Item 15. (b) EXHIBITS

Number
(3.1)	The Company’s Restated Certificate of Incorporation, as amended through May 10, 2004 (incorporated by reference to Exhibits 3.1 and 3.2 of the Company’s Quarterly Report on Form 10-Q (File No. 1-15202) filed with the Commission on August 6, 2003).
(3.2)	Amendment, dated May 11, 2004, to the Company’s Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.2 of the Company’s Quarterly report on Form 10-Q (File No. 1-15202) filed with the Commission on August 5, 2004).
(3.3)	Amendment, dated May 16, 2006, to the Company’s Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on May 17, 2006).
(3.4)	Amended and Restated By-Laws (incorporated by reference to Exhibit 3 (ii) of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on March 1, 2012).
(4.1)	Indenture, dated as of February 14, 2003, between the Company and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Annual Report on Form 10-K (File No. 1-15202) filed with the Commission of March 31, 2003).
(4.2)	Third Supplemental Indenture, dated as of August 24, 2004, between the Company and The Bank of New York, as Trustee, relating to $150,000,000 principal amount of the Company’s 6.150% Senior Notes due 2019, including form of the Notes as Exhibit A (incorporated by reference to Exhibit 4.4 of the Company’s Annual Report on Form 10-K (File No. 1-15202) filed with the Commission on March 14, 2005).
(4.3)	Fourth Supplemental Indenture, dated as of May 9, 2005, between the Company and The Bank of New York, as Trustee, relating to $200,000,000 principal amount of the Company’s 5.60% Senior Notes due 2015, including form of the Notes as Exhibit A (incorporated by reference to Exhibit 4.2 of the Company’s Quarterly Report on Form 10-Q (File No. 1-15200) filed with the Commission on August 2, 2005).
(4.4)	Fifth Supplemental Indenture, dated as of February 9, 2007, between the Company and The Bank of New York, as Trustee, relating to $250,000,000 principal amount of the Company’s 6.25% Senior Notes due 2037, including form of the Notes as Exhibit A (incorporated by reference to Exhibit 4.7 of the Company’s Annual Report on Form 10-K (File No. 1-15202) filed with the Commission on March 1, 2007).
(4.5)	Sixth Supplemental Indenture, dated as of September 14, 2009, between the Company and The Bank of New York Mellon, as Trustee, relating to $300,000,000 principal amount of the Company’s 7.375% Senior Notes due 2019, including form of the Notes as Exhibit A (incorporated by reference to Exhibit 4.7 of the Company’s Annual Report on Form 10-K (File No. 1-15202) filed with the Commission on February 26, 2010).
(4.6)	Seventh Supplemental Indenture, dated as of September 16, 2010, between the Company and The Bank of New York Mellon, as Trustee, relating to $300,000,000 principal amount of the Company’s 5.375% Senior Notes due 2020, including form of the Notes as Exhibit A (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on September 16, 2010).
(4.7)	Eighth Supplemental Indenture, dated as of March 16, 2012, between the Company and The Bank of New York Mellon, as Trustee, relating to $350,000,000 principal amount of the Company’s 4.625% Senior Notes due 2022, including form of the Notes as Exhibit A (incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K (File No. 1-15202) filed with the Commission on March 16, 2012).
(4.8)	Subordinated Indenture, dated as of May 2, 2013, between the Company and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K (File No. 1-15202) filed with the Commission on May 2, 2013).
(4.9)	First Supplemental Indenture, dated as of May 2, 2013, between the Company and The Bank of New York Mellon, as Trustee, relating to $350,000,000 principal amount of the Company's 5.625% Subordinated Debentures due 2053, including the form of the Securities as Exhibit A (incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K (File No. 1-15202) filed with the Commission on May 2, 2013).

(4.10)	The instruments defining the rights of holders of the other long term debt securities of the Company are omitted pursuant to Section (b)(4)(iii)(A) of Item 601 of Regulation S-K. The Company agrees to furnish supplementally copies of these instruments to the Commission upon request.
(10.1)	W. R. Berkley Corporation 2003 Stock Incentive Plan (incorporated by reference to Annex A of the Company’s 2003 Proxy Statement (File No. 1-15202) filed with the Commission on April 14, 2003).
(10.2)	W. R. Berkley Corporation 2012 Stock Incentive Plan (incorporated by reference to Annex A of the Company’s 2012 Proxy Statement (File No. 1-15202) filed with the Commission on April 9, 2012).
(10.3)	Form of Restricted Stock Unit Agreement under the W. R. Berkley Corporation 2012 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q (File No. 1-15202) filed with the Commission on November 8, 2012).
(10.4)	Form of Restricted Stock Unit Agreement under the W. R. Berkley Corporation 2003 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q (File No. 1-15202) filed with the Commission on May 3, 2005).
(10.5)	Form of Restricted Stock Unit Agreement under the W. R. Berkley Corporation 2003 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q (File No. 1-15202) filed with the Commission on August 6, 2010).
(10.6)	Form of Restricted Stock Unit Agreement for grant of April 4, 2003 (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q (File No. 1-15202) filed with the Commission on August 6, 2003).
(10.7)	W. R. Berkley Corporation Deferred Compensation Plan for Officers as amended and restated effective December 3, 2007 (incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on December 19, 2007).
(10.8)	W. R. Berkley Corporation Deferred Compensation Plan for Directors as amended and restated effective December 3, 2007 (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on December 19, 2007).
(10.9)	W. R. Berkley Corporation 2007 Annual Incentive Compensation Plan (incorporated by reference to Annex A of the Company’s 2006 Proxy Statement (File No. 1-15202) filed with the Commission on April 18, 2006).
(10.10)	W. R. Berkley Corporation 2004 Long-Term Incentive Plan (incorporated by reference to Annex B from the Company’s 2004 Proxy Statement (File No. 1-15202) filed with the Commission on April 12, 2004).
(10.11)	W. R. Berkley Corporation 2009 Long-Term Incentive Plan (incorporated by reference to Annex A of the Company’s 2009 Proxy Statement (File No. 1-15202) filed with the Commission on April 17, 2009).
(10.12)	Form of Performance Unit Award Agreement under the W. R. Berkley Corporation 2004 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q (File No. 1-15202) filed with the Commission on May 3, 2005).
(10.13)	Form of 2008 Performance Unit Award Agreement under the W. R. Berkley Corporation 2004 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No. 1-15202) filed with the Commission on March 13, 2008).
(10.14)	Form of 2011 Performance Unit Award Agreement under the W. R. Berkley Corporation 2009 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.12 of the Company's Annual Report on Form 10-K (File No. 1-15202) filed with the Commission on February 28, 2012).
(10.15)	W. R. Berkley Corporation 2009 Directors Stock Plan (incorporated by reference to Annex B of the Company’s 2009 Proxy Statement (File No. 1-15202) filed with the Commission on April 17, 2009).

(10.16)	Supplemental Benefits Agreement between William R. Berkley and the Company as amended and restated as of December 21, 2011 (incorporated by reference to Exhibit 10.14 of the Company's Annual Report on Form 10-K (File No. 1-15202) filed with the Commission on February 28, 2012).
(14)	Code of Ethics for Senior Financial Officers (incorporated by reference to Exhibit 14 of the Company’s Annual Report on Form 10-K (File No. 1-15202) filed with the Commission on March 14, 2005).

(21)	Following is a list of the Company’s significant subsidiaries and other operating entities. Subsidiaries of subsidiaries are indented and the parent of each such corporation owns 100% of the outstanding voting securities of such corporation except as noted below.

	Jurisdiction of Incorporation	Percentage owned by the Company (1)
Berkley International, LLC (2)	New York	100	%
Berkley Surety Group, Inc.	Delaware	100	%
Signet Star Holdings, Inc.	Delaware	100	%
Berkley Insurance Company	Delaware	100	%
Admiral Insurance Company	Delaware	100	%
Admiral Indemnity Company	Delaware	100	%
Berkley London Holdings, Inc. (3)	Delaware	100	%
W. R. Berkley Insurance (Europe), Limited	United Kingdom	100	%
Carolina Casualty Insurance Company	Iowa	100	%
Berkley Assurance Company	Iowa	100	%
Clermont Insurance Company	Iowa	100	%
Nautilus Insurance Company	Arizona	100	%
Great Divide Insurance Company	North Dakota	100	%
Berkley Regional Insurance Company	Delaware	100	%
Acadia Insurance Company	New Hampshire	100	%
Berkley National Insurance Company	Iowa	100	%
Berkley Regional Specialty Insurance Company	Delaware	100	%
American Mining Insurance Company	Iowa	100	%
Continental Western Insurance Company	Iowa	100	%
Firemen’s Insurance Company of Washington, D.C.	Delaware	100	%
Tri-State Insurance Company of Minnesota	Minnesota	100	%
Union Insurance Company	Iowa	100	%
Key Risk Insurance Company	North Carolina	100	%
Midwest Employers Casualty Company	Delaware	100	%
Preferred Employers Insurance Company	California	100	%
Gemini Insurance Company	Delaware	100	%
Riverport Insurance Company	Minnesota	100	%
StarNet Insurance Company	Delaware	100	%

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(1)	W. R. Berkley Corporation is the ultimate parent. The subsidiary of a direct parent is indicated by an indentation, and its percentage ownership is as indicated in this column.

(2)	Berkley International, LLC is held by W. R. Berkley Corporation and its subsidiaries as follows: W. R. Berkley Corporation (2%), Admiral Insurance Company (35%), Berkley Regional Insurance Company (14%), Nautilus Insurance Company (14%) and Berkley Insurance Company (35%).

(3)	Berkley London Holdings, Inc. is held by Admiral Insurance Company (66.7%) and Berkley Insurance Company (33.3%).

(23)		Consent of Independent Registered Public Accounting Firm
(31.1)		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/ 15d-14(a).
(31.2)		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/ 15d-14(a).
(32.1)		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

W. R. Berkley Corporation:

Under date of February 28, 2014, we reported on the consolidated balance sheets of W. R. Berkley Corporation and subsidiaries as of December 31, 2013 and 2012, and the related consolidated statements of income, comprehensive income, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2013, which are included in the Annual Report on Form 10-K for the year ended December 31, 2013. In connection with our audits of the aforementioned consolidated financial statements, we also audited the related consolidated financial statement schedules II through VI. These financial statement schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statement schedules based on our audits.

In our opinion, such financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.

/S/ KPMG LLP

New York, New York

February 28, 2014

Schedule II

W. R. Berkley Corporation

Condensed Financial Information of Registrant

Balance Sheets (Parent Company)

	December 31,
(In thousands)	2013				2012
Assets:
Cash and cash equivalents	$	17,315			$	162,972
Fixed maturity securities available for sale at fair value (cost $61,084 and $281,708 at December 31, 2013 and 2012, respectively)	63,115				286,597
Equity securities available for sale, at fair value (cost $4,668 in 2013 and $0 in 2012)	11,240				25,699
Investment in subsidiaries	6,250,979				5,979,539
Due from subsidiaries	13,648				106,334
Deferred Federal income taxes	51,346				—
Current Federal income taxes	17,540				—
Property, furniture and equipment at cost, less accumulated depreciation	9,028				7,895
Other assets	5,795				10,710
Total assets	$	6,440,006			$	6,579,746
Liabilities and stockholders’ equity
Liabilities:
Due to subsidiaries	$	—			$	—
Other liabilities	148,903				176,416
Current Federal income taxes	—				8,253
Deferred Federal income taxes	—				31,914
Junior subordinated debentures	339,800				243,206
Senior notes	1,615,268				1,813,740
Total liabilities	2,103,971				2,273,529
Stockholders’ equity:
Preferred stock	—				—
Common stock	47,024				47,024
Additional paid-in capital	967,440				945,166
Retained earnings (including accumulated undistributed net income of subsidiaries of $4,393,420 and $4,023,780 at December 31, 2013 and 2012, respectively)	5,265,015				4,817,807
Accumulated other comprehensive income	189,391				465,631
Treasury stock, at cost	(2,132,835		)		(1,969,411		)
Total stockholders’ equity	4,336,035				4,306,217
Total liabilities and stockholders’ equity	$	6,440,006			$	6,579,746

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See accompanying Report of Independent Registered Public Accounting Firm and note to condensed financial statements.

Schedule II, Continued

W. R. Berkley Corporation

Condensed Financial Information of Registrant, Continued

Statements of Income (Parent Company)

	Years Ended December 31,
(In thousands)	2013				2012				2011
Management fees and investment income including dividends from subsidiaries of $269,626, $25,968 and $503,227 for the years ended December 31, 2013, 2012 and 2011, respectively	$	277,223			$	29,961			$	514,057
Net investment gains	24,550				71,130				45,962
Other income	223				271				96
Total revenues	301,996				101,362				560,115
Operating costs and expense	122,562				133,326				118,922
Interest expense	120,066				124,298				111,184
Income before federal income taxes	59,368				(156,262		)		330,009
Federal income taxes:
Federal income taxes provided by subsidiaries on a separate return basis	225,845				132,379				79,200
Federal income tax expense on a consolidated return basis	(154,928		)		(160,226		)		(89,144		)
Net expense	70,917				(27,847		)		(9,944		)
Income (loss) before undistributed equity in net income of subsidiaries	130,285				(184,109		)		320,065
Equity in undistributed net income of subsidiaries	369,640				694,701				71,146
Net income	$	499,925			$	510,592			$	391,211

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See accompanying Report of Independent Registered Public Accounting Firm and note to condensed financial statements.

Schedule II, Continued

W. R. Berkley Corporation

Condensed Financial Information of Registrant, Continued

Statements of Cash Flows (Parent Company)

	Years Ended December 31,
(In thousands)	2013				2012				2011
Cash flows (used in) from operating activities:
Net income	$	499,925			$	510,592			$	391,211
Adjustments to reconcile net income to net cash from operating activities:
Net investment gains	(24,550		)		(71,130		)		(45,962		)
Depreciation and amortization	10,397				5,624				4,905
Equity in undistributed earnings of subsidiaries	(369,640		)		(694,701		)		(71,146		)
Tax payments received from subsidiaries	77,305				125,046				139,011
Federal income taxes provided by subsidiaries on a separate return basis	(225,845		)		(132,379		)		(79,200		)
Stock incentive plans	24,594				26,763				27,176
Change in:
Federal income taxes	21,866				44,423				56,542
Other assets	(821		)		911				(542		)
Other liabilities	(16,280		)		28,017				(6,747		)
Accrued investment income	967				97				1,559
Other, net	—				(13		)		277
Net cash (used in) from operating activities	(2,082		)		(156,750		)		417,084
Cash from (used in) investing activities:
Proceeds from sales of fixed maturity securities	230,854				93,354				70,665
Proceeds from maturities and prepayments of fixed maturity securities	68,918				121,191				165,158
Proceeds from sales of equity securities	23,395				72,565				47,735
Cost of purchases of fixed maturity securities	(79,132		)		(255,885		)		(240,536		)
Cost of purchases of equity securities	(4,668		)		—				—
Investments in and advances to subsidiaries, net	(58,454		)		(16,480		)		(3,867		)
Change in balance due to security broker	6,918				(4,767		)		(5,983		)
Net additions to real estate, furniture & equipment	(1,896		)		(1,857		)		(643		)
Net cash from investing activities	185,935				8,121				32,529
Cash from (used in) financing activities:
Net proceeds from issuance of senior notes	339,627				345,823				—
Net proceeds from stock options exercised	53				13,544				21,966
Repayment of senior notes	(450,000		)		—				—
Purchase of common treasury shares	(166,473		)		(134,456		)		(187,163		)
Cash dividends to common stockholders	(52,717		)		(183,947		)		(43,255		)
Net cash from (used in) financing activities	(329,510		)		40,964				(208,452		)
Net increase (decrease) in cash and cash equivalents	(145,657		)		(107,665		)		241,161
Cash and cash equivalents at beginning of year	162,972				270,637				29,476
Cash and cash equivalents at end of year	$	17,315			$	162,972			$	270,637

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See accompanying Report of Independent Registered Public Accounting Firm and note to condensed financial statements.

W. R. Berkley Corporation

Condensed Financial Information of Registrant,Continued

December 31, 2013

Note to Condensed Financial Statements (Parent Company)

The accompanying condensed financial statements should be read in conjunction with the notes to consolidated financial statements included elsewhere herein. Reclassifications have been made in the 2012 and 2011 financial statements as originally reported to conform them to the presentation of the 2013 financial statements.

The Company files a consolidated federal tax return with the results of its domestic insurance subsidiaries included on a statutory basis. Under present Company policy, federal income taxes payable by subsidiary companies on a separate-return basis are paid to W. R. Berkley Corporation, and the Company pays the tax due on a consolidated return basis.

Schedule III

W. R. Berkley Corporation and Subsidiaries

Supplementary Insurance Information

December 31, 2013, 2012 and 2011

(In thousands)	Deferrred Policy Acquisition Cost				Reserve for Losses and Loss Expenses				Unearned Premiums				Net Premiums Earned				Net Investment Income				Loss and Loss Expenses				Amortization of Deferred Policy Acquisition Cost				Other Operating Cost and Expenses				Net Premiums Written
December 31, 2013
Insurance-Domestic	$	306,464			$	7,715,124			$	2,107,768			$	3,782,416			$	404,280			$	2,318,541			$	651,524			$	671,096			$	3,994,387
Insurance-International	60,751				672,009				317,691				723,151				47,039				429,900				152,843				124,497				756,185
Reinsurance-Global	84,886				1,693,808				355,978				720,970				89,090				448,583				186,703				64,567				749,601
Corporate and adjustments	—				—				—				—				3,882				—				—				149,454				—
Total	$	452,101			$	10,080,941			$	2,781,437			$	5,226,537			$	544,291			$	3,197,024			$	991,070			$	1,009,614			$	5,500,173
December 31, 2012
Insurance-Domestic	$	269,418			$	7,466,538			$	1,844,452			$	3,417,022			$	424,787			$	2,169,090			$	613,252			$	584,100			$	3,569,883
Insurance-International	56,995				622,202				297,581				631,841				45,796				377,459				136,412				112,128				664,459
Reinsurance-Global	77,634				1,662,346				332,814				624,653				106,932				401,930				167,919				58,044				664,197
Corporate and adjustments	—				—				—				—				9,248				—				—				127,768				—
Total	$	404,047			$	9,751,086			$	2,474,847			$	4,673,516			$	586,763			$	2,948,479			$	917,583			$	882,040			$	4,898,539
December 31, 2011
Insurance-Domestic	$	246,580			$	7,183,706			$	1,639,603			$	3,121,281			$	372,053			$	2,025,139			$	529,885			$	559,985			$	3,238,120
Insurance-International	51,753				510,245				262,483				508,509				36,958				291,827				114,126				104,097				551,910
Reinsurance-Global	66,604				1,643,183				287,489				531,077				97,795				341,399				141,107				58,449				567,338
Corporate and adjustments	—				—				—				—				19,545				—				—				113,680				—
Total	$	364,937			$	9,337,134			$	2,189,575			$	4,160,867			$	526,351			$	2,658,365			$	785,118			$	836,211			$	4,357,368

See accompanying Report of Independent Registered Public Accounting Firm.

Schedule IV

W. R. Berkley Corporation and Subsidiaries

Reinsurance

Years ended December 31, 2013, 2012 and 2011

	Premiums Written
(In thousands, other than percentages)	Direct Amount				Ceded to Other Companies				Assumed from Other Companies				Net Amount				Percentage of Amount Assumed to Net
Year ended December 31, 2013:
Insurance-Domestic	$	4,699,348			$	809,368			$	104,407			$	3,994,387			2.6	%
Insurance-International	887,027				142,591				11,749				756,185				1.6
Reinsurance-Global	39,797				58,959				768,763				749,601				102.6
Total	$	5,626,172			$	1,010,918			$	884,919			$	5,500,173			16.1	%
Year ended December 31, 2012:
Insurance-Domestic	$	4,133,960			$	691,284			$	127,207			$	3,569,883			3.6	%
Insurance-International	798,750				137,598				3,307				664,459				0.5
Reinsurance-Global	31,359				52,458				685,296				664,197				103.2
Total	$	4,964,069			$	881,340			$	815,810			$	4,898,539			16.7	%
Year ended December 31, 2011:
Insurance-Domestic	$	3,664,780			$	556,743			$	130,083			$	3,238,120			4.1	%
Insurance-International	681,423				129,513				—				551,910				—
Reinsurance-Global	23,889				33,689				577,138				567,338				101.7
Total	$	4,370,092			$	719,945			$	707,221			$	4,357,368			16.3	%

See accompanying Report of Independent Registered Public Accounting Firm.

Schedule V

W. R. Berkley Corporation and Subsidiaries

Valuation and Qualifying Accounts

Years ended December 31, 2013, 2012 and 2011

(In thousands)	Opening Balance				Additions- Charged to Expense				Deduction- Amounts Written Off				Ending Balance
Year ended December 31, 2013:
Premiums and fees receivable	$	22,919			$	3,133			$	(5,101	)		$	20,951
Due from reinsurers	1,680				186				(481		)		1,385
Loan loss reserves	5,620				308				(3,841		)		2,087
Total	$	30,219			$	3,627			$	(9,423	)		$	24,423
Year ended December 31, 2012:
Premiums and fees receivable	$	17,666			$	9,598			$	(4,345	)		$	22,919
Due from reinsurers	3,169				22				(1,511		)		1,680
Deferred federal and foreign income taxes	—				—				—				—
Loan loss reserves	19,805				(13,723		)		(462		)		5,620
Total	$	40,640			$	(4,103	)		$	(6,318	)		$	30,219
Year ended December 31, 2011:
Premiums and fees receivable	$	19,483			$	6,158			$	(7,975	)		$	17,666
Due from reinsurers	3,098				71				—				3,169
Deferred federal and foreign income taxes	2,328				—				(2,328		)		—
Loan loss reserves	19,675				889				(759		)		19,805
Total	$	44,584			$	7,118			$	(11,062	)		$	40,640

See accompanying Report of Independent Registered Public Accounting Firm.

Schedule VI

W. R. Berkley Corporation and Subsidiaries

Supplementary Information Concerning Property-Casualty Insurance Operations

Years Ended December 31, 2013, 2012 and 2011

(In thousands)	2013				2012				2011
Deferred policy acquisition costs	$	452,101			$	404,047			$	364,937
Reserves for losses and loss expenses	10,080,941				9,751,086				9,337,134
Unearned premium	2,781,437				2,474,847				2,189,575
Net premiums earned	5,226,537				4,673,516				4,160,867
Net investment income	544,291				586,763				526,351
Losses and loss expenses incurred:
Current year	3,221,393				2,997,995				2,791,860
Prior years	(78,810		)		(102,571		)		(181,282		)
Loss reserve discount accretion	54,441				53,055				47,787
Amortization of deferred policy acquisition costs	991,070				917,583				785,118
Paid losses and loss expenses	2,878,071				2,708,935				2,486,998
Net premiums written	5,500,173				4,898,539				4,357,368

See accompanying Report of Independent Registered Public Accounting Firm.