Starr Insurance & Reinsurance Limited and Subsidiaries

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1 Starr Insurance & Reinsurance Limited and Subsidiaries Financial Statements

2 Table of Contents Page Independent Auditors Report 1 Financial Statements Consolidated Balance Sheet 2 Consolidated Statement of Operations and Comprehensive Income (Loss) 3 Consolidated Statement of Changes in Shareholder's Equity 4 Consolidated Statement of Cash Flows 5 6

3 Independent Auditors Report Board of Directors Starr Insurance & Reinsurance Limited and Subsidiaries We have audited the consolidated balance sheet of Starr Insurance & Reinsurance Limited and Subsidiaries (the Company ) as of, and the related consolidated statements of operations and comprehensive income (loss), changes in shareholder's equity and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Starr Insurance & Reinsurance Limited and Subsidiaries as of, and the consolidated results of their operations and their cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. New York, New York May 9,

4 Consolidated Balance Sheet (Expressed In Thousands of U.S. Dollars, Except for Number of Shares and Par Value Data) Assets Cash and cash equivalents $ 23,002 $ 26,669 Available-for-sale investments: Fixed maturity securities, at fair value 1,411,864 1,260,395 Equity securities and hedge, private equity, and real estate funds, at fair value 1,025,649 1,156,082 Total available-for-sale investments 2,437,513 2,416,477 Investments in real estate 444, ,630 Equity method investment 64,047 - Accrued investment income 18,568 16,727 Insurance balances receivable 108,448 50,210 Funds withheld 26,279 15,559 Reinsurance balances recoverable 44,164 36,039 Prepaid reinsurance premiums 78,352 17,033 Deferred acquisition costs 46,774 43,473 Other assets 8,543 5,216 Total assets $ 3,300,647 $ 3,086,033 Liabilities and Shareholder s Equity Liabilities Loss and loss adjustment expense reserves $ 456,233 $ 315,261 Accounts payable and accrued liabilities 13,377 5,808 Due to related parties 4,504 38,511 Reinsurance balances payable 74,288 9,217 Unearned premiums 242, ,717 Unearned commissions Net deferred tax liability 1, Long-term borrowings 88,958 88,591 Total liabilities 882, ,677 Shareholder's Equity Share capital, par value $1.00, authorized and issued 1,000,000 shares in 2011 and ,000 1,000 Contributed capital 1,986,512 1,986,512 Retained earnings 30,119 28,809 Accumulated other comprehensive income 294, ,857 Total controlling interest 2,312,329 2,360,178 Noncontrolling interests 106, ,178 Total liabilities and shareholder's equity $ 3,300,647 $ 3,086,033 See notes to consolidated financial statements 2

5 Consolidated Statement of Operations and Comprehensive Income (Loss) (Expressed In Thousands of U.S. Dollars) Years Ended Underwriting Income Gross premiums written $ 511,470 $ 431,592 Reinsurance premiums ceded (127,717) (48,732) Net premiums written 383, ,860 Change in unearned premiums (81,831) (1,230) Change in prepaid reinsurance premiums 58,905 (21,696) Net premiums earned 360, ,934 Underwriting Expenses Losses and loss adjustment expenses 308, ,750 Commissions and brokerage 107, ,504 Change in deferred acquisition costs (3,177) (5,401) Commission income (4,610) (36) Total underwriting expenses 408, ,817 Net underwriting income (loss) (47,324) 13,117 Net Investment Income (Loss) 68,173 (8,049) General and Administrative Expenses 18,896 6,225 Net Income (Loss) Before Tax 1,953 (1,157) Tax Expense 1, Net Income (Loss) 583 (1,604) Less: Net loss attributable to noncontrolling interests, (net of income tax expense 2011: $15 and 2010: $159) (727) (342) Net Income (Loss) Attributable to Controlling Interest 1,310 (1,262) Other Comprehensive Income (Loss) Other comprehensive income from equity method investee Unrealized holdings gains (losses) on available-for-sale securities arising during the year (18,658) 295,145 Reclassification adjustment for realized (gains) losses on available-for-sale securities included in net investment income (loss) (31,134) 30,011 Total other comprehensive income (loss) (49,159) 325,156 Less: Other comprehensive income attributable to noncontrolling interests - - Other comprehensive income (loss) attributable to the controlling interest (49,159) 325,156 Comprehensive Income (Loss) Attributable to Controlling Interest $ (47,849) $ 323,894 See notes to consolidated financial statements 3

6 Consolidated Statement of Changes In Shareholder s Equity (Expressed In Thousands of U.S. Dollars) Years Ended Share Capital Balance, beginning and end of period $ 1,000 $ 1,000 Contributed Capital Balance, beginning of period 1,986, ,463 Amounts contributed during the period - 1,537,049 Balance, end of period 1,986,512 1,986,512 Retained Earnings Balance, beginning of period 28,809 30,071 Net income (loss) attributable to controlling interest 1,310 (1,262) Balance, end of period 30,119 28,809 Accumulated Other Comprehensive Income Balance, beginning of period 343,857 14,996 Accumulated other comprehensive income on investments contributed - 3,705 Other comprehensive income (loss) - 325,156 Balance, end of period 343, ,857 Total controlling interest $ 2,361,488 $ 2,360,178 Noncontrolling Interests Balance, beginning of period $ 109,178 $ - Net distribution to noncontrolling interests (2,374) - Noncontrolling interests contributed during the period - 109,520 Net loss attributable to noncontrolling interests (727) (342) Balance, end of period $ 106,077 $ 109,178 See notes to consolidated financial statements 4

7 Consolidated Statement of Cash Flows (Expressed In Thousands of U.S. Dollars) Years Ended Cash Flows from Operating Activities Net income (loss) attributable to controlling interest $ 1,310 $ (1,262) Net loss attributable to non-controlling interests (727) (342) Net income (loss) 583 (1,604) Net realized (gain) loss on investments (31,134) 30,011 Income from equity method investments (966) - Depreciation of fixed assets Deferred taxes 1, Net amortization of bond premium 8,075 5,793 Change in: Accrued investment income (1,841) (2,844) Insurance balances receivable (58,238) 15,873 Funds withheld (10,720) 7,882 Reinsurance balances recoverable (8,125) 24,685 Prepaid reinsurance premiums (61,319) 21,696 Deferred acquisition costs (3,301) (5,401) Other assets (3,453) (5,097) Loss and loss adjustment expense reserves 140,972 54,917 Accounts payable and accrued liabilities 7,569 3,115 Due to related parties (34,007) 20,859 Reinsurance balances payable 65,071 (25,419) Unearned premiums 84,086 1,230 Unearned commission 168 (675) Net cash provided by operating activities 94, ,526 Cash Flows from Investing Activities Fixed maturity securities available-for-sale: Purchases (354,420) (464,691) Sales, maturities and calls 247, ,458 Equity securities and hedge, private equity and real estate funds: Purchases and contributions (191,635) (119,702) Sales and distributions 252,372 97,558 Purchase of investment in real estate - (99,538) Net return of capital from investment in real estate 9,500 - Purchase of equity method investment (62,448) - Net cash received from contributed subsidiary - 18,000 Net cash used in investing activities (99,565) (263,915) Cash Flows from Financing Activities Net distribution to noncontrolling interests (2,374) - Long-term borrowings for investment in real estate 3,388 81,875 Net cash provided by financing activities 1,014 81,875 Net decrease in cash and cash equivalents (3,667) (36,514) Cash and Cash Equivalents, Beginning of Period 26,669 63,183 Cash and Cash Equivalents, End of Period $ 23,002 $ 26,669 Supplementary Cash Flow Information Noncash financing activities: Contributions of investments and subsidiaries from Parent, net of cash received $ - $ 1,546,091 Impact of foreign translation adjustment on purchase of real estate investment and long-term borrowings for investment real estate $ (7,194) $ 6,716 See notes to consolidated financial statements 5

8 1. The Company and its Activities Starr Insurance & Reinsurance Limited (the Company ) was incorporated under the laws of Bermuda on April 12, The Company is a wholly owned subsidiary of Starr International Investments Ltd, (the Parent ) a Bermuda registered company which in turn is 100% owned by Starr International Company, Inc, ( SICO ) a Panamanian company incorporated in The registered office of the Company is Bermuda Commercial Bank Building, 19 Par-la-Ville Road, Hamilton, Bermuda. The Company reinsures primarily on a quota share basis insurance companies which underwrite various classes of business. Since inception, the majority of business reinsured is produced by the agency subsidiaries of C.V. Starr & Co, Inc. (the Starr Agencies ). Certain key personnel of the Starr Agencies are also directors of the Company. The Company reinsures the following lines of business - aviation, energy, excess casualty, property, accident and health, professional liability, marine, residential construction, contractors pollution, and political and financial risk. The Company uses quota share and excess of loss reinsurance agreements to limit its exposure on reinsurance assumed. On June 30, 2010 the Parent contributed the common stock of Starr International Cayman, Inc. and Subsidiaries ( Starr Cayman ) an investment management company. Starr Cayman invests primarily in limited partnerships, real estate investments and private equity funds as more fully described in Note 16. In addition, the Parent also contributed bonds and equity securities. On January 1, 2011, the Company s UK Branch, Starr Insurance & Reinsurance Limited, London Branch, commenced writing various lines of business including aviation, energy, property, marine, casualty and political and financial risk on a direct basis. The Company evaluated subsequent events for recognition or disclosure through May 9, 2012, the date the financial statements were available to be issued. 2. Significant Accounting Policies The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. While management believes that the amounts included in the financial statements reflect the Company's best estimates and assumptions, actual results could differ from these estimates. Significant estimates made by the Company include fair value of investments, other-than-temporary impairment of investments, deferred acquisition costs and loss and LAE reserves. Principles of Consolidation The consolidated financial statements include all accounts, after material intercompany eliminations, between the Company and its subsidiaries. 6

9 Noncontrolling Interests The Company records noncontrolling (i.e., minority) interests in partially owned consolidated subsidiaries in the consolidated balance sheet as a separate component of consolidated shareholder s equity. The noncontrolling interests share of net loss is reported as a part of consolidated net loss with disclosure of the attribution of consolidated net loss attributable to the controlling and noncontrolling interests on the face of the consolidated statement of operations and comprehensive income (loss). Premiums Gross premiums written are recognized as revenue on a pro rata basis over the term of reinsurance treaties to which they relate. The portion of premiums that will be earned in the future are deferred and reported as unearned premiums. Premiums written for which the ceding company's reports are not available are estimated. Insurance Balances Receivable Insurance balances receivable are periodically evaluated for collectability based on past credit history of ceding companies and their current financial condition. Provisions for uncollectible insurance balance receivables are charged against an allowance account when such balances are deemed to be uncollectible. The Company had no valuation allowance recorded as of. Reinsurance Ceded Reinsurance premiums ceded are recognized over the policy term in the same manner as the related premiums are earned. The portion of premiums that will be recognized in the future are deferred and reported as prepaid reinsurance premiums. The Company uses quota share and excess of loss reinsurance arrangements to reduce the risk of catastrophic loss from reinsurance assumed. The ceding of risks to retrocessionaires does not relieve the Company of its obligations to its ceding companies. The Company remains liable to its ceding companies for the portion reinsured to the extent that any reinsurer does not meet the obligations assumed under the reinsurance arrangement. To minimize its exposure to significant losses from reinsurer insolvencies, the Company evaluates the financial condition of its reinsurers. It is the opinion of management that the financial strength of the Company's reinsurers is such that any potential exposure to the Company for non-payment is minimal, and therefore no valuation allowance has been recorded as of. Certain quota share agreements written and ceded include profit sharing provisions. The Company accrues assets or liabilities pursuant to the profit sharing provisions based upon the best estimate of the probable profit or loss. As of, the Company recorded ultimate profit commissions in the amount of $1,733 and $2,008, respectively, which are included in accounts payable and accrued liabilities in the consolidated balance sheet. 7

10 Deferred Acquisition Costs Acquisition costs represent commissions and other costs of successfully acquiring new insurance and reinsurance contracts and the renewing of existing contracts. Acquisition costs are deferred and amortized over the term of the contracts to which they relate. Proceeds from retrocessional reinsurance transactions that represent recovery of acquisition costs reduce applicable unamortized acquisition costs in such a manner that net acquisition costs are capitalized and charged to expense in proportion to net revenue recognized. The amount amortized into earnings for the years ended was $3,177 and $5,401, respectively. The Company conducts a premium deficiency analysis whereby deferred acquisition costs are reviewed to determine if they are recoverable from future income. If such costs are estimated to be unrecoverable they are written off. The Company considers investment income in its determination of premium deficiency. The Company determined no such deficiency existed as of. Losses and Loss Adjustment Expenses Losses and loss adjustment expenses ( LAE ) include amounts paid and recovered in the period and changes in the outstanding loss reserves, incurred but not reported reserves, reinsurance balances recoverable and loss reserve discount. Loss adjustment expenses are charged to income as they are incurred and consist mainly of external costs relating to the negotiation and settlement of claims. Loss and Loss Adjustment Expense (LAE) Reserves and Reinsurance Balances Recoverable The Company s loss and LAE reserves are comprised of outstanding loss and LAE reserves and incurred but not reported loss and LAE reserves. The outstanding loss reserves comprise estimated losses based on reports provided by the ceding companies. The incurred but not reported reserves are based upon management's best estimate of the ultimate cost of settlement of losses that may be incurred by the Company, in accordance with the recommendations of an actuary. 8

11 Outstanding loss and LAE reserves and incurred but not reported loss and LAE reserves reflect management's best estimate of future amounts needed to pay claims and related settlement costs with respect to insured events which have occurred, including events that have not been reported to the Company. In many cases, significant periods of time, ranging up to several years or more, may elapse between the occurrence of an insured loss, the reporting of the loss to the Company and the Company's payment of that loss. As part of the process in determining the Company's outstanding loss and LAE reserves and incurred but not reported loss and LAE reserves, actuarial models are used that analyze industry data and consider the impact of current developments and trends, such as trends in claims severity and frequency and claims settlement trends. Also considered are legal developments, regulatory trends, legislative developments, and changes in social attitudes and economic conditions. Management believes that its outstanding loss reserves and incurred but not reported loss and LAE reserves are fairly stated as of December 31, 2011 and However, estimating the ultimate claims liability is necessarily a complex and judgmental process inasmuch as the amounts are based on management's informed estimates, assumptions and judgments using data currently available. As additional experience and data becomes available regarding claims payment and reporting patterns, legal and legislative developments, judicial theories of liability, the impact of regulatory trends, changes in social attitudes and economic conditions, the estimates are revised accordingly. If the Company's ultimate losses prove to differ substantially from the amounts recorded at December 31, 2011 and, the related adjustments could have a material adverse effect on the Company's financial condition, results of operations and liquidity. Amounts recoverable from reinsurers are estimated in a manner consistent with the reserving methodology adopted in the estimation of the outstanding loss reserves and the incurred but not reported reserves and the related reinsurance arrangements. Future adjustments to the amounts recorded resulting from the continual review process, as well as differences between estimates and ultimate settlements, will be recorded in the consolidated statement of operations and comprehensive income when such adjustments become known and are estimable. Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid investments with maturities of three months or less at the date of acquisition. Fixed Maturity Securities Fixed maturity securities have been classified as available for sale and are reported at fair value, adjusted for any other-than-temporary decline in fair value, with unrealized holding gains and losses reported as a net amount in accumulated other comprehensive income. Realized gains and losses are determined using the specific identification basis. 9

12 The Company reviews fixed maturity securities in its investment portfolio on a periodic basis to specifically identify individual securities that have incurred an other-than-temporary decline in fair value below cost or amortized cost. This review encompasses, among other things, recent issuer activities, such as defaults, quarterly earnings announcements, and other pertinent financial news for the issuer, recent developments and economic outlooks for particular industries, rating agency actions, and the length of time and extent to which fair value has been less than cost or amortized cost. When management's review identifies an other-than-temporary impairment, it compares its projected discounted cash flows to the amortized cost in order to determine the credit related portion of the impairment, which is recognized in the statement of operations. The non-credit portion of the other-thantemporary impairment relative to all other factors is recorded through comprehensive income in the consolidated balance sheet. In addition, management also considers whether it has the intent to sell a particular security or whether it is more likely than not the Company has the ability to hold the security to recovery. Management does not intend to sell these securities and it is more likely than not that the Company has the ability to hold these securities to recovery. Equity Securities, Hedge, Private Equity and Real Estate Funds All equity securities, hedge, private equity and real estate funds are classified as availablefor-sale and are carried at fair value with net unrealized holding gains or losses reported as a component of accumulated other comprehensive income. The Company reviews all equity securities, hedge, private equity and real estate funds in its investment portfolio on a periodic basis to specifically identify individual securities that have incurred an other-than-temporary decline in fair value below cost. This review encompasses, among other things, recent issuer activities, such as defaults, quarterly earnings announcements, and other pertinent financial news for the issuer, recent developments and economic outlooks for particular industries, rating agency actions, and the length of time and extent to which fair value has been less than cost. When management s review identifies an other-than-temporary impairment in the valuation of a security, a realized loss is recognized in the consolidated statements of operations and comprehensive income (loss). 10

13 Investments in Real Estate Investments in real estate, including related improvements, are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful life of the asset, when the real estate is placed in use. No depreciation expense has been recorded for December 31, 2011 or 2010 as the investments were substantially not in use during 2011 or Rental income is recognized on a straight-line basis over the term of the respective leases. The Company classifies a property as held-forsale if it commits to a plan to sell a property within one year and actively markets the property in its current condition for a price that is reasonable in comparison to its estimated fair value. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs. Real estate is not depreciated while it is classified as held-for-sale. There was no real estate held-for-sale as of December 31, 2011 or The Company periodically reviews its investments in real estate for impairment and tests properties for recoverability whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable and the carrying value of the property exceeds its estimated fair value. Properties whose carrying values are greater than their expected future undiscounted cash flows are written down to their estimated fair value, with the impairment loss included in net investment gains (losses). There were no impairment losses recorded during 2011 or Impairment losses are based upon the estimated fair value of real estate, which is generally computed using the present value of expected future cash flows discounted at a rate commensurate with the underlying risks. Equity Method Investments The Company utilizes the equity method of accounting with respect to investments where it possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when an investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate the ability to exercise significant influence is restricted. In applying the equity method, the Company records its investment at cost in the consolidated balance sheet as investment in partially owned companies. Any increase or decrease in the carrying amount subsequent to acquisition is the result of the Company s share of the net earnings or losses and comprehensive income (loss) of the investee. The Company s share of earnings or loss and comprehensive income (loss) are recorded in the Company s consolidated statement of income and comprehensive income (loss). 11

14 3. Cash and Cash Equivalents Cash $ 9,381 $ 8,189 Cash held at custodian 1,621 6,480 Certificate of deposit 12,000 12,000 Total $ 23,002 $ 26, Investments The cost or amortized cost and fair value of the Company's investment portfolio at December 31 were as follows: Amortized Cost/Cost Gross Unrealized Gains 2011 Gross Unrealized Losses Fair Value Fixed maturity securities: U.S. Treasury securities and obligations of U.S. government agencies $ 19,711 $ 12 $ 1 $ 19,722 States, political subdivisions and foreign government securities 64,860 6,272-71,132 Corporate debt securities 1,241,293 82,210 5,237 1,318,266 Other asset-backed securities 2, ,744 Total fixed maturity securities 1,328,609 88,496 5,241 1,411,864 Equity securities 283,074 68,904 31, ,823 Hedge funds 10,796 3, ,740 Private equity funds 489, ,505 12, ,103 Real estate funds 31,074 4,255 2,346 32,983 Total equity securities, hedge funds, private equity funds and real estate funds 814, ,743 45,933 1,025,649 Total $ 2,143,448 $ 345,239 $ 51,174 $ 2,437,513 12

15 Amortized Cost/Cost Gross Unrealized Gains 2010 Gross Unrealized Losses Fair Value Fixed maturity securities: U.S. Treasury securities and obligations of U.S. government agencies $ 29,248 $ 4 $ 2 $ 29,250 States, political subdivisions and foreign government securities 60,690 1, ,842 Corporate debt securities 1,096,364 62,882 6,579 1,152,667 Other asset-backed securities 16, ,636 Total fixed maturity securities 1,202,840 64,728 7,173 1,260,395 Equity securities 322, , ,566 Hedge funds 16,972 4, ,227 Private equity funds 511, ,919 10, ,729 Real estate funds 19,209 3,699 1,348 21,560 Total equity securities, hedge funds, private equity funds and real estate funds 869, ,259 11,957 1,156,082 Total $ 2,072,620 $ 362,987 $ 19,130 $ 2,416,477 Certain cash and cash equivalents and fixed maturity securities available for sale with an aggregate fair value of $601,568 and $503,347 as of, respectively, have been placed in trust accounts to secure the Company's obligations to ceding companies. The Company may not reduce, close, terminate or draw from the trust accounts without the express permission of the respective ceding companies. Pursuant to the terms of certain quota share reinsurance agreements, the Company has issued letters of credit as of in the amount of $108,465 and $4,069, respectively, in favor of the ceding insurers. The facilities are secured by cash and cash equivalents and fixed maturity securities held at the custodian. 13

16 For securities that were in an unrealized loss position, the length of time that such securities have been in an unrealized loss position, as measured by their year-end fair values, were as follows: December 31, 2011 Less than 12 Months 12 Months or More Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fixed maturity securities: U.S. Treasury Securities and obligations of U.S. government agencies $ 5,989 $ 1 $ - $ - $ 5,989 $ 1 States, Political subdivisions and foreign government securities Corporate debt securities 63,793 3,456 66,090 1, ,883 5,237 Other asset-backed securities 1, ,153 3 Total fixed maturity securities 70,935 3,460 66,090 1, ,025 5,241 Equity securities 161,629 31, ,629 31,155 Hedge funds 2, , Private equity funds 6, ,343 12,140 23,735 12,297 Real estate funds ,134 2,346 12,134 2,346 Total equity securities hedge, private equity and real estate funds 170,124 31,355 29,737 14, ,861 45,933 Total $ 241,059 $ 34,815 $ 95,827 $ 16,359 $ 336,886 $ 51, December 31, 2010 Fixed maturity securities: U.S. Treasury Securities and obligations of U.S. government agencies $ 1,318 $ 2 $ - $ - $ 1,318 $ 2 States, Political subdivisions and foreign government securities 32, , Corporate debt securities 277,847 6,430 10, ,159 6,579 Other asset-backed securities 5, , Total fixed maturity securities 316,869 7,024 10, ,181 7,173 Equity securities Hedge funds Private equity funds 59,714 10, ,714 10,543 Real estate funds 7,482 1, ,482 1,348 Total equity securities hedge, private equity and real estate funds 67,372 11, ,372 11,957 Total $ 384,241 $ 18,981 $ 10,312 $ 149 $ 394,553 $ 19,130

17 As of December 31, 2011, the Company had $5,241 in unrealized losses on fixed maturity securities which primarily relate to corporate debt securities. The determination that a security has incurred an other-than-temporary impairment and the amount of any loss recognized requires the judgment of management and continued review of the Company s investments. The Company performs quarterly reviews of its investments in order to determine whether declines in market value below the amortized cost basis were considered other-than-temporary. For 2011 the Company recorded a loss of $27,315 on its equity investments that was deemed to be an other-than-temporary impairment. The Company s assessment was based on the issuer s current and expected future financial position, as well as relevant information provided by investment advisors and analysts. As of December 31, 2011, the Company holds one direct investment with a cost, net of otherthan-temporary impairment, and estimated fair value recorded by the Company of $25,000. During the year ended December 31, 2011, the Company recorded other-than-temporary impairments related to this investment to write the investment down from its carried amount of $52,315 at December 31, 2010 to $25,000 at December 31, In 2012, the Company is expecting to receive $25,000 under an agreement to sell this investment to its ultimate parent. The Company's investments are managed in accordance with its investment guidelines established by its Executive Committee and approved by its Board of Directors. The Company's investments potentially expose it to credit risk. The Company's portfolio comprises a diversified holding of debt securities and therefore does not contain significant holdings with any one single issuer. All debt securities are in accordance with the investment guidelines. Management has received Board approval to hold below investment grade securities and will continue to monitor these investments for potential impairment. Market risk exists in that the recorded fair value will fluctuate with changes in fair value. Management has considered the nature of investments in an unrealized loss position, the cause of their impairment, the severity and duration of their impairment and other relevant information available and believes that impairments are temporary in nature. In the opinion of management, the risk of exposure due to market risk is low due to the diversified portfolio. For securities, other than fixed maturity securities, that are in an unrealized loss position management considers such factors as the size of the loss compared to fair value, the commitment period and remaining commitment of the fund, other information from investment managers to determine if the impairment is other-than-temporary, and the Company s ability and intent to hold these securities to recovery. 15

18 The amortized cost and fair value of fixed maturity securities by contractual maturity as of December 31, 2011 are shown below. Expected maturities will differ from contractual maturities because the issuers may have the right to call or prepay certain obligations. Amortized Cost/ Cost Fair Value Within one year $ 19,356 $ 19,367 One to five years 192, ,224 Six to ten years 1,108,759 1,182,750 After ten years 8,111 8,523 Total $ 1,328,609 $ 1,411,864 The nature of the Company s investments is as follows: U.S. Treasury, U.S. Government Corporations and Agencies The Company invests in U.S. Treasury obligations and direct obligations of U.S. government agencies. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the par value of the investment. State, Political Subdivision, and Foreign Government Securities The Company invests in states, municipalities and political subdivisions in which the contractual terms of those investments do not permit the issuer to settle the securities at a price less than the par value of the investment. Corporate Debt Securities The Company invests in corporate debt securities in various entities in diversified industries. The contractual terms of corporate bonds do not permit those entities to settle the security at a price less than the par value of the investment. Asset Backed Securities The Company s investments in asset-backed securities are derived from and collateralized (or "backed") by a specified pool of underlying assets. The pool of assets is typically a group of small and illiquid assets that are unable to be sold individually. The pools of underlying assets include common payments from credit cards and auto loans, to esoteric cash flows from aircraft leases and royalty payments. 16

19 Equity Securities The Company s investment in equity securities and exchange traded funds of various entities in diversified industries traded on various foreign exchanges. Hedge Funds The Company has various investments in hedge funds located in the United States and foreign countries. Each fund has its own strategy which determines the type of investments and the methods of investment it undertakes. Each fund is managed by its own investment manager which has spread investments over various entities. The Company has diversified its investments over several hedge fund managers. Private Equity Funds The Company has a diversified investment portfolio in private equity funds located in various countries. This investment vehicle is used for making investments in various equity securities as identified by management. These funds are typically limited partnerships and are managed by various investment managers. Real Estate Funds The Company has a direct investment in a fund located in a foreign country. This fund invests in a variety of commercial real estate ventures. Investments in Real Estate The Company owns commercial real estate in certain subsidiaries in which the Company has a controlling interest. Other Investments The Company has direct investments in various entities whose business are in diversified industries located in the United States of America and other countries. 5. Insurance Balances Receivable Insurance balances receivable are comprised of amounts due from ceding insurers and is stated net of acquisition costs, funds withheld and losses paid. All amounts are due within one year of the balance sheet date. 6. Funds Withheld Funds withheld comprise amounts held by ceding insurers pursuant to the terms of the quota share reinsurance agreements. Interest earned on funds withheld and trust assets amounted to $25,319 and $21,246 as of, respectively, and is included in net investment income (loss). 17

20 7. Loss and LAE Reserves and Reinsurance Balances Recoverable Gross balance, beginning of year $ 315,261 $ 260,344 Less: reinsurance recoverable, beginning of year 36,039 60,723 Net reserves 279, ,621 Net incurred losses and LAE related to: Current year 279, ,877 Prior years (favorable) adverse 41,722 (15,253) Net discount (12,535) (21,874) 308, ,750 Net paid losses and LAE related to: Current year 58,061 49,733 Prior years 117, , , ,149 Net balance, end of year 412, ,222 Foreign currency translation exchange adjustments (152) - Plus: reinsurance recoverable, end of year 44,164 36,039 Gross balance, end of year $ 456,233 $ 315,261 Comprising: Outstanding loss and LAE reserves $ 208,285 $ 139,770 Incurred but not reported loss and LAE reserves 247, ,491 Total $ 456,233 $ 315,261 The unfavorable development of losses in 2011 is a result of higher than estimated losses on the Company s aviation and excess casualty lines of business, as the estimated ultimate losses of prior years for these lines of business were based upon industry data, primarily as the Company had limited historical loss experience on which to base its estimates. The Company s actual experience during 2011 is included in the Company s statement of operations and comprehensive income (loss). During 2011 and 2010, the Company discounted its excess casualty line of business. The discount is calculated using a 3.6% interest rate, which approximates the Company s 2011 and 2010 investment yield, and payment patterns for excess casualty business which consider industry and Company experience. At, loss and LAE reserves reflect a net discount of $34,409 and $21,874, respectively. 18

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