Back to Top PHILADELPHIA INSURANCE COMPANIES PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY

Size: px
Start display at page:

Download "Back to Top PHILADELPHIA INSURANCE COMPANIES PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY"

Transcription

1 PHILADELPHIA INSURANCE COMPANIES PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY A++ A++ Back Top 2014 A.M. Best Company, Oldwick, NJ Printed May 27, Page 1 of 19

2 Back Top Associated With: Tokio Marine Holdings, Inc. PHILADELPHIA INSURANCE COMPANIES One Bala Plaza, Suite 100, Bala Cynwyd, PA Web: Tel: Fax: AMB#: Associated Ultimate Parent#: RATING RATIONALE Rating nale: The ratings apply Philadelphia Indemnity Insurance Company and Tokio Marine Specialty Insurance Company, which participate in an intercompany reinsurance pooling agreement, collectively referred as Philadelphia Insurance Companies. The ratings reflect Philadelphia Insurance Companies superior operating profitability, strong capitalization, solid liquidity and excellent market presence within the specialty commercial marketplace. The ratings also recognize the strategic importance of the group its ultimate parent, Tokio Marine Holdings, Inc. (TMHD), as the group plays an important and strategic role in supporting TMHD s global expansion strategy. Somewhat offsetting these favorable facrs are the company s susceptibility catastrophe losses, and the growth in p-line premium in recent years that is expected continue over the near term. Results have hisrically outperformed the commercial casualty industry composite in both underwriting and operating results, driven by a focused niche market strategy, energized marketing style, highly disciplined underwriting and successful risk selection. Long-standing relationships with core producers, including preferred agents that have the opportunity earn profit sharing with the favorable performance of their portfolio, have played an important role in the success of the group. Adherence underwriting guidelines, a commitment pricing integrity and advanced enterprise risk management integration have also helped continue drive the generation of operating earnings. The group currently enjoys strong risk-adjusted capitalization driven by organic growth in policyholders surplus despite dividends paid the parent in four of the last five years. Most recently, results benefited from a relatively calm catastrophe year in 2013, rate increases and measured growth in writings. Going forward, A.M. Best expects further growth in premium and continued earnings production, leading sustained balance sheet strength. Considering the financial flexibility of TMHD, A.M. Best believes as the group has become more deeply integrated as a strategic member of the organization, it should benefit more readily from TMHD s financial wherewithal, if needed. A.M. Best believes that the members of the group are well positioned at the current ratings. Looking forward, negative rating action could occur if capitalization and/or operating performance fall markedly short of A.M. Best s expectations, primarily as a result of any material increase in frequency and severity of catastrophe losses. The ratings can also be negatively impacted by any negative rating actions on its parent, Tokio Marine & Nichido Fire Insurance Co., Ltd., and/or a change in support from or relationship with TMHD. RATING UNIT MEMBERS Philadelphia Insurance Companies (AMB# ): AMB# COMPANY BEST S FSR POOL % Philadelphia Indemnity Ins Co A Tokio Marine Specialty Ins Co A KEY FINANCIAL INDICATORS ($000) Statury Data Direct Premiums Written Premiums Written Pre-tax Operating Income Income Total Admitted Assets Policyholders Surplus ,011,555 1,877, , ,315 4,787,325 1,751, ,119,286 1,969, , ,898 5,298,449 1,922, ,158,988 2,034, , ,027 5,794,756 1,992, ,390,025 2,236, , ,938 6,428,455 2,158, ,649,278 2,475, , ,815 6,942,157 2,314,009 Profitability Leverage Liquidity Inv. Yield (%) Pre-tax ROR (%) NA Inv Lev NPW PHS Lev. Overall Liq. (%) Oper. Cash flow (%) Yr (*) Within several financial tables of this report, this company is compared against the Commercial Casualty Composite. (*) Data reflected within all tables of this report has been compiled through the A.M. Best Consolidation of statury filings. BUSINESS PROFILE Philadelphia Insurance Companies (the group ) consists of Philadelphia Indemnity Insurance Company (PIIC) and Tokio Marine Specialty Insurance Company (TMSIC) (formerly Philadelphia Insurance Company). Both companies are direct subsidiaries of Philadelphia Consolidated Holding Corp. (Philadelphia Consolidated). Effective December 1, 2008, Philadelphia Consolidated was acquired by Tokio Marine Holdings, Inc. (TMHD), through TMHD s wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). TMNF was founded in 1879 and is the oldest and largest property and casualty insurer in Japan. On March 31, 2012, TMNF contributed 100% of the outstanding shares of Philadelphia Consolidated Tokio Marine North America, Inc. (TMNA), an insurance holding company domiciled in the State of Delaware and a wholly owned direct subsidiary of TMNF. PIIC is a Pennsylvania-domiciled property and casualty insurance company with licenses in 50 states and the District of Columbia. TMSIC is a Delaware-domiciled property and casualty insurance company approved for excess and surplus lines business in 49 states, the District of Columbia and the U.S. Virgin Islands. TMSIC s business plan focuses on underwriting the group s niche products on a surplus lines basis in those jurisdictions in which the products are not offered on an admitted basis. PIIC and TMSIC proportionately share all premium, losses and expenses on a pro rata basis, under the terms of an intercompany reinsurance pooling agreement. The pooling percentages of PIIC and TMSIC are 95% and 5%, respectively. The group designs, markets and underwrites specialty commercial property and casualty and professional liability insurance products tailored for the unique exposures of niche markets, providing competitively priced policies, local service relationships, and differentiated coverage features. The group s products include commercial multi-peril package insurance targeting specialized niches, including among others, non-profit organizations, condominium associations, private, vocational and specialty schools, religious organizations, day-care facilities, recreation and outdoor products industry, and health and fitness centers. Other products include commercial aumobile insurance, property insurance for large commercial accounts, inland marine products targeting larger risks such as miscellaneous property floaters, and select classes of professional liability and management liability products. During 2011, the group launched a surety division that began offering surety bonds for contracrs, sub-contracrs, and others in the construction industry as well as other selective commercial surety bonds. In 2012, the group launched an excess and surplus lines division. New products are developed annually complement those that are more mature and take advantage of emerging exposures and developing or changing market niches. A select group of approximately 320 preferred agents and a broader network of approximately 14,000 independent producers complement the group s approximately 105 marketing professionals located in 47 regional and field offices across 13 regions covering the United States. The group s distribution model integrates proactive risk selection in the underwriting process via direct contact with the business prospect and/or policyholder A.M. Best Company, Oldwick, NJ Printed May 27, Page 2 of 19

3 TOTAL PREMIUM COMPOSITION & GROWTH ANALYSIS DPW Reinsurance Prem Assumed Reinsurance Prem Ceded ($000) (% Chg) ($000) (% Chg) ($000) (% Chg) ,011, , , ,119, , , ,158, , , ,390, , , ,649, , , Yr CAGR NPW NPE ($000) (% Chg) ($000) (% Chg) ,877, ,795, ,969, ,923, ,034, ,014, ,236, ,123, ,475, ,383, Yr CAGR BY-LINE BUSINESS ($000) Reinsurance Reinsurance DPW Prem Assumed Prem Ceded Product Line ($000) (%) ($000) (%) ($000) (%) Com l MultiPeril 1,414, , Comm l Au Liab 352, , , Oth Liab CM 316, , Oth Liab Occur 310, , Au Physical 123, , All Other 132, , Total 2,649, , , Business NPW Retention Product Line ($000) (%) (%) Com l MultiPeril 1,347, Comm l Au Liab 349, Oth Liab CM 294, Oth Liab Occur 273, Au Physical 122, All Other 88, Total 2,475, BY-LINE RESERVES ($000) Product Line Com l MultiPeril 1,685,404 1,558,353 1,406,978 1,218,725 1,032,216 Comm l Au Liab 472, , , , ,667 Oth Liab CM 462, , , , ,500 Oth Liab Occur 379, , , , ,629 Au Physical 6,871 10,180 6,923 6,384 4,860 All Other 41,097 33,234 27,778 18,764 24,006 Total 3,048,214 2,792,813 2,497,011 2,122,329 1,788,879 GEOGRAPHIC BREAKDOWN BY DIRECT PREMIUM WRITINGS ($000) New York 362, , , , ,343 California 348, , , , ,953 Florida 165, , , , ,634 Texas 162, , , , ,984 Pennsylvania 150, , , , ,956 New Jersey 115,067 98,451 93,518 94,644 94,296 Massachusetts 114, ,898 91,448 87,421 84,089 Illinois 76,400 70,352 62,300 62,538 58,950 Colorado 64,413 58,281 53,479 52,186 48,242 Missouri 63,057 58,147 52,546 51,162 48,611 All Other 1,026, , , , ,497 Total 2,649,278 2,390,025 2,158,988 2,119,286 2,011,555 RISK MANAGEMENT The Enterprise Risk Management (ERM) structure in place is extensive and well integrated with key risks identified and the specific committees or teams assigned monir and address each key risk including establishment and maintenance of key controls as respects each risk category. The ERM structure is headed up by the executive management team with a specific ERM Committee overseeing both Corporate Governance and Departmental Functions, and reporting directly the executive management team. The ERM Committee consists of the CEO, CFO, CIO, Chief Actuarial Officer and the direcr of internal audit. A separate Audit Committee reviews the activities/output of the ERM Committee. Every key risk has a risk-based dashboard that is available management at all times. This dashboard details each key risk; denotes the perils or circumstances that could lead the risk arising; quantifies the risk; and shows work in progress as far as addressing the risk. OPERATING PERFORMANCE Operating Results: Excellent underwriting results and considerable investment income have produced consistently strong earnings over the past five years, generating pre-tax returns on revenue and surplus that consistently outpace those of the commercial casualty composite. An increasing earned premium base, driven by the expansion of the group s marketing efforts on chosen niche classes of business and the introduction of new products, has led annual underwriting income generation. Steady underwriting and operating cash flows have facilitated growth in the invested asset base, providing the impetus for greater net investment income generation. In 2011, income production was dampened by higher than normal catastrophe losses. Results have improved since that time primarily as a result of the annual reduction in catastrophe losses. A.M. Best expects the group continue judiciously employing a strategy emphasizing growth in targeted niche areas. New product implementation and an organized, committed approach prospecting should enable the group further capitalize on its leadership position in the specialty commercial lines marketplace. PROFITABILITY ANALYSIS ($000) Company Pre-tax After-tax Operating Operating Total Income Income Income Return , , , , , , , , , , , , , , , , , , , ,093 5-Yr Total 1,693,502 1,196,324 1,239,992 1,284,209 Back Top 2014 A.M. Best Company, Oldwick, NJ Printed May 27, Page 3 of 19

4 Company Industry Composite DIRECT LOSS RATIO BY STATE Pre-tax Return Operating Pre-tax Return Operating 5-Yr Avg ROR on PHS ROR on PHS New York California Florida Texas Pennsylvania New Jersey Yr Avg Massachusetts Illinois Underwriting Results: The group has posted excellent underwriting results Colorado over the past five years, with a loss ratio over that time that is far superior Missouri that of the composite. However, in 2011 the group posted its highest loss ratio All Other in over a decade as a result of a significant increase in catastrophe losses, and a lesser extent smaller reserve releases than in previous years. Despite the Total impact of Supersrm Sandy, underwriting results in 2012 were greatly Investment Results: investment income has grown annually over the past improved with the help of higher prior accident year reserve releases and lower five years, as the group s increasing invested asset base has been strongly catastrophe activity overall. Profitability returned pre-2011 levels in 2013 influenced by the growth in written premium. Generation of substantial primarily due lower than normal catastrophe losses. Strictly defined niches, operating cash flow has specifically led the increased investment income. product innovation and individual account underwriting are the operational The increased concentration of invested assets in a portfolio emphasizing hallmarks that have led the hisrically favorable results. The group s tax-exempt state and municipal bonds has resulted in a pre-tax investment consistent underwriting performance has been achieved despite some adverse yield below the composite average. loss reserve development on prior accident years, most recently on accident years 2010 and The group s expense ratio remains on par with the INVESTMENT GAINS ($000) composite, which also helps lead a five-year combined ratio that is more Company than 10 percentage points less than the composite average. A.M. Best believes Realized Unrealized the strong underwriting fundamentals will continue provide opportunities Inv Capital Capital generate underwriting profits in the future. Year Income Gains Gains The long-held philosophy of Philadelphia Insurance Companies is for the ,644-1,401 42,300 group generate an underwriting profit on each line of business written ,856 11,672 2,448 Individual account underwriting techniques have been established and strong ,980 21, risk management acumen helps bring about the consistency in underwriting ,555 9, results. Another facr influencing the favorable results in recent years is the ,812 1, group s focused and disciplined market expansion. Additionally, the group s marketing strategy has successfully utilized product differentiation and the 5-Yr Total 905,847 43,668 44,217 maintenance of close cusmer contact with agents and insureds cultivate long-term relationships. Company Industry Composite UNDERWRITING EXPERIENCE Inv Inc Inv Return on Total Inv Inc Inv Growth Yield Inv Assets Return Growth Yield Undrw Loss s Expense s Ind Year (%) (%) (%) (%) (%) (%) Income Pure Other Total Div ($000) Loss LAE Loss LAE & Comm. Exp. Exp. Pol , , , , , Yr Avg Yr Total/Avg 787, BALANCE SHEET STRENGTH Back Top BY-LINE LOSS RATIO Product Line 5-Yr Avg Com l MultiPeril Comm l Au Liab Oth Liab CM Oth Liab Occur Au Physical All Other Total Capitalization: The group maintains strong risk-adjusted capitalization, as measured by Best s Capital Adequacy (BCAR). Growth in surplus has largely kept pace with the increase in premium and loss reserves in recent years, resulting in fairly consistent net underwriting leverage measures that approximate the composite. Annual generation of retained earnings has been the driver of the group s considerable surplus appreciation over the last decade. Recent growth in surplus has been constrained by shareholder dividends in four of the last five years as well as increased catastrophe losses. Annual dividends since 2010 taling $458 million, including an extraordinary dividend of $158 million in June 2013, have been paid. Both underwriting and investment activities have contributed materially the group s organic earnings production. Going forward, A.M. Best expects the group pursue additional p-line growth resulting from expanded marketing efforts, the continued maturation of recently introduced products, along with the addition of new products. Other opportunities may be created by market dislocation where the group can utilize its ample and diverse distribution force pursue these new business opportunities. A.M. Best expects the group s capitalization remain strong and comfortably supportive of the ratings A.M. Best Company, Oldwick, NJ Printed May 27, Page 4 of 19

5 Back Top CAPITAL GENERATION ANALYSIS ($000) Source of Surplus Growth Pre-tax Realized Unrealized Operating Capital Income Capital Year Income Gains Taxes Gains ,691-1, ,976 42, ,274 11, ,048 2, ,633 21,721 45, ,350 9,871 98, ,554 1, , Yr Total 1,693,502 43, ,179 44,217 Source of Surplus Growth Change % Chg Contrib. Other in in Year Capital Changes PHS PHS ,000 67, , ,000 5, , ,000 5,214 70, ,000 21, , ,000 3, , Yr Total -363, ,668 1,024, QUALITY OF SURPLUS ($000) Surplus Other Contributed Unassigned Year Notes Debt Capital Surplus ,533 1,304, ,134 1,470, ,351 1,535, ,488 1,744, ,488 1,900,521 Year-End Conditional Adjusted Year PHS PHS ,751, ,751, ,922, ,923, ,992,715 2,793 1,995, ,158,000 1,513 2,159, ,314,009 1,342 2,315,351 LEVERAGE ANALYSIS Company Industry Composite Res. Res. NPW PHS PHS Lev. Gross Lev. NPW PHS PHS Lev. Gross Lev Current BCAR: CEDED REINSURANCE ANALYSIS ($000) Company Bus. Reins. Ceded Ret. Recov. Reins. (%) PHS (%) PHS (%) Industry Composite Bus. Reins. Ceded Ret. Recov. Reins. (%) PHS (%) PHS (%) Ceded Reins. Total , , , , , REINSURANCE RECOVERABLES ($000) Paid & Losses IBNR Unearned Premiums Other Recov* Total Reins Recov US Affiliates , , , ,362 Foreign Affiliates... 7,070 10,476 8, ,287 US Insurers... 50,206 56,529 41, ,446 Pools/Associations ,151 19,904 24,021 Other Non-US... 1, ,811 4,515 Total (ex US Affils)... 59,461 70,641 72, ,269 Grand Total , , , ,631 * Includes Commissions less Funds Withheld Loss : The group has experienced favorable loss reserve development in each of the last ten calendar years, which has enhanced reported results. Over this period, accident year reserve development has been mixed as adverse development has been recorded in four of the last six accident years. Most of the adverse development was experienced in the 2010 accident year, primarily attributable worse than expected case incurred development mainly for the commercial multi-peril line of business, and a lesser degree, the general liability occurrence line. The 2013 increase in estimated unpaid loss and loss adjustment expenses for the 2011 accident year was primarily attributable higher than expected case incurred development mainly for the commercial multi-peril coverage, the commercial aumobile liability coverage and the other liability occurrence line. The level of overall loss reserves has increased in recent years due the continued growth in premium. LOSS & ALAE RESERVE DEVELOP.: CALENDAR YEAR ($000) Orig. Developed Develop. Develop. Develop. Loss Res. Thru 13 Orig. (%) PHS (%) NPE Develop. (%) Calendar Year ,418,267 1,215, , ,697,695 1,484, , ,027,127 1,910, , ,367,936 2,294, ,094, ,650,597 2,627, ,823, ,888,083 2,888, ,888, LOSS & ALAE RESERVE DEVELOP.: ACCIDENT YEAR ($000) Accident Year Orig. Loss Developed Thru 13 Develop. Orig. Acc. Yr Loss Acc. Yr , , , , , , , , , , , , , , , ,064,972 1,064,972 1,064, ASBESTOS & ENVIRONMENTAL (A&E) RESERVE ANALYSIS Company Industry Composite Year A&E Reserve ($000) Reserve Retention (%) IBNR Mix (%) Survival (1 yr) Survival (1 yr) Liquidity: Solid current and overall liquidity has been maintained at levels that exceed the industry composite averages. The group s liquidity reflects increased premium collections and considerable operating cash flow generated annually. The membership of the group s two operating companies with the Federal Home Loan Bank of Pittsburgh (FHLB) provides an additional source of liquidity. The companies are able utilize established borrowing capacity, based on their FHLB-eligible level of collateral. As of December 31, 2013, the unused borrowing capacity was $613.2 million, which provides an immediately available line of credit. As of the same date, there were no borrowings outstanding with the FHLB A.M. Best Company, Oldwick, NJ Printed May 27, Page 5 of 19

6 Back Top LIQUIDITY ANALYSIS Company Industry Composite Gross Gross Quick Current Overall Agents Bal. Quick Current Overall Agents Bal. Liq. (%) Liq. (%) Liq. (%) PHS (%) Liq. (%) Liq. (%) Liq. (%) PHS (%) CASH FLOW ANALYSIS ($000) Company Industry Composite Underw Oper Underw Oper Underw Oper Cash Cash Cash Cash Cash Cash Cash Year Flow Flow Flow Flow (%) Flow (%) Flow (%) Flow (%) , ,290 1, , ,841 17, , ,931-35, , , , , ,491-74, Yr Total 2,603,800 3,133,923 14,113 Investments: Invested assets represent over 87% of tal admitted assets. Non-invested assets are primarily comprised of uncollected agent s premium balances generated by the increase in premiums. During 2009, the group liquidated its common sck portfolio with the only equities remaining being those that are in concert with its FHLB investment. With the liquidation of the equity portfolio, long-term fixed income holdings comprise more than 98% of invested assets, underscoring the traditionally conservative investment strategy of the group. INVESTMENT LEVERAGE ANALYSIS (% OF PHS) Industry Company Composite Class Real Other Non-Affil. Class 3-6 Bonds Estate/ Mtg. Invested Assets Common Scks Inv. Lev. Affil. Inv. 3-6 Bonds Common Scks INVESTMENTS - SECURITIES Current Year Distribution of Bonds By Maturity Years Yrs-Avg Maturity Government Gov t Agencies & Muni Industrial & Misc Total Bonds (000) 5,946,239 5,460,932 5,032,804 4,504,060 4,044,803 US Government Foreign Government Foreign - All Other State/Special Revenue - US Industrial & Misc - US Private Issues Public Issues Bond Quality (%) Class Class Class Class Class INVESTMENTS - EQUITIES Scks (000) 3,840 6,461 9,068 11,134 11,742 Unaffiliated Common INVESTMENTS - OTHER INVESTED ASSETS Other Inv Assets (000) 47,987 96,334-8,974 26,937 9,469 Cash Short-Term Schedule BA Assets 55.6 All Other REINSURANCE Under its casualty treaty, the group retains the first $3.0 million primary layer of liability on each occurrence and maintains reinsurance coverage up $21.0 million provided in two layers $13.0 million in excess of $3.0 million and $5.0 million in excess of $16.0 million. This coverage is placed with a 30% co-participation being retained. Facultative reinsurance coverage (on an individual risk basis) is purchased for casualty risks in excess of $21.0 million. An excess clash casualty reinsurance agreement provides an additional $17.0 million of coverage in excess of a $3.0 million retention for protection from exposures such as extra-contractual obligations and judgments in excess of policy limits. The group retains the first $5.0 million layer on its commercial property risks, in excess of a $5.0 million annual aggregate deductible, with its reinsurers bearing the remaining liability up $100.0 million. The group has a 46.75% co-participation on the first excess layer of the per risk treaty subject a $5.0 million annual aggregate deductible. Aumatic facultative reinsurance coverage is provided on each commercial property risk with limits in excess of $100.0 million up $150.0 million, except for risks located in Florida, Hawaii or Harris County, Texas, where coverage is provided for property losses in excess of $100.0 million up $130.0 million. Facultative reinsurance coverage is purchased for property risks in excess of $150.0 million except for risks located in Florida, Hawaii or Harris County, Texas, where coverage is purchased for property losses in excess of $130.0 million. The property per risk excess of loss treaties also provide a $95.0 million aggregate policy limit for terrorism exposure in excess of a $5.0 million retention. Catastrophe reinsurance is maintained in excess of a $100.0 million per occurrence retention up $500.0 million. On the first excess layer of the catastrophe contract ($150.0 million in excess of $100.0 million applicable losses occurring Nationwide), the group retains a 10% co-participation; this layer is shared with an affiliate, First Insurance Company of Hawaii, whose risk exposure is in Hawaii only. The second excess layer of the catastrophe contract ($200.0 million in excess of $250.0 million applicable losses occurring in the Northeast & Hawaii only), is 100% placed; this layer is also shared with First Insurance Company of Hawaii. The p layer of the catastrophe program ($50.0 million aggregate excess of various retentions applicable losses occurring in the Northeast only), which is also 100% placed, is not shared with any affiliates. In 2013, PIIC provided reinsurance coverage an affiliate, Tokio Marine America Insurance Company (TMAIC). Property risks are covered under per risk excess of loss contracts up a limit of $260.0 million in excess of $20.0 million each loss, on any one risk. PIIC has a share percentage of 67.5% on the first layer of $80.0 million excess of $20.0 million and provides 100% of the coverage on the second layer of $160.0 million excess of $100.0 million. PIIC also provides catastrophe protection under an excess of loss contract in two layers. The first layer covers property and marine risks up a limit of $100.0 million in excess of $50.0 million per loss occurrence, whereby PIIC reinsures 78.5% of this layer. The second layer covers earthquake losses only, up a limit of $50.0 million in excess of $150.0 million per loss occurrence, whereby PIIC reinsures 71% of this layer. This reinsurance coverage was 100% retroceded TMNF. This reinsurance coverage was not provided TMAIC in A.M. Best Company, Oldwick, NJ Printed May 27, Page 6 of 19

7 CONSOLIDATED BALANCE SHEET (at December 31, 2013) ADMITTED ASSETS ($000) 12/31/13 12/31/12 13% 12% Bonds... 5,946,239 5,460, Common sck... 3,840 6, Cash & short-term invest... 21,209 96, Other non-affil inv asset... 26, Total invested assets... 5,998,066 5,563, Premium balances , , Accrued interest... 65,077 60, All other assets , , Total assets... 6,942,157 6,428, LIABILITIES & SURPLUS ($000) 12/31/13 12/31/12 13% 12% Loss & LAE reserves... 3,048,214 2,792, Unearned premiums... 1,225,870 1,134, Conditional reserve funds... 1,342 1, All other liabilities , , Total liabilities... 4,628,148 4,270, Capital & assigned surplus , , Unassigned surplus... 1,900,521 1,744, Total policyholders surplus... 2,314,009 2,158, Total liabilities & surplus... 6,942,157 6,428, CONSOLIDATED SUMMARY OF 2013 OPERATIONS ($000) Funds Provided from Statement of Income 12/31/13 Operations 12/31/13 Premiums earned... 2,383,677 Premiums collected... 2,384,305 Losses incurred... 1,178,053 Benefit & loss-related pmts ,605 LAE incurred ,235 Undrw expenses incurred ,432 LAE & undrw expenses paid ,488 Div policyholders Div policyholders underwriting income ,717 Undrw cash flow ,192 investment income ,812 Investment income ,804 Other income/expense Other income/expense Pre-tax oper income ,554 Pre-tax cash operations ,021 Realized capital gains... 1,806 Income taxes incurred ,545 Income taxes pd (recov)... 98,529 income ,815 oper cash flow ,491 Ultimate Parent: Tokio Marine Holdings, Inc. PHILADELPHIA INDEMNITY INSURANCE COMPANY One Bala Plaza, Suite 100, Bala Cynwyd, PA Web: Tel: Fax: AMB#: NAIC#: Ultimate Parent#: FEIN#: BEST S CREDIT RATING Best s Financial Strength Rating: A++ Outlook: Stable Best s Financial Size Category: XV The company s rating reflects its pooling arrangement with other pool members of the RATING RATIONALE Rating nale: The ratings apply Philadelphia Indemnity Insurance Company and Tokio Marine Specialty Insurance Company, which participate in an intercompany reinsurance pooling agreement, collectively referred as Philadelphia Insurance Companies. The ratings reflect Philadelphia Insurance Companies superior operating profitability, strong capitalization, solid liquidity and excellent market presence within the specialty commercial marketplace. The ratings also recognize the strategic importance of the group its ultimate parent, Tokio Marine Holdings, Inc. (TMHD), as the group plays an important and strategic role in supporting TMHD s global expansion strategy. Somewhat offsetting these favorable facrs are the company s susceptibility catastrophe losses, and the growth in p-line premium in recent years that is expected continue over the near term. Results have hisrically outperformed the commercial casualty industry composite in both underwriting and operating results, driven by a focused niche market strategy, energized marketing style, highly disciplined underwriting and successful risk selection. Long-standing relationships with core producers, including preferred agents that have the opportunity earn profit sharing with the favorable performance of their portfolio, have played an important role in the success of the group. Adherence underwriting guidelines, a commitment pricing integrity and advanced enterprise risk management integration have also helped continue drive the generation of operating earnings. The group currently enjoys strong risk-adjusted capitalization driven by organic growth in policyholders surplus despite dividends paid the parent in four of the last five years. Most recently, results benefited from a relatively calm catastrophe year in 2013, rate increases and measured growth in writings. Going forward, A.M. Best expects further growth in premium and continued earnings production, leading sustained balance sheet strength. Considering the financial flexibility of TMHD, A.M. Best believes as the group has become more deeply integrated as a strategic member of the organization, it should benefit more readily from TMHD s financial wherewithal, if needed. A.M. Best believes that the members of the group are well positioned at the current ratings. Looking forward, negative rating action could occur if capitalization and/or operating performance fall markedly short of A.M. Best s expectations, primarily as a result of any material increase in frequency and severity of catastrophe losses. The ratings can also be negatively impacted by any negative rating actions on its parent, Tokio Marine & Nichido Fire Insurance Co., Ltd., and/or a change in support from or relationship with TMHD. FIVE-YEAR RATING HISTORY Date Best s FSR Date Best s FSR 05/08/14 A++ 07/09/10 A+ 02/28/13 A++ 06/12/09 A+ 09/19/11 A++ KEY FINANCIAL INDICATORS ($000) Statury Data Direct Premiums Written Premiums Written Pre-tax Operating Income Income Total Admitted Assets Policyholders Surplus ,951,370 1,784, , ,726 4,517,425 1,647, ,078,222 1,870, , ,362 5,004,480 1,806, ,124,704 1,932, , ,959 5,462,757 1,867, ,337,154 2,124, , ,630 6,047,270 2,017, ,547,303 2,351, , ,493 6,526,061 2,156,714 Back Top 2014 A.M. Best Company, Oldwick, NJ Printed May 27, Page 7 of 19

8 Back Top Profitability Leverage Liquidity Inv. Pre-tax NA NPW Overall Oper. Yield ROR Inv Liq. Cash (%) (%) Lev PHS Lev. (%) flow (%) Yr (*) Within several financial tables of this report, this company is compared against the Commercial Casualty Composite. (*) Data reflected within all tables of this report has been compiled from the company-filed statury statement. BUSINESS PROFILE Philadelphia Insurance Companies (the group ) consists of Philadelphia Indemnity Insurance Company (PIIC) and Tokio Marine Specialty Insurance Company (TMSIC) (formerly Philadelphia Insurance Company). Both companies are direct subsidiaries of Philadelphia Consolidated Holding Corp. (Philadelphia Consolidated). Effective December 1, 2008, Philadelphia Consolidated was acquired by Tokio Marine Holdings, Inc. (TMHD), through TMHD s wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). TMNF was founded in 1879 and is the oldest and largest property and casualty insurer in Japan. On March 31, 2012, TMNF contributed 100% of the outstanding shares of Philadelphia Consolidated Tokio Marine North America, Inc. (TMNA), an insurance holding company domiciled in the State of Delaware and a wholly owned direct subsidiary of TMNF. PIIC is a Pennsylvania-domiciled property and casualty insurance company with licenses in 50 states and the District of Columbia. TMSIC is a Delaware-domiciled property and casualty insurance company approved for excess and surplus lines business in 49 states, the District of Columbia and the U.S. Virgin Islands. TMSIC s business plan focuses on underwriting the group s niche products on a surplus lines basis in those jurisdictions in which the products are not offered on an admitted basis. PIIC and TMSIC proportionately share all premium, losses and expenses on a pro rata basis, under the terms of an intercompany reinsurance pooling agreement. The pooling percentages of PIIC and TMSIC are 95% and 5%, respectively. The group designs, markets and underwrites specialty commercial property and casualty and professional liability insurance products tailored for the unique exposures of niche markets, providing competitively priced policies, local service relationships, and differentiated coverage features. The group s products include commercial multi-peril package insurance targeting specialized niches, including among others, non-profit organizations, condominium associations, private, vocational and specialty schools, religious organizations, day-care facilities, recreation and outdoor products industry, and health and fitness centers. Other products include commercial aumobile insurance, property insurance for large commercial accounts, inland marine products targeting larger risks such as miscellaneous property floaters, and select classes of professional liability and management liability products. During 2011, the group launched a surety division that began offering surety bonds for contracrs, sub-contracrs, and others in the construction industry as well as other selective commercial surety bonds. In 2012, the group launched an excess and surplus lines division. New products are developed annually complement those that are more mature and take advantage of emerging exposures and developing or changing market niches. A select group of approximately 320 preferred agents and a broader network of approximately 14,000 independent producers complement the group s approximately 105 marketing professionals located in 47 regional and field offices across 13 regions covering the United States. The group s distribution model integrates proactive risk selection in the underwriting process via direct contact with the business prospect and/or policyholder. TOTAL PREMIUM COMPOSITION & GROWTH ANALYSIS DPW Reinsurance Prem Assumed Reinsurance Prem Ceded ($000) (% Chg) ($000) (% Chg) ($000) (% Chg) ,951, , , ,078, , , ,124, , , ,337, , , ,547, , , Yr CAGR NPW NPE ($000) (% Chg) ($000) (% Chg) ,784, ,705, ,870, ,827, ,932, ,913, ,124, ,017, ,351, ,264, Yr CAGR Terriry: The company is licensed in the District of Columbia and all states BY-LINE BUSINESS ($000) Reinsurance Reinsurance DPW Prem Assumed Prem Ceded Product Line ($000) (%) ($000) (%) ($000) (%) Com l MultiPeril 1,385, , , Comm l Au Liab 351, , , Oth Liab CM 304, , , Oth Liab Occur 266, , , Au Physical 123, , , All Other 116, , , Total 2,547, , , Business NPW Retention Product Line ($000) (%) (%) Com l MultiPeril 1,279, Comm l Au Liab 331, Oth Liab CM 279, Oth Liab Occur 260, Au Physical 116, All Other 83, Total 2,351, BY-LINE RESERVES ($000) Product Line Com l MultiPeril 1,601,134 1,480,433 1,336,629 1,157, ,607 Comm l Au Liab 448, , , , ,632 Oth Liab CM 439, , , , ,975 Oth Liab Occur 360, , , , ,800 Au Physical 6,527 9,670 6,577 6,065 4,616 All Other 39,043 31,571 26,389 17,827 22,804 Total 2,895,803 2,653,173 2,372,161 2,016,213 1,699, A.M. Best Company, Oldwick, NJ Printed May 27, Page 8 of 19

9 GEOGRAPHIC BREAKDOWN BY DIRECT PREMIUM WRITINGS ($000) New York 350, , , , ,477 California 322, , , , ,361 Florida 161, , , , ,548 Texas 157, , , , ,539 Pennsylvania 148, , , , ,835 New Jersey 110,768 96,329 92,190 93,234 92,212 Massachusetts 109,631 97,428 89,484 86,303 83,327 Illinois 72,476 69,373 61,925 62,103 58,166 Colorado 61,597 56,812 51,442 50,409 46,019 Missouri 61,045 55,938 51,111 49,153 45,899 All Other 992, , , , ,986 Total 2,547,303 2,337,154 2,124,704 2,078,222 1,951,370 RISK MANAGEMENT The Enterprise Risk Management (ERM) structure in place is extensive and well integrated with key risks identified and the specific committees or teams assigned monir and address each key risk including establishment and maintenance of key controls as respects each risk category. The ERM structure is headed up by the executive management team with a specific ERM Committee overseeing both Corporate Governance and Departmental Functions, and reporting directly the executive management team. The ERM Committee consists of the CEO, CFO, CIO, Chief Actuarial Officer and the direcr of internal audit. A separate Audit Committee reviews the activities/output of the ERM Committee. Every key risk has a risk-based dashboard that is available management at all times. This dashboard details each key risk; denotes the perils or circumstances that could lead the risk arising; quantifies the risk; and shows work in progress as far as addressing the risk. OPERATING PERFORMANCE Operating Results: Excellent underwriting results and considerable investment income have produced consistently strong earnings over the past five years, generating pre-tax returns on revenue and surplus that consistently outpace those of the commercial casualty composite. An increasing earned premium base, driven by the expansion of the group s marketing efforts on chosen niche classes of business and the introduction of new products, has led annual underwriting income generation. Steady underwriting and operating cash flows have facilitated growth in the invested asset base, providing the impetus for greater net investment income generation. In 2011, income production was dampened by higher than normal catastrophe losses. Results have improved since that time primarily as a result of the annual reduction in catastrophe losses. A.M. Best expects the group continue judiciously employing a strategy emphasizing growth in targeted niche areas. New product implementation and an organized, committed approach prospecting should enable the group further capitalize on its leadership position in the specialty commercial lines marketplace. PROFITABILITY ANALYSIS ($000) Company Pre-tax After-tax Operating Operating Total Income Income Income Return , , , , , , , , , , , , , , , , , , , ,771 5-Yr Total 1,603,953 1,131,171 1,172,170 1,213,658 Company Industry Composite Pre-tax Return Operating Pre-tax Return Operating ROR on PHS ROR on PHS Yr Avg Underwriting Results: The group has posted excellent underwriting results over the past five years, with a loss ratio over that time that is far superior that of the composite. However, in 2011 the group posted its highest loss ratio in over a decade as a result of a significant increase in catastrophe losses, and a lesser extent smaller reserve releases than in previous years. Despite the impact of Supersrm Sandy, underwriting results in 2012 were greatly improved with the help of higher prior accident year reserve releases and lower catastrophe activity overall. Profitability returned pre-2011 levels in 2013 primarily due lower than normal catastrophe losses. Strictly defined niches, product innovation and individual account underwriting are the operational hallmarks that have led the hisrically favorable results. The group s consistent underwriting performance has been achieved despite some adverse loss reserve development on prior accident years, most recently on accident years 2010 and The group s expense ratio remains on par with the composite, which also helps lead a five-year combined ratio that is more than 10 percentage points less than the composite average. A.M. Best believes the strong underwriting fundamentals will continue provide opportunities generate underwriting profits in the future. The long-held philosophy of Philadelphia Insurance Companies is for the group generate an underwriting profit on each line of business written. Individual account underwriting techniques have been established and strong risk management acumen helps bring about the consistency in underwriting results. Another facr influencing the favorable results in recent years is the group s focused and disciplined market expansion. Additionally, the group s marketing strategy has successfully utilized product differentiation and the maintenance of close cusmer contact with agents and insureds cultivate long-term relationships. UNDERWRITING EXPERIENCE Undrw Income ($000) Loss s Expense s Ind Pure Loss LAE Loss LAE & Other Total Div. Comm. Exp. Exp. Pol , , , , , Yr Total/Avg 747, Back Top 2014 A.M. Best Company, Oldwick, NJ Printed May 27, Page 9 of 19

10 BY-LINE LOSS RATIO Product Line 5-Yr Avg Com l MultiPeril Comm l Au Liab Oth Liab CM Oth Liab Occur Au Physical All Other Total DIRECT LOSS RATIO BY STATE 5-Yr Avg New York California Florida Texas Pennsylvania New Jersey Massachusetts Illinois Colorado Missouri All Other Total Investment Results: investment income has grown annually over the past five years, as the group s increasing invested asset base has been strongly influenced by the growth in written premium. Generation of substantial operating cash flow has specifically led the increased investment income. The increased concentration of invested assets in a portfolio emphasizing tax-exempt state and municipal bonds has resulted in a pre-tax investment yield below the composite average. INVESTMENT GAINS ($000) Company Realized Unrealized Inv Capital Capital Year Income Gains Gains , , ,769 11,326 2, ,918 20, ,593 8, ,120 1, Yr Total 855,841 40,999 41,488 dividends in four of the last five years as well as increased catastrophe losses. Annual dividends since 2010 taling $458 million, including an extraordinary dividend of $158 million in June 2013, have been paid. Both underwriting and investment activities have contributed materially the group s organic earnings production. Going forward, A.M. Best expects the group pursue additional p-line growth resulting from expanded marketing efforts, the continued maturation of recently introduced products, along with the addition of new products. Other opportunities may be created by market dislocation where the group can utilize its ample and diverse distribution force pursue these new business opportunities. A.M. Best expects the group s capitalization remain strong and comfortably supportive of the ratings. CAPITAL GENERATION ANALYSIS ($000) Source of Surplus Growth Pre-tax Realized Unrealized Operating Capital Income Capital Year Income Gains Taxes Gains , ,802 39, ,840 11, ,804 2, ,311 20,593 43, ,636 8,039 93, ,939 1, , Yr Total 1,603,953 40, ,782 41,488 Source of Surplus Growth Change % Chg Contrib. Other in in Year Capital Changes PHS PHS ,000 63, , ,000 6, , ,000 5,791 60, ,000 20, , ,000 4, , Yr Total -363, , , QUALITY OF SURPLUS ($000) Surplus Other Contributed Unassigned Year Notes Debt Capital Surplus ,974 1,225, ,102 1,379, ,531 1,434, ,570 1,626, ,570 1,766,143 Back Top Company Industry Composite Inv Inc Inv Return on Total Inv Inc Inv Growth Yield Inv Assets Return Growth Yield Year (%) (%) (%) (%) (%) (%) Yr Avg BALANCE SHEET STRENGTH Capitalization: The group maintains strong risk-adjusted capitalization, as measured by Best s Capital Adequacy (BCAR). Growth in surplus has largely kept pace with the increase in premium and loss reserves in recent years, resulting in fairly consistent net underwriting leverage measures that approximate the composite. Annual generation of retained earnings has been the driver of the group s considerable surplus appreciation over the last decade. Recent growth in surplus has been constrained by shareholder Year-End Conditional Adjusted Year PHS PHS ,647, ,647, ,806, ,806, ,867,005 2,773 1,869, ,017,179 1,398 2,018, ,156,714 1,323 2,158,036 LEVERAGE ANALYSIS Company Industry Composite Res. Res. Gross NPW Gross PHS Lev. Lev. PHS PHS Lev. Lev. NPW PHS Current BCAR: A.M. Best Company, Oldwick, NJ Printed May 27, Page 10 of 19

11 Back Top CEDED REINSURANCE ANALYSIS ($000) Company Bus. Reins. Ceded Ret. Recov. Reins. (%) PHS (%) PHS (%) Industry Composite Bus. Reins. Ceded Ret. Recov. Reins. (%) PHS (%) PHS (%) Ceded Reins. Total , , , , , REINSURANCE RECOVERABLES ($000) Paid & Losses IBNR Unearned Premiums Other Recov* Total Reins Recov US Affiliates... 91,416 76,241 61, ,951 Foreign Affiliates... 6,786 7,483 5, ,011 US Insurers... 48,780 50,558 35, ,741 Pools/Associations ,151 19,904 24,021 Other Non-US... 1, ,328 3,795 Total (ex US Affils)... 57,718 61,473 63, ,568 Grand Total , , , ,519 * Includes Commissions less Funds Withheld Loss : The group has experienced favorable loss reserve development in each of the last ten calendar years, which has enhanced reported results. Over this period, accident year reserve development has been mixed as adverse development has been recorded in four of the last six accident years. Most of the adverse development was experienced in the 2010 accident year, primarily attributable worse than expected case incurred development mainly for the commercial multi-peril line of business, and a lesser degree, the general liability occurrence line. The 2013 increase in estimated unpaid loss and loss adjustment expenses for the 2011 accident year was primarily attributable higher than expected case incurred development mainly for the commercial multi-peril coverage, the commercial aumobile liability coverage and the other liability occurrence line. The level of overall loss reserves has increased in recent years due the continued growth in premium. LOSS & ALAE RESERVE DEVELOP.: CALENDAR YEAR ($000) Orig. Loss Developed Thru 13 Develop. Orig. (%) Develop. PHS (%) Develop. NPE Res. Develop. (%) Calendar Year ,347,354 1,155, , ,612,810 1,410, , ,925,771 1,815, , ,249,541 2,180, ,039, ,518,067 2,496, ,731, ,743,679 2,743, ,743, LOSS & ALAE RESERVE DEVELOP.: ACCIDENT YEAR ($000) Accident Year Orig. Loss Developed Thru 13 Develop. Orig. Acc. Yr Loss Acc. Yr , , , , , , , , , , , , , , , ,011,720 1,011,720 1,011, ASBESTOS & ENVIRONMENTAL (A&E) RESERVE ANALYSIS Company Industry Composite Year A&E Reserve ($000) Reserve Retention (%) IBNR Mix (%) Survival (1 yr) Survival (1 yr) Liquidity: Solid current and overall liquidity has been maintained at levels that exceed the industry composite averages. The group s liquidity reflects increased premium collections and considerable operating cash flow generated annually. The membership of the group s two operating companies with the Federal Home Loan Bank of Pittsburgh (FHLB) provides an additional source of liquidity. The companies are able utilize established borrowing capacity, based on their FHLB-eligible level of collateral. As of December 31, 2013, the unused borrowing capacity was $613.2 million, which provides an immediately available line of credit. As of the same date, there were no borrowings outstanding with the FHLB. LIQUIDITY ANALYSIS Company Industry Composite Gross Gross Quick Current Overall Agents Bal. Quick Current Overall Agents Bal. Liq. (%) Liq. (%) Liq. (%) PHS (%) Liq. (%) Liq. (%) Liq. (%) PHS (%) CASH FLOW ANALYSIS ($000) Company Industry Composite Underw Oper Underw Oper Underw Oper Cash Cash Cash Cash Cash Cash Cash Year Flow Flow Flow Flow (%) Flow (%) Flow (%) Flow (%) , ,231 6, , ,356 17, , ,854-28, , ,470 99, , ,733-79, Yr Total 2,467,148 2,965,644 15,115 Investments: Invested assets represent over 87% of tal admitted assets. Non-invested assets are primarily comprised of uncollected agent s premium balances generated by the increase in premiums. During 2009, the group liquidated its common sck portfolio with the only equities remaining being those that are in concert with its FHLB investment. With the liquidation of the equity portfolio, long-term fixed income holdings comprise more than 98% of invested assets, underscoring the traditionally conservative investment strategy of the group. INVESTMENT LEVERAGE ANALYSIS (% OF PHS) Industry Company Composite Class Real Other Non-Affil. Class 3-6 Bonds Estate/ Mtg. Invested Assets Common Scks Inv. Lev. Affil. Inv. 3-6 Bonds Common Scks INVESTMENTS - SECURITIES Current Year Distribution of Bonds By Maturity Years Yrs-Avg Maturity Government Gov t Agencies & Muni Industrial & Misc Total A.M. Best Company, Oldwick, NJ Printed May 27, Page 11 of 19

12 Bonds (000) 5,603,006 5,148,801 4,750,407 4,256,061 3,825,807 US Government Foreign Government Foreign - All Other State/Special Revenue - US Industrial & Misc - US Private Issues Public Issues Bond Quality (%) Class Class Class Class Class The company has an agreement with Maguire Insurance Agency, Inc., which is also wholly owned by Philadelphia Consolidated, provide underwriting, policy service, claims handling and sales support. The company also has an agreement with TMNA Services, LLC, which is wholly owned by TMNA, provide accounting, actuarial, legal, facility maintenance, information technology, human capital, and internal audit services. The compensation structure is based on fees consistent with industry standards. Officers: Chairman of the Board, James J. Maguire, Jr.; President and Chief Executive Officer, Robert D. O Leary; Executive Vice President, Treasurer and Chief Financial Officer, Karen A. Gilmer-Pauciello; Executive Vice President and Chief Underwriting Officer, John W. Glomb; Executive Vice President and Chief Claim Officer, William J. Benecke; Executive Vice President and Chief Marketing Officer, Brian J. O Reilly. Direcrs: Michael J. Cascio, Karen A. Gilmer-Pauciello, Hiroyuki Haruyama, James J. Maguire, Jr. (Chairman), Michael J. Morris, Robert D. O Leary, Donald A. Pizer. REGULATORY Back Top INVESTMENTS - EQUITIES Scks (000) 3,594 6,229 8,782 10,782 11,372 Unaffiliated Common INVESTMENTS - OTHER INVESTED ASSETS Other Inv Assets (000) 29,119 82,120-17,257 11,079-5,795 Cash Short-Term Schedule BA Assets 91.6 All Other HISTORY The company was incorporated under the laws of the Commonwealth of Pennsylvania as the Philadelphia Mutual Insurance Company on February 4, 1927 and began business on March 1 of the same year. The name, Philadelphia Insurance Company, went in effect after the company converted from a mutual company a sck company on December 3, The present title was adopted on June 20, 1990, concurrent with the merger of a former companion carrier, The Preserver Assurance Company. Common capital sck of $3,599,950 consists of 359,995 shares of common sck at a par value of $10 per share. A tal of 1,000,000 shares are authorized. MANAGEMENT The company is wholly owned by Philadelphia Consolidated Holding Corp. (Philadelphia Consolidated), which is also the parent of Tokio Marine Specialty Insurance Company, Liberty American Insurance Company and Liberty American Select Insurance Company. The company maintains joint administrative offices with Tokio Marine Specialty Insurance Company. Effective December 1, 2008, Philadelphia Consolidated was acquired by Tokio Marine Holdings, Inc. (TMHD) through TMHD s wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). TMNF was founded in 1879 and is the oldest and largest property and casualty insurer in Japan. On March 31, 2012, TMNF contributed 100% of the outstanding shares of Philadelphia Consolidated Tokio Marine North America, Inc. (TMNA), an insurance holding company domiciled in the State of Delaware and a wholly owned direct subsidiary of TMNF. Management of the company is under the direction of Robert D. O Leary, Jr., President and Chief Executive Officer. He serves in a similar capacity with the affiliate, Tokio Marine Specialty Insurance Company. An examination of the financial condition was made as of December 31, 2010, by the insurance department of Pennsylvania. The 2013 annual independent audit of the company was conducted by PricewaterhouseCoopers, LLP. The annual statement of actuarial opinion is provided by Mark R. Proska, FCAS, MAAA, EVP and Chief Actuarial Officer, TMNA Services, LLC. REINSURANCE Under its casualty treaty, the group retains the first $3.0 million primary layer of liability on each occurrence and maintains reinsurance coverage up $21.0 million provided in two layers $13.0 million in excess of $3.0 million and $5.0 million in excess of $16.0 million. This coverage is placed with a 30% co-participation being retained. Facultative reinsurance coverage (on an individual risk basis) is purchased for casualty risks in excess of $21.0 million. An excess clash casualty reinsurance agreement provides an additional $17.0 million of coverage in excess of a $3.0 million retention for protection from exposures such as extra-contractual obligations and judgments in excess of policy limits. The group retains the first $5.0 million layer on its commercial property risks, in excess of a $5.0 million annual aggregate deductible, with its reinsurers bearing the remaining liability up $100.0 million. The group has a 46.75% co-participation on the first excess layer of the per risk treaty subject a $5.0 million annual aggregate deductible. Aumatic facultative reinsurance coverage is provided on each commercial property risk with limits in excess of $100.0 million up $150.0 million, except for risks located in Florida, Hawaii or Harris County, Texas, where coverage is provided for property losses in excess of $100.0 million up $130.0 million. Facultative reinsurance coverage is purchased for property risks in excess of $150.0 million except for risks located in Florida, Hawaii or Harris County, Texas, where coverage is purchased for property losses in excess of $130.0 million. The property per risk excess of loss treaties also provide a $95.0 million aggregate policy limit for terrorism exposure in excess of a $5.0 million retention. Catastrophe reinsurance is maintained in excess of a $100.0 million per occurrence retention up $500.0 million. On the first excess layer of the catastrophe contract ($150.0 million in excess of $100.0 million applicable losses occurring Nationwide), the group retains a 10% co-participation; this layer is shared with an affiliate, First Insurance Company of Hawaii, whose risk exposure is in Hawaii only. The second excess layer of the catastrophe contract ($200.0 million in excess of $250.0 million applicable losses occurring in the Northeast & Hawaii only), is 100% placed; this layer is also shared with First Insurance Company of Hawaii. The p layer of the catastrophe program ($50.0 million aggregate excess of various retentions applicable losses occurring in the Northeast only), which is also 100% placed, is not shared with any affiliates A.M. Best Company, Oldwick, NJ Printed May 27, Page 12 of 19

13 Back Top In 2013, PIIC provided reinsurance coverage an affiliate, Tokio Marine America Insurance Company (TMAIC). Property risks are covered under per risk excess of loss contracts up a limit of $260.0 million in excess of $20.0 million each loss, on any one risk. PIIC has a share percentage of 67.5% on the first layer of $80.0 million excess of $20.0 million and provides 100% of the coverage on the second layer of $160.0 million excess of $100.0 million. PIIC also provides catastrophe protection under an excess of loss contract in two layers. The first layer covers property and marine risks up a limit of $100.0 million in excess of $50.0 million per loss occurrence, whereby PIIC reinsures 78.5% of this layer. The second layer covers earthquake losses only, up a limit of $50.0 million in excess of $150.0 million per loss occurrence, whereby PIIC reinsures 71% of this layer. This reinsurance coverage was 100% retroceded TMNF. This reinsurance coverage was not provided TMAIC in BALANCE SHEET ADMITTED ASSETS ($000) 12/31/13 12/31/12 13% 12% Bonds... 5,603,006 5,148, Common sck... 3,594 6, Cash & short-term invest... 2,440 81, Other non-affil inv asset... 26, Total invested assets... 5,635,719 5,237, Premium balances , , Accrued interest... 61,467 57, All other assets , , Total assets... 6,526,061 6,047, LIABILITIES & SURPLUS ($000) 12/31/13 12/31/12 13% 12% Loss & LAE reserves... 2,895,803 2,653, Unearned premiums... 1,164,576 1,077, Conditional reserve funds... 1,323 1, All other liabilities , , Total liabilities... 4,369,348 4,030, Capital & assigned surplus , , Unassigned surplus... 1,766,143 1,626, Total policyholders surplus... 2,156,714 2,017, Total liabilities & surplus... 6,526,061 6,047, SUMMARY OF 2013 OPERATIONS ($000) Funds Provided from Statement of Income 12/31/13 Operations 12/31/13 Premiums earned... 2,264,493 Premiums collected... 2,255,866 Losses incurred... 1,119,150 Benefit & loss-related pmts ,438 LAE incurred ,473 Undrw expenses incurred ,835 LAE & undrw expenses paid ,043 Div policyholders Div policyholders underwriting income ,794 Undrw cash flow ,365 investment income ,120 Investment income ,182 Other income/expense Other income/expense Pre-tax oper income ,939 Pre-tax cash operations ,572 Realized capital gains... 1,740 Income taxes incurred ,187 Income taxes pd (recov)... 93,839 income ,493 oper cash flow ,733 Ultimate Parent: Tokio Marine Holdings, Inc. TOKIO MARINE SPECIALTY INSURANCE COMPANY Wilmingn, DE One Bala Plaza, Suite 100, Bala Cynwyd, PA Web: Tel: Fax: AMB#: NAIC#: Ultimate Parent#: FEIN#: BEST S CREDIT RATING Best s Financial Strength Rating: A++ Outlook: Stable Best s Financial Size Category: XV The company s rating reflects its pooling arrangement with other pool members of the RATING RATIONALE Rating nale: The ratings apply Philadelphia Indemnity Insurance Company and Tokio Marine Specialty Insurance Company, which participate in an intercompany reinsurance pooling agreement, collectively referred as Philadelphia Insurance Companies. The ratings reflect Philadelphia Insurance Companies superior operating profitability, strong capitalization, solid liquidity and excellent market presence within the specialty commercial marketplace. The ratings also recognize the strategic importance of the group its ultimate parent, Tokio Marine Holdings, Inc. (TMHD), as the group plays an important and strategic role in supporting TMHD s global expansion strategy. Somewhat offsetting these favorable facrs are the company s susceptibility catastrophe losses, and the growth in p-line premium in recent years that is expected continue over the near term. Results have hisrically outperformed the commercial casualty industry composite in both underwriting and operating results, driven by a focused niche market strategy, energized marketing style, highly disciplined underwriting and successful risk selection. Long-standing relationships with core producers, including preferred agents that have the opportunity earn profit sharing with the favorable performance of their portfolio, have played an important role in the success of the group. Adherence underwriting guidelines, a commitment pricing integrity and advanced enterprise risk management integration have also helped continue drive the generation of operating earnings. The group currently enjoys strong risk-adjusted capitalization driven by organic growth in policyholders surplus despite dividends paid the parent in four of the last five years. Most recently, results benefited from a relatively calm catastrophe year in 2013, rate increases and measured growth in writings. Going forward, A.M. Best expects further growth in premium and continued earnings production, leading sustained balance sheet strength. Considering the financial flexibility of TMHD, A.M. Best believes as the group has become more deeply integrated as a strategic member of the organization, it should benefit more readily from TMHD s financial wherewithal, if needed. A.M. Best believes that the members of the group are well positioned at the current ratings. Looking forward, negative rating action could occur if capitalization and/or operating performance fall markedly short of A.M. Best s expectations, primarily as a result of any material increase in frequency and severity of catastrophe losses. The ratings can also be negatively impacted by any negative rating actions on its parent, Tokio Marine & Nichido Fire Insurance Co., Ltd., and/or a change in support from or relationship with TMHD. FIVE-YEAR RATING HISTORY Date Best s FSR Date Best s FSR 05/08/14 A++ 07/09/10 A+ 02/28/13 A++ 06/12/09 A+ 09/19/11 A A.M. Best Company, Oldwick, NJ Printed May 27, Page 13 of 19

14 Back Top KEY FINANCIAL INDICATORS ($000) Statury Data Direct Premiums Written Premiums Written Pre-tax Operating Income Income Total Admitted Assets Policyholders Surplus ,185 93,898 20,464 13, , , ,064 98,468 18,434 12, , , , ,727 10,322 10, , , , ,830 17,714 14, , , , ,762 22,615 17, , ,296 Profitability Leverage Liquidity Inv. Pre-tax NA NPW Overall Oper. Yield ROR Inv Liq. Cash (%) (%) Lev PHS Lev. (%) flow (%) Yr (*) Within several financial tables of this report, this company is compared against the Surplus Lines Composite. (*) Data reflected within all tables of this report has been compiled from the company-filed statury statement. BUSINESS PROFILE Philadelphia Insurance Companies (the group ) consists of Philadelphia Indemnity Insurance Company (PIIC) and Tokio Marine Specialty Insurance Company (TMSIC) (formerly Philadelphia Insurance Company). Both companies are direct subsidiaries of Philadelphia Consolidated Holding Corp. (Philadelphia Consolidated). Effective December 1, 2008, Philadelphia Consolidated was acquired by Tokio Marine Holdings, Inc. (TMHD), through TMHD s wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). TMNF was founded in 1879 and is the oldest and largest property and casualty insurer in Japan. On March 31, 2012, TMNF contributed 100% of the outstanding shares of Philadelphia Consolidated Tokio Marine North America, Inc. (TMNA), an insurance holding company domiciled in the State of Delaware and a wholly owned direct subsidiary of TMNF. PIIC is a Pennsylvania-domiciled property and casualty insurance company with licenses in 50 states and the District of Columbia. TMSIC is a Delaware-domiciled property and casualty insurance company approved for excess and surplus lines business in 49 states, the District of Columbia and the U.S. Virgin Islands. TMSIC s business plan focuses on underwriting the group s niche products on a surplus lines basis in those jurisdictions in which the products are not offered on an admitted basis. PIIC and TMSIC proportionately share all premium, losses and expenses on a pro rata basis, under the terms of an intercompany reinsurance pooling agreement. The pooling percentages of PIIC and TMSIC are 95% and 5%, respectively. The group designs, markets and underwrites specialty commercial property and casualty and professional liability insurance products tailored for the unique exposures of niche markets, providing competitively priced policies, local service relationships, and differentiated coverage features. The group s products include commercial multi-peril package insurance targeting specialized niches, including among others, non-profit organizations, condominium associations, private, vocational and specialty schools, religious organizations, day-care facilities, recreation and outdoor products industry, and health and fitness centers. Other products include commercial aumobile insurance, property insurance for large commercial accounts, inland marine products targeting larger risks such as miscellaneous property floaters, and select classes of professional liability and management liability products. During 2011, the group launched a surety division that began offering surety bonds for contracrs, sub-contracrs, and others in the construction industry as well as other selective commercial surety bonds. In 2012, the group launched an excess and surplus lines division. New products are developed annually complement those that are more mature and take advantage of emerging exposures and developing or changing market niches. A select group of approximately 320 preferred agents and a broader network of approximately 14,000 independent producers complement the group s approximately 105 marketing professionals located in 47 regional and field offices across 13 regions covering the United States. The group s distribution model integrates proactive risk selection in the underwriting process via direct contact with the business prospect and/or policyholder. TOTAL PREMIUM COMPOSITION & GROWTH ANALYSIS DPW Reinsurance Prem Assumed Reinsurance Prem Ceded ($000) (% Chg) ($000) (% Chg) ($000) (% Chg) , , , , , , , , , , , , , , , Yr CAGR NPW NPE ($000) (% Chg) ($000) (% Chg) , , , , , , , , , , Yr CAGR Terriry: The company is licensed in Delaware. It also operates on a surplus lines or non-admitted basis in the District of Columbia, U.S. Virgin Islands, AL, AK, AZ, AR, CA, CO, CT, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI and WY BY-LINE BUSINESS ($000) Reinsurance Reinsurance DPW Prem Assumed Prem Ceded Product Line ($000) (%) ($000) (%) ($000) (%) Com l MultiPeril 28, , , Comm l Au Liab 1, , , Oth Liab CM 11, , , Oth Liab Occur 44, , , Au Physical , All Other 15, , , Total 101, , , Business NPW Retention Product Line ($000) (%) (%) Com l MultiPeril 67, Comm l Au Liab 17, Oth Liab CM 14, Oth Liab Occur 13, Au Physical 6, All Other 4, Total 123, A.M. Best Company, Oldwick, NJ Printed May 27, Page 14 of 19

15 Back Top BY-LINE RESERVES ($000) Product Line Com l MultiPeril 84,270 77,920 70,349 60,937 51,609 Comm l Au Liab 23,623 21,244 18,894 16,040 13,035 Oth Liab CM 23,129 22,655 21,230 18,376 15,525 Oth Liab Occur 18,990 15,649 12,643 9,506 7,829 Au Physical All Other 2,055 1,663 1, ,202 Total 152, , , ,116 89,444 GEOGRAPHIC BREAKDOWN BY DIRECT PREMIUM WRITINGS ($000) California 25,923 9,476 5,449 3,990 11,592 New York 12,328 5,264 4,687 3,678 4,866 Massachusetts 4,922 3,470 1,964 1, Texas 4,628 2, ,784 8,445 New Jersey 4,299 2,122 1,328 1,410 2,083 Illinois 3, Florida 3,890 1, ,086 Connecticut 3,272 1,710 1, Hawaii 3,091 2,457 2,654 3,046 3,231 Pennsylvania 2, All Other 32,803 22,659 15,797 21,192 26,243 Total 101,975 52,871 34,284 41,064 60,185 RISK MANAGEMENT The Enterprise Risk Management (ERM) structure in place is extensive and well integrated with key risks identified and the specific committees or teams assigned monir and address each key risk including establishment and maintenance of key controls as respects each risk category. The ERM structure is headed up by the executive management team with a specific ERM Committee overseeing both Corporate Governance and Departmental Functions, and reporting directly the executive management team. The ERM Committee consists of the CEO, CFO, CIO, Chief Actuarial Officer and the direcr of internal audit. A separate Audit Committee reviews the activities/output of the ERM Committee. Every key risk has a risk-based dashboard that is available management at all times. This dashboard details each key risk; denotes the perils or circumstances that could lead the risk arising; quantifies the risk; and shows work in progress as far as addressing the risk. OPERATING PERFORMANCE Operating Results: Excellent underwriting results and considerable investment income have produced consistently strong earnings over the past five years, generating pre-tax returns on revenue and surplus that consistently outpace those of the commercial casualty composite. An increasing earned premium base, driven by the expansion of the group s marketing efforts on chosen niche classes of business and the introduction of new products, has led annual underwriting income generation. Steady underwriting and operating cash flows have facilitated growth in the invested asset base, providing the impetus for greater net investment income generation. In 2011, income production was dampened by higher than normal catastrophe losses. Results have improved since that time primarily as a result of the annual reduction in catastrophe losses. A.M. Best expects the group continue judiciously employing a strategy emphasizing growth in targeted niche areas. New product implementation and an organized, committed approach prospecting should enable the group further capitalize on its leadership position in the specialty commercial lines marketplace. PROFITABILITY ANALYSIS ($000) Company Pre-tax After-tax Operating Operating Total Income Income Income Return ,464 14,290 13,588 16, ,434 12,190 12,536 12, ,322 8,940 10,067 10, ,714 12,476 14,308 14, ,615 17,257 17,322 17,322 5-Yr Total 89,549 65,152 67,821 70,551 Company Industry Composite Pre-tax Return Operating Pre-tax Return Operating ROR on PHS ROR on PHS Yr Avg Underwriting Results: The group has posted excellent underwriting results over the past five years, with a loss ratio over that time that is far superior that of the composite. However, in 2011 the group posted its highest loss ratio in over a decade as a result of a significant increase in catastrophe losses, and a lesser extent smaller reserve releases than in previous years. Despite the impact of Supersrm Sandy, underwriting results in 2012 were greatly improved with the help of higher prior accident year reserve releases and lower catastrophe activity overall. Profitability returned pre-2011 levels in 2013 primarily due lower than normal catastrophe losses. Strictly defined niches, product innovation and individual account underwriting are the operational hallmarks that have led the hisrically favorable results. The group s consistent underwriting performance has been achieved despite some adverse loss reserve development on prior accident years, most recently on accident years 2010 and The group s expense ratio remains on par with the composite, which also helps lead a five-year combined ratio that is more than 10 percentage points less than the composite average. A.M. Best believes the strong underwriting fundamentals will continue provide opportunities generate underwriting profits in the future. The long-held philosophy of Philadelphia Insurance Companies is for the group generate an underwriting profit on each line of business written. Individual account underwriting techniques have been established and strong risk management acumen helps bring about the consistency in underwriting results. Another facr influencing the favorable results in recent years is the group s focused and disciplined market expansion. Additionally, the group s marketing strategy has successfully utilized product differentiation and the maintenance of close cusmer contact with agents and insureds cultivate long-term relationships. UNDERWRITING EXPERIENCE Undrw Loss s Expense s Ind Income Pure Other Total Div. ($000) Loss LAE Loss LAE & Comm. Exp. Exp. Pol , , , , Yr Total/Avg 39, A.M. Best Company, Oldwick, NJ Printed May 27, Page 15 of 19

16 BY-LINE LOSS RATIO Product Line 5-Yr Avg Com l MultiPeril Comm l Au Liab Oth Liab CM Oth Liab Occur Au Physical All Other Total DIRECT LOSS RATIO BY STATE 5-Yr Avg California New York Massachusetts Texas New Jersey Illinois Florida Connecticut Hawaii Pennsylvania All Other Total Investment Results: investment income has grown annually over the past five years, as the group s increasing invested asset base has been strongly influenced by the growth in written premium. Generation of substantial operating cash flow has specifically led the increased investment income. The increased concentration of invested assets in a portfolio emphasizing tax-exempt state and municipal bonds has resulted in a pre-tax investment yield below the composite average. INVESTMENT GAINS ($000) Company Realized Unrealized Inv Capital Capital Year Income Gains Gains , , , ,062 1, ,962 1, , Yr Total 50,006 2,669 2,730 dividends in four of the last five years as well as increased catastrophe losses. Annual dividends since 2010 taling $458 million, including an extraordinary dividend of $158 million in June 2013, have been paid. Both underwriting and investment activities have contributed materially the group s organic earnings production. Going forward, A.M. Best expects the group pursue additional p-line growth resulting from expanded marketing efforts, the continued maturation of recently introduced products, along with the addition of new products. Other opportunities may be created by market dislocation where the group can utilize its ample and diverse distribution force pursue these new business opportunities. A.M. Best expects the group s capitalization remain strong and comfortably supportive of the ratings. CAPITAL GENERATION ANALYSIS ($000) Source of Surplus Growth Pre-tax Realized Unrealized Operating Capital Income Capital Year Income Gains Taxes Gains , ,174 2, , , ,322 1,128 1, ,714 1,832 5, , ,358 5-Yr Total 89,549 2,669 24,397 2,730 Source of Surplus Growth Change % Chg Contrib. Other in in Year Capital Changes PHS PHS ,643 19, , , , , Yr Total 2,652 73, QUALITY OF SURPLUS ($000) Surplus Other Contributed Unassigned Year Notes Debt Capital Surplus ,558 79, ,032 91, , , , , , ,378 Back Top Company Industry Composite Inv Inc Inv Return on Total Inv Inc Inv Growth Yield Inv Assets Return Growth Yield Year (%) (%) (%) (%) (%) (%) Yr Avg BALANCE SHEET STRENGTH Capitalization: The group maintains strong risk-adjusted capitalization, as measured by Best s Capital Adequacy (BCAR). Growth in surplus has largely kept pace with the increase in premium and loss reserves in recent years, resulting in fairly consistent net underwriting leverage measures that approximate the composite. Annual generation of retained earnings has been the driver of the group s considerable surplus appreciation over the last decade. Recent growth in surplus has been constrained by shareholder Year-End Conditional Adjusted Year PHS PHS , , , , , , , , , ,315 LEVERAGE ANALYSIS Company Industry Composite Res. Res. Gross NPW Gross PHS Lev. Lev. PHS PHS Lev. Lev. NPW PHS Current BCAR: A.M. Best Company, Oldwick, NJ Printed May 27, Page 16 of 19

17 Back Top CEDED REINSURANCE ANALYSIS ($000) Company Bus. Reins. Ceded Ret. Recov. Reins. (%) PHS (%) PHS (%) Industry Composite Bus. Reins. Ceded Ret. Recov. Reins. (%) PHS (%) PHS (%) Ceded Reins. Total , , , , , REINSURANCE RECOVERABLES ($000) Paid & Losses IBNR Unearned Premiums Other Recov* Total Reins Recov US Affiliates... 33,875 40,494 45, ,411 Foreign Affiliates ,993 2, ,276 US Insurers... 1,426 5,971 6,308 13,705 Other Non-US Total (ex US Affils)... 1,743 9,168 9, ,701 Grand Total... 35,618 49,662 54, ,112 * Includes Commissions less Funds Withheld Loss : The group has experienced favorable loss reserve development in each of the last ten calendar years, which has enhanced reported results. Over this period, accident year reserve development has been mixed as adverse development has been recorded in four of the last six accident years. Most of the adverse development was experienced in the 2010 accident year, primarily attributable worse than expected case incurred development mainly for the commercial multi-peril line of business, and a lesser degree, the general liability occurrence line. The 2013 increase in estimated unpaid loss and loss adjustment expenses for the 2011 accident year was primarily attributable higher than expected case incurred development mainly for the commercial multi-peril coverage, the commercial aumobile liability coverage and the other liability occurrence line. The level of overall loss reserves has increased in recent years due the continued growth in premium. LOSS & ALAE RESERVE DEVELOP.: CALENDAR YEAR ($000) Orig. Loss Developed Thru 13 Develop. Orig. (%) Develop. PHS (%) Develop. NPE Res. Develop. (%) Calendar Year ,913 60, , ,885 74, , ,356 95, , , , , , , , , , , LOSS & ALAE RESERVE DEVELOP.: ACCIDENT YEAR ($000) Accident Year Orig. Loss Developed Thru 13 Develop. Orig. Acc. Yr Loss Acc. Yr ,789 26, , ,404 33, , ,896 43, , ,565 47, , ,927 49, , ,252 53,252 53, ASBESTOS & ENVIRONMENTAL (A&E) RESERVE ANALYSIS Company Industry Composite Year A&E Reserve ($000) Reserve Retention (%) IBNR Mix (%) Survival (1 yr) Survival (1 yr) Liquidity: Solid current and overall liquidity has been maintained at levels that exceed the industry composite averages. The group s liquidity reflects increased premium collections and considerable operating cash flow generated annually. The membership of the group s two operating companies with the Federal Home Loan Bank of Pittsburgh (FHLB) provides an additional source of liquidity. The companies are able utilize established borrowing capacity, based on their FHLB-eligible level of collateral. As of December 31, 2013, the unused borrowing capacity was $613.2 million, which provides an immediately available line of credit. As of the same date, there were no borrowings outstanding with the FHLB. LIQUIDITY ANALYSIS Company Industry Composite Gross Gross Quick Current Overall Agents Bal. Quick Current Overall Agents Bal. Liq. (%) Liq. (%) Liq. (%) PHS (%) Liq. (%) Liq. (%) Liq. (%) PHS (%) CASH FLOW ANALYSIS ($000) Company Industry Composite Underw Oper Underw Oper Underw Oper Cash Cash Cash Cash Cash Cash Cash Year Flow Flow Flow Flow (%) Flow (%) Flow (%) Flow (%) ,081 39,059-4, ,550 32, ,206 20,077-7, ,988 26,899 6, ,827 49,758 4, Yr Total 136, ,279-1,002 Investments: Invested assets represent over 87% of tal admitted assets. Non-invested assets are primarily comprised of uncollected agent s premium balances generated by the increase in premiums. During 2009, the group liquidated its common sck portfolio with the only equities remaining being those that are in concert with its FHLB investment. With the liquidation of the equity portfolio, long-term fixed income holdings comprise more than 98% of invested assets, underscoring the traditionally conservative investment strategy of the group. INVESTMENT LEVERAGE ANALYSIS (% OF PHS) Industry Company Composite Class Real Other Non-Affil. Class 3-6 Bonds Estate/ Mtg. Invested Assets Common Scks Inv. Lev. Affil. Inv. 3-6 Bonds Common Scks INVESTMENTS - SECURITIES Current Year Distribution of Bonds By Maturity Years Yrs-Avg Maturity Government Gov t Agencies & Muni Industrial & Misc Total A.M. Best Company, Oldwick, NJ Printed May 27, Page 17 of 19

18 Back Top Bonds (000) 343, , , , ,996 US Government Foreign - All Other State/Special Revenue - US Industrial & Misc - US Private Issues Public Issues Bond Quality (%) Class Class Class INVESTMENTS - EQUITIES Scks (000) Unaffiliated Common INVESTMENTS - OTHER INVESTED ASSETS Other Inv Assets (000) 18,868 14,215 8,282 15,859 15,264 Cash Short-Term All Other HISTORY The company was incorporated under the laws of the Commonwealth of Pennsylvania on July 15, 1986 as Wheelways Insurance Company and commenced business on Ocber 23, On November 30, 1990, the name was changed Philadelphia Insurance Company. Effective November 1, 2012, the company redomesticated the State of Delaware and adopted the present title of Tokio Marine Specialty Insurance Company. Common capital sck of $4,274,943 consists of 299,996 shares of common sck at a par value of $14.25 per share. A tal of 2,000,000 shares are authorized. MANAGEMENT The company is wholly owned by Philadelphia Consolidated Holding Corp. (Philadelphia Consolidated), which is also the parent of Philadelphia Indemnity Insurance Company, Liberty American Insurance Company and Liberty American Select Insurance Company. The company maintains joint administrative offices with Philadelphia Indemnity Insurance Company. Effective December 1, 2008, Philadelphia Consolidated was acquired by Tokio Marine Holdings, Inc. (TMHD) through TMHD s wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). TMNF was founded in 1879 and is the oldest and largest property and casualty insurer in Japan. On March 31, 2012, TMNF contributed 100% of the outstanding shares of Philadelphia Consolidated Tokio Marine North America, Inc. (TMNA), an insurance holding company domiciled in the State of Delaware and a wholly owned direct subsidiary of TMNF. Management of the company is under the direction of Robert D. O Leary, Jr., President and Chief Executive Officer. He serves in a similar capacity with the affiliate, Philadelphia Indemnity Insurance Company. The company has an agreement with Maguire Insurance Agency, Inc., which is also wholly owned by Philadelphia Consolidated, provide underwriting, policy service, claims handling and sales support. The company also has an agreement with TMNA Services, LLC, which is wholly owned by TMNA, provide accounting, actuarial, legal, facility maintenance, information technology, human capital, and internal audit services. The compensation structure is based on fees consistent with industry standards. Officers: Chairman of the Board, James J. Maguire, Jr.; President and Chief Executive Officer, Robert D. O Leary; Executive Vice President, Treasurer and Chief Financial Officer, Karen A. Gilmer-Pauciello; Executive Vice President and Chief Underwriting Officer, John W. Glomb; Executive Vice President and Chief Claim Officer, William J. Benecke; Executive Vice President and Chief Marketing Officer, Brian J. O Reilly. Direcrs: Michael J. Cascio, Karen A. Gilmer-Pauciello, Hiroyuki Haruyama, James J. Maguire, Jr. (Chairman), Michael J. Morris, Robert D. O Leary, Donald A. Pizer. REGULATORY An examination of the financial condition was made as of December 31, 2010, by the insurance department of Pennsylvania. The 2013 annual independent audit of the company was conducted by PricewaterhouseCoopers, LLP. The annual statement of actuarial opinion is provided by Mark R. Proska, FCAS, MAAA, EVP and Chief Actuarial Officer, TMNA Services, LLC. REINSURANCE Under its casualty treaty, the group retains the first $3.0 million primary layer of liability on each occurrence and maintains reinsurance coverage up $21.0 million provided in two layers $13.0 million in excess of $3.0 million and $5.0 million in excess of $16.0 million. This coverage is placed with a 30% co-participation being retained. Facultative reinsurance coverage (on an individual risk basis) is purchased for casualty risks in excess of $21.0 million. An excess clash casualty reinsurance agreement provides an additional $17.0 million of coverage in excess of a $3.0 million retention for protection from exposures such as extra-contractual obligations and judgments in excess of policy limits. The group retains the first $5.0 million layer on its commercial property risks, in excess of a $5.0 million annual aggregate deductible, with its reinsurers bearing the remaining liability up $100.0 million. The group has a 46.75% co-participation on the first excess layer of the per risk treaty subject a $5.0 million annual aggregate deductible. Aumatic facultative reinsurance coverage is provided on each commercial property risk with limits in excess of $100.0 million up $150.0 million, except for risks located in Florida, Hawaii or Harris County, Texas, where coverage is provided for property losses in excess of $100.0 million up $130.0 million. Facultative reinsurance coverage is purchased for property risks in excess of $150.0 million except for risks located in Florida, Hawaii or Harris County, Texas, where coverage is purchased for property losses in excess of $130.0 million. The property per risk excess of loss treaties also provide a $95.0 million aggregate policy limit for terrorism exposure in excess of a $5.0 million retention. Catastrophe reinsurance is maintained in excess of a $100.0 million per occurrence retention up $500.0 million. On the first excess layer of the catastrophe contract ($150.0 million in excess of $100.0 million applicable losses occurring Nationwide), the group retains a 10% co-participation; this layer is shared with an affiliate, First Insurance Company of Hawaii, whose risk exposure is in Hawaii only. The second excess layer of the catastrophe contract ($200.0 million in excess of $250.0 million applicable losses occurring in the Northeast & Hawaii only), is 100% placed; this layer is also shared with First Insurance Company of Hawaii. The p layer of the catastrophe program ($50.0 million aggregate excess of various retentions applicable losses occurring in the Northeast only), which is also 100% placed, is not shared with any affiliates. In 2013, PIIC provided reinsurance coverage an affiliate, Tokio Marine America Insurance Company (TMAIC). Property risks are covered under per risk excess of loss contracts up a limit of $260.0 million in excess of $20.0 million each loss, on any one risk. PIIC has a share percentage of 67.5% on the first layer of $80.0 million excess of $20.0 million and provides 100% of the coverage on the second layer of $160.0 million excess of $100.0 million. PIIC also provides catastrophe protection under an excess of loss contract in two layers. The first layer covers property and marine risks up a limit of $100.0 million in excess of $50.0 million per loss occurrence, whereby PIIC reinsures 2014 A.M. Best Company, Oldwick, NJ Printed May 27, Page 18 of 19

19 78.5% of this layer. The second layer covers earthquake losses only, up a limit of $50.0 million in excess of $150.0 million per loss occurrence, whereby PIIC reinsures 71% of this layer. This reinsurance coverage was 100% retroceded TMNF. This reinsurance coverage was not provided TMAIC in BALANCE SHEET ADMITTED ASSETS ($000) 12/31/13 12/31/12 13% 12% Bonds , , Common sck Cash & short-term invest... 18,769 14, Other non-affil inv asset Total invested assets , , Premium balances... 35,811 31, Accrued interest... 3,610 3, All other assets... 14,328 19, Total assets , , LIABILITIES & SURPLUS ($000) 12/31/13 12/31/12 13% 12% Loss & LAE reserves , , Unearned premiums... 61,294 56, Conditional reserve funds All other liabilities... 45,077 43, Total liabilities , , Capital & assigned surplus... 22,918 22, Unassigned surplus , , Total policyholders surplus , , Total liabilities & surplus , , SUMMARY OF 2013 OPERATIONS ($000) Funds Provided from Statement of Income 12/31/13 Operations 12/31/13 Premiums earned ,184 Premiums collected ,439 Losses incurred... 58,903 Benefit & loss-related pmts... 44,167 LAE incurred... 13,762 Undrw expenses incurred... 35,597 LAE & undrw expenses paid... 43,444 underwriting income... 10,923 Undrw cash flow... 40,827 investment income... 11,693 Investment income... 13,621 Pre-tax oper income... 22,615 Pre-tax cash operations... 54,448 Realized capital gains Income taxes incurred... 5,358 Income taxes pd (recov)... 4,690 income... 17,322 oper cash flow... 49,758 Why is this Best s Rating Report important you? Back Top A Best s Rating Report from the A.M. Best Company showcases the opinion from the leading provider of insurer ratings of a company s financial strength and ability meet its obligations policyholders, as well as its relative credit risk. The A.M. Best Company is the oldest, most experienced rating agency in the world and has been reporting on the financial condition of the insurance companies since A Best s Financial Strength Rating is an independent opinion of an insurer s financial strength and ability meet its ongoing insurance policy and contract obligations. The Financial Strength Rating opinion addresses the relative ability of an insurer meet its ongoing insurance policy and contract obligations. The rating is not assigned specific insurance policies or contracts and does not address any other risk, including, but not limited, an insurer s claims-payment policies or procedures; the ability of the insurer dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. The rating is not a recommendation purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. In arriving at a rating decision, A.M. Best relies on third-party audited financial data and/or other information provided it. While this information is believed be reliable, A.M. Best does not independently verify the accuracy or reliability of the information. The company information appearing in this pamphlet is an extract from the complete company report prepared by the A.M. Best Company or A.M. Best Europe Rating Services Limited. For the latest Best s Financial Strength Ratings along with their definitions and A.M. Best s Terms of Use, visit the A.M. Best website at You may also obtain AMB Credit Reports by visiting our site or calling our Cusmer Service department at , ext To expedite your request, please provide the company s identification number (AMB#) A.M. Best Company, Oldwick, NJ Printed May 27, Page 19 of 19

PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY

PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY PHILADELPHIA INSURANCE COMPANIES PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY A++ A++ 2015 A.M. Best Company, Oldwick, NJ 08858 Printed July 13, 2015 www.ambest.com

More information

018667 - Philadelphia Insurance Companies

018667 - Philadelphia Insurance Companies Report Revision Date: 07/15/2013 Rating and Commentary 1 Best's Credit Rating: N/A Rating Rationale: N/A Report Commentary: 07/15/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated: 08/22/2013

More information

ODYSSEY REINSURANCE GROUP

ODYSSEY REINSURANCE GROUP BEST'S FSR ICR ODYSSEY REINSURANCE GROUP Odyssey Reinsurance Company A a+ Hudson Insurance Company A a+ Hudson Specialty Ins Co A a+ Hudson Excess Insurance Co A a+ Newline Insurance Company Ltd A a+ 2015

More information

Holiday, Florida LION INSURANCE COMPANY. Ultimate Parent: Jamestown Holdings Corp.

Holiday, Florida LION INSURANCE COMPANY. Ultimate Parent: Jamestown Holdings Corp. Holiday, Florida Ultimate Parent: Jamestown Holdings Corp. LION INSURANCE COMPANY 2739 US Highway 19 North, Suite 601, Holiday, FL 34691 Web: lioninsurancecompany.com Tel: 727-682-0155 Fax: 727-937-1349

More information

TEXAS MUTUAL INSURANCE COMPANY BEST'S RATING FIVE YEAR RATING HISTORY KEY FINANCIAL INDICATORS

TEXAS MUTUAL INSURANCE COMPANY BEST'S RATING FIVE YEAR RATING HISTORY KEY FINANCIAL INDICATORS Best's Insurance Reports - Property Casualty, US, 2007 Edition (2007 9-Month Supplement, Version 2007.3) Page 1 TEXAS MUTUAL INSURANCE COMPANY Tel: 512-224-3800 AMB#: 11453 FEIN#: 74-2615873 6210 East

More information

FM GLOBAL GROUP Factory Mutual Insurance Co A+ Affiliated FM Insurance Co A+ Appalachian Insurance Co A+ FM Insurance Company Limited A+

FM GLOBAL GROUP Factory Mutual Insurance Co A+ Affiliated FM Insurance Co A+ Appalachian Insurance Co A+ FM Insurance Company Limited A+ FM GLOBAL GROUP Facry Mutual Insurance Co A+ Affiliated FM Insurance Co A+ Appalachian Insurance Co A+ FM Insurance Company Limited A+ 2015 A.M. Best Company, Oldwick, NJ 08858 Printed Ocber 27, 2015 www.ambest.com

More information

SENECA INSURANCE COMPANY, INC.

SENECA INSURANCE COMPANY, INC. SENECA INSURANCE COMPANY, INC. New York, New York Ultimate Parent: Fairfax Financial Holdings Limited SENECA INSURANCE COMPANY, INC. 160 Water Street, New York, NY 10038-4922 Web: www.senecainsurance.com

More information

Back to Top MAIN STREET AMERICA GROUP MUTUAL HOLDINGS, INC. MAIN STREET AMERICA GROUP. Jacksonville, Florida

Back to Top MAIN STREET AMERICA GROUP MUTUAL HOLDINGS, INC. MAIN STREET AMERICA GROUP. Jacksonville, Florida MAIN STREET AMERICA GROUP MUTUAL HOLDINGS, INC. MAIN STREET AMERICA GROUP A Jacksonville, Florida Back to Top A 2011 A.M. Best Company, Oldwick, NJ 08858 Printed April 12, 2011 www.ambest.com Page 1 of

More information

COREPOINTE INSURANCE COMPANY BEST'S FINANCIAL STRENGTH RATING RATING RATIONALE

COREPOINTE INSURANCE COMPANY BEST'S FINANCIAL STRENGTH RATING RATING RATIONALE Ultimate Parent: CG Investor, LLC COREPOINTE INSURANCE COMPANY 401 S. Old Woodward Avenue, Suite 300, Birmingham, Michigan, United States 48009 Tel: 734-456-5480 Fax: 248-220-5057 AMB#: 000237 NAIC#: 10499

More information

SENECA INSURANCE COMPANY, INC.

SENECA INSURANCE COMPANY, INC. SENECA INSURANCE COMPANY, INC. New York, New York Ultimate Parent: Fairfax Financial Holdings Limited SENECA INSURANCE COMPANY, INC. 160 Water Street, New York, NY 10038-4922 Web: www.senecainsurance.com

More information

Chubb Group of Insurance Companies

Chubb Group of Insurance Companies Report Revision Date: 07/12/2013 Rating and Commentary 1 Best's Credit Rating: N/A Rating Rationale: N/A Report Commentary: 07/12/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated: 08/31/2013

More information

Associated With: Cincinnati Financial Corporation THE CINCINNATI INSURANCE COMPANIES

Associated With: Cincinnati Financial Corporation THE CINCINNATI INSURANCE COMPANIES THE CINCINNATI INSURANCE COMPANIES Cincinnati Insurance Company A+ Cincinnati Specialty Undrs Ins A+ Cincinnati Casualty Company A+ Cincinnati Indemnity Company A+ Associated With: Cincinnati Financial

More information

Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY. Cincinnati, Ohio RATING RATIONALE

Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY. Cincinnati, Ohio RATING RATIONALE Cincinnati, Ohio A+ Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY 301 E. Fourth Street Cincinnati, OH 45202 Web: www.gaig.com Tel: 513-369-5000 Fax: 513-369-3600 AMB#:

More information

Associated With: Berkshire Hathaway Inc. BERKSHIRE HATHAWAY GUARD INSURANCE COMPANIES

Associated With: Berkshire Hathaway Inc. BERKSHIRE HATHAWAY GUARD INSURANCE COMPANIES BERKSHIRE HATHAWAY GUARD INSURANCE COMPANIES NorGUARD Insurance Company A+ AmGUARD Insurance Company A+ EastGUARD Insurance Company A+ WestGUARD Insurance Company A+ Associated With: Berkshire Hathaway

More information

Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY

Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY Cincinnati, Ohio A+ Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY 301 E. Fourth Street Cincinnati, OH 45202 Web: www.gaig.com Tel: 513-369-5000 Fax: 513-369-3600 AMB#:

More information

002477 - State Farm Fire and Casualty Company

002477 - State Farm Fire and Casualty Company Report Revision Date: 06/25/2013 Rating and Commentary 1 Best's Credit Rating: 05/30/2013 Rating Rationale: 05/30/2013 Report Commentary: 06/25/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated:

More information

Back to Top NAVIGATORS INSURANCE COMPANY NAVIGATORS SPECIALTY INSURANCE COMPANY. New York, New York

Back to Top NAVIGATORS INSURANCE COMPANY NAVIGATORS SPECIALTY INSURANCE COMPANY. New York, New York NAVIGATORS INSURANCE COMPANY NAVIGATORS SPECIALTY INSURANCE COMPANY A A New York, New York A Back Top 2012 A.M. Best Company, Oldwick, NJ 08858 Printed September 5, 2012 www.ambest.com Page 1 of 11 Back

More information

002314 Virginia Surety Company, Inc. As of September 8, 2010

002314 Virginia Surety Company, Inc. As of September 8, 2010 Company Information Address: 175 W. Jackson Blvd. 11th Floor Chicago, IL 664 Top Officer: David L. Cole Top Officer's Title: Chairman & CEO Secretary: Ronald D. Markovits Telephone: 312-356-3 Fax: 312-356-31

More information

HCC INSURANCE HOLDINGS, INC. HOUSTON CASUALTY GROUP

HCC INSURANCE HOLDINGS, INC. HOUSTON CASUALTY GROUP HCC INSURANCE HOLDINGS, INC. HOUSTON CASUALTY GROUP American Contractors Indem Co A+ Avemco Insurance Company A+ Houston Casualty Company A+ U.S. Specialty Insurance Co A+ United States Surety Company

More information

ProAssurance Casualty Company A+ ProAssurance Indemnity Co Inc. A+ ProAssurance Specialty Ins Co A+ PROASSURANCE GROUP

ProAssurance Casualty Company A+ ProAssurance Indemnity Co Inc. A+ ProAssurance Specialty Ins Co A+ PROASSURANCE GROUP PROASSURANCE GROUP ProAssurance Casualty Company A+ ProAssurance Indemnity Co Inc. A+ ProAssurance Specialty Ins Co A+ Associated With: ProAssurance Corporation PROASSURANCE GROUP Mailing: P.O. Box 590009,

More information

003840 - Germania Insurance Company

003840 - Germania Insurance Company Report Revision Date: 07/15/2013 Rating and Commentary 1 Best's Credit Rating: 12/18/2012 Rating Rationale: 12/18/2012 Report Commentary: 07/15/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated:

More information

000000 - Sample Insurance Company

000000 - Sample Insurance Company Report Revision Date: 01/16/2013 Rating and Commentary 1 Best's Credit Rating: 07/26/2012 Rating Rationale: 07/26/2012 Report Commentary: 09/21/2012 Financial 2 Time Period: Annual - 2012 Last Updated:

More information

Best s Rating Report QBE REGIONAL INSURANCE GROUP

Best s Rating Report QBE REGIONAL INSURANCE GROUP QBE REGIONAL INSURANCE GROUP A NORTH POINTE INSURANCE COMPANY A- PRAETORIAN INSURANCE COMPANY A- QBE REINSURANCE CORPORATION QBE INSURANCE CORPORATION QBE SPECIALTY INSURANCE COMPANY Wilmingn, Delaware

More information

018313 - CNA Insurance Companies

018313 - CNA Insurance Companies Report Revision Date: 07/08/2013 Rating and Commentary 1 Best's Credit Rating: N/A Rating Rationale: N/A Report Commentary: 07/08/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated: 08/20/2013

More information

MIDDLESEX MUTUAL ASSURANCE COMPANY A+ HOLYOKE MUTUAL INSURANCE COMPANY IN SALEM A+

MIDDLESEX MUTUAL ASSURANCE COMPANY A+ HOLYOKE MUTUAL INSURANCE COMPANY IN SALEM A+ MIDDLESEX MUTUAL ASSURANCE COMPANY A+ HOLYOKE MUTUAL INSURANCE COMPANY IN SALEM A+ A+ Copyright 2016 A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. Printed April 14, 2016 www.ambest.com

More information

002205 - Government Employees Insurance Company

002205 - Government Employees Insurance Company 002205 - Government Employees Insurance Company Report Revision Date: 07/15/2013 Rating and Commentary 1 Best's Credit Rating: 06/14/2013 Rating Rationale: 06/14/2013 Report Commentary: 07/15/2013 Financial

More information

A+ EFFECTIVE: October 8, 2015

A+ EFFECTIVE: October 8, 2015 AFFILIATED FM INSURANCE COMPANY Johnsn, Rhode Island Ultimate Parent: Facry Mutual Insurance Company AFFILIATED FM INSURANCE COMPANY 270 Central Avenue, Johnsn, RI 02919-4949 Mailing Address: P.O. Box

More information

NATIONWIDE INSURANCE COMPANY OF AMERICA BEST'S RATING RATING RATIONALE

NATIONWIDE INSURANCE COMPANY OF AMERICA BEST'S RATING RATING RATIONALE Best's Insurance Reports - Property Casualty, US, 2007 Edition (2007 9-Month Supplement, Version 2007.3) Page 1 Group Affiliation: Nationwide Group NATIONWIDE INSURANCE COMPANY OF AMERICA Madison, Wisconsin,

More information

2015 A.M. Best Company, Oldwick, NJ 08858 Printed June 22, 2015 www.ambest.com Page 1 of 6

2015 A.M. Best Company, Oldwick, NJ 08858 Printed June 22, 2015 www.ambest.com Page 1 of 6 AMTRUST GROUP Best s FSR FSC AmTrust International Ins Ltd A XIII Technology Insurance Co., Inc A XIII Rochdale Insurance Company A XIII AmTrust Europe Limited A XIII AmTrust Insurance Co of Kansas A XIII

More information

AMERICAN NATIONAL PROPERTY AND CASUALTY GROUP BEST'S RATING RATING UNIT MEMBERS RATING RATIONALE

AMERICAN NATIONAL PROPERTY AND CASUALTY GROUP BEST'S RATING RATING UNIT MEMBERS RATING RATIONALE Best's Insurance Reports - Property Casualty, US, 2007 Edition (2007 9-Month Supplement, Version 2007.3) Page 1 Group Affiliation: American National P & C Group AMERICAN NATIONAL PROPERTY AND CASUALTY

More information

Ultimate Parent: Alaska National Corporation ALASKA NATIONAL INSURANCE COMPANY. Anchorage, Alaska

Ultimate Parent: Alaska National Corporation ALASKA NATIONAL INSURANCE COMPANY. Anchorage, Alaska Anchorage, Alaska A Ultimate Parent: Alaska National Corporation ALASKA NATIONAL INSURANCE COMPANY 7001 Jewel Lake Road Anchorage, AK 99502-2825 Web: www.alaskanational.com Tel: 907-248-2642 Fax: 907-266-9252

More information

002179 - Fireman's Fund Insurance Company

002179 - Fireman's Fund Insurance Company Report Revision Date: 07/16/2013 Rating and Commentary 1 Best's Credit Rating: 07/10/2013 Rating Rationale: 07/10/2013 Report Commentary: 07/10/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated:

More information

Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY OF NEW YORK. New York, New York

Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY OF NEW YORK. New York, New York New York, New York A- Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY OF NEW YORK Mail: 420 Fifth Avenue, 3rd Floor, New York, NY 10018 Web: www.hmig.com Tel: 800-328-5433 Fax: 717-260-7261

More information

GEICO GENERAL INSURANCE COMPANY BEST'S RATING RATING RATIONALE

GEICO GENERAL INSURANCE COMPANY BEST'S RATING RATING RATIONALE Best's Insurance Reports - Property Casualty, US, 2008 Edition (2008 9-Month Supplement, Version 2008.3) Page 1 Ultimate Parent: Berkshire Hathaway Inc GEICO GENERAL INSURANCE COMPANY Chevy Chase, Maryland,

More information

NATIONWIDE MUTUAL INSURANCE COMPANY

NATIONWIDE MUTUAL INSURANCE COMPANY NATIONWIDE MUTUAL INSURANCE COMPANY Columbus, Ohio A+ Ultimate Parent: Nationwide Mutual Insurance Company NATIONWIDE MUTUAL INSURANCE COMPANY One West Nationwide Blvd, Columbus, OH 43215-2220 Web: www.nationwide.com

More information

LIBERTY MUTUAL INSURANCE COMPANY BEST'S RATING RATING RATIONALE

LIBERTY MUTUAL INSURANCE COMPANY BEST'S RATING RATING RATIONALE Best's Insurance Reports - Property Casualty, US, 2007 Edition (2007 9-Month Supplement, Version 2007.3) Page 1 Group Affiliation: Liberty Mutual Insurance Companies LIBERTY MUTUAL INSURANCE COMPANY 175

More information

AMERICAN INTERNATIONAL GROUP BEST'S RATING RATING UNIT MEMBERS

AMERICAN INTERNATIONAL GROUP BEST'S RATING RATING UNIT MEMBERS Group Affiliation: American International Group Inc AMERICAN INTERNATIONAL GROUP 70 Pine Street, 18th Floor, New York, New York, United States 10270 Web: www.aig.com Tel: 212-770-8600 Fax: 212-349-4907

More information

Associated With: White Mountains Insurance Group Ltd ONEBEACON INSURANCE GROUP

Associated With: White Mountains Insurance Group Ltd ONEBEACON INSURANCE GROUP ONEBECON INSURNCE GROUP tlantic Specialty Ins Co Employers Fire Insurance Co OneBeacon merica Insurance Co OneBeacon Insurance Company Homeland Ins Co of NY Homeland Insurance Company DE OBI National Insurance

More information

Associated With: GuideOne Mutual Insurance Company GUIDEONE INSURANCE COMPANIES

Associated With: GuideOne Mutual Insurance Company GUIDEONE INSURANCE COMPANIES GUIDEONE INSURNCE COMPNIES GuideOne Mutual Insurance Co GuideOne Prop & Cas Ins Co GuideOne Specialty Mutual Ins GuideOne merica Insurance Co GuideOne Elite Insurance Co GuideOne Lloyds Insurance Co GuideOne

More information

NAIC Group Code 0008 NAIC Company Code 00086. Combined Statement Contact LYNN CIRRINCIONE, 847-402-3029 (Area Code) (Telephone Number)

NAIC Group Code 0008 NAIC Company Code 00086. Combined Statement Contact LYNN CIRRINCIONE, 847-402-3029 (Area Code) (Telephone Number) PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 00 OF THE CONDITION AND AFFAIRS OF THE ALLSTATE INSURANCE GROUP its affiliated property casualty

More information

XL Insurance America, Inc.

XL Insurance America, Inc. Report Revision Date: 07/31/2013 Rating and Commentary 1 Best's Credit Rating: 10/04/2012 Rating Rationale: 10/04/2012 Report Commentary: 07/31/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated:

More information

Associated With: White Mountains Insurance Group Ltd ONEBEACON INSURANCE GROUP

Associated With: White Mountains Insurance Group Ltd ONEBEACON INSURANCE GROUP tlantic Specialty Ins Co Homeland Ins Co of NY Homeland Insurance Company DE OBI National Insurance Co ssociated With: White Mountains Insurance Group Ltd ONEBECON INSURNCE GROUP Exec/dmin: 601 Carlson

More information

Report of Examination of. Harleysville Insurance Company of Ohio Columbus, Ohio. As of December 31, 2009

Report of Examination of. Harleysville Insurance Company of Ohio Columbus, Ohio. As of December 31, 2009 Report of Examination of Harleysville Insurance Company of Ohio Columbus, Ohio As of December 31, 2009 Table of Contents Subject Page Salutation... 1 Description of Company... 1 Scope of Examination...

More information

Ultimate Parent: Cincinnati Financial Corporation THE CINCINNATI SPECIALTY UNDERWRITERS INSURANCE COMPANY. Wilmington, Delaware

Ultimate Parent: Cincinnati Financial Corporation THE CINCINNATI SPECIALTY UNDERWRITERS INSURANCE COMPANY. Wilmington, Delaware Wilmington, Delaware A+ Ultimate Parent: Cincinnati Financial Corporation THE CINCINNATI SPECIALTY UNDERWRITERS INSURANCE COMPANY Exec/Admin: 6200 S. Gilmore Road Fairfield, OH 45014-5141 Mailing: P.O.

More information

TERRA BRASIS RESSEGUROS. Sao Paulo, SP 04543-000, Brazil B++

TERRA BRASIS RESSEGUROS. Sao Paulo, SP 04543-000, Brazil B++ TERRA BRASIS RESSEGUROS Sao Paulo, SP 04543-000, Brazil Operating Company Composite TERRA BRASIS RESSEGUROS Av. Juscelino Kubitcheck, 1700, 12 Andar, Itaim Bibi, Sao Paulo, SP 04543-000, Brazil Web: www.terrabrasis.com.br

More information

NAIC Group Code 0212 NAIC Company Code 02127. Combined Statement Contact Colleen M Zitt, 847-413-5048 (Area Code) (Telephone Number)

NAIC Group Code 0212 NAIC Company Code 02127. Combined Statement Contact Colleen M Zitt, 847-413-5048 (Area Code) (Telephone Number) PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 0 OF THE CONDITION AND AFFAIRS OF THE Zurich American Insurance Company Affiliates its affiliated

More information

Back to Top A A- GREENLIGHT REINSURANCE, LTD. GREENLIGHT REINSURANCE IRELAND, LIMITED A-

Back to Top A A- GREENLIGHT REINSURANCE, LTD. GREENLIGHT REINSURANCE IRELAND, LIMITED A- GREENLIGHT REINSURANCE, LTD. A GREENLIGHT REINSURANCE IRELAND, LIMITED A- A A- 2013 A.M. Best Company, Oldwick, NJ 08858 Printed July 1, 2013 www.ambest.com Page 1 of 8 Operating Company Non-Life Ultimate

More information

American International Group, Inc. Financial Supplement Fourth Quarter 2005

American International Group, Inc. Financial Supplement Fourth Quarter 2005 Financial Supplement Fourth Quarter 2005 This report should be read in conjunction with AIG's Annual Report on Form 10-K for the year ended December 31, 2005 filed with the Securities and Exchange Commission.

More information

Ultimate Parent: National Retirement Fund AMALGAMATED LIFE INSURANCE COMPANY

Ultimate Parent: National Retirement Fund AMALGAMATED LIFE INSURANCE COMPANY AMALGAMATED LIFE INSURANCE COMPANY White Plains, New York Ultimate Parent: National Retirement Fund AMALGAMATED LIFE INSURANCE COMPANY 333 Westchester Avenue White Plains, NY 10604 Web: www.amalgamatedlife.com

More information

MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED

MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED London EC3A 2EA, United Kingdom A Operating Company Non-Life Ultimate Parent: Markel Corporation MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED The Markel

More information

FULL ANALYSIS. Philadelphia Indemnity Insurance Co. And Philadelphia Insurance Co. Major Rating Factors. Rationale

FULL ANALYSIS. Philadelphia Indemnity Insurance Co. And Philadelphia Insurance Co. Major Rating Factors. Rationale FULL ANALYSIS Philadelphia Indemnity Insurance Co. And Philadelphia Insurance Co. Financial Strength Rating AA-/Stable/ Primary Credit Analysts: Taoufik Gharib New York (1) 212-438-7253 taoufik_gharib@

More information

Best s Rating: A- Report PROASSURANCE GROUP PROASSURANCE GROUP. Birmingham, Alabama

Best s Rating: A- Report PROASSURANCE GROUP PROASSURANCE GROUP. Birmingham, Alabama PROASSURANCE GROUP Birmingham, Alabama A- PROASSURANCE GROUP 100 Brookwood Place Birmingham, AL 35209 Web: www.proassurance.com Tel: 205-877-4400 Fax: 205-802-4799 AMB#: 18559 Publicly Traded Corporation:

More information

The Farmers Automobile Insurance Association

The Farmers Automobile Insurance Association The Farmers Automobile Insurance Association Report on Audits of Financial Statements - Statutory Basis For the Years Ended December 31, 2015 and 2014 Table of Contents Page(s) Independent Auditor s Report...

More information

Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY. Pittsburgh, Pennsylvania

Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY. Pittsburgh, Pennsylvania Pittsburgh, Pennsylvania A- Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY Mail: P.O. Box 535061, Pittsburgh, PA 15253-5061 Web: www.hmig.com Tel: 800-328-5433 Fax: 717-260-7261 AMB#: 009063

More information

REPORT ON EXAMINATION OF THE MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP AS OF

REPORT ON EXAMINATION OF THE MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP AS OF REPORT ON EXAMINATION OF THE MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP AS OF DECEMBER 31, 2011 TABLE OF CONTENTS SALUTATION... 1 SCOPE OF EXAMINATION... 1 SUMMARY OF SIGNIFICANT FINDINGS...

More information

Life and A&H Industry at a Glance

Life and A&H Industry at a Glance Life and A&H Industry at a Glance 2010 Life and A&H, Fraternal and Health Insurance Industry Analysis Report Table 1 illustrates the life insurance industry s aggregate financial results for insurers filing

More information

Medical Providers Mutual Insurance Company, A Risk Retention Group

Medical Providers Mutual Insurance Company, A Risk Retention Group GOVERNMENT OF THE DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE, SECURITIES AND BANKING REPORT ON EXAMINATION Medical Providers Mutual Insurance Company, A Risk Retention Group AS OF DECEMBER 31, 2011 NAIC

More information

A- Effective: December 2, 2014

A- Effective: December 2, 2014 STANDARD SECURITY LIFE INSURANCE COMPANY OF NEW YORK New York, New York A- Effective: December 2, 2014 Ultimate Parent: Geneve Holdings, Inc. STANDARD SECURITY LIFE INSURANCE COMPANY OF NEW YORK 485 Madison

More information

New Home Warranty Insurance Company, A Risk Retention Group

New Home Warranty Insurance Company, A Risk Retention Group GOVERNMENT OF THE DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE, SECURITIES AND BANKING REPORT ON EXAMINATION New Home Warranty Insurance Company, A Risk Retention Group AS OF DECEMBER 31, 2014 NAIC NUMBER

More information

HEALTH CARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, A RISK RETENTION GROUP GOVERNMENT OF THE DISTRICT OF COLUMBIA

HEALTH CARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, A RISK RETENTION GROUP GOVERNMENT OF THE DISTRICT OF COLUMBIA GOVERNMENT OF THE DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE, SECURITIES AND BANKING REPORT ON EXAMINATION HEALTH CARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, A RISK RETENTION GROUP AS OF DECEMBER

More information

VALIDUS ANNOUNCES 2015 FULL YEAR NET INCOME OF $374.9 MILLION 2015 NET OPERATING RETURN ON AVERAGE EQUITY OF 11.3%

VALIDUS ANNOUNCES 2015 FULL YEAR NET INCOME OF $374.9 MILLION 2015 NET OPERATING RETURN ON AVERAGE EQUITY OF 11.3% VALIDUS ANNOUNCES 2015 FULL YEAR NET INCOME OF $374.9 MILLION 2015 NET OPERATING RETURN ON AVERAGE EQUITY OF 11.3% BOOK VALUE PER DILUTED COMMON SHARE OF $42.33 AT DECEMBER 31, 2015 Pembroke, Bermuda,

More information

COMPANION PROPERTY & CASUALTY INSURANCE COMPANY

COMPANION PROPERTY & CASUALTY INSURANCE COMPANY REPORT ON LIMITED SCOPE EXAMINATION OF COMPANION PROPERTY & CASUALTY INSURANCE COMPANY COLUMBIA, SOUTH CAROLINA OF THE Loss and Loss Expenses, Large Deductible Collateral Reserves and Reinsurance As of

More information

FULL ANALYSIS. Medical Protective Co. RATING AAA/Stable/ (EXTREMELY STRONG)

FULL ANALYSIS. Medical Protective Co. RATING AAA/Stable/ (EXTREMELY STRONG) FULL ANALYSIS Medical Protective Co. Primary Credit Analysts: Jieqiu Fan New York (1) 212-438-1975 jieqiu_fan@ standardandpoors.com Secondary Credit Analysts: Damien Magarelli New York (1) 212-438-6975

More information

MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations

MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations General Management s Discussion and Analysis of Financial Condition and

More information

A M Best s Rating Report. United Insurance Company Limited Bridgetown, Barbados. Revision Date: August 23, 2013

A M Best s Rating Report. United Insurance Company Limited Bridgetown, Barbados. Revision Date: August 23, 2013 A M Best s Rating Report United Insurance Company Limited Bridgetown, Barbados Revision Date: August 23, 2013 United Insurance Co. Ltd. has a Rating of A- (Excellent) Operating Company Non-Life Ultimate

More information

ONEBEACON REPORTS $11.13 BOOK VALUE PER SHARE

ONEBEACON REPORTS $11.13 BOOK VALUE PER SHARE NEWS RELEASE For Immediate Release Investor Relations Media Contact: Paul McDonough Carmen Duarte Phone: 952.852.6020 781.332.7268 Email: ir@onebeacon.com cduarte@onebeacon.com Website: www.onebeacon.com

More information

REPORT OF EXAMINATION OF THE PACIFIC SELECT PROPERTY INSURANCE COMPANY AS OF DECEMBER 31, 2010

REPORT OF EXAMINATION OF THE PACIFIC SELECT PROPERTY INSURANCE COMPANY AS OF DECEMBER 31, 2010 REPORT OF EXAMINATION OF THE PACIFIC SELECT PROPERTY INSURANCE COMPANY AS OF DECEMBER 31, 2010 Filed March 28, 2012 TABLE OF CONTENTS PAGE SCOPE OF EXAMINATION... 1 SUBSEQUENT EVENTS... 2 COMPANY HISTORY...

More information

SAGICOR GENERAL INSURANCE INC. BEST'S CREDIT RATINGS RATING RATIONALE

SAGICOR GENERAL INSURANCE INC. BEST'S CREDIT RATINGS RATING RATIONALE Operating Company Non-Life Ultimate Parent: Sagicor Financial Corporation SAGICOR GENERAL INSURANCE INC. Beckwith Place, Lower Broad Street, Bridgetown, Barbados Haggatt Hall, St. Michael, Barbados Web:

More information

Report of Examination of. Central Mutual Insurance Company Van Wert, Ohio. As of December 31, 2011

Report of Examination of. Central Mutual Insurance Company Van Wert, Ohio. As of December 31, 2011 Report of Examination of Central Mutual Insurance Company Van Wert, Ohio As of December 31, 2011 Table of Contents Subject Page Salutation... 1 Description of Company... 1 Scope of Examination... 1 Management

More information

MUNICH RE AMERICA CORPORATION

MUNICH RE AMERICA CORPORATION MUNICH RE AMERICA CORPORATION Annual Report For The Fiscal Year Ended December 31, 2013 (Pursuant to Section 4.04 of the Indenture between the Company and the holders of the Company s 7.45% Senior Notes*)

More information

News from The Chubb Corporation

News from The Chubb Corporation News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 Chubb Reports Fourth Quarter Net Income per Share of $2.35;

More information

KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE

KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE KENTUCKY EMPLOYERS' MUTUAL INSURANCE AUTHORITY dba KENTUCKY EMPLOYERS' MUTUAL INSURANCE Statutory Basis Financial Statements and Supplementary Information Years Ended December 31, 2010 and 2009 with Independent

More information

Allstate Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2012

Allstate Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2012 NAIC Group Code 0008 NAIC Company Code 00086 Employer s ID Number 36-07196665 OVERVIEW Allstate Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2012 The Allstate

More information

NATIONAL GENERAL INSURANCE COMPANY (P.S.C.) BEST'S CREDIT RATINGS RATING RATIONALE

NATIONAL GENERAL INSURANCE COMPANY (P.S.C.) BEST'S CREDIT RATINGS RATING RATIONALE Page 1 of 8 Operating Company Composite NATIONAL GENERAL INSURANCE COMPANY (P.S.C.) Levels Ground, 3, 5, 6, UP House, Port Saeed Street, Deira, Dubai, United Arab Emirates PO Box 154, Dubai, United Arab

More information

Statutory Financial Statements and Report of Independent Certified Public Accountants. Massachusetts Catholic Self-Insurance Group, Inc.

Statutory Financial Statements and Report of Independent Certified Public Accountants. Massachusetts Catholic Self-Insurance Group, Inc. Statutory Financial Statements and Report of Independent Certified Public Accountants Massachusetts Catholic Self-Insurance Group, Inc. Contents Page Report of Independent Certified Public Accountants

More information

Agreement to Acquire a World Leading Specialty Insurer, HCC Insurance Holdings, Inc.

Agreement to Acquire a World Leading Specialty Insurer, HCC Insurance Holdings, Inc. (English Translation) June 10, 2015 Tokio Marine Holdings, Inc. Agreement to Acquire a World Leading Specialty Insurer, HCC Insurance Holdings, Inc. Tokio Marine Holdings, Inc. ( TMHD )(President: Tsuyoshi

More information

Statutory Basis Financial Statements. Superior Insurance Company. For the six months ended June 30, 2011 with Accountants Compilation Report

Statutory Basis Financial Statements. Superior Insurance Company. For the six months ended June 30, 2011 with Accountants Compilation Report Statutory Basis Financial Statements Superior Insurance Company with Accountants Compilation Report Statutory Basis Financial Statements Contents Accountants Compilation Report...1 Compiled Financial Statements

More information

Starr Insurance & Reinsurance Limited and Subsidiaries

Starr Insurance & Reinsurance Limited and Subsidiaries Starr Insurance & Reinsurance Limited and Subsidiaries Financial Statements Table of Contents Page Independent Auditors Report 1 Financial Statements Consolidated Balance Sheet 2 Consolidated Statement

More information

Report of Examination of. All America Insurance Company Van Wert, Ohio. As of December 31, 2011

Report of Examination of. All America Insurance Company Van Wert, Ohio. As of December 31, 2011 Report of Examination of All America Insurance Company Van Wert, Ohio As of December 31, 2011 Table of Contents Subject Page Salutation... 1 Description of Company... 1 Scope of Examination... 1 Management

More information

First Quarter Highlights

First Quarter Highlights The Hanover Reports First Quarter Net Income of $1.46 per Diluted Share; Operating Income 1 of $1.32 per Diluted Share; Combined Ratio of 96.1% Including Catastrophe Impact of 2.0 points WORCESTER, Mass.,

More information

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY "DRAFT VERSION FOR FIRST REVIEW ONLY" Submitted to: Minstry of Finance and Economy Head of Insurance Department Republic of Armenia Submitted by: BearingPoint

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

MUNICH RE AMERICA CORPORATION

MUNICH RE AMERICA CORPORATION MUNICH RE AMERICA CORPORATION Annual Report For The Fiscal Year Ended December 31, 2014 (Pursuant to Section 4.04 of the Indenture between the Company and the holders of the Company s 7.45% Senior Notes*)

More information

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014 Consolidated financial statements Contents Page Management s statement of responsibility for financial reporting 1 Independent auditor s report 2 Consolidated statement of financial position 3 Consolidated

More information

AMERICAN FIDELITY ASSURANCE COMPANY

AMERICAN FIDELITY ASSURANCE COMPANY AMERICAN FIDELITY ASSURANCE COMPANY Oklahoma City, Oklahoma A+ Ultimate Parent: Cameron Associates Inc AMERICAN FIDELITY ASSURANCE COMPANY 2000 N. Classen Boulevard, Suite 10E Oklahoma City, OK 73106 Web:

More information

Scaffold Industry Insurance Company Risk Retention Group, Inc. GOVERNMENT OF THE DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE, SECURITIES AND BANKING

Scaffold Industry Insurance Company Risk Retention Group, Inc. GOVERNMENT OF THE DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE, SECURITIES AND BANKING GOVERNMENT OF THE DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE, SECURITIES AND BANKING REPORT ON EXAMINATION Scaffold Industry Insurance Company Risk Retention Group, Inc. AS OF DECEMBER 31, 2009 NAIC

More information

Ultimate Parent: AMERCO OXFORD LIFE INSURANCE COMPANY. Phoenix, Arizona

Ultimate Parent: AMERCO OXFORD LIFE INSURANCE COMPANY. Phoenix, Arizona Phoenix, Arizona A- Ultimate Parent: AMERCO OXFORD LIFE INSURANCE COMPANY 2721 North Central Avenue Phoenix, AZ 85004-1172 Web: www.oxfordlife.com Tel: 602-263-6666 Fax: 602-277-5901 AMB#: 007890 NAIC#:

More information

EMC Insurance Group Inc. Reports 2014 Fourth Quarter and Year-End Results and 2015 Operating Income Guidance

EMC Insurance Group Inc. Reports 2014 Fourth Quarter and Year-End Results and 2015 Operating Income Guidance FOR IMMEDIATE RELEASE Contact: Steve Walsh (Investors) 515-345-2515 Lisa Hamilton (Media) 515-345-7589 EMC Insurance Group Inc. Reports 2014 Fourth Quarter and Year-End Results and 2015 Operating Income

More information

REPORT OF EXAMINATION OF THE GEOVERA INSURANCE COMPANY AS OF DECEMBER 31, 2010

REPORT OF EXAMINATION OF THE GEOVERA INSURANCE COMPANY AS OF DECEMBER 31, 2010 REPORT OF EXAMINATION OF THE GEOVERA INSURANCE COMPANY AS OF DECEMBER 31, 2010 Filed March 28, 2012 TABLE OF CONTENTS PAGE SCOPE OF EXAMINATION... 1 SUBSEQUENT EVENTS... 2 COMPANY HISTORY... 2 MANAGEMENT

More information

Filings: An original hardcopy CARF and other required documents must be filed along with an electronic copy of the completed CARF.

Filings: An original hardcopy CARF and other required documents must be filed along with an electronic copy of the completed CARF. NORTH CAROLINA DEPARTMENT OF INSURANCE Form C-200 Captive Annual Report Form Instructions (All captive insurers except association captive insurers and risk retention groups) A. GENERAL INSTRUCTIONS This

More information

American International Group, Inc.

American International Group, Inc. Financial Supplement First Quarter 2012 This report should be read in conjunction with AIG s Report on Form 10-Q for the quarter ended March 31, 2012 filed with the Securities and Exchange Commission.

More information

REPORT ON EXAMINATION OF THE ERIE INSURANCE COMPANY OF NEW YORK AS OF DECEMBER 31, 2010

REPORT ON EXAMINATION OF THE ERIE INSURANCE COMPANY OF NEW YORK AS OF DECEMBER 31, 2010 REPORT ON EXAMINATION OF THE ERIE INSURANCE COMPANY OF NEW YORK AS OF DECEMBER 31, 2010 DATE OF REPORT OCTOBER 27, 2011 EXAMINER SHEIK H. MOHAMED TABLE OF CONTENTS ITEM NO. PAGE NO. 1. Scope of examination

More information

Starr Insurance & Reinsurance Limited and Subsidiaries

Starr Insurance & Reinsurance Limited and Subsidiaries Starr Insurance & Reinsurance Limited and Subsidiaries Consolidated Financial Statements December 31,2014 and 2013 Table of Contents December 31, 2014 and 2013 Page Independent Auditors' Report 1 Consolidated

More information

Jackson National Life Global Funding U.S. $9,000,000,000

Jackson National Life Global Funding U.S. $9,000,000,000 BASE PROSPECTUS SUPPLEMENT Jackson National Life Global Funding U.S. $9,000,000,000 GLOBAL DEBT ISSUANCE PROGRAM This supplement (this Base Prospectus Supplement ) is supplemental to and must be read in

More information

News from The Chubb Corporation

News from The Chubb Corporation News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 FOR IMMEDIATE RELEASE Chubb Reports 4th Quarter Net Income

More information

REPORT OF EXAMINATION OF PACIFIC SPECIALTY INSURANCE COMPANY AS OF DECEMBER 31, 2008

REPORT OF EXAMINATION OF PACIFIC SPECIALTY INSURANCE COMPANY AS OF DECEMBER 31, 2008 REPORT OF EXAMINATION OF PACIFIC SPECIALTY INSURANCE COMPANY AS OF DECEMBER 31, 2008 Participating State and Zone: California FILED: May 27th, 2010 TABLE OF CONTENTS PAGE SCOPE OF EXAMINATION... 1 COMPANY

More information

ANNUAL STATEMENT INSURANCE DEPARTMENT

ANNUAL STATEMENT INSURANCE DEPARTMENT ANNUAL STATEMENT OF THE MBIA INSURANCE CORPORATION OF ARMONK IN THE STATE OF NEW YORK TO THE INSURANCE DEPARTMENT OF THE STATE OF FOR THE YEAR ENDED DECEMBER 31, 2012 PROPERTY AND CASUALTY 2012 ASSETS

More information

Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2008

Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2008 NAIC Group Code 0008 NAIC Company Code 60186 Employer s ID Number 36-2554642 Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2008 The Allstate

More information

ANNUAL REPORT PEKIN LIFE INSURANCE COMPANY 2013

ANNUAL REPORT PEKIN LIFE INSURANCE COMPANY 2013 ANNUAL REPORT PEKIN LIFE INSURANCE COMPANY 2013 Table of Contents Letter to Shareholders....................................................1 Significant Figures.......................................................2

More information

TRANSAMERICA PREMIER LIFE INSURANCE COMPANY A+ STONEBRIDGE LIFE INSURANCE COMPANY A+ TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY A+

TRANSAMERICA PREMIER LIFE INSURANCE COMPANY A+ STONEBRIDGE LIFE INSURANCE COMPANY A+ TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY A+ TRANSAMERICA PREMIER LIFE INSURANCE COMPANY A+ STONEBRIDGE LIFE INSURANCE COMPANY A+ TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY A+ TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY A+ TRANSAMERICA LIFE INSURANCE

More information