66025--3/8/2006--MIDLAND

related topics

{loss, insurance, financial}

{financial, litigation, operation}

{condition, economic, financial}

{gas, price, oil}

{personnel, key, retain}

{capital, credit, financial}

{debt, indebtedness, cash}

{provision, law, control}

{competitive, industry, competition}

{stock, price, share}

{interest, director, officer}

{loan, real, estate}

We could incur substantial losses from catastrophes and weather-related events Our results may fluctuate as a result of many factors, including cyclical changes in the insurance industry and general economic conditions The specialty insurance industry is highly competitive and will require significant technology expenditures Our results are significantly affected by conditions in the manufactured housing industry Our motorcycle product has not experienced consistent profitable underwriting results American Modern s insurance ratings may be downgraded, which would reduce its ability to compete and sell insurance products American Modern may be unable to reinsure insurance risks and cannot guarantee that American Modern s reinsurers will pay claims on a timely basis, if at all Our investment portfolio could lose value If American Modern s loss reserves prove to be inadequate, then we would incur a charge to earnings The reserves established for our run-off commercial liability lines business could be inadequate Regulatory actions could impair our business The effects of emerging claim and coverage issues, such as mold, on American Modern s business are uncertain It would be difficult for a third party to acquire Midland Midland and its subsidiaries may be unable to pay dividends American Modern depends on agents and distribution partners who may discontinue sales of its policies at any time We are subject to various litigation Our relatively low trading volume may limit your ability to sell your shares Our success depends on retaining our key personnel Risks related to M/G Transport

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66025--3/8/2006--MIDLAND_CO