | ​                        | $       | 11,435  | ​                                     | ​ | ​ | ​          | $       | 378,967 | ​           | ​ | ​ | ​             | $       | 89,630  | ​                          | ​ | ​ | ​                               | $       | 141,826 | ​                | ​ | ​ | ​            | $ | 15,489 | ​ | ​ | ​ | ​ | $ | 57,250 | ​ | ​ | ​ | ​ | $ | 23,518 | ​ | ​ | ​ | ​ | $ | 41,053 | ​ | ​ | ​ | ​ | $ | 155,064 |
| Specialty Admitted       | ​ | ​ | ​                        | ​ | 949     | ​                                     | ​ | ​ | ​          | ​ | 58,906  | ​           | ​ | ​ | ​             | ​ | 7,500   | ​                          | ​ | ​ | ​                               | ​ | 17,908  | ​                | ​ | ​ | ​            | ​ | 2,601 | ​ | ​ | ​ | ​ | ​ | 12,066 | ​ | ​ | ​ | ​ | ​ | 2,212 | ​ | ​ | ​ | ​ | ​ | 9,710 | ​ | ​ | ​ | ​ | ​ | 18,169 |
| Casualty Reinsurance     | ​ | ​ | ​                        | ​ | 33,820  | ​                                     | ​ | ​ | ​          | ​ | 208,579 | ​           | ​ | ​ | ​             | ​ | 121,402 | ​                          | ​ | ​ | ​                               | ​ | 168,344 | ​                | ​ | ​ | ​            | ​ | 21,907 | ​ | ​ | ​ | ​ | ​ | 115,170 | ​ | ​ | ​ | ​ | ​ | 45,918 | ​ | ​ | ​ | ​ | ​ | 55,734 | ​ | ​ | ​ | ​ | ​ | 151,933 |
| Corporate and Other      | ​ | ​ | ​                        | ​ | — | ​                                     | ​ | ​ | ​          | ​ | — | ​           | ​ | ​ | ​             | ​ | — | ​                          | ​ | ​ | ​                               | ​ | — | ​                | ​ | ​ | ​            | ​ | 5,376 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 8,307 | ​ | ​ | ​ | ​ | ​ | — |
| Total                    | ​ | ​ | ​                        | $       | 46,204  | ​                                     | ​ | ​ | ​          | $       | 646,452 | ​           | ​ | ​ | ​             | $       | 218,532 | ​                          | ​ | ​ | ​                               | $       | 328,078 | ​                | ​ | ​ | ​            | $ | 45,373 | ​ | ​ | ​ | ​ | $ | 184,486 | ​ | ​ | ​ | ​ | $ | 71,648 | ​ | ​ | ​ | ​ | $ | 114,804 | ​ | ​ | ​ | ​ | $ | 325,166 |
| December 31, 2012   | ​ | ​ | ​                        | ​ | ​ | ​                                     | ​ | ​ | ​          | ​ | ​ | ​           | ​ | ​ | ​             | ​ | ​ | ​                          | ​ | ​ | ​                               | ​ | ​ | ​                | ​ | ​ | ​            | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Excess and Surplus Lines | ​ | ​ | ​                        | $       | 9,022   | ​                                     | ​ | ​ | ​          | $       | 380,377 | ​           | ​ | ​ | ​             | $       | 74,782  | ​                          | ​ | ​ | ​                               | $       | 115,940 | ​                | ​ | ​ | ​            | $ | 18,080 | ​ | ​ | ​ | ​ | $ | 60,985 | ​ | ​ | ​ | ​ | $ | 22,270 | ​ | ​ | ​ | ​ | $ | 37,976 | ​ | ​ | ​ | ​ | $ | 123,483 |
| Specialty Admitted       | ​ | ​ | ​                        | ​ | 594     | ​                                     | ​ | ​ | ​          | ​ | 76,010  | ​           | ​ | ​ | ​             | ​ | 7,176   | ​                          | ​ | ​ | ​                               | ​ | 32,189  | ​                | ​ | ​ | ​            | ​ | 2,736 | ​ | ​ | ​ | ​ | ​ | 37,988 | ​ | ​ | ​ | ​ | ​ | 4,812 | ​ | ​ | ​ | ​ | ​ | 11,519 | ​ | ​ | ​ | ​ | ​ | 33,041 |
| Casualty Reinsurance     | ​ | ​ | ​                        | ​ | 39,720  | ​                                     | ​ | ​ | ​          | ​ | 253,334 | ​           | ​ | ​ | ​             | ​ | 157,097 | ​                          | ​ | ​ | ​                               | ​ | 216,439 | ​                | ​ | ​ | ​            | ​ | 23,605 | ​ | ​ | ​ | ​ | ​ | 165,523 | ​ | ​ | ​ | ​ | ​ | 61,495 | ​ | ​ | ​ | ​ | ​ | 70,065 | ​ | ​ | ​ | ​ | ​ | 195,785 |
| Corporate and Other      | ​ | ​ | ​                        | ​ | — | ​                                     | ​ | ​ | ​          | ​ | — | ​           | ​ | ​ | ​             | ​ | — | ​                          | ​ | ​ | ​                               | ​ | — | ​                | ​ | ​ | ​            | ​ | (124) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 7,324 | ​ | ​ | ​ | ​ | ​ | — |
| Total                    | ​ | ​ | ​                        | $       | 49,336  | ​                                     | ​ | ​ | ​          | $       | 709,721 | ​           | ​ | ​ | ​             | $       | 239,055 | ​                          | ​ | ​ | ​                               | $       | 364,568 | ​                | ​ | ​ | ​            | $ | 44,297 | ​ | ​ | ​ | ​ | $ | 264,496 | ​ | ​ | ​ | ​ | $ | 88,577 | ​ | ​ | ​ | ​ | $ | 126,884 | ​ | ​ | ​ | ​ | $ | 352,309 |
| ​                  |

----

TABLE OF CONTENTS​

| ​                                   | ​ | ​ | DirectAmount | ​ | ​ | Cededto OtherCompanies | ​ | ​ | Assumedfrom OtherCompanies | ​ | ​ | NetAmount | ​ | ​ | Percentageof AmountAssumed to Net | ​ |
|-------------------------------------------|---------|---------|--------------|---------|---------|------------------------|---------|---------|----------------------------|---------|---------|-----------|---------|---------|-----------------------------------|---------|
| Year Ended December 31, 2014:        | ​ | ​ | ​      | ​ | ​ | ​                |
| Excess and Surplus Lines Written Premiums | ​ | ​ | ​      | $       | 252,707 | ​                | ​ | ​ | ​                    | $       | 44,583  | ​   | ​ | ​ | ​                           | $       | — | ​ | ​ | ​ | ​ | $ | 208,124 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Specialty Admitted Written Premiums       | ​ | ​ | ​      | ​ | 57,454  | ​                | ​ | ​ | ​                    | ​ | 23,152  | ​   | ​ | ​ | ​                           | ​ | 1,926 | ​ | ​ | ​ | ​ | ​ | 36,228 | ​ | ​ | ​ | ​ | ​ | 5.3% | ​ | ​ |
| Casualty Reinsurance Written Premiums     | ​ | ​ | ​      | ​ | — | ​                | ​ | ​ | ​                    | ​ | 949     | ​   | ​ | ​ | ​                           | ​ | 206,680 | ​ | ​ | ​ | ​ | ​ | 205,731 | ​ | ​ | ​ | ​ | ​ | 100.5% | ​ | ​ |
| Total Written Premiums                    | ​ | ​ | ​      | $       | 310,161 | ​                | ​ | ​ | ​                    | $       | 68,684  | ​   | ​ | ​ | ​                           | $       | 208,606 | ​ | ​ | ​ | ​ | $ | 450,083 | ​ | ​ | ​ | ​ | ​ | 46.3% | ​ | ​ |
| Year Ended December 31, 2013:        | ​ | ​ | ​      | ​ | ​ | ​                |
| Excess and Surplus Lines Written Premiums | ​ | ​ | ​      | $       | 192,394 | ​                | ​ | ​ | ​                    | $       | 37,330  | ​   | ​ | ​ | ​                           | $       | — | ​ | ​ | ​ | ​ | $ | 155,064 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Specialty Admitted Written Premiums       | ​ | ​ | ​      | ​ | 19,213  | ​                | ​ | ​ | ​                    | ​ | 2,425   | ​   | ​ | ​ | ​                           | ​ | 1,381 | ​ | ​ | ​ | ​ | ​ | 18,169 | ​ | ​ | ​ | ​ | ​ | 7.6% | ​ | ​ |
| Casualty Reinsurance Written Premiums     | ​ | ​ | ​      | ​ | — | ​                | ​ | ​ | ​                    | ​ | 3,597   | ​   | ​ | ​ | ​                           | ​ | 155,530 | ​ | ​ | ​ | ​ | ​ | 151,933 | ​ | ​ | ​ | ​ | ​ | 102.4% | ​ | ​ |
| Total Written Premiums                    | ​ | ​ | ​      | $       | 211,607 | ​                | ​ | ​ | ​                    | $       | 43,352  | ​   | ​ | ​ | ​                           | $       | 156,911 | ​ | ​ | ​ | ​ | $ | 325,166 | ​ | ​ | ​ | ​ | ​ | 48.3% | ​ | ​ |
| Year Ended December 31, 2012:        | ​ | ​ | ​      | ​ | ​ | ​                |
| Excess and Surplus Lines Written Premiums | ​ | ​ | ​      | $       | 158,654 | ​                | ​ | ​ | ​                    | $       | 35,171  | ​   | ​ | ​ | ​                           | $       | — | ​ | ​ | ​ | ​ | $ | 123,483 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Specialty Admitted Written Premiums       | ​ | ​ | ​      | ​ | 35,302  | ​                | ​ | ​ | ​                    | ​ | 3,668   | ​   | ​ | ​ | ​                           | ​ | 1,407 | ​ | ​ | ​ | ​ | ​ | 33,041 | ​ | ​ | ​ | ​ | ​ | 4.3% | ​ | ​ |
| Casualty Reinsurance Written Premiums     | ​ | ​ | ​      | ​ | — | ​                | ​ | ​ | ​                    | ​ | 100,783 | ​   | ​ | ​ | ​                           | ​ | 296,568 | ​ | ​ | ​ | ​ | ​ | 195,785 | ​ | ​ | ​ | ​ | ​ | 151.5% | ​ | ​ |
| Total Written Premiums                    | ​ | ​ | ​      | $       | 193,956 | ​                | ​ | ​ | ​                    | $       | 139,622 | ​   | ​ | ​ | ​                           | $       | 297,975 | ​ | ​ | ​ | ​ | $ | 352,309 | ​ | ​ | ​ | ​ | ​ | 84.6% | ​ | ​ |
| ​                                   |

----

TABLE OF CONTENTS​

| ​                                   | ​ | ​ | Balanceat Beginningof Period | ​ | ​ | AdditionsAmountsCharged toExpense | ​ | ​ | DeductionsAmountsWritten Offor Disposals | ​ | ​ | Balanceat Endof Period | ​ |
|-------------------------------------------|---------|---------|------------------------------|---------|---------|-----------------------------------|---------|---------|------------------------------------------|---------|---------|------------------------|---------|
| Year Ended December 31, 2014:        | ​ | ​ | ​                      | ​ | ​ | ​                           | ​ | ​ | ​                                  | ​ | ​ | ​                | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Allowance for Doubtful Accounts           | ​ | ​ | ​                      | $       | 1,701   | ​                           | ​ | ​ | ​                                  | $       | 812     | ​                | ​ | ​ | ​ | $ | (528) | ​ | ​ | ​ | ​ | $ | 1,985 | ​ | ​ |
| Allowance for Credit Losses on Bank Loans | ​ | ​ | ​                      | ​ | 242     | ​                           | ​ | ​ | ​                                  | ​ | 752     | ​                | ​ | ​ | ​ | ​ | (242) | ​ | ​ | ​ | ​ | ​ | 752 | ​ | ​ |
| Total                                     | ​ | ​ | ​                      | $       | 1,943   | ​                           | ​ | ​ | ​                                  | $       | 1,564   | ​                | ​ | ​ | ​ | $ | (770) | ​ | ​ | ​ | ​ | $ | 2,737 | ​ | ​ |
| Year Ended December 31, 2013:        | ​ | ​ | ​                      | ​ | ​ |
| Allowance for Doubtful Accounts           | ​ | ​ | ​                      | $       | 2,220   | ​                           | ​ | ​ | ​                                  | $       | 459     | ​                | ​ | ​ | ​ | $ | (978) | ​ | ​ | ​ | ​ | $ | 1,701 | ​ | ​ |
| Allowance for Credit Losses on Bank Loans | ​ | ​ | ​                      | ​ | 121     | ​                           | ​ | ​ | ​                                  | ​ | 121     | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 242 | ​ | ​ |
| Total                                     | ​ | ​ | ​                      | $       | 2,341   | ​                           | ​ | ​ | ​                                  | $       | 580     | ​                | ​ | ​ | ​ | $ | (978) | ​ | ​ | ​ | ​ | $ | 1,943 | ​ | ​ |
| Year Ended December 31, 2012:        | ​ | ​ | ​                      | ​ | ​ |
| Allowance for Doubtful Accounts           | ​ | ​ | ​                      | $       | 1,940   | ​                           | ​ | ​ | ​                                  | $       | 975     | ​                | ​ | ​ | ​ | $ | (695) | ​ | ​ | ​ | ​ | $ | 2,220 | ​ | ​ |
| Allowance for Credit Losses on Bank Loans | ​ | ​ | ​                      | ​ | 591     | ​                           | ​ | ​ | ​                                  | ​ | 121     | ​                | ​ | ​ | ​ | ​ | (591) | ​ | ​ | ​ | ​ | ​ | 121 | ​ | ​ |
| Total                                     | ​ | ​ | ​                      | $       | 2,531   | ​                           | ​ | ​ | ​                                  | $       | 1,096   | ​                | ​ | ​ | ​ | $ | (1,286) | ​ | ​ | ​ | ​ | $ | 2,341 | ​ | ​ |
| ​                                   |

----

TABLE OF CONTENTS​

| ​                                                      | ​ | ​ | Year Ended December 31, |
|--------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                      | ​ | ​ | 2014                         | ​ | ​ | 2013 | ​ | ​ | 2012 |
| ​                                                      | ​ | ​ | (in thousands)               |
| Deferred policy acquisition costs                            | ​ | ​ | ​                      | $ | 60,202 | ​ | ​ | ​ | ​ | $ | 46,204 | ​ | ​ | ​ | ​ | $ | 49,336 |
| Reserve for losses and loss adjustment expenses              | ​ | ​ | ​                      | ​ | 716,296 | ​ | ​ | ​ | ​ | ​ | 646,452 | ​ | ​ | ​ | ​ | ​ | 709,721 |
| Unearned premiums                                            | ​ | ​ | ​                      | ​ | 277,579 | ​ | ​ | ​ | ​ | ​ | 218,532 | ​ | ​ | ​ | ​ | ​ | 239,055 |
| Net earned premiums                                          | ​ | ​ | ​                      | ​ | 396,212 | ​ | ​ | ​ | ​ | ​ | 328,078 | ​ | ​ | ​ | ​ | ​ | 364,568 |
| Net investment income                                        | ​ | ​ | ​                      | ​ | 43,005 | ​ | ​ | ​ | ​ | ​ | 45,373 | ​ | ​ | ​ | ​ | ​ | 44,297 |
| Losses and loss adjustment expenses incurred:                | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Current year                                                 | ​ | ​ | ​                      | ​ | 264,786 | ​ | ​ | ​ | ​ | ​ | 221,938 | ​ | ​ | ​ | ​ | ​ | 263,102 |
| Prior year                                                   | ​ | ​ | ​                      | ​ | (27,418) | ​ | ​ | ​ | ​ | ​ | (37,452) | ​ | ​ | ​ | ​ | ​ | 1,394 |
| Total losses and loss adjustment expenses incurred           | ​ | ​ | ​                      | ​ | 237,368 | ​ | ​ | ​ | ​ | ​ | 184,486 | ​ | ​ | ​ | ​ | ​ | 264,496 |
| Amortization of policy acquisition costs                     | ​ | ​ | ​                      | ​ | 85,183 | ​ | ​ | ​ | ​ | ​ | 71,648 | ​ | ​ | ​ | ​ | ​ | 88,577 |
| Paid losses and loss adjustment expenses, net of reinsurance | ​ | ​ | ​                      | ​ | 175,311 | ​ | ​ | ​ | ​ | ​ | 191,410 | ​ | ​ | ​ | ​ | ​ | 207,348 |
| Net written premiums                                         | ​ | ​ | ​                      | ​ | 450,083 | ​ | ​ | ​ | ​ | ​ | 325,166 | ​ | ​ | ​ | ​ | ​ | 352,309 |

----