AmCOMP Incorporated (AmCOMP), incorporated on December 28, 1995, is primarily a holding company. Through its subsidiaries, the Company is engaged in a property and casualty insurance business specializing in workers' compensation insurance products that include value-added services to its policyholders. AmCOMP offers insurance coverage for the statutorily prescribed wage replacement and medical care benefits that employers are required to provide to their employees, who are injured in the course of their employment. The Company offers underwriting, loss prevention and claims management services. As of December 31, 2004, AmCOMP operated in 11 states in the United States. The Company's wholly owned operating subsidiaries include AmCOMP Preferred Insurance Company, a property and casualty insurance company, Pinnacle Benefits, Inc., a claims processing company, and Pinnacle Administrative, Inc., a administrative services company that provides sales and marketing, underwriting, policyholder service, data processing and accounting services. AmCOMP's subsidiaries also include AmCOMP Assurance Corporation, a property and casualty insurance company, and AmServ Incorporated, which provides administrative services to external customers. The Company underwrites risks on an individual basis. AmCOMP's loss prevention services include identifying and eliminating unsafe working conditions, accident and illness prevention, safety awareness training and sound employee hiring practices. Its claims management services include return-to-work programs, case management by teams of registered nurses and claims adjusters, and management of medical provider services and billings. The Company's policyholders are primarily small to mid-sized businesses, and include selected classes of contractors, manufacturers, and businesses, such as retail stores and restaurants. Excluding the policies assumed from AmCOMP's participation in mandatory pooling arrangements implemented by certain states in which it operates, the Company had approximately 9,600 policyholders with an average premium per policy of approximately $25,000 as of September 30, 2005. AmCOMP's products and rating plans encompass a variety of options that are designed to cater to the needs of its policyholders and employer groups. The Company's basic product is a guaranteed cost policy, under which the premium for a policyholder is set in advance, and varies based only upon changes in the policyholder's employee class codes and payroll. In return for payment of premium, AmCOMP assumes statutorily imposed obligations of the policyholder to provide workers' compensation benefits to its employees. In Florida and Wisconsin, the Company offers dividend programs to policyholders, under which a portion of premium paid by a policyholder are returned to them in the form of a dividend. AmCOMP has four basic types of dividend plans: a flat dividend, which provides for a dividend payment as a specified percentage of the policy premium, which the Company offers only in Wisconsin; a sliding dividend, which provides for the dividend payment to be eliminated or increased depending on the net loss ratio of the policy; a combination flat and sliding dividend, which is offered only in Wisconsin, and a group retention program, which provides for a dividend payment based upon the net loss ratio of the policy, as well as the group of policies in a defined group dividend plan. Dividend policies represented 26.3% of the Company's direct premiums written in force as of September 30, 2005. AmCOMP offers multiple premium payment plans that address the financial needs of its policyholders. These include four different estimated pay options, under which the policyholder makes a down payment and the balance of the premium is paid over the course of the policy period. In certain states, the Company offers the monthly self-reporting option, under which a policyholder's monthly premium payments are calculated by the policyholder using its monthly payroll figures. AmCOMP also offers an electronic fund transfer

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