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<DIV align="center" style="font-size: 10pt; margin-top: 20pt">AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 17, 2010
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt">REGISTRATION NO. 333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 16pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 16pt"><B>DELPHI FINANCIAL GROUP, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 12pt">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">DELAWARE
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13-3427277</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(STATE OR OTHER JURISDICTION OF
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. EMPLOYER IDENTIFICATION NO.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">INCORPORATION OR ORGANIZATION)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">1105 NORTH MARKET STREET
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19899</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">SUITE 1230
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(ZIP CODE)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">P.O. BOX 8985</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">WILMINGTON, DELAWARE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 16pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 16pt">DELPHI FINANCIAL GROUP, INC. 2010 OUTSIDE DIRECTORS STOCK PLAN<BR>
DELPHI FINANCIAL GROUP, INC. 2010 EMPLOYEE<BR>
STOCK PURCHASE PLAN<BR>
DELPHI FINANCIAL GROUP, INC. 2003 EMPLOYEE LONG-TERM INCENTIVE AND SHARE AWARD<BR>
PLAN<BR>
(FULL TITLE OF THE PLAN)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 16pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 16pt">ROBERT ROSENKRANZ<BR>
CHAIRMAN OF THE BOARD<BR>
AND CHIEF EXECUTIVE OFFICER<BR>
DELPHI FINANCIAL GROUP, INC.<BR>
1105 NORTH MARKET STREET<BR>
SUITE 1230<BR>
P.O. BOX 8985<BR>
WILMINGTON, DELAWARE 19899<BR>
(NAME AND ADDRESS OF AGENT FOR SERVICE)<BR>
(302)&nbsp;478-5142<BR>
(TELEPHONE NUMBER, INCLUDING AREA CODE, OF AGENT FOR SERVICE)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 16pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 16pt">Copy to:<BR>
Chad W. Coulter, Esq.<BR>
Senior Vice President, General Counsel and Secretary<BR>
Delphi Financial Group, Inc.<BR>
1105 North Market Street<BR>
Suite&nbsp;1230<BR>
P.O. Box 8985<BR>
Wilmington, Delaware 19899<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR><BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CALCULATION OF REGISTRATION FEE
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">PROPOSED</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">PROPOSED</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">MAXIMUM</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">AMOUNT OF</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">MAXIMUM</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">AGGREGATE</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">REGISTRATION</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">TITLE OF SECURITIES</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">AMOUNT TO BE</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">OFFERING PRICE</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">OFFERING PRICE</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">FEE</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">TO BE REGISTERED</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">REGISTERED (1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">PER SHARE (2)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">(2)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">(2)</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A Common
Stock, par value
$0.01 per share
(2010 Outside
Directors Stock
Plan)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">750,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$25.55</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$19,162,500</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$1,366.29</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A Common
Stock, par value
$0.01 per share
(2010 Employee
Stock Purchase
Plan)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">750,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$25.55</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$19,162,500</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$1,366.29</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A Common
Stock, par value
$0.01 per share
(2003 Employee
Long-Term Incentive
and Share Award
Plan)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">6,250,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$25.55</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$159,687,500</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$11,385.72</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Subject to adjustment to prevent dilution resulting from share subdivisions, bonus issues
or similar transactions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for purposes of calculating the registration fee. Pursuant to Rules 457(c)
and 457(h) under the Securities Act of 1933, as amended, the registration fee has been
calculated based on the average of the high and low sale prices reported for the Class&nbsp;A
Common Stock of Delphi Financial Group, Inc. on June 16, 2010, which was $25.55 per
share, as reported on the New York Stock Exchange.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Registration Statement on Form S-8 registers additional securities of the same class as
other securities for which registration statements filed on Form S-8 relating to the 2003 Employee
Long-Term Incentive and Share Award Plan, the Second Amended and Restated Directors Stock Option
Plan and Second Amended and Restated Employee Stock Option Plan are effective. Accordingly,
pursuant to General Instruction E of Form S-8, the Registration Statements on Form S-8 (File Nos.
333-96293 and 333-134563) filed with the Securities and Exchange Commission on February&nbsp;7, 2000 and
May&nbsp;30, 2006, respectively, are incorporated herein by reference.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!--TOC-->
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<!-- link1 "PART I" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PART I
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INFORMATION REQUIRED<BR>
IN SECTION 10(A) PROSPECTUS
</DIV>
<!-- link2 "ITEM 1. PLAN INFORMATION" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 1. PLAN INFORMATION.*
</DIV>

<!-- link2 "ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.*

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;As permitted by Rule&nbsp;428 under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), this Registration Statement omits the information specified in Part&nbsp;I of Form S-8. The
documents containing the information specified in Part&nbsp;I will be delivered, without charge, upon
written or oral request, to the participants in the plans covered by this Registration Statement as
required by Rule&nbsp;428(b). Such documents are not being filed with the Securities and Exchange
Commission (the &#147;Commission&#148;) as part of this Registration Statement or as prospectuses or
prospectus supplements pursuant to Rule 424(b) under the Securities Act.
</DIV>
<!-- link1 "PART II" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PART II
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INFORMATION REQUIRED<BR>
IN THE REGISTRATION STATEMENT
</DIV>
<!-- link2 "ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been filed by Delphi Financial Group, Inc. (&#147;Delphi&#148; or the
&#147;Company&#148;) with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), and are hereby incorporated by reference:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) annual report on Form 10-K for the fiscal year ended December&nbsp;31, 2009;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) quarterly report on Form 10-Q for the quarterly period ended March&nbsp;31, 2010;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) current reports on Form 8-K dated May&nbsp;6, 2010 and June&nbsp;10, 2010; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the description of Class&nbsp;A Common Stock in the registration statement on Form 8-A
filed October&nbsp;15, 1996 under Section&nbsp;12 of the Securities Exchange Act of 1934, as amended,
including any amendment or report for the purpose of updating such description.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by Delphi with the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or
15(d) of the Exchange Act after the date of this Registration Statement and prior to the
termination of the offering of the Class&nbsp;A Common Stock offered hereby shall be deemed to be
incorporated by reference herein and to be a part hereof from the date any such document is filed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statements contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained in this Registration Statement or in any other subsequently filed document which also is
incorporated by reference herein modifies or supersedes such statement. Any statement so modified
or superseded shall not be deemed to constitute a part of this Registration Statement except as so
modified or superseded.
</DIV>
<!-- link2 "ITEM 4. DESCRIPTION OF SECURITIES" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 4. DESCRIPTION OF SECURITIES.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the Company&#146;s Class&nbsp;A Common Stock to be offered pursuant to this
Registration Statement has been incorporated by reference into this Registration Statement as
described in Item&nbsp;3 of this Part&nbsp;II.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of
June 17, 2010, Chad W. Coulter was the beneficial owner of 73,569 shares of Class&nbsp;A
Common Stock, of which 33,369 shares were owned by Mr.&nbsp;Coulter. The remaining shares consist of
40,000 shares of Class&nbsp;A Common Stock which were represented by stock options exercisable within
sixty days.
</DIV>
<!-- link2 "ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delphi is a Delaware corporation. Reference is made to Section&nbsp;145 of the Delaware General
Corporation Law (&#147;DGCL&#148;), which provides that a corporation may indemnify any person, including an
officer or director, who is, or is threatened to be made, party to any threatened, pending or
completed legal action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of such corporation), by reason of the fact
that such person is or was an officer, director, employee, or agent of such corporation or is or
was serving at the request of such corporation as an officer, director, employee, or agent of
another corporation or other enterprise. The indemnity may include expenses (including attorneys&#146;
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such
person in connection with such action, suit or proceeding provided such officer, director,
employee, or agent acted in good faith and in a manner he reasonably believed to be in or not
opposed to the corporation&#146;s best interests and, with respect to any criminal action or proceeding,
had no reasonable cause to believe that his or her conduct was unlawful. Section&nbsp;145 of the DGCL
provides further that a Delaware corporation may indemnify officers and directors in an action by
or in the right of the corporation under the same conditions, except that no indemnification is
permitted without judicial approval if the officer or director is judged to be liable to the
corporation. Where an officer or director is successful on the merits or otherwise in the defense
of any action referred to above or any claim therein, the corporation must indemnify him against
the expenses that such officer or director actually and reasonably incurred. Article&nbsp;Eighth of the
Restated Certificate of Incorporation of the Company provides for indemnification of its officers
and directors to the full extent permitted by the DGCL.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;Eighth of the Restated Certificate of Incorporation also provides that directors of
the Company will not be personally liable for monetary damages for breach of a director&#146;s fiduciary
duty as a director, except for liability (i)&nbsp;for any breach of the director&#146;s duty of loyalty to
the Company or its stockholders, (ii)&nbsp;for acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law, (iii)&nbsp;for unlawful payment of dividends or
unlawful stock purchases or redemptions as provided in Section&nbsp;174 of the DGCL, or (iv)&nbsp;for any
transaction from which the director derived an improper personal benefit.
</DIV>
<!-- link2 "ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "ITEM 8. EXHIBITS" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 8. EXHIBITS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit&nbsp;Index.
</DIV>
<!-- link2 "ITEM 9. UNDERTAKINGS" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 9. UNDERTAKINGS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act of 1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registra-
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">tion statement. Notwithstanding the foregoing, any increase or decrease in the
volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to rule 424(b) if, in the aggregate, the changes
and volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the
effective registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the information
required to be included in the post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Securities and Exchange Commission by the
Company pursuant to Section&nbsp;13 or Section 15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of
1933, each post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Company&#146;s annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Company pursuant to the foregoing
provisions, or otherwise, the Company has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the Securities
Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Company of expenses incurred or paid by a
director, officer or controlling person of the Company in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the Company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities
Act of 1933 and will be governed by the final adjudication of such issue.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, Delphi Financial Group, Inc.
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of New York,
State of New York, on the 17<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
day of June, 2010.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">DELPHI FINANCIAL GROUP, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ ROBERT ROSENKRANZ
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Robert Rosenkranz&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chairman of the Board and
Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons on the 17<sup>th</sup> day of June, 2010, in the capacities indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ ROBERT ROSENKRANZ
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert Rosenkranz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and Chief
Executive Officer (Principal Executive Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="center">*</DIV><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kevin R. Brine
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="center">*</DIV>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Edward A. Fox
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="center">*</DIV>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Steven A. Hirsh
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="center">*</DIV>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Harold F. Ilg
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="center">*</DIV>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James M. Litvack
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="center">*</DIV>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James N. Meehan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="center">*</DIV>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Philip R. O&#146;Connor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-7-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="center">*</DIV>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Donald A. Sherman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Operating Officer and Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="center">*</DIV>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert F. Wright
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD nowrap valign="top">* By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ ROBERT ROSENKRANZ
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Robert Rosenkranz&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Attorney in Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->-8-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXHIBIT INDEX" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">EXHIBIT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">NUMBER</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">EXHIBIT</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delphi Financial Group, Inc. 2003 Employee Long-Term Incentive and
Share Award Plan (incorporated by reference herein to the
designated exhibit to the Company&#146;s Current Report on Form&nbsp;8-K
dated May&nbsp;14, 2007)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delphi Financial Group, Inc. 2003 Employee Long-Term Incentive and
Share Award Plan (incorporated by reference herein to the
designated exhibit to the Company&#146;s Current Report on Form&nbsp;8-K
dated June&nbsp;15, 2009)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delphi Financial Group, Inc. 2010 Outside Directors Stock Plan
(incorporated herein by reference to Exhibit&nbsp;A to the Company&#146;s
definitive proxy statement on Schedule&nbsp;14A filed on April&nbsp;4, 2010)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delphi Financial Group, Inc. 2010 Employee Stock Purchase Plan
(incorporated herein by reference to Exhibit&nbsp;B to the Company&#146;s
definitive proxy statement on Schedule&nbsp;14A filed on April&nbsp;4, 2010)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Chad W. Coulter</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Chad W. Coulter (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-9-<!-- /Folio -->
</DIV>



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sv8
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 17, 2010
REGISTRATION NO. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
DELPHI FINANCIAL GROUP, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
13-3427277
(STATE OR OTHER JURISDICTION OF
(I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
1105 NORTH MARKET STREET
19899
SUITE 1230
(ZIP CODE)
P.O. BOX 8985
WILMINGTON, DELAWARE
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
DELPHI FINANCIAL GROUP, INC. 2010 OUTSIDE DIRECTORS STOCK PLAN
DELPHI FINANCIAL GROUP, INC. 2010 EMPLOYEE
STOCK PURCHASE PLAN
DELPHI FINANCIAL GROUP, INC. 2003 EMPLOYEE LONG-TERM INCENTIVE AND SHARE AWARD
PLAN
(FULL TITLE OF THE PLAN)
ROBERT ROSENKRANZ
CHAIRMAN OF THE BOARD
AND CHIEF EXECUTIVE OFFICER
DELPHI FINANCIAL GROUP, INC.
1105 NORTH MARKET STREET
SUITE 1230
P.O. BOX 8985
WILMINGTON, DELAWARE 19899
(NAME AND ADDRESS OF AGENT FOR SERVICE)
(302) 478-5142
(TELEPHONE NUMBER, INCLUDING AREA CODE, OF AGENT FOR SERVICE)
Copy to:
Chad W. Coulter, Esq.
Senior Vice President, General Counsel and Secretary
Delphi Financial Group, Inc.
1105 North Market Street
Suite 1230
P.O. Box 8985
Wilmington, Delaware 19899
CALCULATION OF REGISTRATION FEE
PROPOSED
PROPOSED
MAXIMUM
AMOUNT OF
MAXIMUM
AGGREGATE
REGISTRATION
TITLE OF SECURITIES
AMOUNT TO BE
OFFERING PRICE
OFFERING PRICE
FEE
TO BE REGISTERED
REGISTERED (1)
PER SHARE (2)
(2)
(2)
Class A Common
Stock, par value
$0.01 per share
(2010 Outside
Directors Stock
Plan)
750,000 shares
$25.55
$19,162,500
$1,366.29
Class A Common
Stock, par value
$0.01 per share
(2010 Employee
Stock Purchase
Plan)
750,000 shares
$25.55
$19,162,500
$1,366.29
Class A Common
Stock, par value
$0.01 per share
(2003 Employee
Long-Term Incentive
and Share Award
Plan)
6,250,000 shares
$25.55
$159,687,500
$11,385.72
(1)
Subject to adjustment to prevent dilution resulting from share subdivisions, bonus issues
or similar transactions.
(2)
Estimated solely for purposes of calculating the registration fee. Pursuant to Rules 457(c)
and 457(h) under the Securities Act of 1933, as amended, the registration fee has been
calculated based on the average of the high and low sale prices reported for the Class A
Common Stock of Delphi Financial Group, Inc. on June 16, 2010, which was $25.55 per
share, as reported on the New York Stock Exchange.
This Registration Statement on Form S-8 registers additional securities of the same class as
other securities for which registration statements filed on Form S-8 relating to the 2003 Employee
Long-Term Incentive and Share Award Plan, the Second Amended and Restated Directors Stock Option
Plan and Second Amended and Restated Employee Stock Option Plan are effective. Accordingly,
pursuant to General Instruction E of Form S-8, the Registration Statements on Form S-8 (File Nos.
333-96293 and 333-134563) filed with the Securities and Exchange Commission on February 7, 2000 and
May 30, 2006, respectively, are incorporated herein by reference.
PART I
INFORMATION REQUIRED
IN SECTION 10(A) PROSPECTUS
ITEM 1. PLAN INFORMATION.*
ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.*
* As permitted by Rule 428 under the Securities Act of 1933, as amended (the "Securities
Act"), this Registration Statement omits the information specified in Part I of Form S-8. The
documents containing the information specified in Part I will be delivered, without charge, upon
written or oral request, to the participants in the plans covered by this Registration Statement as
required by Rule 428(b). Such documents are not being filed with the Securities and Exchange
Commission (the "Commission") as part of this Registration Statement or as prospectuses or
prospectus supplements pursuant to Rule 424(b) under the Securities Act.
PART II
INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents have been filed by Delphi Financial Group, Inc. ("Delphi" or the
"Company") with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), and are hereby incorporated by reference:
(1) annual report on Form 10-K for the fiscal year ended December 31, 2009;
(2) quarterly report on Form 10-Q for the quarterly period ended March 31, 2010;
(3) current reports on Form 8-K dated May 6, 2010 and June 10, 2010; and
(4) the description of Class A Common Stock in the registration statement on Form 8-A
filed October 15, 1996 under Section 12 of the Securities Exchange Act of 1934, as amended,
including any amendment or report for the purpose of updating such description.
All documents filed by Delphi with the Commission pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act after the date of this Registration Statement and prior to the
termination of the offering of the Class A Common Stock offered hereby shall be deemed to be
incorporated by reference herein and to be a part hereof from the date any such document is filed.
Any statements contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained in this Registration Statement or in any other subsequently filed document which also is
incorporated by reference herein modifies or supersedes such statement. Any statement so modified
or superseded shall not be deemed to constitute a part of this Registration Statement except as so
modified or superseded.
ITEM 4. DESCRIPTION OF SECURITIES.
The description of the Company's Class A Common Stock to be offered pursuant to this
Registration Statement has been incorporated by reference into this Registration Statement as
described in Item 3 of this Part II.
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ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
As of
June 17, 2010, Chad W. Coulter was the beneficial owner of 73,569 shares of Class A
Common Stock, of which 33,369 shares were owned by Mr. Coulter. The remaining shares consist of
40,000 shares of Class A Common Stock which were represented by stock options exercisable within
sixty days.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Delphi is a Delaware corporation. Reference is made to Section 145 of the Delaware General
Corporation Law ("DGCL"), which provides that a corporation may indemnify any person, including an
officer or director, who is, or is threatened to be made, party to any threatened, pending or
completed legal action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of such corporation), by reason of the fact
that such person is or was an officer, director, employee, or agent of such corporation or is or
was serving at the request of such corporation as an officer, director, employee, or agent of
another corporation or other enterprise. The indemnity may include expenses (including attorneys'
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such
person in connection with such action, suit or proceeding provided such officer, director,
employee, or agent acted in good faith and in a manner he reasonably believed to be in or not
opposed to the corporation's best interests and, with respect to any criminal action or proceeding,
had no reasonable cause to believe that his or her conduct was unlawful. Section 145 of the DGCL
provides further that a Delaware corporation may indemnify officers and directors in an action by
or in the right of the corporation under the same conditions, except that no indemnification is
permitted without judicial approval if the officer or director is judged to be liable to the
corporation. Where an officer or director is successful on the merits or otherwise in the defense
of any action referred to above or any claim therein, the corporation must indemnify him against
the expenses that such officer or director actually and reasonably incurred. Article Eighth of the
Restated Certificate of Incorporation of the Company provides for indemnification of its officers
and directors to the full extent permitted by the DGCL.
Article Eighth of the Restated Certificate of Incorporation also provides that directors of
the Company will not be personally liable for monetary damages for breach of a director's fiduciary
duty as a director, except for liability (i) for any breach of the director's duty of loyalty to
the Company or its stockholders, (ii) for acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law, (iii) for unlawful payment of dividends or
unlawful stock purchases or redemptions as provided in Section 174 of the DGCL, or (iv) for any
transaction from which the director derived an improper personal benefit.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. EXHIBITS.
See Exhibit Index.
ITEM 9. UNDERTAKINGS.
The Company hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities
Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registra-
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tion statement. Notwithstanding the foregoing, any increase or decrease in the
volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to rule 424(b) if, in the aggregate, the changes
and volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the
effective registration statement.
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
Provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the information
required to be included in the post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Securities and Exchange Commission by the
Company pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of
1933, each post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
The Company hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Company's annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Company pursuant to the foregoing
provisions, or otherwise, the Company has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the Securities
Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Company of expenses incurred or paid by a
director, officer or controlling person of the Company in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the Company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities
Act of 1933 and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, Delphi Financial Group, Inc.
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of New York,
State of New York, on the 17
th
day of June, 2010.
DELPHI FINANCIAL GROUP, INC.
/s/ ROBERT ROSENKRANZ
Robert Rosenkranz
Chairman of the Board and
Chief Executive Officer
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons on the 17
th
day of June, 2010, in the capacities indicated.
Signature
Title
/s/ ROBERT ROSENKRANZ
Robert Rosenkranz
Chairman of the Board and Chief
Executive Officer (Principal Executive Officer)
*
Kevin R. Brine
Director
*
Edward A. Fox
Director
*
Steven A. Hirsh
Director
*
Harold F. Ilg
Director
*
James M. Litvack
Director
*
James N. Meehan
Director
*
Philip R. O'Connor
Director
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Signature
Title
*
Donald A. Sherman
President, Chief Operating Officer and Director
*
Robert F. Wright
Director
* By:
/s/ ROBERT ROSENKRANZ
Robert Rosenkranz
Attorney in Fact
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EXHIBIT INDEX
EXHIBIT
NUMBER
EXHIBIT
4.1
Delphi Financial Group, Inc. 2003 Employee Long-Term Incentive and
Share Award Plan (incorporated by reference herein to the
designated exhibit to the Company's Current Report on Form 8-K
dated May 14, 2007)
4.2
Delphi Financial Group, Inc. 2003 Employee Long-Term Incentive and
Share Award Plan (incorporated by reference herein to the
designated exhibit to the Company's Current Report on Form 8-K
dated June 15, 2009)
4.3
Delphi Financial Group, Inc. 2010 Outside Directors Stock Plan
(incorporated herein by reference to Exhibit A to the Company's
definitive proxy statement on Schedule 14A filed on April 4, 2010)
4.4
Delphi Financial Group, Inc. 2010 Employee Stock Purchase Plan
(incorporated herein by reference to Exhibit B to the Company's
definitive proxy statement on Schedule 14A filed on April 4, 2010)
5.1
Opinion of Chad W. Coulter
23.1
Consent of Independent Registered Public Accounting Firm
23.2
Consent of Chad W. Coulter (included in Exhibit 5.1)
24.1
Powers of Attorney
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