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<br /> ZURICH AMERICAN INSURANCE COMP ANY
<br /> COMPARATIVE BALANCE SHEET
<br /> ONE LIBERTY PLAZA, 165 BROADWAY, 32nd FLOOR, NEW YORK, NY 100D6
<br /> As of December 31,2008 and December 31. 2007
<br /> 12/31/2008 ]2/3112007
<br />Assets
<br />Bonds $ 18,080,264,654 S 19,087,378,076
<br />Preferred Stock 70,0n,341 133,381,994
<br />Common Stock 2,523,871.473 2,809,606,&57
<br />Rea] Estate 25,457,836 28,007,629
<br />Other Invested Assets 1,699,943,998 540,121,8]7
<br />Short-Ierm Investments ] 17,588,071 163,510,422
<br />Receivable for securities 8,050,472
<br />Cash 66,]40,854 1,391,371,897
<br />Employee Trust for Deferred Compensation Plan 92,484.754 90,692.030
<br />Total Cash and Invested Assets S 22,683,879,453 S 24,244,070,722
<br />Premiums Receivable S 4,504,508,588 $ 5,073,765,258
<br />Funds Held with Reinsurers 18,761,471 17,702,845
<br />Reinsumn~ Recoverable 859,700,252 680,285,692
<br />Accrued Investment Income 149,763,60] ]59,844,556
<br />Federal Income Tax Recoverable 583,896,990 603,657,275
<br />Due from Affiliates 178,3]3,325 181,822,075
<br />Other Assets 655,646,493 846,868,830
<br />Total Assets $ 29,634,470,173 $ 31,808,017,253
<br />Liabilities and Policvholders' Surplus
<br />Liabilities:
<br />Loss and LAE Reserves $ 14,645,410,95 I S 14,426,948,909
<br />Unearned Premiwn Reserve 4,602,631,426 5.032,276,309
<br />Funds Held with Reinsurers 248,918,770 252,6]7,358
<br />Loss In COUl'lle of Payment 460,126,217 643,699,182
<br />Commission Reserve 155,353,168 154,237,258
<br />Fedeml Income Tax Payable 16,936,764 24,209,808
<br />Remittances and Items Unallocated ] 35,262,884 212,916,937
<br />Payable to parent, subs and affiliates ] 99,894,895 229,548,310
<br />Provision for Reinsurance 95,167,954 112,368,418
<br />Ceded Reinsurance Premiums Payable 605,799,518 522,715,017
<br />Securities Lending Collateral Liability 102,593,522 1,229,669,40 I
<br />Other Liabilities 2,126,543,703 2,222,098,055
<br />Total Liabilities S 23,394,639,772 S 25,063,304,962
<br />Policyholders' Surplus:
<br />Common Capital Stock S 5,000,000 S 5,000,000
<br />Paid.!n and Conlnouted Surplus 4,394,131,32 ] 4,394,13],141
<br />Surplus Notes ],883,000,000 1,883,000,000
<br />Special Surplus Retroactive Reinsuran~ 73,761,000 55,614,000
<br />Cumulative Unrealized Gain (316,593,413) 128,441,100
<br />Dividends Undeclared 222,129 268,045
<br />Loss Portfolio Transfer Account
<br />Unassigned Surplus 200,309,364 278,258,005
<br />Total Policyholders' Surplus S 6,239,830,401 S 6,744,712,291
<br /> Total Liabilities and Policyholders' Surplus $ 29,634,470,173 S 31,808,017,253
<br />1, Dennis F. Kerrigan, Corporate Secretary of ZURICH AMERICAN INSURANCE COMPANY do hereby ~rtiry
<br />that the foregoing stalement is a correct exhibit of the assets and liabilities of the said Company, on Ihe
<br />31s1 day of December, 2008, according to the best of my informatio . 1,'ledge and belief.
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<br />State of Illinois
<br />County of Cook
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