SELECTED CONSOLIDATED FINANCIAL DATA 


                                                        Year ended December 31,
Income Statement Data:                     2000 (7)    1999 (4)   1998     1997 (5)  1996 (6) 
                                                   (In thousands, except for per share data)
Direct premium and policyholder fees     $  451,323  $  252,553  $131,044  $ 99,339  $ 55,287
Reinsurance premium assumed                   3,055       1,751       998       998    10,522
Reinsurance premium ceded                  (234,625)   (138,827)  (89,546)  (62,623)  (25,664)
Net premium and other policyholder fees     219,753     115,477    42,496    37,714    40,145
Net investment income                        56,945      29,313    10,721    10,023     9,850
Realized gains                                  146        (241)      256     1,133       240
Fee and other income                          7,247       3,587     2,616     2,460     3,152
Total revenues                              284,091     148,136    56,089    51,330    53,387
Total benefits, claims and other
  Deductions                                251,025     132,080    52,157    48,119    53,014
Operating income before taxes                33,066      16,056     3,932     3,211       373
Net income after taxes                       22,885       9,813     2,608     2,119       104
Net income applicable to common
  Shareholders (1)                           22,885       9,633     2,174     1,870       104
Earnings per share:
  Basic                                  $     0.49  $     0.42  $   0.29  $   0.26  $   0.01
  Diluted                                $     0.49  $     0.34  $   0.20  $   0.18  $   0.01


                                                        Year ended December 31,
Balance Sheet Data:                        2000 (7)    1999 (4)   1998     1997 (5)  1996 (6) 
                                                   (In thousands, except for per share data)
Total cash and investments               $  824,930  $  812,297  $164,674  $159,429  $144,681
Total assets                              1,189,864   1,153,421   283,302   272,575   242,237
Policyholder account balances               223,681     238,665   154,886   145,085   134,539
Loan payable                                 69,650      70,000     4,750     3,500         -
Series B Preferred Stock                          -           -     4,000     4,000     4,000
Series C Preferred Stock                          -           -     5,168     5,168         -
Series D Preferred Stock                          -           -     2,250         -         -
Stockholders' equity                        173,949     133,965    28,318    25,706    22,079
Stockholders' equity per share of
Common Stock:
  Basic (2)                              $     3.72  $     2.92  $   3.18  $   2.96  $   2.53
  Diluted (3)                            $     3.67  $     2.91  $   2.59  $   2.39  $   2.12
    1. After provision for Series C Preferred Stock dividends of $180, $433 and $250 for the years ended December 31, 1999, 1998 and 1997, respectively.
    2. Basic stockholders' equity per share of common stock represents stockholders' equity less the statement value of Series B Preferred Stock divided by outstanding shares of common stock.
    3. Diluted stockholders' equity per share of common stock represents stockholders' equity plus the statement value of the Series C Preferred Stock, redemption accrual on the Series C Preferred Stock, the Series D Preferred Stock, the proceeds from the exercise of outstanding options and warrants divided by outstanding shares of common stock plus the stock issued pursuant to the conversion of the Series B, Series C and Series D Preferred Stock and the exercise of the options and warrants outstanding.
    4. Includes the results of the Penn Union Companies since its acquisition on July 30, 1999. See "Management's Discussion and Analysis of Financial Condition and Results of Operations."
    5. Includes the results of American Exchange since its acquisition on December 1, 1997. See "Management's Discussion and Analysis of Financial Condition and Results of Operations."
    6. Includes the results of the First National block of business since its acquisition on October 1, 1996.
    7. Includes the results of AIAG since its acquisition on January 6, 2000, and CHCS since its acquisition on August 10, 2000.