Starr Insurance & Reinsurance Limited and Subsidiaries

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1 Starr Insurance & Reinsurance Limited and Subsidiaries Consolidated Financial Statements December 31,2014 and 2013

2 Table of Contents December 31, 2014 and 2013 Page Independent Auditors' Report 1 Consolidated Financial Statements Balance Sheet Statement of Operations and Comprehensive Income (Loss) Statement of Changes in Shareholder's Equity Statement of Cash Flows

3 Dakcr Tilly Vird10w Kr.tusc, LLP One Penn Plaza, Suire 3000 New York, N Y rei fax bjkerrilly.com Independent Auditors' Report Board of Directors Starr Insurance & Reinsurance Limited and Subsidiaries We have audited the accompanying consolidated financial statements of Starr Insurance & Reinsurance Limited and Subsidiaries, which comprise the consolidated balance sheet as of December 31, 2014 and 2013, and the related consolidated statements of operations and comprehensive income (loss), changes in shareholder's equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility 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 from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ~ ~-. :u t t l BAKER TILLY INTERNATIONAL 1 An Afflrnu ti\ e Anion F.tvul Opportunity Emp!ortr

4 Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Starr Insurance & Reinsurance Limited and Subsidiaries as of December 31, 2014 and 2013, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. :;fa.~&c.. Tl{;- 1/~eio~ kr~, J_L(J New York, New York April27,

5 Consolidated Balance Sheet (Expressed In Thousands of U.S. Dollars, Except for Number of Shares and Par Value Data) December 31, 2014 and Assets Cash and cash equivalents 102,797 71,771 Available-for-sale investments, at fair value: Fixed maturity securities 1,910,255 1,675,227 Equity securities 10,367 78,078 Other investments 592, ,782 Total available-for-sale investments 2,513,200 2,369,087 Real estate investment 243, ,121 Equity method investments 71,337 71,382 Accrued investment income 22,674 21,030 Insurance balances receivable 334, ,702 Funds withheld 30,048 1,857 Reinsurance balances recoverable 223, ,922 Prepaid reinsurance premiums 197, ,079 Deferred acquisition c9sts 73,023 72,046 Due from related parties, net 388, ,182 Net deferred tax asset 796 Other assets 7,644 78,808 Total assets 4,209,425 3,737,987 Liabilities and Shareholder's Equity Liabilities Unpaid losses and loss adjustment expenses 1,103, ,954 Accounts payable and accrued liabilities 6,361 10,300 Reinsurance balances payable 203, ,836 Unearned premiums 519, ,582 Unearned commissions 6,065 4,252 Net deferred tax liability - 1,604 Total liabilities 1,839,055 1,421,528 Shareholder's Equity Share capital, par value 1.00, authorized and issued 1,000,000 shares in 2014 and ,000 1,000 Contributed capital 1,842,280 1,842,280 Retained earnings 294, ,692 Accumulated other comprehensive income 227, ,832 Total controlling interest 2,365,755 2,311,804 Noncontrolling interest 4,615 4,655 Total shareholder's equity 2,370,370 2,316,459 Total liabilities and shareholder's equity 4,209,425 3,737,987 See notes to consolidated financial statements Director Director 3

6 Consolidated Statement of Operations and Comprehensive Income (Loss) (Expressed In Thousands of U.S. Dollars) Years Ended December 31, 2014 and Underwriting Income Gross premiums written 1,007, ,429 Reinsurance premiums ceded (365,699) (264,775) Net premiums written 641, ,654 Change in unearned premiums (75,282) (114,014) Change in prepaid reinsurance premiums 49,125 37,621 Net premiums earned 615, ,261 Underwriting Expenses Losses and loss adjustment expenses 466, ,760 Commissions and brokerage 133, ,984 Change in deferred acquisition costs (1,560) (18,492) Commission income (14,501) (13,040) Total underwriting expenses 583, ,212 Net underwriting income 31,987 69,049 Net Investment Income 104, ,996 General and Administrative Expenses 22,558 22,348 Net income before tax 113, ,697 Tax (Benefit) Expense (2,286) 230 Net income 116, ,467 ~ Less: Net loss attributable to noncontrolfing interest, net of income tax expense of 0 in 2014 and 2013 (40) (42) Net income attributable to controlling interest 116, ,509 Other Comprehensive Income (Loss) Other comprehensive (loss) income from equity method investees (1,550) 1,770 Unrealized holding gain (losses) on available-for-sale securities arising during the year 101 '196 (11,138) Reclassification adjustment for realized gains on available-for-sale securities included in net investment income (50,819) (79,143) Total other comprehensive income (loss) attributable to controlling interest 48,827 (88,511) Total comprehensive income attributable to controlling interest 164,951 86,998 See notes to consolidated financial statements 4

7 Consolidated Statement of Changes of Shareholder's Equity (In Thousands of U.S. Dollars, Except Share Numbers) Years Ended December 31, 2014 and 2013 Accumulated Other Total Total Contributed Retained Comprehensive Controlling Noncontrolling Shareholder's Share Capital Capital Earnings Income Interest Interest Equity Balance at January 1, ,000 1,842, , ,343 2,268,806 4,697 2,273,503 Net income (loss) , ,509 (42) 175,467 Cash dividends to shareholders - - (44,000) - (44,000) - (44,000) Other comprehensive loss, net (88,511) (88,511) - (88,511 ) Balance at December 31, ,000 1,842, , ,832 2,311,804 4,655 2,316,459 Net income (loss) , ,124 (40) 116,084 Cash dividends to shareholders - - (111,000) - (111,000) - (111,000) Other comprehensive income, net ,827 48,827-48,827 Balance at December 31, ,000 1,842, , ,659 2,365,755 4,615 2,370,370 See notes to consolidated financial statements 5

8 Consolidated Statement of Cash Flows (Expressed In Thousands of U.S. Dollars) Years Ended December 31, 2014 and Cash Flows from Operating Activities Net income attributable to controlling interest Net loss attributable to non-controlling interest Net income Net realized gain on investments Losses on other-than-temporary impairments of investments Loss from equity method investments Depreciation of fixed assets Deferred taxes Net amortization of bond premium Foreign exchange (gain) loss in income Change in: Accrued investment income Insurance balances receivable Funds withheld Reinsurance balances recoverable Prepaid reinsurance premiums Deferred acquisition costs Due from related parties, net Other assets Unpaid losses and loss adjustment expenses Accounts payable and accrued liabilities Reinsurance balances payable Unearned premiums Unearned commissions Net cash provided by operating activities Cash Flows from Investing Activities Fixed maturity securities available-for-sale: Purchases Sales, maturities and calls Equity securities available-for-sale: Sales Other investments available-for-sale: Purchases and contributions Sales and distributions Distributions from investment in real estate Contributions to equity method investees Net cash (used in) provided by investing activities Cash Flows from Financing Activities Dividends paid Net cash used in financing activities Net increase in cash and cash equivalents Cash and Cash Equivalents, Beginning of Period Cash and Cash Equivalents, End of Period Supplementary Disclosure of Non-Cash Transactions Partnership interests in funds received in exchange for transfer of private equity funds s 116, ,509 (40) (42) 116, ,467 (50,8 19) (99,154) 20, , (2,402) (4,327) 6,672 7, (1,644) (1,350) (87, 174) (80,207) (28, 191 ) 2,216 (56,070) (56,239) (39, 107) (40,977) (977) (18,276) (166,569) (93,341) 71 '164 (41,187) 288, ,567 (3,939) (5,872) 68,466 40,948 64, ,639 1, , ,645 (569,747) (582,024) 357, ,181 65, ,594 (30,327) (17,758) 127,286 91,296 13,020 14,518 {3.015) (4,479) (39,707) (46,672) (11 1,000) (44, 000) (1 11,000) (44,000) 31,025 23,973 71,771 47, ,796 s 71,771 46,911 s 122,989 See notes to consolidated financial statements 6

9 December 31, 2014 and 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 Global Holdings, AG ("Starr Global") a Switzerland registered company which in turn is 100% owned by Starr International Company, Inc., ("SICO") a Swiss company incorporated in Effective March 1, 2014, a new Swiss intermediate holding Company, Starr Global Holdings, AG ("Starr Global"), 100% owned by SICO, became the new parent of the Company. The Parent distributed all of its interests in the issued shares of the Company to Starr Global. The registered office of the Company is Bermuda Commercial Bank Building, 19 Par-la-Ville Road, Hamilton, Bermuda. The Company reinsures on a quota share basis insurance companies which underwrite various classes of business. The Company also provides aggregate stop loss reinsurance to certain affiliated companies. The majority of business reinsured is produced by the agency subsidiaries and divisions of Starr Indemnity & Liability Company (the "Starr Agencies") a related party. The Company direct writes and reinsures the following lines of business - aviation, energy, excess casualty, property, accident and health, professional liability, marine, residential construction, contractors' pollution and political financial risk. The Company uses quota share and excess of loss retrocessional and reinsurance agreements to limit its exposure on direct business written and on reinsurance assumed. The Company's wholly-owned subsidiary, Starr International Cayman, Inc. and Subsidiaries ("Starr Cayman"), is an investment management company that invests primarily in limited partnerships, real estate investments and private equity funds. The Company evaluated subsequent events for recognition or disclosure through April 27, 2015, 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 unpaid loss and loss adjustment expenses. Principles of Consolidation The consolidated financial statements include all accounts, after significant intercompany eliminations, between the Company and its subsidiaries. 7

10 December 31, 2014 and 2013 Foreign Currency The functional currency of the Company is the United States (U.S.) Dollar, while the accounts of foreign-based subsidiaries and branches are measured, in most instances, using the local currency of the subsidiary as the functional currency. Revenues and expenses of these businesses are generally translated into U.S. Dollars at the average exchange rate for the period. Assets and liabilities are translated at the exchange rate as of the end of the reporting period. Gains or losses from translating the financial statement of foreign-based operations are included in equity as a component of accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the Company or the applicable subsidiary of the Company are included in the consolidated statement of comprehensive income except that unrealized gains or losses associated with available-for-sale securities are included as a component of accumulated other comprehensive income. Reclassifications Certain balances were re-classified in 2013 to conform with the 2014 presentation format. There was no impact to equity or net income. Noncontrolling Interest The Company records its noncontrolling (i.e., minority) interest in a partially owned consolidated subsidiary in the consolidated balance sheet as a separate component of consolidated shareholder's equity. The noncontrolling interest's share of net income or loss is reported as a part of consolidated net income with disclosure of the consolidated net income (loss) attributable to the controlling and noncontrolling interest on the face of the consolidated statement of operations and comprehensive income (loss). Comprehensive Income Certain changes in assets and liabilities, such as unrealized gains and losses on availablefor-sale investments, are reported as a separate component in the equity section of the consolidated balance sheet. Such items, along with net income, are components of comprehensive income and reflected in the consolidated statement of comprehensive income (loss). The amount reclassified from accumulated other comprehensive income was entirely from realized gains on investments and is included in net investment income in the accompanying 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 the insurance and reinsurance contracts 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. 8

11 December 31,2014 and 2013 Insurance Balances Receivable Insurance balances receivable are periodically evaluated for collectability based on the credit history of policyholders 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 December 31, 2014 and 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 in the accompanying consolidated balance sheet. The Company uses quota share and excess of loss reinsurance arrangements to spread risk and reduce the risk of catastrophic loss from reinsurance assumed. The ceding of risks to reinsurers does not relieve the Company of its obligations to its insureds or its ceding companies. The Company remains liable for the risks insured or reinsured to the extent that any reinsurer does not meet the obligations it 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 December 31, 2014 and Certain quota share agreements written and ceded include profit sharing prov1s1ons. 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 December 31, 2014 and 2013, the Company recorded ultimate profit commissions in the amount of 1,428 and 1,657, respectively, which are included in accounts payable and accrued liabilities in the consolidated balance sheet. Deferred Acquisition Costs Acquisition costs represent commissions and other costs of successfully acquiring new insurance and reinsurance contracts and the renewal 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 premium earned. 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 December 31, 2014 and

12 December 31,2014 and 2013 Losses and Loss Adjustment Expenses Losses and loss adjustment expenses ("LAE") include amounts paid and recovered, net of reinsurance, in the period and changes in the outstanding loss reserves, incurred but not reported reserves, reinsurance balances recoverable and accretion of 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. Unpaid Losses and LAE 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 and direct loss notifications received from insureds. 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. 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 fa irly stated as of December 31, 2014 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, 2014, 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 (loss) when such adjustments become known and are estimable. 10

13 December 31, 2014 and 2013 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. 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 and comprehensive income (loss). The non-credit portion of the other-than-temporary impairment relative to all other factors is recorded through accumulated other 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. Equity Securities and Other Investments All equity securities and other investments which include hedge, private equity and real estate funds are classified as available-for-sale and are carried at fair value with net unrealized holding gains or losses reported as a component of accumulated other comprehensive income. SIH funds are investments held in funds established and managed by Starr Investments Holdings, LLC ("SIH"). Realized gains and losses on equity investments are determined on a first-in-first out basis. Realized gains and losses on other investments are determined on a specific identification basis. 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). 11

14 December 31, 2014 and 2013 Real Estate Investment The Company's investment in real estate is considered to be a joint venture. Joint ventures are entities whereby the Company and other parties undertake an economic activity which is subject to joint control arising from a contractual agreement. The Company has elected to record its investment in real estate as a joint venture and carry it at cost in a manner consistent with the Parent and its subsidiaries accounting policy for those investments in real estate in which the Parent and its subsidiaries have a controlling interest. The carrying amount of the Company's investment in a real estate joint venture is 243,101 and 256,121 as at December31, 2014 and 2013, respectively, and is in included in investments in real estate in the accompanying consolidated balance sheet. 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% but less than 50% 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 equity method investments. Any increase or decrease in the carrying amount subsequent to acquisition is the result of the Company's share of the net income or losses and comprehensive income (loss) of the investee as well as distributions received from or contributions to the investee net of insurance transactions between the Company and the investee. The Company's share of earnings or loss and comprehensive income (loss) are recorded in the Company's consolidated statement of operations and comprehensive income (loss). The Company reviews its equity method investments for possible impairment taking into account events and circumstances that may have occurred since the prior review, and any impairment is recorded in the Company's consolidated statement of operations and comprehensive income (loss). No impairment was recorded for the years ending December 31, 2014 and Concentration of Risks The Company holds investments with a fair value of 485,205 and 446,551 as of December 31, 2014 and 2013, respectively in funds established and managed by SIH. 12

15 December 31, 2014 and Investments The cost or amortized cost and fair value of the Company's investment portfolio at December 31 were as follows: 2014 Gross Gross Amortized Unrealized Unrealized Cost/Cost Gains Losses Fair Value Fixed maturity securities: U.S. Treasury securities and obligations of U.S. government agencies 27, ,955 States, political subdivisions and foreign government securities 71,151 3,264 2,584 71,831 Corporate debt securities 1,566,222 90,462 10,391 1,646,293 Commercial mortgagebacked securities 73,884 1,784-75,668 O~erasse~backed securities 90, ,402 88,508 Total fixed maturity securities 1,830,111 95,536 15,392 1,910,255 Equity securities 6,391 3,976-10,367 Other investments: Hedge funds 2,808 4, ,610 Private equity funds 31,245 31,545-62,790 Real estate funds 37,458 2,995 3,480 36,973 SIH funds 378, , ,205 Total other investments 450,1.1 _ 146,066 3, ,578 2,286, ,578 18,995 2,513,200 13

16 December 31, 2014 and Gross Gross Amortized Unrealized Unrealized Cost/Cost Gains Losses Fair Value Fixed maturity securities: U.S. Treasury securities and obligations of U.S. government agencies 39, ,255 States, political subdivisions and foreign government securities 71,719 1,920 1,083 72,556 Corporate debt securities 1,456,915 78,037 26,229 1,508,723 Other asset-backed securities Total fixed maturity securities 1,621,567 81,110 27,450 1,675,227 Equity securities 79,060 1,01_1_ 1.]96 _]~078 Other investments: Hedge funds 5,244 7, ,619 Private equity funds 71,212 44, ,459 Real estate funds 36,906 6,635 2,388 41,153 SIH funds 378,892 67, ,551 Total other investments 492, ,037 2, ,782 2,192, ,161 31,955 2,369,087 Certain cash and cash equivalents and fixed maturity securities available for sale with an aggregate fair value of 1,010,206 and 895,416 as of December 31, 2014 and 2013, respectively, have been placed in trust accounts to secure the Company's obligations to ceding companies. Interest earned on the securities placed in the trust accounts amounted to 40,945 and 36,551 as of December 31, 2014 and 2013, respectively, and is included in net investment income in the consolidated statement of operations and comprehensive income (loss). 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 December 31, 2014 and 2013 in the amount of 4,571 and 8,688, respectively, in favor of the ceding insurers. The facilities are secured by cash and cash equivalents and fixed maturity securities held at the custodian. 14

17 December 31,2014 and 2013 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, 2014 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Fixed maturity securities: U.S. Treasury securities and obligations of U.S. government agencies s 16,747 s 15 s - s - s 16,747 s 15 States, political subdivisions and foreign government securities 24,488 2,379 6, ,880 2,584 Corporate debt securities 59, ,855 10, ,957 10,391 Other asset-backed securities 84,404 2, ,404 2,402 Total fixed maturity securities , L247 10, ,988 15,392 Other investments: Hedge funds Real estate funds ,067 3, ,480 Total other investments ,204 3,603 17,204 3,603 s 184,741 5,059 s 210,451 s 13, ,192 s 18,995 December 31, 2013 Fixed maturity securities: U.S. Treasury securities and obligations of U.S. government agencies States, political subdivisions and s 19,658 s 2 - s - s 19,658 s 2 foreign government securities 19, , ,780 1,083 Corporate debt securities 358,775 18,320 75,455 7, ,230 26,229 Other asset-backed securities 11, lb Total fixed maturity securities 410,269 18,998 85,599 8, ,868 ~450 Equity securities 38,637 1, ,637 1,996 Other investments: Hedge funds Real estate funds ,037 2,388 ~037 2,388 Total other investments ,509 16,176 2,509 s 448,906 s 20,994 s 101,775 s 10,961 s 550,681 s 31,955 15

18 December 31, 2014 and 2013 As of December 31, 2014, there were 102 fixed maturity securities with unrealized losses less than 12 months and 50 fixed maturity securities with unrealized losses greater than 12 months. The unrealized losses relate to current market conditions and interest rate fluctuation and are not credit related. As of December 31, 2013, there were 136 fixed maturity securities with unrealized losses less than 12 months and 16 fixed maturity securities with unrealized losses greater than 12 months. The unrealized losses relate to current market conditions and interest rate fluctuation and are not credit related. 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. As of December 31, 2014, there were no securities classified in equity securities, hedge funds, private equity funds and real estate funds with unrealized losses less than 12 months and 2 equity securities, hedge funds, private equity funds and real estate funds with unrealized losses greater than 12 months. As of December 31, 2013, there were 2 securities classified in equity securities, hedge funds, private equity funds and real estate funds with unrealized losses less than 12 months and 2 equity securities, hedge funds, private equity funds and real estate funds with unrealized losses greater than 12 months. 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 fair value below the amortized cost basis were considered other-than-temporary. There were no other-than-temporary impairments for For 2013, the Company recorded a loss of 20,011 on its equity investments that were deemed to be an other-than-temporarily impaired. 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. 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 and equity 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. 16

19 December 31, 2014 and 2013 The amortized cost and fair value of fixed maturity securities by contractual maturity as of December 31, 2014 are shown below. Expected maturities will differ from contractual maturities because the issuers may have the right to call or prepay certain obligations. Within one year One to five years Six to ten years After ten years Commercial mortgage and asset backed securities Amortized Cost/ Cost 19, , ,342 10, ,771 Fair Value 18, , ,348 10, ,176 1,830,111 1,910,255 The hedge, private equity and real estate funds, and other investments of the Company are managed under an Investment Management Agreement with SIH, a wholly-owned subsidiary of C. V. Starr & Co, a related party, which is a registered investment advisor. On December 31, 2013, the Company transferred its interest in a number of investments into a fund managed by SIH, SIH Private Equity Partners LP, in exchange for a partnership interest. The partnership interest in SIH Private Equity Partners LP was then transferred to SIH Equity Holdings LP in exchange for a partnership interest in that entity. The structure was established to accelerate liquidity in respect of such investments by facilitating leverage used to pay a onetime distribution to limited partners, including the Company. As of December 31, 2014, the net asset value of the Company's interest in SIH Equity Holdings LP was 107,760. On January 1, 2014 the Company transferred further investments in SIH Equity Holdings LP with a net asset value of 46,911. SIH funds are included in other investments on the consolidated balance sheet. Net realized gains on available-for-sale securities included in net investment income are summarized below for the years ended December 31 : Fixed maturity securities: Gross gains from sales and other disposals Gross losses from sales and other disposals Equity securities: Gross gains from sales and other disposals Gross losses from sales 2,833 (11) - (6,824) 3,849 (1,671) 13,757 Other investments: Gross gains from sales and other disposals Gross losses from sales 56,326 (1,505) 83,219 Net realized gains 50,819 99,154 Cash proceeds from the sale of fixed maturity securities were 357,231 and 343,181 in 2014 and 2013, respectively. 17

20 December 31, 2014 and Funds Withheld Funds withheld comprise amounts held by a ceding insurer pursuant to the terms of a quota share reinsurance agreement. 5. Unpaid Losses and Loss Adjustment Expenses Gross balance, beginning of year Foreign currency translation exchange adjustments Reinsurance recoverable, beginning of year 814,954 (249) (167,922) 629,387 (157) (111,683) Net reserves 646, ,547 Net incurred losses and LAE related to: Current year Prior y~ars Net discount 391,355 81,770 (7,002) 339,929 44,726 (895) Net paid losses and LAE related to: Current year Prior years 54, , , , ! ,524 Net balance, end of year Foreign currency translation exchange adjustments Reinsurance recoverable, end of year 879,947 (470) 223, , ,922 Gross balance, end of year 1,103, ,954 The development of losses in 2014 primarily is a result of strengthening of reserves on the Company's excess casualty lines of business and also aviation losses sustained in the London branch. The development of losses in 2013 primarily is a result of higher than estimated severity on the Company's excess casualty lines of business and also an increase in the development of prior reported losses in the marine lines of business. During 2014 and 2013, the Company discounted its excess casualty line of business. The discount is calculated using a 3.5% interest rate, which approximates the Company's 2014 and 2013 investment yield on its fixed-maturity securities portfolio. At December 31, 2014 and 2013, loss and LAE reserves reflect a net discount of 43,121 and 36,119, respectively. 18

21 December 31, 2014 and Reinsurance The components of net premiums written and earned, and losses and LAE incurred were as follows: Premiums written: Direct 289, ,970 Assumed 718, ,459 Ceded (365,699) (264,775) Net 641, ,654 Earned premiums: Direct 219,120 70,938 Assumed 713, ,478 Ceded (316,574) (227,155) Net 615, ,261 Losses and loss adjustment expenses: Direct 198,225 47,397 Assumed 501, ,871 Ceded (233,529) (74,508) Net 466, ,760 The company did not have any reinsurance balances recoverable greater than three percent of shareholder's equity as of December 31, 2014 or Insurance Balances Receivable Insurance balances receivable are comprised of principally amounts due from ceding insurers and is stated net of acquisition costs, funds withheld and losses paid and amounts due from policyholders. All amounts are due within one year of the balance sheet date. 8. Related Party Transactions and Balances During 2012, the Company entered an investment management agreement with SIH, who manages certain of the Company's investments. SIH charges fees directly to the Company, a limited partner. The expenses paid in 2014 and 2013 were 7,083 and 4,962, respectively. The Company and its subsidiaries engage in various transactions with an affiliated company, Starr International Investments, Ltd., related to its investments. The net amount due to the Company at December 31, 2014 and 2013 were 393,185 and 222,418, respectively. 19

22 December 31,2014 and 2013 The Company has entered into various contracts of reinsurance ceded by affiliated companies. The total gross written premium assumed from affiliated companies during the years ended 2014 and 2013 was 523,684 and 498,206, respectively. The Company also cedes to various affiliated companies. The gross premium ceded was 11,350 and -0- for 2014 and 2013, respectfully. The Company recorded net reinsurance receivables from affiliated companies of 99,209 and 104,470, respectively, as of December 31,2014 and Income Taxes The Company has received an undertaking from the Bermuda government exempting it from all local income, withholding and capital gains taxes until March 31, At the present time no such taxes are levied in Bermuda. Certain of the Company's subsidiaries are subject to federal, state or local taxes based upon their countries of incorporation or where they conduct business. Such amounts are immaterial to the consolidated financial statements. 10. Statutory Capital and Surplus Effective April19, 2007, the Company was registered as a Class 4 insurer under The Bermuda Insurance Act 1978 and related regulations, (the "Act"), which requires that the Company file a statutory financial return and maintain certain measures of solvency and liquidity during the period. The required Minimum General Business Solvency Margin as of December 31, 2014 and 2013 was 344,889 and 321,370, respectively. The Company's statutory capital and surplus at those dates was 1,985,890 and 1,984,714, respectively. The Minimum Liquidity Ratio is the ratio of the insurer's relevant assets to its relevant liabilities; the minimum allowable ratio is 75%. The Company's relevant assets as of December 31, 2014 and 2013 were 2,303,308 and 2,004,704, respectively, and 75% of its relevant liabilities as of December 31, 2014 and 2013 were 1,069,944 and 839,375, respectively. Distributions to shareholders are restricted to the extent that such a distribution would result in the Company not meeting the required Minimum General Business Solvency Margin or the required Minimum Liquidity Ratio. Accounting practices under the Act vary in some respects from U.S. GAAP. The significant variances between the Act and U.S. GAAP are as follows: a. Under the Act, certain assets designated as nonadmitted assets (principally prepaid expenses and deferred acquisition costs) result in a direct charge to surplus. b. Under the Act, investments in affiliates shall be valued either by the cost method of valuation or the equity method of valuation provided that: - if the value arrived at by the use of the equity method of valuation is less than the value arrived at by the cost method of valuation, the value arrived at by the equity method shall be used; 20

23 December 31, 2014 and the directors shall carry the said investments at a fair value determined in good faith if that value is less than the valuations under the cost method and the equity method of valuation; - advances to affiliates shall be carried at fair value determined in good faith; - if any amount is in the opinion of the directors uncollectible, that amount shall be deducted. Under U.S. GAAP, investments in affiliates for which the Company has control are generally consolidated and the balance sheets and statements of operations of those subsidiaries consolidated with those of the Company. 11. Fair Value Measurements The Company applies the provisions of FASB authoritative accounting guidance which defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. FASB authoritative accounting guidance establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company's assumption about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Fair value measures are based on unadjusted quoted market prices in active markets for identical securities. The fair value of securities included in this category was based on quoted prices that are readily and regularly available in an active market. Level 1 assets include listed mutual funds, equities and certain debt securities. Level 2 - Fair value measures are based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. Assets which generally are included in this category may include states, municipalities and political subdivisions fixed maturities, corporate bonds, mortgage backed securities and asset backed securities. Level 3- Fair value measures are based on inputs that are unobservable and significant to the overall fair value measurement, and may involve management judgment. Assets included in this category generally include general and limited partnership interests in private equity, real estate, and hedge funds, which are included in other investments, affiliated and unaffiliated. 21

24 December 31, 2014 and 2013 Level 3 inputs include capital accounts of the Company's interest for partnership interests in various alternative investments including hedge, real estate and private equity funds, which are included in other investments. The various partnerships are investment companies which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information, including independent appraisals, from third party sources, however, in some instances current valuation information, for illiquid securities or securities in markets that are not active, may not be available from any third party source or fund management may conclude that the valuations that are available from third party sources are not reliable. In these instances fund management may perform model-based analytical valuations that may be used to value these investments. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The following table provides the fair value measurements of applicable Company financial assets by level within the fair value hierarchy as of December 31, 2014 and These financial assets are measured on a recurring basis: Level1 Level Level3 Total Fixed maturity securities: U.S. Treasury securities and obligations of U.S. government agencies States, political subdivision and foreign government securities Corporate debt securities Commercial mortgagebacked securities Other asset-backed securities 27,955 71,831 1,646,293 75,668 88,508-27,955-71,831-1,646,293-75,668-88,508 Total fixed maturity securities ,882,300-1,910,255 Equity securities 10,367-10,367 Other investments: Hedge funds Private equity funds Real estate funds SIH funds Total other investments Total assets measured at fair value 38,322 1,882,300 7,610 7,610 62,790 62,790 36,973 36, , , , , ,578 2,513,200 22

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