Delphi Financial Group (DFG)

Delphi Financial Group, Inc. is a holding company whose subsidiaries provide non-medical insurance products and services. Formed in 1987, the company completed the initial public offering of its Class A common stock in 1990. The company sells its products throughout the United States and reports results from two segments: group employee benefit products and asset accumulation products.

The group benefits segment (operating income of $32.9 million in 3Q08) manages all aspects of employee absence to enhance client productivity and provides all the related insurance coverage: long-term and short-term disability (42.6% of 3Q08 premium income), excess and primary workers' compensation (19.8%), life (30.1%), travel accident and dental and other (5.2%), and non-core (2.2%). The company markets its group products to employer employee groups and associations, ranging from 2 to 5,000 individuals, in a variety of industries. The company markets its employee benefit products on an unbundled basis and as part of an Integrated Employee Benefit program, combining employee benefit insurance coverage and absence management services.

The asset accumulation segment (operating loss of $6.2 million in 3Q08) primarily sells fixed annuities to individuals planning for retirement.

Delphi operates through three subsidiaries:

Reliance Standard Life Insurance Company provides group insurance coverage (see group benefits segment above) to small to medium-sized employers (50 100 employees). Founded in 1907, Reliance also sells fixed annuities through a wholesale distribution.

Safety National Casualty Corporation provides excess workers' compensation insurance to the self-insured market. Founded in 1942 and located in St. Louis, Missouri, SNCC is one of the oldest continuous writers of excess workers' compensation insurance in the United States.

Matrix Absence Management, Inc., founded in 1987, provides integrated disability and absence management services to the employee benefits market across the United States. Headquartered in San Jose, California, Matrix was acquired by the company in June 1998.

What is excess workers' compensation?

Excess workers' compensation insurance products provide coverage to employers and groups who self-insure their workers' compensation risks. The coverage applies to losses in excess of the applicable self-insured retentions ("SIR" or deductibles) of employers and groups, whose workers' compensation claims are generally handled by third-party administrators.

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