The Aon Benfield Aggregate. Three Months Ended March 31, 2011

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1 The Aon Benfield Aggregate Three Months Ended March 31, 2011

2 Contents Global Reinsurer Capital 3 Executive Summary 4 Aon Benfield Aggregate Capital 5 Capital Development 5 Capital Management 7 Premium Income 8 Premium Distribution 9 Earnings 10 Underwriting Performance 10 Investment Results 12 Return on Equity 13 Ratings 15 Appendix 1: Aon Benfield Aggregate Data 16 About Aon Benfield As the industry leader in treaty, facultative and capital markets, Aon Benfield is redefining the role of the reinsurance intermediary and capital advisor. Through our unmatched talent and industry-leading proprietary tools and products, we help our clients to redefine success. Aon Benfield offers unbiased capital advice and customized access to more reinsurance and capital markets than anyone else. As a trusted advocate, we provide local reach to the world s markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial, and rating agency advisory, and the right professionals to advise clients in making the optimal capital choice for their business. With an international network of more than 80 offices in 50 countries, our worldwide client base is able to access the broadest portfolio of integrated capital solutions and services. Learn more at aonbenfield.com.

3 Aon Benfield Global Reinsurer Capital Aon Benfield estimates that Global Reinsurer Capital totaled USD440 billion at March 31, 2011, a reduction of 6% from the end of This calculation is a broad measure of capital available for reinsurance and includes both traditional and nontraditional forms of reinsurance capital. Exhibit 1: Global Reinsurer Capital % -6% USD (billions) % 18% FY 2007 FY 2008 FY 2009 FY Q 2011 Source: Company reports, Aon Benfield Analytics 3

4 The Aon Benfield Aggregate Three Months Ended March 31, 2011 Executive Summary Global Reinsurer Capital fell by 6.4% to USD440 billion during the first quarter of 2011, principally driven by the level of insured catastrophe losses. This calculation is a broad measure of capital available for reinsurance underwriting and includes both traditional and non-traditional forms of reinsurance capital. At March 31, 2011, the reported shareholders funds of the 28 reinsurers forming the ABA totaled USD238.3 billion, a decline of 3.4% in the quarter. The principal drivers were USD4.3 billion of net losses, USD2.5 billion of unrealized investment losses, USD2.0 billion of dividend payments and USD2.0 billion of share buy-backs. Gross property and casualty premiums written by the ABA in the first quarter totaled USD40.3 billion, an increase of 7.1% relative to the same period in The volume of reinsurance business rose by 7.7% to USD29.3 billion. Acquisitions and reinstatement premiums more than offset the effect of generally lower pricing. The ABA reported an aggregate pre-tax loss of USD5.7 billion for the quarter. The non-life underwriting deficit stood at USD11.5 billion, driven by USD15.1 billion of catastrophe losses. Low yields continued to hamper investment income and the capital market recovery effect seen in the prior year was not repeated. The first quarter combined ratio rose by 38.3 percentage points to 143.7%, with catastrophe losses representing 57.1% of net premiums earned, up from 19.7% in the first quarter of Prior year reserve releases declined 9.2% to USD1.2 billion, a beneficial impact of 4.7 percentage points. The ABA s total investment return fell by 30.3% to USD9.0 billion, a yield of 1.0% compared to 1.5% in the first quarter of Net investment income increased by 11.9% to USD8.5 billion, while realized and unrealized capital gains reported through income statements fell by 91.4% to USD0.5 billion. The net loss of USD4.3 billion reported by the ABA for the first quarter of 2011 represented a negative return on average common equity of 1.8%. This followed a return of 10.4% or USD23.5 billion for the whole of Strong capital positions have enabled the vast majority of ABA companies to absorb substantial catastrophe losses over the last 18 months without consequent rating action. However, the underlying operating environment remains challenging. 4

5 Aon Benfield Aon Benfield Aggregate Capital At March 31, 2011, the reported shareholders funds of the 28 reinsurers forming the ABA totaled USD238.3 billion, a decline of 3.4% in the quarter. Excluding share buy-backs and dividend payments, the reduction was 1.8%. Exhibit 2: ABA Shareholders Funds % -3% USD (billions) % 28% 100 FY 2007 FY 2008 FY 2009 FY Q 2011 Capital Development Although the ABA companies reported USD15.1 billion of net catastrophe losses in the first quarter of 2011, the aggregate post tax deficit was confined to USD4.3 billion. For comparative purposes, in the first quarter of 2010, the ABA reported USD5.4 billion of net income after USD4.9 billion of net catastrophe losses. The other drivers of the overall capital reduction were USD2.5 billion of unrealized investment losses, USD2.0 billion of dividends and USD2.0 billion of share buy-backs. Foreign exchange gains of USD1.8 billion provided a partial offset. Exhibit 3: ABA Shareholders Funds Development USD (billions) FY 2010 SHF Additional capital Net income Dividends FX Investment gains Share buybacks Other 1Q 2011 SHF 5

6 The Aon Benfield Aggregate Three Months Ended March 31, 2011 A handful of companies with relatively low net exposure to the catastrophe events were able to report modest capital growth in the quarter, most notably ACE. At the other end of the spectrum, shareholders funds at Ariel and Endurance fell by 21% and 15%, respectively. However, these movements mainly resulted from active capital management (as shown in Exhibit 6), whereas the other sizeable capital reductions were primarily driven by catastrophe losses. Exhibit 4: Movement in Reported Shareholders Funds 5% 0% ABA -5% -10% -15% -20% -25% Exhibit 5 plots the first quarter pre-tax net incurred catastrophe losses reported at March 31, 2011 against shareholders funds held at the end of The results range from 21.4% (Flagstone) to 1.4% (National Indemnity). Exhibit 5: Catastrophe Losses as % of 2010 Shareholders Funds 25% 20% 15% Japan earthquake New Zealand earthquake II Australian events 10% 5% 0% 6

7 Aon Benfield Capital Management Share buy-backs and dividend payments reduced ABA shareholders funds by 1.6% or USD4.0 billion in the first quarter. The most notable activity was the release of a USD349 million dividend at Ariel (a similar payment of USD420 million was made in 1Q 2010) and a USD322 million buy-out of Perry Corporation at Endurance. Exhibit 6: Capital Management Reporting Currency SHF at December 1Q 2011 share 1Q 2011 dividends Total capital Capital returned Company (millions) 31, 2010 buy-backs paid returned as % of SHF ACE USD 22, % Allied World USD 3, % Alterra USD 2, % AAIC USD % Arch USD 4, % Argo USD 1, % Ariel USD 1, % Aspen USD 3, % Axis USD 5, % Endurance USD 2, % Everest Re USD 6, % Fairfax USD 8, % Flagstone USD 1, % Gen Re USD 9, % Hannover Re EUR 4, % Maiden USD % Montpelier Re USD 1, % Munich Re EUR 22, % NICO USD 68, ,000 1, % PartnerRe USD 7, % Platinum USD 1, % RenRe USD 3, % SCOR EUR 4, % Swiss Re USD 25, % Transatlantic USD 4, % Validus USD 3, % White Mountains USD 3, % XL USD 9, % ABA USD 246,634 2,039 1,969 4, % Share buy-back activity has ceased in the wake of the recent earthquakes and is expected to remain dormant pending the outcome of the Atlantic hurricane season. Significant authorizations remain in place. Montpelier Re, Endurance and PartnerRe have issued respectively USD150 million, USD230 million and USD325 million of preferred shares for general corporate purposes. 7

8 The Aon Benfield Aggregate Three Months Ended March 31, 2011 Premium Income Gross property and casualty (P&C) premiums written by the ABA in the first quarter totaled USD40.3 billion, an increase of 7.1% relative to the same period in The volume of reinsurance business rose by 7.7% to USD29.3 billion. Acquisitions and reinstatement premiums more than offset the effect of generally lower pricing. Exhibit 7: ABA First Quarter Gross Premiums Written % 7.1% 35 USD (billions) Q Q Q 2011 Alterra s growth primarily reflects the inclusion of Harbor Point; on a pro forma basis gross premiums decreased 7%. Acquisitions influenced the expansion at Maiden (GMAC International) and Fairfax (Zenith National and First Mercury). The top line at National Indemnity increased by 42%, reflecting increased volume from the Swiss Re quota share. Growth at Endurance was driven by agriculture insurance and renewals on Glacier Re s former book. Excluding reinstatement premiums, growth at RenRe stood at only 1.6%, driven by the Lloyd s segment. Exhibit 8: P&C Gross Premiums Written, % Change 80% 60% ABA 40% 20% 0% -20% -40% The notable premium reduction at PartnerRe reflected repositioning of the book following the integration of Paris Re, while Gen Re, Platinum, Argo and Montpelier Re cut volumes in the face of weakening pricing. The top line at White Mountains was affected by the sale of OneBeacon s personal lines business. 8

9 Aon Benfield Premium Distribution Net P&C premiums written by the ABA increased by 7.8% to USD34.2 billion in the first quarter. The top ten constituents have not changed year on year, but SCOR and PartnerRe slipped one and four places respectively, while National Indemnity and Fairfax moved up two and three places respectively. Exhibit 9: Distribution of P&C Net Premiums Written 1Q 2011 P&C Net Premiums Written USD 34 billion Munich Re 16.9% Swiss Re 14.4% ACE 8.9% Hannover Re 6.8% NICO 6.1% XL 5% Fairfax 4.4% Axis 4.1% PartnerRe 3.7% SCOR 3.4% Remainder 26.3% The distribution of gross written premium classified as reinsurance is shown in Exhibit 10. Between them, the top three companies represented almost 50% of total volume. Exhibit 10: Distribution of Reinsurance Gross Premiums Written 1Q 2011 Reinsurance Gross Premiums Written USD29 billion Munich Re 20.4% Swiss Re 20.2% Hannover Re 8.2% NICO 7.9% PartnerRe 4.6% SCOR 4.5% Axis 3.8% Transatlantic 3.8% XL 3% Everest Re 2.8% Remainder 20.8% 9

10 The Aon Benfield Aggregate Three Months Ended March 31, 2011 Earnings The ABA reported pre and post tax losses of USD5.7 billion and USD4.3 billion respectively for 1Q The non-life underwriting deficit stood at USD11.5 billion, driven by USD15.1 billion of catastrophe losses. Low yields continued to hamper investment income and there was no repeat of the capital market recovery effect seen in the first quarter of Exhibit 11: ABA Pre-Tax Results USD (billions) Q Q 2011 Other Capital gains/losses Life underwriting result Non-life underwriting result Investment income Pre-tax profit Pre-tax profits at Gen Re and National Indemnity were driven by dividend payments from subsidiaries, while ACE benefitted from a relatively low level of net catastrophe exposure. The majority of ABA companies reported losses for the period, notably Munich Re (EUR1.6 billion), Swiss Re (USD0.9 billion) and PartnerRe (USD0.8 billion) Exhibit 12: Pre-Tax Profit/Loss (USD millions) ,000-1,400-1,800-2,200 Underwriting Performance On an accident year basis, the ABA combined ratio rose by 37.6 percentage points (pp) to 148.4% in the first quarter of The deterioration was almost entirely driven by the increased level of catastrophe losses, which represented 57.1% of net premiums earned. Prior year reserve releases had a beneficial impact of 4.7pp and, on a calendar year basis, the ABA combined ratio rose by 38.3pp to 143.7%. 10

11 Aon Benfield Exhibit 13: ABA Combined Ratio Composition 140% 90% 105.4% 29.5% 19.7% 143.7% 29.9% 57.1% 40% 61.6% 61.4% -10% -5.4% -4.7% 1Q Q 2011 Attritional loss ratio Catastrophe losses Expense ratio Prior year reserve adjustment A dozen ABA companies reported combined ratios in excess of 150% in the first quarter. Five incurred catastrophe losses exceeding 100% of net premium earned. Exhibit 14: Reported Combined Ratios 250% Loss ratio Expense ratio ABA combined ratio 200% 150% 100% 50% 0% The reported underwriting impact of the Australian flood events and the earthquakes in New Zealand and Japan is shown in Exhibit 15. Exhibit 15: Catastrophe Losses Impact on Combined Ratio 140% Australian events 120% New Zealand earthquake II 100% Japan earthquake 80% 60% 40% 20% 0% 11

12 The Aon Benfield Aggregate Three Months Ended March 31, 2011 Prior year reserve releases totaled USD1.2 billion in the first quarter, down from USD1.4 billion in the first quarter of A number of companies continue to derive significant earnings benefit from this source, notably Gen Re, RenRe, Montpelier Re and Platinum. Two companies, Flagstone and Argo, reported a modest degree of adverse reserve development in the quarter. Exhibit 16: Loss Reserve Adjustment as % of Net Premium Earned 35% 30% 25% 20% 15% 10% 5% 0% -5% ABA Investment Results ABA invested assets increased by 2.1% to USD904 billion during the first quarter. There was little change in overall allocation between asset classes. Exhibit 17: Invested Assets Portfolio ABA Invested Assets December 31, 2010 USD885 billion 20% ABA Invested Assets March 31, 2011 USD904 billion 20% 5% 6% 12% 63% 12% 62% Fixed income securities Equities Cash Other The ABA s total investment return fell by 30.3% to USD9.0 billion, a yield of 1.0% compared to 1.5% in the first quarter of Net investment income increased by 11.9% to USD8.5 billion, but actually fell by 8.7% to USD6.9 billion excluding USD1.6 billion of subsidiary dividend payments received by National Indemnity and Gen Re. Realized and unrealized capital gains reported through income statements fell by 91.4% to USD0.5 billion. 12

13 Aon Benfield Exhibit 18: Total Investment Return 5% 4% ABA 3% 2% 1% 0% Direct comparison of total investment returns is problematic as financial reporting is not consistent. Most of the ABA companies take only realized gains through the income statement, but some also include unrealized gains. Gen Re s investment return was heavily influenced by USD567 million of dividend payments received from General Re Life Corporation and General Reinsurance AG. Return on Equity The ABA reported a net loss of USD4.3 billion for the first quarter of 2011, compared to net income of USD23.5 billion for the whole of Exhibit 19: ABA Net Income USD (billions) Q Q Q Q Q 2011 The net results of the ABA constituent companies in the first quarter are plotted in Exhibit

14 The Aon Benfield Aggregate Three Months Ended March 31, 2011 Exhibit 20: Net Income/Loss (USD millions) ,100-1,300 Overall, the ABA reported a negative return on average common equity of 1.8% in the first quarter. The results by constituent company are shown in Exhibit 21. Exhibit 21: Return on Average Common Equity (Net Income) 10% 5% ABA 0% -5% -10% -15% -20% 14

15 Aon Benfield Ratings Strong capital positions have enabled the vast majority of ABA companies to absorb substantial catastrophe losses over the last 18 months without consequent rating action. However the difficult operating environment is a source of increasing concern for the rating agencies. Exhibit 22: Ratings Main Operating Company A.M. Best Fitch Moody s Standard & Poor s ACE Bermuda Insurance Ltd A+ Stable AA-* Stable Aa3 Stable AA- Stable Allied World Assurance Co Ltd A Stable NR - A2 Review ( ) A Review ( ) Alterra Bermuda Ltd A Stable A* Stable A3 Stable A- Positive American Agricultural Insurance Co A Negative NR - NR - BBBpi - Arch Reinsurance Ltd A Positive A+ Stable A2 Positive A+ Stable Argo Re Ltd A Stable NR - NR - NR - Ariel Reinsurance Company Ltd A-* Stable NR - NR - A- Stable Aspen Insurance Ltd A Stable NR - A2 Stable A Stable AXIS Specialty Ltd A Stable A+ Stable A2 Stable A+ Stable Endurance Specialty Insurance Ltd A Stable A* Stable A2 Stable A Stable Everest Reinsurance (Bermuda) Ltd A+ Stable AA-* Stable Aa3* Stable A+* Stable Flagstone Reassurance Suisse SA A-* Negative A-* Negative A3 Review ( ) NR - General Reinsurance Corporation A++ Stable AA+* Stable Aa1 Stable AA+ Stable Hannover Rückversicherungs AG A Positive A+* Stable NR - AA- Stable Maiden Insurance Company Ltd A-* Stable NR - NR - BBB+ Stable Montpelier Reinsurance Ltd A-* Positive A-* Positive NR - A- Stable Munich Reinsurance Co A+ Stable AA-* Stable Aa3* Stable AA- Stable National Indemnity Company A++* Stable AA+* Stable Aa1 Stable AA+ Stable Odyssey Reinsurance Company A Stable A- Stable A3 Positive A- Stable Partner Reinsurance Co Ltd A+ Stable AA- Stable Aa3* Negative AA- Negative Platinum Underwriters Bermuda Ltd A* Stable A Stable NR - A* Stable Renaissance Reinsurance Ltd A+* Stable A+ Stable A1 Stable AA- Stable SCOR Global P&C SE A* Stable A* Positive A2 Positive A* Positive Sirius International Insurance Corp A Stable A- Stable A3 Stable A- Stable Swiss Reinsurance Co A Positive NR - A1* Stable A+ Positive Transatlantic Reinsurance Co A Stable NR - A1* Stable A+ Stable Validus Reinsurance Ltd A- Positive A- Stable A3 Stable A- Stable XL Re Ltd A Stable A Stable A2 Stable A Stable * Ratings affirmed since Japan EQ Rating/outlook changes since Japan EQ Ratings as at June 2011 Source: A.M. Best, Fitch, Moody s, Standard & Poor s 15

16 The Aon Benfield Aggregate Three Months Ended March 31, 2011 Appendix 1: Aon Benfield Aggregate Data Exhibit 23: 1Q 2011 Results Company Reporting Currency (millions) P&C Gross Premiums Written 1Q 2010 P&C Gross Premiums Written 1Q 2011 Change P&C Net Premiums Written 1Q 2010 P&C Net Premiums Written 1Q 2011 Change ACE USD 4,400 4,228-4% 3,186 3,037-5% Allied World USD % % Alterra USD % % AAIC USD % % Arch USD % % Argo USD % % Ariel USD % % Aspen USD % % Axis USD 1,425 1,548 9% 1,244 1,401 13% Endurance USD 819 1,000 22% % Everest Re USD 1,021 1,065 4% 969 1,020 5% Fairfax USD 1,332 1,801 35% 1,095 1,510 38% Flagstone USD % % Gen Re USD % % Hannover Re EUR 1,722 1,924 12% 1,551 1,690 9% Maiden USD % % Montpelier Re USD % % Munich Re* EUR 3,949 4,363 10% 3,669 4,220 15% NICO USD 1,633 2,316 42% 1,479 2,100 42% PartnerRe USD 1,720 1,348-22% 1,607 1,262-21% Platinum USD % % RenRe USD % % SCOR EUR % % Swiss Re USD 5,608 6,198 11% 4,424 4,940 12% Transatlantic USD 1,114 1,123 1% 1,026 1,044 2% Validus USD % % White Mountains USD 1, % % XL USD 1,922 2,099 9% 1,597 1,714 7% ABA USD 37,662 40, % 31,712 34, % *P&C reinsurance segment only 16

17 Aon Benfield Exhibit 23: 1Q 2011 Results (cont d) Calendar Year Company Loss Ratio 1Q 2010 Loss Ratio 1Q 2011 Expense Ratio 1Q 2010 Expense Ratio 1Q 2011 Combined Ratio 1Q 2010 Combined Ratio 1Q 2011 Change ACE 61.9% 73.4% 30.9% 31.6% 92.8% 105.0% 12.2pp Allied World 68.6% 90.9% 30.9% 31.7% 99.5% 122.6% 23.1pp Alterra 64.6% 80.2% 25.9% 32.3% 90.5% 112.5% 22.0pp AAIC 76.0% 91.0% 15.6% 16.1% 91.6% 107.1% 15.5pp Arch 63.9% 77.9% 32.5% 32.1% 96.4% 110.0% 13.6pp Argo 65.6% 104.7% 39.4% 40.5% 105.0% 145.2% 40.2pp Ariel 39.7% 62.1% 40.3% 37.6% 80.0% 99.7% 19.7pp Aspen 81.0% 116.9% 29.3% 31.6% 110.3% 148.5% 38.2pp Axis 67.3% 129.4% 31.0% 31.9% 98.3% 161.3% 63.1pp Endurance 63.7% 105.0% 33.6% 34.3% 97.3% 139.3% 42.0pp Everest Re 97.8% 123.6% 27.1% 27.8% 124.9% 151.4% 26.5pp Fairfax 81.9% 96.4% 29.4% 32.2% 111.3% 128.7% 17.4pp Flagstone 58.8% 139.6% 38.8% 30.7% 97.6% 170.3% 72.7pp Gen Re 71.9% 116.7% 36.7% 10.8% 108.7% 127.5% 18.8pp Hannover Re 74.0% 98.4% 25.3% 25.4% 99.3% 123.8% 24.5pp Maiden 64.5% 63.0% 32.5% 34.0% 97.1% 97.0% -0.1pp Montpelier Re 91.0% 149.5% 32.5% 29.3% 123.5% 178.8% 55.3pp Munich Re 81.0% 130.0% 28.2% 29.4% 109.2% 159.4% 50.2pp NICO 59.0% 138.0% 34.9% 33.5% 94.0% 171.5% 77.5pp PartnerRe 89.1% 166.0% 27.8% 27.7% 116.9% 193.7% 76.8pp Platinum 74.7% 174.8% 24.0% 25.6% 98.7% 200.4% 101.6pp RenRe 38.8% 205.7% 28.6% 24.3% 67.4% 230.0% 162.6pp SCOR 81.4% 107.2% 27.7% 28.0% 109.1% 135.2% 26.1pp Swiss Re 83.8% 136.6% 25.6% 27.1% 109.4% 163.7% 54.3pp Transatlantic 79.2% 122.2% 27.5% 25.6% 106.7% 147.8% 41.1pp Validus 104.6% 110.9% 29.7% 32.1% 134.3% 143.0% 8.7pp White Mountains 81.3% 75.7% 38.7% 38.3% 120.0% 114.0% -5.9pp XL 70.6% 95.1% 29.9% 30.7% 100.5% 125.8% 25.3pp ABA 75.9% 113.9% 29.5% 29.9% 105.4% 143.7% 38.3pp Reporting currency (millions) 17

18 The Aon Benfield Aggregate Three Months Ended March 31, 2011 Exhibit 23: 1Q 2011 Results (cont d) Accident Year Company Prior Year Reserve (Release)/ Addition 1Q 2010 Prior Year Reserve (Release)/ Addition 1Q 2011 Prior Year Reserve Adjustment as % of NPE 1Q 2010 Prior Year Reserve Adjustment as % of NPE 1Q 2011 Accident Year Combined Ratio 1Q 2010 Accident Year Combined Ratio 1Q 2011 Change ACE % 3.2% 96.1% 108.2% 12.1pp Allied World % 13.2% 121.4% 135.8% 14.5pp Alterra % 8.0% 99.3% 120.5% 21.2pp AAIC % 16.5% 105.2% 123.6% 18.4pp Arch % 9.2% 100.9% 119.2% 18.4pp Argo % -1.8% 108.4% 143.4% 35.0pp Ariel % 0.0% 80.0% 99.7% 19.7pp Aspen % 4.8% 113.1% 153.3% 40.2pp Axis % 6.3% 110.0% 167.6% 57.7pp Endurance % 12.7% 107.8% 152.0% 44.2pp Everest Re % 0.1% 124.9% 151.5% 26.6pp Fairfax % 1.0% 111.9% 129.7% 17.8pp Flagstone % -3.7% 109.0% 166.6% 57.6pp Gen Re % 31.6% 138.4% 159.1% 20.7pp Hannover Re % 10.9% 110.5% 134.7% 24.3pp Maiden % 0.0% 97.1% 97.0% -0.1pp Montpelier Re % 20.2% 138.7% 199.0% 60.4pp Munich Re % 0.0% 109.2% 159.4% 50.2pp NICO % 1.6% 120.3% 173.1% 52.9pp PartnerRe % 16.1% 126.3% 209.8% 83.5pp Platinum % 18.1% 121.2% 218.5% 97.2pp RenRe % 22.3% 112.2% 252.3% 140.1pp SCOR % 2.9% 109.1% 138.1% 29.0pp Swiss Re % 6.2% 109.4% 169.9% 60.5pp Transatlantic % 1.6% 107.4% 149.4% 42.0pp Validus % 6.2% 140.1% 149.1% 9.0pp White Mountains % 3.4% 121.9% 117.5% -4.4pp XL % 5.6% 107.4% 131.4% 24.0pp ABA -1,354-1, % 4.7% 110.8% 148.4% 37.6pp Reporting currency (millions) 18

19 Aon Benfield Exhibit 23: 1Q 2011 Results (cont d) Net Investment Income Net Investment Income Capital Gains/ (Losses) Capital Gains/ (Losses) Total Investment Return Total Investment Return Company 1Q Q Q Q Q Q 2011 Change ACE % Allied World % Alterra % AAIC % Arch % Argo % Ariel % Aspen % Axis % Endurance % Everest Re % Fairfax % Flagstone % Gen Re % Hannover Re % Maiden % Montpelier Re % Munich Re 1,898 1, ,460 1,956-20% NICO 591 1,485 1, ,332 1,285-45% PartnerRe % Platinum % RenRe % SCOR % Swiss Re 1,479 1,362 1, ,859 1,559-45% Transatlantic % Validus % White Mountains % XL % ABA 7,590 8,500 5, ,842 8,955-30% Reporting currency (millions) 19

20 The Aon Benfield Aggregate Three Months Ended March 31, 2011 Exhibit 23: 1Q 2011 Results (cont d) Pre-tax Profit Pre-tax Profit Pre-tax Operating ROE* Pre-tax Operating ROE* Company 1Q Q 2011 Change 1Q Q 2011 Change ACE % 3.5% 1.7% -1.8pp Allied World % 1.8% -1.3% -3.1pp Alterra % 2.0% -1.0% -3.0pp AAIC % 2.6% 0.2% -2.5pp Arch % 4.1% 0.2% -3.9pp Argo % 1.2% -6.4% -7.5pp Ariel % 3.7% 1.6% -2.1pp Aspen % 0.3% -5.5% -5.8pp Axis % 2.1% -7.5% -9.6pp Endurance % 1.8% -4.0% -5.8pp Everest Re % -1.4% -5.9% -4.5pp Fairfax % -0.7% -3.5% -2.8pp Flagstone % 2.3% -16.1% -18.4pp Gen Re % 1.4% 6.7% 5.3pp Hannover Re % 4.9% -1.7% -6.6pp Maiden % 2.0% 2.7% 0.7pp Montpelier Re % -1.3% -7.8% -6.6pp Munich Re 558-1, % 0.0% -8.4% -8.4pp NICO 2, % 1.2% 0.9% -0.3pp PartnerRe % -0.5% -10.8% -10.2pp Platinum % 1.5% -8.9% -10.4pp RenRe % 2.7% -7.3% -10.0pp SCOR % -0.1% -5.0% -4.9pp Swiss Re % -4.4% -4.2% 0.2pp Transatlantic % 0.5% -9.0% -9.6pp Validus % -3.7% -4.9% -1.2pp White Mountains % -2.6% -1.3% 1.3pp XL % 2.2% -1.7% -3.9pp ABA 6,453-5, % 0.5% -2.5% -3.0pp *Calculated by excluding the impact of net realized and unrealized investment gains/losses Reporting currency (millions) 20

21 Aon Benfield Exhibit 23: 1Q 2011 Results (cont d) Company Net Income 1Q 2010 Net Income 1Q 2011 Change Return on Equity* 1Q 2010 Return on Equity* 1Q 2011 Change ACE % 3.7% 1.1% -2.6pp Allied World % 4.1% 0.3% -3.8pp Alterra % 2.2% -1.7% -3.9pp AAIC % 2.4% 0.2% -2.2pp Arch % 5.2% 0.5% -4.8pp Argo % 1.3% -6.0% -7.3pp Ariel % 4.4% 1.4% -3.1pp Aspen % 0.4% -5.6% -6.1pp Axis % 2.3% -7.8% -10.1pp Endurance % 1.9% -3.5% -5.3pp Everest Re % -0.4% -5.2% -4.8pp Fairfax % 5.5% -3.4% -8.9pp Flagstone % 2.6% -15.3% -17.9pp Gen Re % 1.0% 6.8% 5.8pp Hannover Re % 3.9% 1.2% -2.7pp Maiden % 2.0% 2.5% 0.6pp Montpelier Re % 0.6% -6.7% -7.3pp Munich Re % 2.1% -4.4% -6.5pp NICO 2, % 4.3% 0.3% -4.0pp PartnerRe % 1.0% -12.7% -13.7pp Platinum % 0.7% -8.8% -9.6pp RenRe % 5.2% -7.8% -13.0pp SCOR % 0.9% -1.9% -2.8pp Swiss Re % 0.7% -2.7% -3.4pp Transatlantic % 0.4% -4.6% -5.0pp Validus % -3.0% -5.1% -2.0pp White Mountains % -1.1% -0.8% 0.3pp XL % 1.3% -2.4% -3.7pp ABA 5,443-4, % 2.5% -1.8% -4.3pp *Net income divided by average common shareholders equity Reporting currency (millions) 21

22 The Aon Benfield Aggregate Three Months Ended March 31, 2011 Exhibit 23: 1Q 2011 Results (cont d) Total Investments Total Investments Shareholders Funds Shareholders Funds Company 1Q Q 2011 Change FY Q 2011 Change ACE 54,555 56,063 3% 22,974 23,376 2% Allied World 8,077 8,033-1% 3,076 2,951-4% Alterra 7,937 7,917 0% 2,918 2,723-7% AAIC % % Arch 12,237 12,741 4% 4,513 4,326-4% Argo 4,332 4,321 0% 1,626 1,523-6% Ariel 2,252 1,977-12% 1,545 1,218-21% Aspen 7,348 7,491 2% 3,241 3,051-6% Axis 12,666 13,095 3% 5,625 5,190-8% Endurance 6,280 6,160-2% 2,848 2,408-15% Everest Re 15,894 15,875 0% 6,284 5,914-6% Fairfax 23,487 23,854 2% 8,633 8,180-5% Flagstone 2,039 1,990-2% 1, % Gen Re 14,024 14,107 1% 9,319 9,470 2% Hannover Re 38,058 36,811-3% 4,509 4,348-4% Maiden 2,401 2,363-2% % Montpelier Re 2,808 2,829 1% 1,629 1,472-10% Munich Re 184, ,575-2% 22,783 20,268-11% NICO 104, ,448 4% 68,437 67,526-1% PartnerRe 19,320 19,245 0% 7,207 6,175-14% Platinum 4,328 4,251-2% 1,895 1,665-12% RenRe 6,413 6,589 3% 3,936 3,500-11% SCOR 20,956 20,021-4% 4,345 4,159-4% Swiss Re 184, ,244-1% 25,342 24,438-4% Transatlantic 13,408 13,631 2% 4,284 4,041-6% Validus 5,796 5,959 3% 3,505 3,315-5% White Mountains 9,743 9,692-1% 3,653 3,595-2% XL 35,800 36,066 1% 9,611 9,267-4% ABA 885, ,953 2% 246, , % Reporting currency (millions) 22

23 Contact Information Should you have any questions about this report, please contact or a member of Aon Benfield Analytics, including: Mike Van Slooten mike.vanslooten@aonbenfield.com Jonny Eggins jonathan.eggins@aonbenfield.com Eleanore Obst eleanore.obst@aonbenfield.com

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