TABLE OF CONTENTS
Industry View................................................................................................................4
Historical Reserve Position ..........................................................................................7
Comparisons................................................................................................................8
Update Through Q1 .....................................................................................................9
Individual Companies.................................................................................................10
Allstate (ALL - $25.80 - Outperform) ....................................................................10
Berkshire Hathaway (BRK.A- $92,201 - Outperform)...........................................13
Horace Mann (HMN- $11.75 - In Line) .................................................................16
Infinity Property and Casualty (IPCC - $40.76 - In Line).......................................19
Mercury General (MCY- $33.93 - Underperform) .................................................22
Progressive (PGR - $15.14 - In Line) ...................................................................25
State Farm (not covered) ......................................................................................28
State Auto Financial (STFC - $16.98 - In Line).....................................................31
The Hanover Group (THG- $39.24 - Outperform) ................................................34
Unitrin (UTR- $13.24 - In Line) .............................................................................37
Appendix ....................................................................................................................40
Allstate ..................................................................................................................40
Mercury General....................................................................................................44
Progressive ...........................................................................................................48
State Auto Financial ..............................................................................................50
The Hanover Group...............................................................................................52
Unitrin....................................................................................................................58