The Cleveland Indians decrease in investmentincome in the first

The surmises indian restaurant decrease in mulagatani draws investmentincome in the first quarter 2009 is primarily the result of a decrease in cashand invested assets due to payments on commutations in 2008 totaling $250.9million, along with a decrease in the book yield on the invested assets from4.8% to 3.9%. The effect of the FAS 157 requirement was areduction in RAM's derivative liability of approximately $318.8 million at March31, 2009. Net investment income for the first quarter 2009 was $3.4 million, 59% below the$8.2 million recorded in the first quarter of 2008. The increased unrealized losses oncredit derivatives were offset by the adjustment for RAM's own non-performancerisk in accordance with FAS 157.

Gross unrealized losses on credit derivative policiesincreased in the first quarter 2009 primarily due to the continuingdeterioration of underlying collateral on these policies and the correspondingwidening of credit spreads in the market tikka . Net change in fair value of credit derivatives totaled a gain of $12.9 millionin the first quarter 2009, which was $176.7 million more than the $(163.8)million in the first quarter of 2008 papadam . Net change in fair value of creditderivatives for the first quarters of 2009 and 2008 was comprised of $12.0million and $(166.4) million of unrealized gains (losses) on derivatives,respectively, and $0.9 million and $2.6 million of realized gains, respectively.The net unrealized gain in the first quarter 2009 was primarily attributable tothe increase in the adjustment for RAM`s own non-performance risk in accordancewith Statement of Financial Accounting Standard No 157 "Fair ValueMeasurements" ("FAS 157") pakora . By eliminating accelerated premiumsfrom refundings of $2.3 million from total earned premiums, normal earnedpremiums in the first quarter 2009 were $6.9 million, 46% lower than thecomparative 2008 period, which included refundings of $0.5 million vegetable korma . The declinein the first quarter 2009 earned premiums after refundings primarily reflectsthe reduction in ongoing earnings due to the commutation of treaties with two ofour ceding companies during 2008, along with the change in earnings for theadoption of FAS 163 (see as defined below "Adoption of FAS 163").

Earned premiums in the quarter of $9.2 million were 30% lower than the $13.2million earned in the first quarter of 2008 raita . Summary of Operating ResultsNet loss was $1.9 million for the quarter ended March 31, 2009 mulagatani . There can be no assurance that RAM`sassumptions will not differ materially from the ultimate treatment or impact ofthe aforementioned transactions papadam . The securities in the Ambac trust account andthe cash payment were received by Ambac, and the releases set forth in the AmbacCommutation Agreement became effective, on April 8, 2009 Included in the Company`s March 31, 2009, U.S . GAAP balance sheet, are balancespertaining to our assumed business from Ambac as follows:* Reinsurance balances receivable of $63.9 million * Deferred policy acquisition costs of $49.9 million * Unearned premiums of $155.5 million * Loss and loss expense reserves of $65.3 millionThe effect of the above transaction related to the Ambac Commutation Agreement,which will be recorded by RAM in the quarter ending June 30, 2009, is estimatedto be a gain to net income of $8.7 million.