FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

SHERMAN DONALD A 		2. Issuer Name and Ticker or Trading Symbol

DELPHI FINANCIAL GROUP INC/DE [ DFG ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
President & COO
(Last)          (First)          (Middle)

C/O DELPHI CAPITAL MANAGEMENT, INC., 590 MADISON AVENUE, 30TH FLOOR 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/15/2012
(Street)

NEW YORK, NY 10022
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock   5/15/2012     D    35935   D $43.875   (1) 0   D  
 

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy)   $17.5245   5/15/2012     D         6420    11/12/2002   8/14/2012   Class A Common Stock   6420     (2) 0   D  
 
Stock Option (right to buy)   $19.56   5/15/2012     D         7668    8/27/2003   5/29/2013   Class A Common Stock   7668     (2) 0   D  
 
Stock Option (right to buy)   $26.3333   5/15/2012     D         5696    8/4/2004   5/6/2014   Class A Common Stock   5696     (2) 0   D  
 
Stock Option (right to buy)   $27.8533   5/15/2012     D         4038    8/23/2005   5/25/2015   Class A Common Stock   4038     (2) 0   D  
 
Stock Option (right to buy)   $36.0533   5/15/2012     D         150000    4/19/2007   4/19/2016   Class A Common Stock   150000     (2) 0   D  
 
Stock Option (right to buy)   $34.62   5/15/2012     D         19000    6/8/2007   6/8/2016   Class A Common Stock   19000     (2) 0   D  
 
Restricted Share Units     (3) 5/15/2012     D         17144      (4)   (4) Class A Common Stock   17144     (5) 0   D  
 
Stock Option (right to buy)   $40.83   5/15/2012     D         51432    2/7/2008   2/16/2017   Class A Common Stock   51432     (2) 0   D  
 
Restricted Share Units     (3) 5/15/2012     D         30027      (4)   (4) Class A Common Stock   30027     (5) 0   D  
 
Stock Option (right to buy)   $29.14   5/15/2012     D         90082    2/6/2009   2/15/2018   Class A Common Stock   90082     (2) 0   D  
 
Restricted Share Units     (3) 5/15/2012     D         41195      (4)   (4) Class A Common Stock   41195     (5) 0   D  
 
Stock Option (right to buy)   $21.24   5/15/2012     D         123587    2/11/2011   2/11/2020   Class A Common Stock   123587     (2) 0   D  
 
Restricted Share Units     (3) 5/15/2012     D         38510      (4)   (4) Class A Common Stock   38510     (5) 0   D  
 
Stock Option (right to buy)   $31.16   5/15/2012     D         115532    2/9/2012   2/18/2021   Class A Common Stock   115532     (2) 0   D  
 

Explanation of Responses:
( 1)  Disposed of pursuant to the Agreement and Plan of Merger dated as of December 21, 2011 by and among the issuer, Tokio Marine Holdings, Inc. and TM Investment (Delaware) Inc. (the "Merger Agreement"), pursuant to which each of the shares was converted into the right to receive $43.875 in cash. In addition, pursuant to the terms of the Merger Agreement, a special cash dividend of $1.00 per share was paid in respect of such shares on May 16, 2012.
( 2)  Pursuant to the terms of the Merger Agreement, such option, whether or not fully vested, was cancelled in exchange for the right to receive a cash payment equal to the amount by which $44.875 exceeded the exercise price per share of such option, multiplied by the number of shares of Class A Common Stock underlying such option.
( 3)  1-for-1.
( 4)  The terms of these restricted share units provided that the reporting person would, subject to the satisfaction of various time vesting requirements, receive the underlying shares of Class A Common Stock after a six-month period following the termination of his employment.
( 5)  Pursuant to the terms of the Merger Agreement, such restricted share units, whether or not fully vested, were cancelled in exchange for the right to receive a cash payment of $43.875 per underlying share of Class A Common Stock. In addition, pursuant to the terms of the Merger Agreement, a payment in the amount of $1.00 per share of Class A Common Stock underlying such units was made on May 16, 2012.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
SHERMAN DONALD A
C/O DELPHI CAPITAL MANAGEMENT, INC.
590 MADISON AVENUE, 30TH FLOOR
NEW YORK, NY 10022 		X
President & COO

Signatures
Chad W. Coulter, Attorney-in-Fact for Donald A. Sherman 5/17/2012
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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