##### 



Exhibit 99.1

Ten Year Analysis of Consolidated Loss and LAE
Development

Presented Net of Reinsurance with Supplemental
Gross Data


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|                                 |                                      |                         
|                                 |                                      | Years Ended December 31,
|                                 |                                      |                         
|                                 |                                      | 1993                     |        | 1994  |  | 1995 |        | 1996  |  | 1997 |       | 1998  |  | 1999 |       | 2000  |  | 2001 |       | 2002  |  | 2003
|                                 |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |     
|                                 |                                      |                         
|                                 |                                      | (dollars in millions)   
|Reserves for unpaid loss and LAE |                                      | $                        | 2,292  |       |  | $    | 2,168  |       |  | $    | 2,184 |       |  | $    | 2,385 |       |  | $    | 2,383 |       |  | $    | 2,492 |       |  | $ | 2,188 |       |  | $ | 1,737 |       |  | $ | 1,547 |       |  | $ | 1,470 |       |  | $ | 1,853 |      
|Paid (cumulative) as of:         |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | One year later                       |                          |        | 565   |  |      |        | 555   |  |      |       | 502   |  |      |       | 561   |  |      |       | 564   |  |      |       | 664   |  |   |       | 744   |  |   |       | 667   |  |   |       | 448   |  |   |       | 161   |  |   |       |       | 
|                                 | Two years later                      |                          |        | 964   |  |      |        | 923   |  |      |       | 876   |  |      |       | 949   |  |      |       | 1,050 |  |      |       | 1,220 |  |   |       | 1,280 |  |   |       | 1,012 |  |   |       | 525   |  |   |       |       |  |   |       |       | 
|                                 | Three years later                    |                          |        | 1,243 |  |      |        | 1,208 |  |      |       | 1,153 |  |      |       | 1,315 |  |      |       | 1,479 |  |      |       | 1,627 |  |   |       | 1,541 |  |   |       | 1,083 |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Four years later                     |                          |        | 1,449 |  |      |        | 1,394 |  |      |       | 1,432 |  |      |       | 1,648 |  |      |       | 1,767 |  |      |       | 1,893 |  |   |       | 1,602 |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Five years later                     |                          |        | 1,588 |  |      |        | 1,593 |  |      |       | 1,689 |  |      |       | 1,836 |  |      |       | 1,974 |  |      |       | 1,890 |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Six years later                      |                          |        | 1,730 |  |      |        | 1,791 |  |      |       | 1,828 |  |      |       | 1,993 |  |      |       | 1,922 |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Seven years later                    |                          |        | 1,882 |  |      |        | 1,897 |  |      |       | 1,958 |  |      |       | 1,917 |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Eight years later                    |                          |        | 1,973 |  |      |        | 2,006 |  |      |       | 1,862 |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Nine years later                     |                          |        | 2,070 |  |      |        | 1,883 |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Ten years later                      |                          |        | 1,944 |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|Liability re-estimated as of:    |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | One year later                       |                          |        | 2,300 |  |      |        | 2,273 |  |      |       | 2,358 |  |      |       | 2,390 |  |      |       | 2,550 |  |      |       | 2,507 |  |   |       | 2,220 |  |   |       | 1,920 |  |   |       | 1,569 |  |   |       | 1,593 |  |   |       |       | 
|                                 | Two years later                      |                          |        | 2,355 |  |      |        | 2,401 |  |      |       | 2,331 |  |      |       | 2,549 |  |      |       | 2,555 |  |      |       | 2,496 |  |   |       | 2,407 |  |   |       | 1,939 |  |   |       | 1,727 |  |   |       |       |  |   |       |       | 
|                                 | Three years later                    |                          |        | 2,460 |  |      |        | 2,372 |  |      |       | 2,460 |  |      |       | 2,542 |  |      |       | 2,546 |  |      |       | 2,561 |  |   |       | 2,425 |  |   |       | 2,068 |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Four years later                     |                          |        | 2,424 |  |      |        | 2,468 |  |      |       | 2,449 |  |      |       | 2,539 |  |      |       | 2,561 |  |      |       | 2,574 |  |   |       | 2,552 |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Five years later                     |                          |        | 2,508 |  |      |        | 2,450 |  |      |       | 2,448 |  |      |       | 2,550 |  |      |       | 2,577 |  |      |       | 2,699 |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Six years later                      |                          |        | 2,478 |  |      |        | 2,449 |  |      |       | 2,454 |  |      |       | 2,552 |  |      |       | 2,707 |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Seven years later                    |                          |        | 2,478 |  |      |        | 2,450 |  |      |       | 2,442 |  |      |       | 2,682 |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Eight years later                    |                          |        | 2,478 |  |      |        | 2,433 |  |      |       | 2,578 |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Nine years later                     |                          |        | 2,448 |  |      |        | 2,575 |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Ten years later                      |                          |        | 2,589 |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|Cumulative deficiency            |                                      |                          | (297   | )     |  |      | (407   | )     |  |      | (394  | )     |  |      | (297  | )     |  |      | (324  | )     |  |      | (207  | )     |  |   | (364  | )     |  |   | (331  | )     |  |   | (180  | )     |  |   | (123  | )     |  |   |      |      
|End of year:                     |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | Gross liability                      |                          |        | 3,160 |  |      |        | 2,948 |  |      |       | 3,240 |  |      |       | 3,417 |  |      |       | 3,563 |  |      |       | 3,597 |  |   |       | 3,492 |  |   |       | 3,307 |  |   |       | 3,424 |  |   |       | 3,226 |  |   |       | 3,174 | 
|                                 | Reinsurance recoverable              |                          |        | 868   |  |      |        | 780   |  |      |       | 1,056 |  |      |       | 1,032 |  |      |       | 1,180 |  |      |       | 1,105 |  |   |       | 1,304 |  |   |       | 1,570 |  |   |       | 1,877 |  |   |       | 1,756 |  |   |       | 1,321 | 
|                                 | Net liability                        |                          |        | 2,292 |  |      |        | 2,168 |  |      |       | 2,184 |  |      |       | 2,385 |  |      |       | 2,383 |  |      |       | 2,492 |  |   |       | 2,188 |  |   |       | 1,737 |  |   |       | 1,547 |  |   |       | 1,470 |  |   |       | 1,853 | 
|One year later:                  |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | Gross re-estimated liability         |                          |        | 3,347 |  |      |        | 3,447 |  |      |       | 3,478 |  |      |       | 3,638 |  |      |       | 3,705 |  |      |       | 3,712 |  |   |       | 3,665 |  |   |       | 3,682 |  |   |       | 3,471 |  |   |       | 3,326 |  |   |       |       | 
|                                 | Re-estimated reinsurance recoverable |                          |        | 1,047 |  |      |        | 1,174 |  |      |       | 1,120 |  |      |       | 1,248 |  |      |       | 1,155 |  |      |       | 1,205 |  |   |       | 1,445 |  |   |       | 1,762 |  |   |       | 1,902 |  |   |       | 1,733 |  |   |       |       | 
|                                 | Net re-estimated liability           |                          |        | 2,300 |  |      |        | 2,273 |  |      |       | 2,358 |  |      |       | 2,390 |  |      |       | 2,550 |  |      |       | 2,507 |  |   |       | 2,220 |  |   |       | 1,920 |  |   |       | 1,569 |  |   |       | 1,593 |  |   |       |       | 
|Two years later:                 |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | Gross re-estimated liability         |                          |        | 3,801 |  |      |        | 3,633 |  |      |       | 3,662 |  |      |       | 3,766 |  |      |       | 3,783 |  |      |       | 3,833 |  |   |       | 3,999 |  |   |       | 3,679 |  |   |       | 3,609 |  |   |       |       |  |   |       |       | 
|                                 | Re-estimated reinsurance recoverable |                          |        | 1,446 |  |      |        | 1,232 |  |      |       | 1,331 |  |      |       | 1,217 |  |      |       | 1,228 |  |      |       | 1,337 |  |   |       | 1,592 |  |   |       | 1,740 |  |   |       | 1,882 |  |   |       |       |  |   |       |       | 
|                                 | Net re-estimated liability           |                          |        | 2,355 |  |      |        | 2,401 |  |      |       | 2,331 |  |      |       | 2,549 |  |      |       | 2,555 |  |      |       | 2,496 |  |   |       | 2,407 |  |   |       | 1,939 |  |   |       | 1,727 |  |   |       |       |  |   |       |       | 
|Three years later:               |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | Gross re-estimated liability         |                          |        | 3,964 |  |      |        | 3,812 |  |      |       | 3,766 |  |      |       | 3,829 |  |      |       | 3,867 |  |      |       | 4,039 |  |   |       | 3,989 |  |   |       | 3,778 |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Re-estimated reinsurance recoverable |                          |        | 1,504 |  |      |        | 1,440 |  |      |       | 1,306 |  |      |       | 1,287 |  |      |       | 1,321 |  |      |       | 1,478 |  |   |       | 1,564 |  |   |       | 1,710 |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Net re-estimated liability           |                          |        | 2,460 |  |      |        | 2,372 |  |      |       | 2,460 |  |      |       | 2,542 |  |      |       | 2,546 |  |      |       | 2,561 |  |   |       | 2,425 |  |   |       | 2,068 |  |   |       |       |  |   |       |       |  |   |       |       | 
|Four years later:                |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | Gross re-estimated liability         |                          |        | 4,123 |  |      |        | 3,879 |  |      |       | 3,824 |  |      |       | 3,904 |  |      |       | 3,966 |  |      |       | 4,012 |  |   |       | 4,080 |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Re-estimated reinsurance recoverable |                          |        | 1,699 |  |      |        | 1,411 |  |      |       | 1,375 |  |      |       | 1,365 |  |      |       | 1,405 |  |      |       | 1,438 |  |   |       | 1,528 |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Net re-estimated liability           |                          |        | 2,424 |  |      |        | 2,468 |  |      |       | 2,449 |  |      |       | 2,539 |  |      |       | 2,561 |  |      |       | 2,574 |  |   |       | 2,552 |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|Five years later:                |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | Gross re-estimated liability         |                          |        | 4,184 |  |      |        | 3,932 |  |      |       | 3,892 |  |      |       | 3,962 |  |      |       | 3,946 |  |      |       | 4,095 |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Re-estimated reinsurance recoverable |                          |        | 1,676 |  |      |        | 1,482 |  |      |       | 1,444 |  |      |       | 1,412 |  |      |       | 1,369 |  |      |       | 1,396 |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Net re-estimated liability           |                          |        | 2,508 |  |      |        | 2,450 |  |      |       | 2,448 |  |      |       | 2,550 |  |      |       | 2,577 |  |      |       | 2,699 |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|Six years later:                 |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | Gross re-estimated liability         |                          |        | 4,227 |  |      |        | 3,995 |  |      |       | 3,930 |  |      |       | 3,934 |  |      |       | 4,038 |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Re-estimated reinsurance recoverable |                          |        | 1,749 |  |      |        | 1,546 |  |      |       | 1,476 |  |      |       | 1,382 |  |      |       | 1,331 |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Net re-estimated liability           |                          |        | 2,478 |  |      |        | 2,449 |  |      |       | 2,454 |  |      |       | 2,552 |  |      |       | 2,707 |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|Seven years later:               |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | Gross re-estimated liability         |                          |        | 4,289 |  |      |        | 4,023 |  |      |       | 3,890 |  |      |       | 4,033 |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Re-estimated reinsurance recoverable |                          |        | 1,811 |  |      |        | 1,573 |  |      |       | 1,448 |  |      |       | 1,351 |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Net re-estimated liability           |                          |        | 2,478 |  |      |        | 2,450 |  |      |       | 2,442 |  |      |       | 2,682 |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|Eight years later:               |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | Gross re-estimated liability         |                          |        | 4,317 |  |      |        | 3,981 |  |      |       | 4,012 |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Re-estimated reinsurance recoverable |                          |        | 1,839 |  |      |        | 1,548 |  |      |       | 1,434 |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Net re-estimated liability           |                          |        | 2,478 |  |      |        | 2,433 |  |      |       | 2,578 |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|Nine years later:                |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | Gross re-estimated liability         |                          |        | 4,263 |  |      |        | 4,114 |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Re-estimated reinsurance recoverable |                          |        | 1,815 |  |      |        | 1,539 |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Net re-estimated liability           |                          |        | 2,448 |  |      |        | 2,575 |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|Ten years later:                 |                                      |                          |        |       |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |      
|                                 | Gross re-estimated liability         |                          |        | 4,404 |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Re-estimated reinsurance recoverable |                          |        | 1,815 |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|                                 | Net re-estimated liability           |                          |        | 2,589 |  |      |        |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       |  |   |       |       | 
|Gross cumulative deficiency      |                                      |                          | (1,244 | )     |  |      | (1,166 | )     |  |      | (772  | )     |  |      | (616  | )     |  |      | (475  | )     |  |      | (498  | )     |  |   | (588  | )     |  |   | (471  | )     |  |   | (185  | )     |  |   | (100  | )     |  |   |      |