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Again, for these businesses, it's not a question of will they have a claim, but how many will they have, and what can we do to manage that risk. These are larger businesses that are interested in managing their risk and are looking for insurance partners to help them do that. The second-largest piece of the group would be our risk-management business, where we're providing casualty solutions to larger businesses throughout the US. As businesses become more complex, so do the risks associated with them. Today, the excess and surplus market is one of the fastest growing parts of the insurance industry and comprises our largest segment.

Through our family of companies, we operate in four distinct segments of the commercial insurance market, the largest of which is our excess and surplus lines business. is a national specialty underwriter. Argonaut Group, Inc. Whether a claim is paid by the insurer ultimately depends upon the language in the policy. The complex nature and differences among businesses have led to a vast array of insurance policies with differing language, covering differing risks and for a variety of time periods. And making it more challenging is the reality that it can sometimes take days, weeks, months or even years after an accident occurs before a claim is actually filed. The process can be complicated.

The results of these investigations determine the amount of money that the insurance company must set aside (reserve) to pay the claim. Insurance companies have a legal duty to thoroughly investigate all claims. The addition of Grocers Insurance to the specialty commercial segment establishes Argonaut as the leading insurance provider for independent grocery stores. Our fourth segment, which we refer to as "specialty commercial," provides package policies to small businesses in specific industries, this segment has also grown through the recent renewal rights acquisition of Grocers Insurance, America's leading independent insurer of food merchants. What has grown into the third-largest segment of our company on a pro forma basis is our public entity business, which is now positioned to make us the second-largest national underwriter of small to medium-size public entities in the US. That person is responsible for the determination of coverage, investigation of facts and payments that will be made.

The investigation is performed by a specially trained insurance adjustor. No matter how the claim is initiated, the insurance company will investigate the claim, determine whether the claim is covered under one or more policies held by the client, how the loss occurred, who is responsible and the amount of financial loss that resulted. The insurance company (and policyholder) may hear about a claim for the first time because the policyholder (business) receives notice that they are being sued.