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P&C Insights

An Inflection Point for the P&C (Re)Insurance Industry

Eric Simpson, Tom Hettinger, James Hole, Ed Hochberg, John DeMartini and Keith Harrison

January 17, 2012

© 2012 Towers Watson. All rights reserved.

Today's teleconference will cover:

U.S. P&C Insurance Pricing and Profit Trends Reinsurance Market Trends and U.S. Renewal Review 2012 U.S. P&C Reinsurance Outlook Q&A

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Speaker bios

Eric Simpson

Eric is Towers Watson's Rating Agency Consulting Practice Leader and the North America P&C ERM Practice Leader

Tom Hettinger

Tom is Regional Sales and Practice Development Leader for P&C Insurance Brokerage and Risk Consulting and Software in the Americas

James W.B. Hole

Jamie is Managing Director for Sales and Practice Development for Towers Watson's Brokerage and Risk Consulting and Software businesses, focused on the P&C insurance and corporate practices

Ed Hochberg

Ed is Global Product Leader of P&C Risk Transfer Analytics for Towers Watson and President of Towers Watson Capital Markets

John DeMartini

John is Towers Watson's Catastrophe Risk Management Practice Leader and the U.S. Property Reinsurance specialty practice Leader

Keith Harrison

Keith is Managing Director for North American Reinsurance in London

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U.S. P&C Insurance Pricing and Profit Trends

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U.S. NATURAL CATASTROPHE ACTIVITY

U.S. convective storms dominated the P&C industry's cat loss activity in 2011

2011 PCS Event Count (by state)

Despite minimal hurricane activity, a rash of tornado and storm activity in the Spring caused 2011 insured cat losses to surge

U.S. P&C Insured Catastrophe Losses (2002 ­ 2011)

T-Storms Insured Loss ($Bil)

PCS Events

T-Storm Insured Loss

Source: PCS; Towers Watson.

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Tropical

Fire

Winter

T-Storm

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COMMERCIAL LINES PRICING

Commercial lines pricing exhibited positive rate movements in 2011, yet continued to lag loss cost trends

YOY Price Level Change -- All Commercial Lines Combined

6% 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% -5% -6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Prices have been increasing in 2011 after two years of flat prices

2004

2005

2006

2007

2008

2009

2010

2011

Note: Written premium basis. Source: Towers Watson Commercial Lines Insurance Pricing Survey.

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U.S. P&C PRICE & LOSS COST TRENDS

Industry price and loss cost trends effect on loss ratios personal lines vs. commercial lines

25% Personal Lines -- Price (earned) Commercial Lines -- Price (earned) 20% Personal Lines -- Loss Cost Commercial Lines -- Loss Cost 15%

10%

5%

0%

-5%

-10% 2005 2006 2007 2008 2009 2010 2011E 2012F 2013F

Source: Towers Watson.

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U.S. P&C UNDERWRITING PERFORMANCE

Industry accident year combined ratios personal lines vs. commercial lines

130% All Personal Lines 125% All Commercial Lines 120% 115% 110% 105% 100% 95% 90% 85% 80% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012F 2013F

Source: Towers Watson.

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U.S. P&C RESERVE ADEQUACY

Industry reserve adequacy personal lines vs. commercial lines

20 (0) 0 Adequacy / (Deficiency) of Reserves ($ Bil) (4) -20 (13) (1) (2) (4) (5) (6) 3 5 6 5 4 6 1 7 (0) 6 6 4 3 1

-40 (41) -60 (71) -80 Commercial Lines Composite Personal Lines Composite

-100 (106) -120 2001

(94)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011E

2012F

2013F

Source: Towers Watson.

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U.S. P&C INVESTMENT TRENDS

Declining investment yields and lingering soft market conditions are changing the way insurers think about investments

Few bonds, with purchase yields above 4.5%, remain on balance sheets Insurers have to accept a lower level of income support from investments or change their asset allocation

U.S. Treasury Yield Curve Trends

6% 4.82% 4.96% 5.04% 4.96% 4.82% 4.82% 4.88% 5.00% 4.93% 5.00% 5.19%

5%

4.27% 3.95% 4% November 2011 Yield Curve* 3% Pre-Downgrade (July 2011) Pre-Crisis (July 2007) 2% 1.54% 1.45% 0.91% 0.40% 3Y 5Y 7Y 10Y 20Y 30Y 2.28% 2.73% 2.02% 3.00% 3.04%

1% 0.04% 0.01% 0% 1M 3M 6M 1Y 0.04% 0.01% 0.08% 0.04% 0.19% 0.11% 0.41% 0.26% 2Y

0.68%

*Week ending Nov. 25. Sources: Board of Governors of the United States Federal Reserve Bank, Insurance Info. Institute.

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U.S. P&C INVESTMENT TRENDS

Expect: Continued focus on cost control and nontraditional investments

Investment Options of Interest Bank Loans Give up in liquidity relative to other corporate credit Higher in the credit structure than other high yield debt Floating rate coupon attractive to those with concerns about rising rates

Master Limited Partnership (MLP)

Sector focus -- energy Attractive dividend Unattractive structure for non-U.S. investors

Interest Rate Risk

Steep yield curve makes this attractive Increasing duration unattractive to those concerned about rising rates Easier for organizations that do not mark assets to market

Investment Vehicle Options of Interest Fixed Income Passive Investing Exchange Traded Funds (ETF) Many asset managers are managing portfolios with neutral risk positions Attractive lower fees associated with passive investing Passive investing is NOT for all asset classes

Issuers of ETFs have obtained "look through treatment" for SVO classification State regulations have not caught up with this change

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U.S. P&C INSURANCE CAPITAL

Industry statutory surplus and underwriting leverage

During the first nine months of 2011, the U.S. P&C insurance industry experienced a 5% decline in capital from year-end 2010 The thrust of this decline emanated from dividend payments and unrealized losses stemming from investments, which were partially offset by modest net income The quality of capital and liquidity remains strong and sufficient to support ongoing business

PHS and Premium Leverage Trends

600 PHS NPW to PHS 140% 120% 100% 80% 300 60% 200 40% 100 20% 0% Q1'11 Q2'11 Q3'11 2002 2003 2004 2005 2006 2007 2008 2009 2010

NPW to PHS (%) Policyholders Surplus ($ Billions)

Capital and Surplus Account

600 575 550 525 500 475 450 2010

500

400

PHS ($Bil)

Net Income

Capital

Unrealized Losses

Share Buybacks

0

Sources: SNL Financial, Towers Watson.

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Dividends

9M'11

Other

U.S. P&C M&A PERSPECTIVES

A variety of factors have limited M&A transactions in the recent past...

U.S. P&C M&A Activity (2002-2011)

The 2009 lull in insurance-related M&A was caused by:

Value of Deals ($ Mil)

25,000 20,000 15,000 10,000 5,000 0

Value of Deals $ Mill) Number of Deals

80 70 60 50 40 30 20 10 0 Number of Deals

Lack of available access to debt Depressed equity values Companies' internal focus on asset side of the balance sheet Market volatility made it a challenge to structure and close transactions No desire to be sold/purchased at fire sale prices Social issues

02

03

04

05

06

07

08

09

10

11*

More recently, M&A slowed due to global catastrophes, EU economic crisis and low interest rates Recent environment favored buyers, as some sellers were forced to sell due to economic circumstances or dissatisfied shareholders

Price-to-Book

TW U.S. P&C Insurance Market Index: ROE to Price/Book Comparison

175 Price-to-Book 150 ROE 15 ROE (%) 20

125

10

100

5

75

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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*As of Dec. 31, 2011. Sources: SNL Financial, Towers Watson.

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U.S. P&C M&A PERSPECTIVES

...however, there are many dynamics in play that are expected to fuel a future increase in M&A activity

Increased need for underwriting/pricing sophistication and scale of operations Ongoing pressure on underwriting and investment performance Search for revenue growth where organic options are limited Higher equity markets and higher insurance company valuations Stronger insurance company capital positions Pent up demand from Private Equity and other financial players Global regulatory changes (once further clarity is achieved):

Principles Based Reserves in the U.S. Solvency II in Europe NAIC Solvency Modernization Initiative

Greater willingness to be acquired as "fire sale" stigma fades over time

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Reinsurance Market Trends and U.S. Renewal Review

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GLOBAL CAT LOSS ACTIVITY

2011 marked the highest year in insured earthquake losses in history and ranks as the second costliest year for insured cat losses

Combined, 2010 and 2011 had nearly $150 billion of global insured cat losses H1 2011 cat losses of $70 billion far outpaced recent comparable periods Ongoing and material upward loss creep is likely due to reporting lags

Global Insured Cat Losses ($ Bil)

$125 $100 $70 $55 $20 $12 $16 $33 $19 $22 $19 $26 $30 $47

2005

2006

2007 Half Year

2008

2009

2010

2011

Full Year

Four of the top15 most costly global cats have occurred in the past 12 months* Both U.S. and non-U.S. cat events affected reinsurers, the retro market and blanket property insurance covers

Five Costliest Disasters in 2011 ($ Bil)

U.S. May Tornadoes $6

U.S. April Tornadoes

$7

NZ EQ

$11

Thailand Flood

$15

Japan EQ

$30

*Aggregated U.S. April and May Spring Storms. Sources: PCS, Towers Watson.

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REINSURANCE UNDERWRITING RESULTS

2011 produced record global cat losses that negatively affected most reinsurers' underwriting performance...

Global reinsurers remain pressured by historic low returns on invested assets Cash flow levels have deteriorated Reserve redundancies have diminished Share repurchase activity was suspended due to high cat losses

TW Global RE Market Index*: Combined Ratio Trends

Combined Ratio

2011Q3 2011Q2 2011Q1 2010 2009 2008 2007 0 20

55 60 57 56 55 59 52 40 Loss & LAE Ratio 4 2 7

16 13 48 30 29 8 28 60 80 CAT Ratio 27

28 30 30

99 103 135 93 86 94 84

100 100

Expense Ratio

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120

140

*Represents a TW proprietary list of leading global reinsurers. Sources: SNL Financial, Towers Watson.

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REINSURANCE CAPITAL

...But 2011 did not prove to be a capital event for most reinsurers, with aggregate capital levels remaining strong

Reinsurance capital remained stable through the first nine months of 2011 Despite the lack of capital growth, solvency ratios and capital positions are well situated, and most reinsurers maintain more than enough capital to operate However, with several prominent reinsurers shifting out of cat-prone business, the reinsurance industry faces less "excess" capacity now compared to year-end 2010

Towers Watson Global RE Market Index*: Reinsurance Capacity

Total Adjusted Shareholders' Funds 400 350 Capital ($ Bil) 300 250 200 150 100 50 0 2007 2008 2009 2010 2011 Q1 2011 Q2 2011 Q3 323 274 Combined Ratio 378 337 370 360 365 160% 140% 120% 100% 80% 60% 40% 20% 0% Combined Ratio (%)

Ending of Hard Market

Global Crisis Impacts

Asset Valuations Rebound

Stabilized Reinsurer Capital

Note: Capital levels represent total adjusted shareholders' funds. Excludes capital markets, catastrophe funds and internal reinsurance capacity. *Represents a Towers Watson proprietary list of leading global reinsurers. Sources: SNL Financial, Towers Watson .

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SOVEREIGN DEBT CRISIS & EURO

To date, the European Sovereign Debt Crisis (SDC) and Euro instability have had little impact on reinsurance capacity

During the Jan 1st reinsurance renewals, the affects of SDC were muted and largely a non-event

Most continental European reinsurers de-risked their asset portfolios with exposure levels to sovereign debt investments appearing manageable Reinsurance economics unchanged as a result of the SDC Reinsurers' proactive ERM practices help mitigate systemic-type risks, and as such the SDC does not appear to pose a solvency risk

Longer term, the SDC may have more serious consequences for reinsurance buyers in the U.S.

May influence reinsurance capacity and/or pricing Heightened credit risk associated with reinsurer downgrades Severe recession in Europe may inhibit economic growth in the U.S. Increased regulatory and rating agency risk

Recent European Central Bank actions appear to have reduced risk of bank failures

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CATASTROPHE BOND & ILW TRENDS

The Insurance-Linked Securities (ILS) market remained steady in 2011

ILS issuance reached nearly $5 billion, despite disruptions to the market caused by the RMS model changes and some large cat events Sponsors continue to see the ILS market as an integral part of their overall capacity, with both repeat and new cedents coming to market Meanwhile, the investor community continues to attract new capital

In search of higher yields and less-correlated returns, pension money is continuing to flow into the ILS space

As such, conditions remain positive for cat bond issuances in 2012 as investors look for further diversification outside of U.S. hurricane and issuers look to complement overall reinsurance purchases

Global Risk Capital Issuance Trends (2001 ­ 2011)

$9 $8 $7 $6 Other $ Bil $5 $4 $3 $2 $1 $0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 $1.3 $1.3 $2.6 $1.1 $2.8 $2.3 $4.7 $3.4 $5.2 10 $4.9 8 6 4 2 0 Count U.S. Wind U.S. EQ International $8.2 18 16 14 12

Source: Towers Watson Capital Markets.

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RETROCESSIONAL CAPACITY

Retro capacity impacted by loss activity, particularly for international exposures and broad geographic coverage

Catastrophe Retros

Following heavy global cat losses, retro markets have shifted their appetite away from true worldwide coverage and have further limited geographic scope of cover

-- Changing definition of "Cold Spots" (Chile, New Zealand, Australia and Thailand often not considered "Cold Spots") -- International, unquantifiable loss exposures often removed from "broad territory" cover

Capacity for Named Peak Territories remains similar Some terms and conditions are tightening D&F capacity has been orderly for renewal business, but new capacity has come at a premium

CAT loss free % change U.S International +10% +5% to +10% CAT loss hit % change +15% to +40% +20% to +50%

Sidecars/Quota Share

"Shelf" sidecars emerged as contingent reinsurer capital post-Japan EQ

-- Sponsors can access "just in time" capital if active hurricane season spikes cat rates, particularly given that many publically

traded reinsurers stocks are looking undervalued right now

Some reinsurers have increased utilization of quota share arrangements on their catastrophe portfolios

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JAN. 1 REINSURANCE PRICING

January 1, 2012, North American reinsurance update

We are observing measurable changes in reinsurance pricing trends

U.S. P&C Reinsurance Pricing Indications

Jan. `11 Jan. `12

Prop. Cat Loss Free Prop. Cat w/ Loss Prop. Per Risk General Liability WC Per Person WC Cat Professional Liability Marine -15+% -10% -5% 0% +5% +10% +15+%

Softening

Source: Towers Watson.

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Moderate Softening

Stable

Moderate Firming

Firming

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U.S.BREADCRUMB (OPTIONAL) PROPERTY CATASTROPHE

U.S. property cat pricing at January 1, 2012

High

Property Cat Pricing Contributing Factors

10% to 40% 20% to 50%+

Severity of loss and layers impacted Frequency of events Region of exposures RMS model change magnitude Competitiveness of expiring pricing Size of catastrophe limit Level of catastrophe attachment

Cat Loss Level

Up to 10%

10% to 15%

Low Low Level of Exposure/ Model Change High

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U.S.BREADCRUMB (OPTIONAL) PROPERTY CATASTROPHE

U.S. property cat pricing -- Examples

Example 1

Example 2

Moderate losses to catastrophe program in 2011 Exposure increase > 5% Average to above average impact from RMS model change Impact on pricing = 10% ­ 40% increase

Large losses to catastrophe program in 2011 Exposure increase > 5% Above average impact from RMS model change Impact on pricing = 20% ­ 50% increase

Example 3

Example 4

No loss to cat program from recent events Low exposure growth (<5% TIV increase) or not hurricane exposed Modest increase from RMS v11 Impact on pricing = up to 10% increase

Small losses to catastrophe program in 2011 Exposure increase +/-5% Average to above average impact from RMS model change Impact on pricing = 10% ­ 15% increase

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U.S.BREADCRUMB (OPTIONAL) PROPERTY CATASTROPHE

U.S. property cat risk-adjusted pricing

40% 2012 Rate on Line 35% 2011 Risk adjusted Rate on Line 30% 25% 20% 15% 10% 5% 0% 0% 5% 10% 15% 20% Loss on Line 25% 30% 35% 40%

Rate on Line

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Note: 2012 Risk adjusted Rate on Line represents today's risk exposures priced relative to 2011 reinsurer expected profit margins, using on a consistent model approach (i.e., RMS v11). Source: Towers Watson

U.S. PROPERTY CATASTROPHE

General impressions on catastrophe renewals

Buyers presented modeling results that displayed the average of two models and presented deterministic scenarios as well

Many companies chose not to buy additional cover in response to RMS v11

Exposure change and actual losses drove pricing to a greater degree than the impact of RMS v11 did

Reinsurers used blended results and proprietary PML approaches

Underwriters quoted off last year's quotes and in many cases, even for no loss programs, their quotes exceeded 20% increases There was a significant amount of turnover on placements with international reinsurers providing more capacity than in prior years There was more interest in aggregate covers and reinsurers are selectively offering capacity

Dialogue on aggregate covers continues

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© 2012 Towers Watson. All rights reserved.

U.S. PROPERTY CATASTROPHE

The release of Best's SRQ changes may pressure some buyers to reconsider their approach to cat risk management and reinsurance buying habits in 2012

Management's view of cat loss exposures

Insurers are now requested to provide their view of their cat risk relative to that of the model output, regardless of the type or number of models used

Increased level of transparency

Respondents are being asked to provide loss estimates on both an aggregate and an occurrence basis If a sensitivity analysis was performed, respondents are asked to provide the three assumptions that produced the greatest variations in loss amounts for the 100-year and 250-year return periods

-- Example: storm surge

If multiple models are used, A.M. Best has requested output from each model separately If a deterministic loss scenario analysis was performed, respondents are asked to provide loss estimates for those events

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U.S. PROPERTY PER RISK

U.S. property per risk reinsurance renewals

Quotes based on individual program characteristics

Recent loss experience Exposed values Primary rate changes

Pricing generally +/-5% over expiring

Increased frequency of fire losses weighing on experience Reinsurers taking a shorter historical view for experience rating Primary rate increases helping to keep reinsurance rate increases muted

Increased cat pricing not a significant factor for per risk pricing

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CASUALTY OVERVIEW -- (PRICING)

General overview -- "treading water" on price

At January 1, Towers Watson observed a U.S. casualty market that was treading water In general, reinsurance pricing was flat

In some casualty lines reinsurers benefitted from some low single-digit original price increases In most casualty lines original rates were moderately down or flattening The disparity between insurance and reinsurance pricing change continued to narrow

One reinsurer's "under priced" account often became another reinsurer's "new" account Supply was flat with some differentiation based on attachment Terms and conditions were largely as expiring

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CASUALTY OVERVIEW -- MARKET OBSERVATIONS

General overview -- market observations

Cedants and reinsurers shared similar concerns (much the same as last year)

Casualty Pricing -- Contributing Factors

Rate adequacy at the primary level Sluggish economic activity continued to erode/hold back casualty rating bases Increased frequency and medical inflation (WC) Exposure to systemic loss events and large ECOs Concerns about reserve adequacy/adverse development Poor investment returns mean much higher scrutiny on underwriting

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U.S. GENERAL CASUALTY

General casualty reinsurance renewals

Casualty working layer, excess and umbrella

Ample capacity London focused on specialty areas and on an excess of loss basis with limited appetite for quota share or umbrella Directs and domestics provided stable capacity for umbrella & multiline Pricing remains client specific, with renewals seeing rate changes of -5% to +5% Contract wordings remain favorable to cedants

Casualty clash

Capacity more than adequate particularly among key London and domestic leading casualty reinsurers Flat rates with slight increase in ROLs

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U.S. WORKERS COMPENSATION

Workers' compensation reinsurance renewals

Reinsurers and cedants alike express concern with the workers compensation line, but few exit WC varies widely by state and class so commentary is "general" Top line revenue has begun to stabilize for many cedants Original pricing moderately positive -- adequacy remains a major concern in relation to loss cost Actuarial analysis rather than market forces is key pricing determinant for reinsurers Many reinsurers have or plan to alter their required underwriting profit margin to reflect a lower investment return environment Reinsurance rates were flat to +2.5% for per-person exposed layers

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© 2012 Towers Watson. All rights reserved.

U.S. WORKERS COMPENSATION

Workers' compensation reinsurance renewals

Reinsurance price drivers are: Lack of investment income, frequency and severity trends (which are up), perception of case reserve adequacy/adverse development Reduced reinsurer appetite for WC exposure within the first $1m Cedants continued a trend of retaining more risk Most buy for large single person losses xs $1m, and/or for multi claimant cat events WC cat ROL's flat to slightly down -- many major cedants dropped limits purchased Capacity plentiful -- reinsurers keen to utilize budgeted WC aggregate Little placed below 2 ROL with California quake exposed accounts higher Trend to increase Maximum Any One Life (MAOL) limitations above $5m, often up to $10m

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© 2012 Towers Watson. All rights reserved.

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U.S. PROFESSIONAL LIABILITY

Professional liability reinsurance renewals

Core long-term group of reinsurers remains stable with just a few new entrants "Disciplined" reinsurance softening -- rates flat to down Expanded coverage often given to avoid reinsurance price reductions Cedants retaining more risk given strong surplus growth, particularly in Medical Malpractice M&A continues apace in the Medical Malpractice arena, which has led to a reduction in reinsurance transactions/premiums Early signs of original price increases in Lawyers/Accountants E&O Market remains very competitive for all PL lines Concern with exposure to "systemic loss" and large ECO awards = increased purchase of "common loss"/"contingency" reinsurance

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© 2012 Towers Watson. All rights reserved.

2012 U.S. P&C Reinsurance Outlook

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© 2012 Towers Watson. All rights reserved.

REINSURANCE PRICING OUTLOOK

We expect supply and demand factors will support a moderate shift in 2012 U.S. reinsurance renewal pricing trends...

Reinsurer Supply Factors

Supply Effect +/+/+ Down

Insurer Demand Factors 2011 severe convective storm losses; higher wind PMLs from RMS V11 Weak accident-year results; redundant reserves "dry-up"; low investment yields Fear of medical inflation Budget pressure from weak top-line growth, offset by stabilizing rates Strong insurer capital; higher retentions

Demand Effect + + + +/Flat to Up

Record global cat losses; cat budgets spent; higher wind PMLs from RMS v11 Weaker accident-year returns; redundant reserves decline; low investment yields Strong reinsurer capital, with moderate reductions in cat capacity/appetite Contingent sidecar/ ILW capital, but expensive retro capacity Favorable prospective operating results expected from property rate firming

Overall Supply: Ample capacity, but will be constrained for cat-exposed business; significant capacity on the sidelines

Overall Demand: Flat demand for traditional cover except high-end cat limit; strong interest in managing net volatility

U.S. Reinsurance Segment Casualty Property Cat-Exposed Property

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2012 Pricing Outlook Stable Firming Continued Firming

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© 2012 Towers Watson. All rights reserved.

2012 RATING OUTLOOKS

Despite being well capitalized, the P&C (Re)Insurance Industry faces ongoing pressures, particularly the commercial lines sector

Pricing accuracy / discipline (cycle management) Catastrophe risk management Reserve adequacy Record-low (re)investment returns Enterprise risk management

Rating Outlooks by Agency Sector U.S. Personal Lines U.S. Commercial Lines Global Reinsurance S&P Stable Negative Stable A.M. Best Stable Negative Stable Moody's Stable Stable Stable Fitch Stable Stable Stable

Sources: Standard & Poor's, A.M. Best, Moody's and Fitch publications.

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INDUSTRY WILDCARDS

Going forward, several factors could accelerate hardening market conditions in property and begin hardening casualty lines

Event-driven

Significant and/or unexpected wind, quake and convective storm losses Significant and/or unexpected regulatory and/or legislative changes Widening European Sovereign Debt crisis and reigniting of global financial crisis ("Round 2") Increased rating agency downgrades for underperforming and volatile insurers

Financial-driven

Redundant reserves are exhausted Negative cash flows become more prevalent Increasing inflation

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Q&A

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Q&A

Eric Simpson

[email protected] +1 215 246 1738

Tom Hettinger

[email protected] +1 312 201 5438

James W.B. Hole

[email protected] +1 215 246 1630

Ed Hochberg

[email protected] +1 215 246 1681

John DeMartini

[email protected] +1 203 363 1960

Keith Harrison

[email protected] +1 44 20 7886 5308

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