The Aon Benfield Aggregate

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1 Aon Benfield Analytics Market Analysis The Aon Benfield Aggregate Results for the year ended December 31, 2014 Risk. Reinsurance. Human Resources.

2 Table of Contents Global Reinsurer Capital... 3 Executive Summary... 4 ABA Capital... 5 Capital Development... 5 Capital Management... 6 Premium Income... 8 Earnings Underwriting Performance Investment Results Net Income Return on Equity ABA Business Model Evolution Who Are The New Investors? How Is New Money Being Deployed? Implications for Traditional Reinsurers How Are The ABA Companies Responding? Mergers & Acquisitions ABA Valuation Financial Strength Ratings Appendix 1: ABA Data The Aon Benfield Aggregate Results for the year ended December 31, 2014

3 Global Reinsurer Capital Aon Benfield estimates that global reinsurer capital totaled USD575 billion at the end of 2014, an increase of 6% over the course of the year. This calculation is a broad measure of capital available for insurers to trade risk with and includes both traditional and alternative forms of reinsurer capital. Exhibit 1: Global Reinsurer Capital USD (billions) Traditional Capital Alternative Capital Global Reinsurer Capital 6% % 18% % 18% % % % FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Source: Company reports, Aon Benfield Analytics Traditional capital rose by 4% to USD511 billion. Major insurers and reinsurers generally maintained their solid operating performance during 2014, aided by below average insured catastrophe losses, economic recovery in the United States, exposure growth in emerging markets and relatively stable capital market conditions. Retained earnings were bolstered by unrealized gains on bond portfolios, driven in particular by lower yields in the eurozone, providing a boost to reported capital positions. Alternative capital continued its strong growth, rising by 28% to USD64 billion in This was reflected in record levels of catastrophe bond issuance, expansion of fully collateralized placements, the establishment of new sidecar vehicles and the exploration of alternative business models by hedge fund managers. Evolution of the ABA Aon Benfield Aggregate (ABA) reports are produced on a half-yearly basis and cover the reported results of 31 major reinsurers worldwide, with the aim of identifying current trends in the P&C reinsurance marketplace. The study comprises 29 publicly-listed holding companies ( the listed ABA ) and two US-domiciled subsidiaries of Berkshire Hathaway, namely National Indemnity Company (NICO) and General Reinsurance Corporation (Gen Re). NICO s 2014 results were significanty impacted by intra-group transactions involving GEICO. To provide a more meaningful picture of the sector s underlying performance, many of the charts and ratios used in this report focus on the listed ABA. Platinum was acquired by RenaissanceRe effective March 2, 2015 and therefore will not feature in future editions. Aon Benfield Analytics Market Analysis 3

4 Executive Summary Reinsurance industry capital continues to build, with material alternative capital growth. Underwriting performance remains strong, given low global catastrophe losses. Aon Benfield estimates that global reinsurer capital rose by 6% to USD575 billion in 2014, including a 28% increase in alternative capital to USD64 billion. The combined ratio of the listed ABA improved by 0.3 percentage points to 89.9% in P&C underwriting profit rose by 6% to USD16.8 billion. The shareholders' funds of the 31 ABA companies rose by 2% to USD346 billion, driven by net income of USD38.5 billion and unrealized gains of USD8.1 billion. The attritional loss and expense ratios were impacted by weakening pricing and increased volumes of longer tail proportional business. Alternative capital has driven catastrophe risk transfer costs down. Investment returns have been resilient, despite the impact of low interest rates. Reinsurers are incorporating material alternative capital (through ILS, sidecars, and asset management mandates) to lower their cost of underwriting capital. The listed ABA reported a 2% increase in ordinary investment income to USD26.5 billion in 2014, driven by underlying asset growth and portfolio repositioning. Dividends and share buybacks rose by 18% to USD18.3 billion in This was equivalent to 8.0% of opening capital, up from 6.4% in Premium growth is being achieved, despite difficult market conditions. Property and casualty (P&C) premiums written by the 29 listed ABA companies rose by 2% to USD198 billion in Reinsurance volume was unchanged at USD89 billion, despite the industry s pricing pressure. Headline return on equity has been stable at around 11% for the last three years. Across the listed ABA, net income attributable to common shareholders rose by 4% to USD25.5 billion in Sector consolidation is underway as companies look to achieve the advantages of scale and diversification. Three recently announced M&A transactions between ABA companies will reduce the number of entities in the study. 4 The Aon Benfield Aggregate Results for the year ended December 31, 2014

5 ABA Capital The reported shareholders funds of the 31 ABA companies stood at USD346 billion at December 31, 2014, an increase of 2% or USD9 billion over the course of the year. The total for the listed ABA was USD240 billion, an increase of 5% or USD11 billion. Exhibit 2: ABA Shareholders Funds USD (billions) NICO & Gen Re Listed ABA Total ABA % 45-17% 37 29% % 2% 15% % 2% FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Capital Development The drivers of ABA capital growth were net income of USD38.5 billion and unrealized investment gains of USD8.1 billion. These positive factors were partly offset by dividends of USD13.8 billion, share buybacks of USD8.5 billion, foreign exchange losses of USD8.2 billion and a net reduction in issued capital of USD5.2 billion. The latter was driven by a USD7.1 billion transfer of subsidiary interests from NICO to Berkshire Hathaway. Exhibit 3: ABA Shareholders Funds Development USD (billions) SHF Additional capital Net income FX Investment gains Share buybacks Dividends Other SHF Aon Benfield Analytics Market Analysis 5

6 Between them, NICO and Gen Re reported USD106 billion of shareholders funds at December 31, 2014, representing 31% of the ABA total. On a combined basis, Munich Re, Swiss Re and ACE contributed USD102 billion or 30%. More than half of the ABA companies reported shareholders funds in excess of USD5 billion, while five remained below USD2 billion. Exhibit 4: Shareholders Funds at December 31, USD (billions) All but five ABA companies reported capital growth in 2014, mainly driven by retained earnings. Unrealized gains taken directly to equity impacted outcomes at Hannover Re (USD0.8 billion), Mapfre (USD0.9 billion), Munich Re (USD3.5 billion), Swiss Re (USD3.8 billion) and XL (USD1.2 billion). NICO s capital fell by 3% to USD94 billion, driven by a USD7.1 billion upstreaming of subsidiary interests and USD3.9 billion of unrealized losses on equities. Reductions in shareholders funds at Lancashire, Validus, RenaissanceRe and Platinum were driven by active capital management. Exhibit 5: Growth in Shareholders Funds 30% 20% 10% 0% -10% Capital Management Surplus equity is being returned to investors in growing amounts, partly reflecting increased interaction with third party capital structures. Capital repatriation by the listed ABA rose by 28% to USD18.3 billion in This was equivalent to 8.0% of opening shareholders funds, up from 6.4% in the prior year period. Public dividends rose by 6% to USD9.9 billion, while share buybacks climbed by 68% to USD8.5 billion. 6 The Aon Benfield Aggregate Results for the year ended December 31, 2014

7 Exhibit 6: Dividends & Share Buybacks as a Percentage of Opening Capital 25% 20% Dividends Share buybacks 15% 10% 5% 0% The first few months of 2015 have provided further evidence of the quickening pace of capital repatriation. Most ABA companies increased their final dividends alongside the release of their full-year results. In addition, Amlin, Beazley, Catlin, Hannover Re, Hiscox, Lancashire, Platinum and Swiss Re announced special dividends. New share buyback authorizations were announced at ACE (USD1.5 billion), Aspen (USD0.5 billion), Munich Re (EUR1.5 billion), Swiss Re (CHF1.0 billion) and Validus (USD0.75 billion). Aon Benfield Analytics Market Analysis 7

8 Premium Income Total premiums written by the ABA rose by 9% to USD311 billion in The portion related to P&C business rose by 12% to USD226 billion, but was up by only 2% to USD198 billion excluding NICO and Gen Re. Exhibit 7: ABA Total Premiums Written USD (billions) Other GPW P&C GPW Total GPW % % % 5% 84 14% % 3% % FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Gross P&C premiums written by NICO more than tripled to USD27.0 billion in 2014, driven by a new 50% intra-group quota share reinsurance agreement with GEICO Group. Non-affiliated premiums at NICO rose by 8% to USD4.6 billion. The listed ABA reported 3% growth in P&C insurance premiums to USD109 billion in 2014, while P&C reinsurance premiums were flat at USD89 billion. Exhibit 8 shows total P&C volumes for years prior to 2013, as consistent segmental splits are not available. Exhibit 8: ABA P&C Gross Premiums Written USD (billions) NICO & Gen Re Insurance Reinsurance Total FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY The Aon Benfield Aggregate Results for the year ended December 31, 2014

9 Strong P&C premium growth of 34% at Lancashire and 23% at Markel was driven by the acquisitions of Cathedral and Alterra, effective November 7, 2013 and May 1, 2013 respectively. Arch reported an increase of 15%, driven by acquisitions in the mortage segment and USD80 million of non-affiliated business written by Watford Re (which is fully consolidated). At the other end of the spectrum, Platinum s P&C book showed a broad-based contraction of 12%, while QBE reported a reduction of 6% on a constant currency basis, mainly due to reduced volumes in North America and Europe. Exhibit 9: Growth in P&C Gross Premiums Written 380% 340% 300% 40% 260% 220% 30% 180% 20% 140% 100% 10% 60% 20% -10% -20% -20% *P&C reinsurance segment only (as disclosed) Exhibit 10 shows the split of P&C premiums between primary insurance and assumed reinsurance across all of the ABA companies in 2014, based on our best interpretation of sometimes inconsistent company disclosure. Exhibit 10: 2014 P&C Segmental Splits P&C Insurance P&C Reinsurance USD (billions) *Of which only USD4.6 billion was non-affiliated ** P&C insurance relates to Risk Solutions (ERGO excluded) Aon Benfield Analytics Market Analysis 9

10 Exhibit 11 shows the growth of the primary insurance and assumed reinsurance books of the ABA companies in 2014, based on our best interpretation of sometimes inconsistent company disclosure. Absent acquisition effects at Markel and Lancashire, the most significant growth in reinsurance was seen at Everest Re (mainly property treaty and Mt Logan Re), Amlin (Zurich office and multi-year contracts) and Catlin (international diversification and multi-year contracts). Hiscox, Beazley and Validus reported reductions of 14%, 9% and 8% in their reinsurance books, driven predominantly by lower volumes of property catastrophe business. Exhibit 11: 2014 P&C Segmental Growth 100% 90% 80% 40% 70% 30% 60% 50% 20% 40% 10% 30% 0% 20% -10% 10% -20% Reinsurance GPW Insurance GPW * P&C insurance relates to Risk Solutions (ERGO excluded) Total P&C premiums ceded to third parties by the listed ABA rose by 5% to USD29.2 billion in 2014, a cession ratio of 14.7% (2013: 14.3%). Retained premiums rose by 1% to USD169 billion. Reinsurance utilisation rose most significantly at Endurance, RenaissanceRe, XL, Everest Re and Hiscox. The biggest reductions were at Amlin, Swiss Re, Montpelier Re, Validus and ACE. Exhibit 12: Reinsurance Cession Ratios 35% 30% 25% 20% 15% 10% 5% 0% *P&C reinsurance segment only (as disclosed) 10 The Aon Benfield Aggregate Results for the year ended December 31, 2014

11 Total P&C net premiums earned by the ABA rose by 13% to USD190 billion in The listed ABA reported a 2% increase to USD166 billion, with the five largest constituents contributing USD87.6 billion, or 53% of the total. Exhibit 13: 2014 P&C Net Premiums Earned USD (billions) *P&C reinsurance segment only (as disclosed) Exhibit 14 shows the year-on-year movements in P&C net premiums earned across the ABA in The strong growth at Lancashire, Markel and Arch was influenced by acquisitions, while the 11% increase at Aspen was driven by the continued build-out of the group s US insurance operations. Seven companies reported reduced volumes on this basis. Exhibit 14: Growth in P&C Net Premiums Earned 310% 300% 290% 280% 30% 270% 25% 260% 20% 250% 15% 240% 10% 230% 5% 220% 210% 200% -5% 190% -10% 180% 170% *P&C reinsurance segment only (as disclosed) Aon Benfield Analytics Market Analysis 11

12 Earnings Profitability in 2014 was in line with the two prior years, but earnings are becoming increasingly reliant on unsustainable factors such as benign catastrophe experience, material reserve releases and capital gains. Increasing competition and low interest rates continue to pressure underlying returns on equity. Exhibit 15: Listed ABA Pre-Tax Profit USD (billions) Other Pure life technical result P&C underwriting result Investment income Capital gains/losses Pre-tax profit FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY The listed ABA reported pre-tax profit of USD31.2 billion in 2014, an increase of 11% relative to the prior year. P&C underwriting profit rose by 6% to USD16.8 billion, with favourable prior year reserve development of USD8.0 billion contributing 48% of the total. Ordinary investment income rose by 2% to USD26.5 billion, driven by underlying asset growth and portfolio repositioning. Capital gains rose by 41% to USD7.1 billion, as declining interest rates impacted bond values. Exhibit 16 shows the distribution of reported pre-tax profits across the 31 ABA companies. NICO s result was heavily influenced by a USD7.1 billion intra-group dividend from GEICO. Exhibit 16: 2014 Pre-Tax Results 12.0 USD (billions) USD (billions) The Aon Benfield Aggregate Results for the year ended December 31, 2014

13 Underwriting Performance The combined ratio of the listed ABA improved by 0.3 percentage points to 89.9% in Reported catastrophe losses were significantly reduced relative to the prior year and well below the long-term average. Support from favourable development of prior year reserves increased for the second year in a row, notwithstanding deterioration of the New Zealand earthquake and Costa Concordia losses. Underlying trends were negative, as weakening pricing and business mix changes, particularly a shift towards longer-tail proportional contracts, impacted attritional loss and expense ratios. Exhibit 17: Listed ABA Combined Ratio Composition 94.5% 89.2% 89.5% 89.9% 94.2% 8.4% 2.8% 3.7% 3.2% 9.8% 104.9% 20.3% 92.6% 90.2% 89.9% 8.2% 5.6% 3.8% 59.4% 59.7% 62.0% 60.9% 58.7% 59.8% 58.7% 58.5% 59.5% Total catastrophe losses Attritional loss ratio Expense ratio 27.7% 28.8% 28.7% 29.3% 29.9% 29.9% 30.2% 30.8% 31.4% -0.7% -2.7% -4.6% -3.4% -4.2% -5.1% -4.4% -4.6% -4.8% Prior year reserve adjustment FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Exhibit 18 shows the distribution of reported combined ratios across the listed ABA for All of the constituents were profitable on a calendar year basis, although half of them reported weaker results relative to the prior year. On a non-weighted basis, the average result was 85.6%. Exhibit 18: 2014 Calendar Year Combined Ratios 120% Loss ratio Expense ratio Listed ABA combined ratio 100% 80% 89.9% 60% 40% 20% 0% *P&C reinsurance segment only (as disclosed) **Excluding funds withheld Aon Benfield Analytics Market Analysis 13

14 Exhibit 19 shows the P&C underwriting results reported by the listed ABA companies. On a combined basis, Swiss Re, ACE and Munich Re contributed USD6.2 billion, or 37% of the total. Exhibit 19: 2014 P&C Underwriting Results USD (billions) *P&C reinsurance segment only (as disclosed) **Excluding funds withheld Exhibit 20 shows prior year reserve development as a percentage of P&C net premiums earned by the listed ABA constituents in the last two years. Half of the companies reported lower releases in Exhibit 20: Prior Year Loss Reserve Adjustments 30% 25% 20% 15% 10% 5% 0% -5% *P&C reinsurance segment only (as disclosed) 14 The Aon Benfield Aggregate Results for the year ended December 31, 2014

15 Exhibit 21 shows the reported accident year combined ratios (excluding prior year reserve movements) of the listed ABA companies. Only Markel and PartnerRe were unprofitable on this basis. Exhibit 21: 2014 Accident Year Combined Ratios 120% 100% 80% Listed ABA 94.7% 60% 40% 20% 0% *P&C reinsurance segment only (as disclosed) **Excluding funds withheld Investment Results The listed ABA reported cash and investments of USD899 billion at December 31, 2014, split fixedincome 66%, cash/short-term 9%, loans 8%, deposits with cedants 6%, equities 5% and other 6%. The underlying and total investment yields reported through income statements since 2006 are captured in Exhibit 22. The former has fallen by a third since 2007, reflecting the impact of the low interest rate environment. Exhibit 22: Listed ABA Investment Yield 6% Total investment yield (incl. capital gains/losses)* 4.9% 5% 4.8% Ordinary investment yield* 4.2% 3.9% 3.9% 3.7% 3.7% 4% 4.3% 3.4% 4.1% 3.9% 3% 3.7% 3.3% 3.4% 3.0% 2.9% 2.9% 2% 1.9% 1% FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 *Reported through income statements, excluding unit-linked and with-profit business Aon Benfield Analytics Market Analysis 15

16 Exhibit 23 shows the underlying and total investment yields reported by the ABA companies through their income statements in 2014 (excluding the impact of derivatives where separately disclosed). Investment classification varies and result comparison can therefore be misleading. Unrealized gains and losses are recognized in the income statements of some companies (e.g. PartnerRe, Fairfax and White Mountains), but in other cases are taken directly to equity. Exhibit 23: 2014 Investment Yields 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Ordinary investment yield* Total investment yield* *Reported through income statements, excluding unit-linked and with-profit business Net Income The ABA reported net income attributable to common shareholders of USD38.1 billion in 2014, an increase of 12% relative to Net income across the listed ABA rose by 4% to USD25.5 billion. Exhibit 24: ABA Net Income Attributable to Common Shareholders USD (billions) NICO & Gen Re Listed ABA FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY The Aon Benfield Aggregate Results for the year ended December 31, 2014

17 Exhibit 25 shows the distribution of net income by ABA constituent. The combined results of NICO, Munich Re, Swiss Re and ACE rose by 7% to USD22.5 billion, representing 59% of the total. Exhibit 25: 2014 Net Income Attributable to Common Shareholders USD USD (billions) Return on Equity Exhibit 26 shows the development of net income attributable to common shareholders relative to average common shareholders funds across the ABA since Return on equity over this period (which encompasses both the financial crisis and the record year for insured catastrophe losses) averaged 11.2% for the listed ABA and 10.8% for the ABA as a whole. Exhibit 26: ABA Common Net Income ROE 20% 15% 17.7% 17.6% 16.6% 15.3% 14.1% 10.8% 11.4% 11.1% Listed ABA ABA 11.3% 10% 3.7% 12.5% 10.7% 5.4% 10.1% 10.6% 11.1% 5% 4.4% 3.6% 0% FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Aon Benfield Analytics Market Analysis 17

18 Exhibit 27 shows return on equity by ABA constituent, based on reported net income in Only 12 companies reported improved performance on this measure in 2014 (see data in Appendix 1). The result at XL was impacted by a one-off charge associated with the sale of the group s discontinued life reinsurance operations. Exhibit 27: 2014 Common Net Income ROE 25% Listed ABA 20% 15% 10% 11.1% 5% 0% 18 The Aon Benfield Aggregate Results for the year ended December 31, 2014

19 ABA Business Model Evolution A structural shift in the way capital is raised and deployed to mitigate insurance risk is underway. The pool of potential investors is broadening and new money is flowing towards structures offering access to quality business at relatively low cost. These changes have forced the ABA companies to re-evaluate their business models. Who Are The New Investors? Reinsurance as an asset class has performed relatively well in an environment of low interest rates and is viewed as having limited correlation with broader capital market movements. These attributes have attracted new investors such as pension funds, high net worth individuals and sovereign wealth funds, who typically: only enter the sector after extensive due diligence; invest a small percentage of the substantial assets at their disposal as a diversifying strategy; seek lower, more stable returns over longer timeframes than has historically been the case. How Is New Money Being Deployed? Much of the new capital is being channelled to specialist fund managers, who then deploy it into the insurance-linked securities (ILS) sector via catastrophe bonds or other alternative structures such as industry loss warranties, sidecars and collateralized reinsurance. The current focus is property catastrophe and retrocession business, particularly in the US market where exposures tend to be best understood, although diversification into other lines and territories is underway. Implications For Traditional Reinsurers New vehicles operating at a lower cost of capital are making inroads into higher-margin areas that remain a key driver of profits for traditional reinsurers. These dynamics are forcing many ABA constituents to rethink their business models in the pursuit of differentiation and relevance in the market. In the catastrophe reinsurance space, this increasingly means being able to offer larger line sizes, a full product suite including collateralized limits and enhanced claims service. Companies that are successful in attracting and deploying third party capital will potentially be able to advance their client offering, reduce earnings volatility through fee income, lower their own risk transfer costs and manage their capital bases more effectively. How Are The ABA Companies Responding? Most ABA constituents are now moving strongly to incorporate alternative capital into their business models (see Exhibit 28 for a summary of recent activity). Many are now actively involved in raising and managing third party capital. Others have invested in strategic partnerships with established independent specialist fund managers. Sidecar structures that allow sponsors to grow their footprint in the market without assuming additional balance sheet risk continue to be in vogue. The availability of lower cost capital has allowed most ABA companies to drive down their own risk transfer costs. Retrocession pricing has reduced and in some cases additional protection has been purchased, with consequent impact on disclosed modeled exposures. In addition, a number of catastrophe bond transactions have recently been brought to the market by ABA sponsors. Aon Benfield Analytics Market Analysis 19

20 Exhibit 28: Recent Incorporation of Alternative Capital Company Cat Bonds Third Party Capital Vehicles Other ACE Alleghany Allied World Amlin Arch Argo Aspen Axis Tramline Re (Dec 2011, Jun 2013, Dec 2014) Loma Re (Jun 2011, Dec 2011, Dec 2013) Northshore Re (Aug 2013) Beazley SPS 6107 (since 2010). Catlin Endurance Everest Re Hannover Re Hiscox Lancashire Markel Montpelier Re Munich Re PartnerRe Platinum QBE RenRe SCOR Galileo Re (Oct 2013, Feb 2015) Kilimanjaro Re (Apr 2014, Nov 2014) Eurus (Sep 2012) Multiple sponsor VenTerra Re (Dec 2013) Mona Lisa Re (Jul 2013) Multiple sponsor The Altair Re reinsurance sidecar series provides collateralized support for ACE Tempest Re. Committed capital stood at $95m in 2013 and ACE is currently working with BlackRock to form Bermuda-based reinsurer ABR Re. TransRe ownership of Pillar Capital increased to 50% in Jun TransRe operates the Pangaea Re reinsurance sidecar series and is reported to be working in partnership with Providence on a reinsurance captive. Allied World has a minority interest in Aeolus Capital and contributed $350m of funds for investment during Reported to have worked with Pine River Capital in trying to establish a new hedge fund reinsurer in 2H Amlin raised its ownership of Leadenhall Capital from 40% to 75% in Oct AuM totalled $1.9bn at year-end, including 64m from Amlin. SPS 6106 ( ). Arch co-sponsored Watford Re with Highbridge Capital, investing $100m for an 11% interest (Mar 2014). Watford Re takes 10% of Arch s property cat book and wrote $80m of open market business in The Harambee Re sidecar series provides Argo with fully collateralised reinsurance support. The Silverton Re sidecar series writes a collateralized quota share of Aspen Bermuda's property cat book. Committed capital rose from $65m in 2014 to $85m in Formed AXIS Ventures with $50m of third party capital (Nov 2013). Class 3A insurer AXIS Ventures Reinsurance Ltd provides AXIS with fully collateralized reinsurance support. Catlin has operated SPSs since 2012, providing whole account quota share support to Syndicate From 2014, a Portfolio Participation Vehicle provides similar collateralised protection to Catlin s non-lloyd s entities. The Mt. Logan Re sidecar series writes worldwide cat on a fully collateralized basis. Third party AuM totalled $690m at the end of 2014, all of which was deployed in the January renewals. Mt. Logan Re generated $28m of fees for Everest Re in The K-Cessions sidecar series provides fully collateralized quota share retro support. Capacity rose by 25% to $400m for The Kiskadee Re sidecar series has provided collateralized reinsurance support since Jun SPS 6104 (since 2008). Kinesis Re I Ltd (est. Jun 2013) writes multi-class reinsurance business on a fullycollateralized basis, deploying around $340m of limit in Previous vehicles include Saltire Re (aggregate covers) and the Accordian Re series (property retro). The New Point Re sidecar series underwrites property retro business on a fully collateralized basis. Collateralized property cat reinsurance is written via Blue Water Re and Blue Capital Re. Reinsurance sidecars Eden Re I and Eden Re II provide a combined $365m of property cat XL capacity in Sidecar Lorenz Re formed with $75m of third party capital to provide additional capacity for a diversified portfolio of cat reinsurance treaties over a multi-year period on a fully collateralized basis (Mar 2013). RenRe operated Upsilon Re (Jan 2013, Jan 2014) and Timicuan Re (Jun 2009, Jun 2012) sidecars. In Nov 2014, the Upsilon platform was converted into perpetual funds, writing fully collateralized reinsurance and retro and investing in ILS. Sidecar Atlas X ($55m of capital) provides 3 years of collateralized quota share capacity to SCOR Global P&C s property cat book (Jan 2014). A new global cat program at Jul 1, 2014 reduced the modelled peak 1-in- 250-year PML from 10.3% to 8.1% of shareholders equity. Approximately 20% of the coverage was placed on a fully collateralized basis. Ongoing investment partnership with Ares Management. Investments in Pillar Capital and its managed funds contributed a return of $22m in 2014 and totaled $235m at the year-end. Retro programs were purchased on a fully collateralized basis in 2013 and A collateralized property cat quota share reinsurance contract with Aeolus Re generated $87m of assumed premium in Syndicate 2001 and Amlin AG fronted 25m of business for Leadenhall in From 2015, Amlin purchased a single retro program and cut its tolerance for RDSs by 50m to 300m net. Increased retro purchases reduced Arch's largest 250-year PML for a single event (North-East US wind) to a record low of 9% of common shareholders' equity at Jan 1, Formed ILS fronting partnership with Horseshoe Re (Mar 2014). Aspen Capital Markets (est Mar 2013) now has $185m of third party AuM and is being used to help manage net cat exposure. ACM contributed $13m to Aspen's results in AXIS Ventures completed 8 transactions and contributed $3m towards group earnings in AXIS Ventures Re had total assets of $97m at the end of Commissions and fees recognised by Catlin from third-party capital providers totalled $66m in The group is writing ~15% of its business against almost $350m of third party capital in Additional retro was purchased in 2014 and at Jan 1, The peak 1-in- 100 year PML reduced to 10.3% of shareholders' equity at Dec 31, 2014, from 11.0% a year earlier. Everest Re is growing its property cat book, but has kept its net risk appetite stable by transferring risk to Mt.Logan Re, sourcing $950m of retro capacity from cat bonds and purchasing ILWs to hold its Florida PML steady. Hannover Re is active as a rated fronting market for collateralized reinsurance vehicles and opened its internal ILS fund to third parties via Leine Investment from Jan Kiskadee Investment Managers (est Jun 2013) expects to have $500m of committed capital by mid Hiscox currently manages $4bn of cat quota share capacity for investors. Bermuda-based third party capital manager Kinesis Capital Management was formed in Jun Lancashire's peak 1-in-250 year PMLs have been reduced via the purchase of additional retro. Most of the cover is reinstateable in Erik Manning joined as Managing Director of Alternative Solutions at Markel Re in Jun Blue Capital Management was launched in Dec 2012 to offer a range of property cat-linked investment products to institutional and retail investors. AuM totalled $790m in Jan Munich Re has operated an internal ILS fund for 6+ years. Increased retro purchases have reduced peak PMLs. Lorenz Re had total assets of $101m at the end of PMLs have been reduced through the purchase of additional retro protection. Managed property cat-oriented joint ventures include DaVinci, Top Layer Re, Medici, Upsilon RFO and Upsilon Fund. Third-party capital spread across these vehicles totalled $1.1bn at the end of SCOR Global Investments has operated the Atropos ILS funds since Aug AuM totalled $460m in mid Swiss Re Multiple sponsor Sector Re sidecar series. No plans to open internal ILS fund to third parties. Validus White Mountains XL The AlphaCat sidecar series writes collateralized property cat and retro. Top layer cat is written via PaCRe (owned 10% by Validus). Class 3 Bermudian insurer Alstead Re was formed to write collateralized reinsurance and retro business from Jan Vector Re writes global property cat business on a collateralized basis from Jan At the end of 2014, AlphaCat had $1.5bn of third party AuM ($289m in the AlphaCat sidecars, $786m in the AlphaCat ILS funds and $459m in PaCRe). During 4Q, the strategic direction of Sirius Capital Markets (launched in May 2013) was reviewed and entities that were formed for this initiative are being dissolved or redeployed. XL and Stone Point established New Ocean Capital Management in Nov The net assets of the New Ocean Cat Fund and Vector Re were $94m and $47m at Dec 31. SPS = Special Purpose Syndicate; AuM = assets under management 20 The Aon Benfield Aggregate Results for the year ended December 31, 2014

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