FORM 4
[ X ] 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 *

WRIGHT ROBERT F 		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)

_____ Director                      _____ 10% Owner
_____ Officer (give title below)      __ X __ Other (specify below)
Former director
(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    20054   D $43.875   (1) 0   D  
 
Class A Common Stock   5/15/2012     D    2974   D $43.875   (1) 0   I   By corporation wholly owned by reporting person.  

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)   $31.6067   5/15/2012     D         15000    8/5/2006   8/5/2015   Class A Common Stock   15000     (2) 0   D  
 
Stock Option (right to buy)   $31.6067   5/15/2012     D         1779    11/3/2005   8/5/2015   Class A Common Stock   1779     (2) 0   D  
 
Stock Option (right to buy)   $34.6667   5/15/2012     D         7452    5/4/2007   5/4/2016   Class A Common Stock   7452     (2) 0   D  
 
Stock Option (right to buy)   $34.6667   5/15/2012     D         2163    8/2/2006   5/4/2016   Class A Common Stock   2163     (2) 0   D  
 
Stock Option (right to buy)   $42.91   5/15/2012     D         1748    8/7/2007   5/9/2017   Class A Common Stock   1748     (2) 0   D  
 
Stock Option (right to buy)   $42.91   5/15/2012     D         6991    5/1/2008   5/9/2017   Class A Common Stock   6991     (2) 0   D  
 
Stock Option (right to buy)   $27.15   5/15/2012     D         2762    8/5/2008   5/7/2018   Class A Common Stock   2762     (2) 0   D  
 
Stock Option (right to buy)   $27.15   5/15/2012     D         11049    5/1/2009   5/7/2018   Class A Common Stock   11049     (2) 0   D  
 
Stock Option (right to buy)   $19.58   5/15/2012     D         10214    5/1/2010   5/6/2019   Class A Common Stock   10214     (2) 0   D  
 
Stock Option (right to buy)   $26.33   5/15/2012     D         5697    5/1/2011   5/5/2020   Class A Common Stock   5697     (2) 0   D  
 
Stock Option (right to buy)   $26.33   5/15/2012     D         2848    8/3/2010   5/5/2020   Class A Common Stock   2848     (2) 0   D  
 
Stock Option (right to buy)   $29.83   5/15/2012     D         5028    5/1/2012   5/11/2021   Class A Common Stock   5028     (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.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
WRIGHT ROBERT F
C/O DELPHI CAPITAL MANAGEMENT, INC.
590 MADISON AVENUE, 30TH FLOOR
NEW YORK, NY 10022


Former director

Signatures
Chad W. Coulter, Attorney-in-Fact for Robert F. Wright 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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