Sample Insurance Company

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1 Report Revision Date: 01/16/2013 Rating and Commentary 1 Best's Credit Rating: 07/26/2012 Rating Rationale: 07/26/2012 Report Commentary: 09/21/2012 Financial 2 Time Period: Annual Last Updated: 04/22/2013 Status: Quality Cross Checked General Information 3 Corporate Structure: N/A States Licensed: 09/27/2001 Officers and Directors: 01/16/2013 Best's Credit Rating Methodology Disclaimer Best's Rating Guide Additional Online Resources Related News Rating Activity and Announcements Company Overview Archived AMB Credit Reports Corporate Changes & Retirements AMB Country Risk Reports - United States 1 The Rating and Commentary date outlines the most recent updates to the Company's Rating, Rationale, and Report Commentary for key rating and business changes. Report commentary may include significant changes to Business Review, Financial Performance/Earnings, Capitalization, Investment/Liquidity, or Reinsurance sections of the report. 2 The Financial date reflects the current status of the financial tables found within the body of the Report, including whether the data was loaded as received or had been run through our quality control cross-check process. 3 The General Information date covers key areas that may have changed such as corporate structure, states licensed or officers and directors. Page 1 of 27 Print Date: May 03, 2013

2 Ultimate Parent: Sample Holding Company Inc. Sample Insurance Company Boston, Massachusetts, United States 123 Any Street, Boston, Massachusetts, United States Tel.: Web: com Fax: AMB #: Ultimate Parent: NAIC #: FEIN#: Best's Credit Ratings Best's Financial Strength Rating: A Best's Issuer Credit Rating: a Rating Effective Date: 07/26/2012 Financial Size Category: XV Outlook: Stable Outlook: Stable Report Revision Date: 01/16/2013 The company's rating reflects its pooling arrangement with other pool members of the Sample Insurance Companies (AMB# ). Rating Rationale The following text is derived from A.M. Best's Credit Report on Sample Insurance Companies (AMB# ). Rating Rationale: The ratings apply to Sample Insurance Companies' pool members (Sample Pool), led by Sample Insurance Company, and reinsured domestic affiliates. The ratings are based on the consolidated operating results and financial condition of these domestic companies as well as the Peerless Insurance Companies Pool (PIC Pool), collectively referred to as Sample Insurance. The ratings reflect Sample's solid capitalization, historically favorable operating performance, dominant market profile and strong brand-name recognition, as the group ranked as the fourth-largest insurer in the United States at year-end 2011, based on net premiums written. The ratings further acknowledge the group's sustainable competitive advantages of its multiple distribution channels, active risk management of its catastrophe exposures and solid product and geographic diversification. Furthermore, Sample's enterprise risk management program has served as a competitive advantage in navigating through the financial, economic, and catastrophic events of the past four years. Management's strategic objectives remain focused on improving Sample's financial performance through product, geographic and distribution channel diversification, while maintaining a sustainable competitive advantage in its core business operations. As part of this strategy, management remains focused on reducing business risk, diversifying earnings and improving operating leverage. In addition, Sample's extensive unbundled service capabilities, risk management services and strategic alliances with managed care networks provide a significant competitive advantage and a superior market profile. Lastly, the ratings also consider the financial flexibility provided by the ultimate parent, Sample Holding Company Inc., which maintains financial leverage that is in line with its current ratings, as well as additional liquidity through its access to capital markets and lines of credit. The positive rating factors are somewhat offset by the group's relatively high underwriting leverage measures and the deterioration in its operating results over the past several years, driven largely by weakened underwriting results, lower investment gains and substantial catastrophe losses in 2010 and While Sample's capitalization was strained in 2008 and early 2009 following deteriorating operating results, unrealized capital losses and the capital outlay for the purchase of Sample Corporation, policyholders' surplus has trended higher and capitalization has improved following the recovery of the financial markets and currently supports its ratings. Furthermore, while Sample has reported favorable loss reserve development in most recent calendar years, adverse development has continued in select accident years and in certain lines of business, all of which continues to influence underwriting results to some extent. Despite some concerns, the outlooks reflect Page 2 of 27 Print Date: May 03, 2013

3 Rating Rationale (Continued...) the group's improved risk-adjusted capitalization, profitable operating results, experienced management team, strong brandname recognition and solid product and geographic diversification. While A.M. Best believes the ratings for Sample Insurance Companies' members are appropriately positioned at the current levels, negative rating actions could occur if the group's underwriting and operating performance fall below A.M. Best's expectations or risk-adjusted capitalization weakens to a level that no longer supports current ratings. Five Year Rating History BEST'S Date FSR ICR 07/26/2012 A a 06/16/2011 A a 06/11/2010 A a 04/09/2009 A a 03/05/2008 A a View 25 Year Rating History Key Financial Indicators Period Ending Direct Premium Written Net Statutory Data ($000) Pre-tax Operating Income Net Income Total Admitted Assets Policyholder's Surplus ,049,034 9,635, , ,582 40,205,367 14,510, ,676,494 8,449, , ,233 37,394,843 13,596, ,942,769 7,740,795 2,692,456 2,921,743 36,701,548 13,763, ,521,698 7,463, ,456-65,098 34,830,437 12,491, ,482,788 8,126,264 1,460,809 1,500,675 32,549,788 10,334,732 Access additinal reports and financial data at: Statutory Filings Peer Reports Page 3 of 27 Print Date: May 03, 2013

4 Key Financial Indicators (Continued...) Period Ending Combined Ratio Profitability Leverage Liquidity Investment Yield Pre-Tax ROR Non- Affiliated Investment Leverage NPW to PHS Net Leverage Overall Liquidity Operating Cash-flow Yr Avg Access additinal reports and financial data at: Statutory Filings Peer Reports Page 4 of 27 Print Date: May 03, 2013

5 Business Profile The following text is derived from A.M. Best's Credit Report on Sample Insurance Companies (AMB# ). Sample is principally engaged in underwriting virtually all lines of commercial and personal property/casualty business and ranks as the fourth-largest insurance group in the United States, based on net premiums written. Sample's business mix is split evenly between commercial and personal lines with private passenger automobile representing the group's largest line of business. Sample continues to thrive on its name recognition, customer service, technological advantages, strategic alliances in managed care, and breadth of its products and value-added services. Insurance products and services are distributed primarily through independent agents and a direct sales force. The direct sales force affords Sample with a significant competitive expense advantage relative to its peers, while also enhancing the group's overall franchise value. In addition to independent agents and a direct sales force, the group also markets its commercial products to national insurance brokers. Furthermore, Sample utilizes an affinity marketing program, which currently offers insurance products through more than 13,000 sponsored affinity group relationships including employers, professional and alumni associations, credit unions, and other partnerships. Sample's property/casualty operations are managed on a Strategic Business Unit (SBU) basis, comprised of Sample Agency Corporation (SAC), International, Personal Markets, and Commercial Markets. On July 24, 2012, the company announced the realignment of these SBUs, discussed in the "subsequent event" section below. The following description of the SBUs is based on the structure prior to the realignment, on which the financial reporting in this document is based. The SAC SBU distributes products through independent agents and brokers. It consists of eight regionally branded insurance companies that offer commercial insurance coverage to small businesses; personal lines products sold under the Sample brand; nationwide contract and commercial surety bonds through Sample Surety; and small bonds through Sample Surety First. The International SBU provides insurance products and services through local businesses outside the United States, which sell personal and small commercial lines products, and Sample International Underwriters (SIU) which sells specialty commercial insurance and reinsurance worldwide. The local businesses consist of local insurance operations selling property, casualty, health and life insurance products to individuals and businesses in countries with a large and growing middle class. Automobile insurance is the predominant line of business. International operates local businesses in Latin America, Asia, and Europe. SIU operations provide a variety of specialty products including casualty, specialty casualty, marine, construction, energy, inland marine, directors and officers, professional liability, aviation, property, surety, excess & surplus, trade credit, cyber liability, and crisis management insurance, together with multi-line insurance and reinsurance written through Lloyd's Syndicate The Personal Markets SBU writes U.S. property and casualty insurance covering personal risks, primarily automobile and homeowners, as well as a wide range of life and annuity products, to individuals in the United States. Products are distributed through licensed captive sales representatives, licensed telesales counselors, third-party producers and the internet. Personal Markets' largest source of new business is through its sponsored affinity groups (including employers, professional and alumni associations, credit unions, and other partnerships). The Commercial Markets SBU is organized into four distinct markets. Each of these markets consists of separate marketing and underwriting groups focusing on a particular customer base, product grouping or distribution channel to provide tailored products and services to address customers' needs. These four distinct markets are Commercial Markets P&C, Sample Reinsurance, Summit, and Group Benefits. Commercial Markets coverages include workers' compensation, commercial automobile, general liability, group disability, group life, assumed reinsurance, property, commercial multiple peril, and a variety of other coverages. Commercial Markets is also a servicing carrier for workers' compensation involuntary market pools. Subsequent Event: On July 24, 2012, the company announced the realignment of its four Strategic Business Units ("SBUs"). The four new SBUs are as follows: Â Commercial Insurance will serve traditional domestic commercial property and casualty accounts of all sizes and will include Summit and Group Benefits. Page 5 of 27 Print Date: May 03, 2013

6 Business Profile (Continued...) Â Personal Insurance will include all domestic personal lines business. Sample and Sample brands and products will be maintained, and distribution channels will continue to be managed separately. Personal Insurance will also include Individual Life. Â Global Specialty will include Sample International Underwriters, Sample Reinsurance and Sample Surety. Â Sample International will be composed of local country operations. The realignment changes will be reflected for third quarter 2012 reporting. Scope of Operations Period Ending Direct Premium Written Total Premium Composition & Growth Analysis Reinsurance Premium Assumed Reinsurance Premium Ceded Net Premium Written ($000) (%Chg) ($000) (%Chg) ($000) (%Chg) ($000) (%Chg) ,049, ,177, ,590, ,635, ,676, ,287, ,514, ,449, ,942, ,594, ,796, ,740, ,521, ,991, ,050, ,463, ,482, ,751, ,107, ,126, Yr CAGR Statutory Filings Territory The company is licensed in the District of Columbia, Puerto Rico, U.S. Virgin Islands and all states. It is also licensed in all Canadian provinces and territories. Page 6 of 27 Print Date: May 03, 2013

7 Business Trends Product Line Direct Premium Written 2012 By-Line Business ($000) Reinsurance Premium Assumed Reinsurance Premium Ceded Net Premium Written ($000) ($000) ($000) ($000) Business Retention % Workers' Comp 177, ,366, ,304, ,238, Priv Pass Auto Liab 438, ,647, , ,167, Homeowners 36, ,705, ,288, ,453, Auto Physical 320, ,825, ,166, , Oth Liab Occur 595, , , , Inland Marine 2,362, , ,042, , Comm'l Auto Liab 61, , , , Fire 25, , , , Oth Liab CM 212, , , , Com'l MultiPeril 102, , , , Reins-Property , , , All Other 715, , , , Total 5,049, ,177, ,590, ,635, Top Product Lines of Business (Net Premium Written) 5 Years of Net Premium Written ($000) 7.0% 2.3% 2.2% 5.0% 2.7% 2.4% 3.4% 4.1% 23.2% 10,000,000 8,000,000 8,126,264 7,463,633 7,740,795 8,449,256 9,635, % 22.5% 6,000, % 4,000,000 Workers' Comp Homeowners Oth Liab Occur Comm'l Auto Liab Oth Liab CM Reins-Property Priv Pass Auto Liab Auto Physical Inland Marine Fire Com'l MultiPeril All Other 2,000, Page 7 of 27 Print Date: May 03, 2013

8 Business Trends (Continued...) By-Line Reserve ($000) Product Line Workers' Comp 9,102,251 8,476,446 8,482,065 8,018,750 8,074,253 Priv Pass Auto Liab 1,853,625 1,793,722 1,828,883 1,744,462 1,665,469 Homeowners 426, , , , ,416 Auto Physical 29,725 51,934 44,361 38,202 46,949 Oth Liab Occur 2,254,420 2,037,148 1,979,464 2,012,130 2,122,792 Inland Marine 74,008 50,451 73,488 88,805 90,600 Comm'l Auto Liab 496, , , , ,781 Fire 210, ,244 75, , ,359 Oth Liab CM 524, , , , ,893 Com'l MultiPeril 377, , , , ,454 Reins-Property 191, ,319 92,695 77,701 79,814 All Other 1,514,484 1,489,192 1,279,814 1,404,711 1,012,373 Total 17,056,420 15,817,905 15,450,806 15,125,917 15,071,151 Page 8 of 27 Print Date: May 03, 2013

9 Market Share / Market Presence Geographical Breakdown By Direct Premium Writings ($000) Massachusetts 630, , , , ,339 California 409, , , , ,596 New York 362, , , , ,855 Tennessee 338, ,594 81,596 62,757 64,347 Florida 304, , , , ,155 Texas 304, , , , ,644 Aggregate Alien 259, , , , ,948 Canada 216, , , , ,596 North Carolina 210, , , , ,371 Pennsylvania 145, , , , ,419 All Other 1,866,742 1,674,084 1,482,434 1,315,312 1,247,519 Total 5,049,034 4,676,494 3,942,769 3,521,698 3,482,788 Page 9 of 27 Print Date: May 03, 2013

10 Risk Management The following text is derived from A.M. Best's Credit Report on Sample Insurance Companies (AMB# ). Sample Insurance Companies' risk management is done as part of the Sample Holding Company Inc. (SHC) enterprise, which maintains an extensive Enterprise Risk Management (ERM) program that is comprehensive and integrated throughout its worldwide operations. Risk management is a core competency of the enterprise and central to the operational execution of its strategic plan. Oversight of ERM resides with the Enterprise Risk Management Committee (ERMC), chaired by the CEO and coordinated by the CFO, which evaluates exposures and directs ERM actions within the organization's operations. All strategic business unit (SBU) presidents and the CEOs of Sample Underwriters and Sample International Holdings Inc. are members of the ERMC, along with key functional leaders with direct responsibility for key components of enterprise level risks (the CFO, Chief Actuary, General Counsel, Chief Investment Officer and Treasurer). The ERMC has oversight of all major enterprise exposures including credit risk, state premium concentrations in the context of regulatory risk, catastrophe exposure (terror and natural) and emerging risks related to policy coverage, litigation, regulatory and legislative issues. Board-level oversight of ERM is conducted through the Risk Committee of the Board of Directors (RCBD). The Director of ERM Analytics (equivalent to the Chief Risk Officer) attends Board of Directors and ERMC meetings. Capital modeling and allocation is performed across all SBUs and by line and country. The CEO, CFO or a designee reports on risk management activities three times per year to the RCBD and a minimum of annually to the full Board of Directors. The RCBD also reports to the full Board at least three times per year. If macro-economic or market conditions dictate, the full Board receives updates more frequently. The RCBD reviews whether risk tolerances are acceptable a minimum of three times per year, while the full Board makes such reviews a minimum of once per year. Risk metrics and risk management activities are reported to the SBUs quarterly. Page 10 of 27 Print Date: May 03, 2013

11 Operating Performance The following text is derived from A.M. Best's Credit Report on Sample Insurance Companies (AMB# ). Operating Results: Sample has generated modest operating results as evidenced by its five-year pre-tax return on premium and surplus measures that trail the commercial casualty composite average. The group's overall earnings have been enhanced by solid levels of investment income which have offset underwriting losses recorded in each of the past five years, 2011 being an exception primarily due to unusually high underwriting losses stemming from significant catastrophe losses. On a total return basis, earnings have historically benefited from realized capital gains; however, given the investment market volatility in recent years, profitability was negatively impacted by realized capital losses in 2008 and In addition, adverse loss reserve development in prior accident years has continued to impact operating results to some extent. While near term earnings are dependent on management's ability to maintain prudent underwriting and pricing standards amidst continued challenging market conditions, Sample's diversification initiatives, as well as its multiple distribution channels and extensive service capability, provide the group with significant operating flexibility. However, competitive market conditions, the low interest rate environment and ongoing exposure to catastrophe losses will continue to challenge Sample's operating performance over the near term. Period Ending Pre-tax Operating Income After-tax Operating Income Net Income Profitability Analysis Company Total Pre-Tax Return ROR Return Operating Pre-Tax on PHS Ratio ROR Industry Composite Return Operating on PHS Ratio ,096 8, , , , , ,233 32, ,692,456 2,847,306 2,921, , , ,955-65,098 1,622, ,460,809 1,439,702 1,500,675-3,078, Yr Avg/Tot 2,720,139 3,537,793 3,984,670 5, Statutory Filings Page 11 of 27 Print Date: May 03, 2013

12 Operating Performance (Continued...) Pre-Tax ROR Comparison with Industry Composite Return on PHS Comparison with Industry Composite Company Pre-Tax ROR - Industry Composite Pre-Tax ROR - Company Return on PHS - Industry Composite Return on PHS * Industry Composite - Commercial Casualty Composite * Industry Composite - Commercial Casualty Composite Underwriting Results Underwriting Results: Sample has reported below-average underwriting results over the recent five-year period, as its five-year average combined ratio is 3.2 points higher than the commercial casualty composite. The group's combined ratio has deteriorated in recent years, reflective competitive markets, unfavorable loss trends in select lines of business, less favorable loss-reserve development and an increase in loss activity in the group's reinsurance business resulting from several large loss events. In 2010 and 2011, the group's combined ratio increased largely due to higher catastrophe losses (equating to approximately 5.3 points and 10.5 points on the combined ratio in 2010 and 2011, respectively, as compared with 3.5 points in 2009), a swing from favorable to unfavorable prior year loss reserve development (in part, due to asbestos development in 2011) and losses associated with business growth. The group's premium volume has been restrained by competitive market conditions, deteriorating macroeconomic conditions, planned premium reductions in workers' compensation insurance, and a change from direct distribution to third party distribution for the Commercial Markets P&C business segment. The declines have been partially offset by increases in the private passenger automobile and homeowners lines of business due to strong customer retention, new business growth and positive rate increases. Sample's global diversification strategy which began in the early 1990s has expanded its revenue streams across lines of business while reducing dependence on any single product line, distribution channel or geographic region. As a result, the group's mix of business has shifted towards personal lines, particularly private passenger auto liability, the independent agency channel, and international personal and small commercial business policies in targeted countries with an emerging middle class. In addition, Sample implemented a dedicated claims unit, enhanced its mass marketing program, and developed a system and infrastructure to handle direct-response marketing. Sample has aggressively used advertising, as it has proven to be a successful, ever-increasing tool to grow in this environment. Furthermore, the addition of business from recent acquisitions also provides the group with enhanced geographic and product diversification. Complementing this effort has been management's plan in the commercial markets to reduce risk through significant emphasis on enterprise risk management and loss control, broadening its fee-based products and pricing, expansion of unbundled service and managed care operations, while restructuring the claims operation in recent years to hold down loss costs. Page 12 of 27 Print Date: May 03, 2013

13 Underwriting Results (Continued...) Year Net Undrw Income ($000) Pure Loss Underwriting Experience Loss Ratios LAE Loss & LAE Net Comm Expense Ratios Other Exp. Total Exp. Div. Pol. Comb. Ratio ,031, ,449, , , , Yr Avg -5,497, Loss Ratio By Line Product Line Yr. Avg. Workers' Comp Priv Pass Auto Liab Homeowners Auto Physical Oth Liab Occur Inland Marine Comm'l Auto Liab Fire Oth Liab CM Com'l MultiPeril Reins-Property All Other Total Page 13 of 27 Print Date: May 03, 2013

14 Underwriting Results (Continued...) Combined Ratio 2012 Pure Loss Ratio by Product Line Loss & LAE Ratio - Expense Ratio - Combined Ratio 20 0 Workers' Comp Priv Pass Auto Liab Homeowners Auto Physical Oth Liab Occur Inland Marine Comm'l Auto Liab Fire Oth Liab CM Com'l MultiPeril Reins-Property All Other Direct Loss Ratios By State Yr. Avg. Massachusetts California New York Tennessee Florida Texas Aggregate Alien Canada North Carolina Pennsylvania All Other Total Investment Results Investment Results: Sample's investment strategy remains committed to maximizing long-term returns through a diversified portfolio of high-quality investments. The group maintains a prudent investment portfolio comprised of intermediateterm government and government agency securities, high quality corporate bonds, and mortgage backed securities. Investments in equity securities are lower in recent years and represented less than 3.0% of total invested assets and less than 8.0% of policyholder surplus at year-end In earlier years, the group reported growth in investment income reflective of an increase in the invested asset base, driven by strong cash flow from operations and the proceeds received from the group's debt offerings. During 2008, the group reported an increase in investment income, driven primarily by an increase in the invested asset base due to solid operating cash flows, as well as the cash proceeds received from the May 2008 debt issuance. However, growth in the level of investment income Page 14 of 27 Print Date: May 03, 2013

15 Investment Results (Continued...) was somewhat suppressed by lower investment yields available on the fixed income portfolio. Furthermore, the group reported realized capital losses due to impairment losses on fixed income and equity securities caused by volatility in the financial markets. In 2009, the group's net investment income declined significantly due to a reduction in affiliated dividend income, the low interest rate environment and a change in the group's investment strategy to reduce its total equity exposure. Sample's net investment income recovered some in 2010, increasing approximately $0.3 billion. In 2011, the group's net investment income declined $0.2 billion largely due the continued low interest rate environment and its impact on investment yields. The group's five-year average yield is nearly on par with the commercial casualty composite. Investment Gains ($000) Year Net Investment Income ($000) Realized Capital Gains ($000) Unrealized Capital Gains ($000) Company Investment Income Growth Investment Yield Return on Invested Assets Total Return Industry Composite Investment Income Growth Investment Yield ,717, , , , , , ,434,971 74,437-1,964, ,394 43,858 1,687, ,088,386 60,972-4,579, Yr Avg/Tot 8,740, ,878-3,978, Investment Yield vs Industry Investment Income Growth vs Industry Company Investment Yield - Industry Composite Investment Yield - Company Investment Income Growth - Industry Composite Investment Income Growth * Industry Composite - Commercial Casualty Composite * Industry Composite - Commercial Casualty Composite Page 15 of 27 Print Date: May 03, 2013

16 Balance Sheet Strength Capitalization The following text is derived from A.M. Best's Credit Report on Sample Insurance Companies (AMB# ). Capitalization: Sample has reported a modest decline in policyholder surplus during the recent five-year period, as evidenced by its five-year compounded annual growth rate (CAGR) of -1.2%. The group reported strong growth in policyholder surplus in earlier years reflective of favorable underwriting performance, increasing levels of investment income and capital contributions from its parent, Sample Group, Inc. (SGI). During March 2005 and August 2006, SGI raised an additional $500 million and $750 million of new debt, respectively, and contributed the entire proceeds to the insurance subsidiaries. During March 2007, SGI raised an additional $1.0 billion of hybrid capital, the proceeds of which were utilized to strengthen overall capitalization of the insurance subsidiaries, as well as for general corporate purposes. During May 2008, SGI raised an additional $1.25 billion of hybrid capital, the proceeds of which were used to fund a portion of the acquisition of Sample Corp. Despite the additional proceeds, surplus declined in 2008 as a result of additional non-admitted goodwill, in combination with substantial unrealized losses in the investment portfolio and other than temporary impairment (OTTI) charges recorded in its fixed income and equity portfolios given the volatility in the financial markets. In 2009, the group's policyholder surplus increased rather significantly, driven by modest operating income, unrealized capital gains and other changes in surplus, primarily related to a change in non-admitted goodwill from acquisitions and deferred tax assets. Policyholder's surplus further increased in 2010, driven by net income, unrealized capital gains and a capital contribution, partially offset by stockholder dividends. In 2011, the group's surplus declined modestly largely reflecting its net loss and stockholder dividends, partially mitigated by unrealized capital gains. Given the group's business plans, modest growth expectations and cycle management initiatives, A.M. Best believes Sample will generate surplus growth organically over the near term, although at reduced levels given current market conditions and lower investment returns due to the lower interest rate environment and the group's relatively modest equity exposure. Sample's overall capitalization soundly supports the current financial strength rating as measured by Best's Capital Adequacy Ratio (BCAR). A.M. Best's view of capitalization also considers the equity built into the group's large unearned premium reserve. The group's solid capital position is reflective of profitable operating results, capital contributions from its parent company, SGI, and its moderate exposure to natural catastrophes. In addition, the group's policyholders' surplus at year-end 2011 included surplus notes of $806 million. The group's capitalization also reflects the financial flexibility of the ultimate holding company, Sample Holding Company, Inc. (SHC). While Sample's overall capitalization improved in recent years, policyholder surplus declined approximately 27% in 2008, resulting in elevated underwriting leverage measures, lower liquidity ratios and a deterioration in the group's riskadjusted capitalization. While its underwriting leverage measures have improved since that time (albeit modestly increasing in 2011), these measures are still relatively high compared with the commercial casualty composite. A.M. Best will continue to monitor Sample's capitalization to assess its sustainability to weather any additional negative effects from both the underwriting and investment markets. Year Pre-tax Operating Income Realized Capital Gains Capital Generation Analysis ($000) Income Taxes Source of Surplus Growth Unrealized Capital Gains Net Contributed Capital Other Changes Change in PHS % Change in PHS , , , , , , , , , , ,633-64, , , ,692,456 74, ,850-1,964, ,330-45,599 1,271, ,456 43, ,500 1,687, , ,563 2,156, ,460,809 60,972 21,107-4,579,005 1,975, ,947-1,488, Yr Total 2,720, , ,654-3,978,748 2,152, ,724 2,687, Page 16 of 27 Print Date: May 03, 2013

17 Capitalization (Continued...) Year Surplus Notes Other Debt Quality of Surplus ($000) Contributed Capital Unassigned Surplus Year End Policyholders Surplus Conditional Reserves Adjusted Policyholders Surplus , ,286,179 5,996,373 14,510,467 49,769 14,560, , ,946,522 4,817,456 13,596,435 77,792 13,674, , ,946,522 4,802,899 13,763,291 89,441 13,852, , ,446,522 4,040,614 12,491,553 69,876 12,561, , ,346,522 2,138,213 10,334,732 73,988 10,408,720 Underwriting Leverage Year NPW to PHS Reserves to PHS Company Net Leverage Leverage Analysis Gross Leverage NPW to PHS Industry Composite Reserves to PHS Net Leverage Gross Leverage Current BCAR: Net Leverage vs Industry Gross Leverage vs Industry Company Net Leverage - Industry Composite Net Leverage - Company Gross Leverage - Industry Composite Gross Leverage * Industry Composite - Commercial Casualty Composite * Industry Composite - Commercial Casualty Composite Page 17 of 27 Print Date: May 03, 2013

18 Underwriting Leverage (Continued...) Year Ceded Reinsurance Total Ceded Reinsurance Analysis ($000) Business Retention Company Reinsurance Recoverables to PHS Ceded Reinsurance to PHS Business Retention Industry Composite Reinsurance Recoverables to PHS Ceded Reinsurance to PHS ,996, ,008, ,621, ,832, ,670, Reinsurance Recoverables ($000) Paid & Unpaid Losses Incurred But Not Reported (IBNR) Losses Unearned Premium Other Recoverables * Total Reinsurance Recoverables US Affiliates 2,899,402 3,369,950 1,836,136 10,707 8,116,195 Foreign Affiliates 41,303 51,668 7,763-58,975 41,759 US Insurers 1,266,142 1,778, , ,214 2,711,023 Pools/Associations 1,252, , ,815-27,171 2,181,331 Other Non-Us 697,500 1,119, , ,447 1,805,941 Total(ex Us Affils) 3,257,146 3,733,452 1,064,263-1,314,807 6,740,054 Grand Total 6,156,548 7,103,402 2,900,399-1,304,100 14,856,249 * Includes Commissions less Funds Withheld Loss Reserves Loss Reserves: While Sample experienced significant adverse prior year loss reserve development in earlier calendar years, the group has experienced favorable development during four of the past five calendar years (2011 being the exception), with accident years recording redundancies. In 2011, relatively modest unfavorable prior year loss reserve development occurred largely due to development of asbestos claims, as well as development in the workers' compensation, other liability (Occ) and products liability (Occ) lines. The favorable results in calendar years 2006 through 2009 were driven by the solid performance within the private passenger auto, commercial multi peril and commercial auto liability lines, offset by adverse development occurring primarily within the other liability occurrence line, as well as older workers' compensation accident year reserves. While Sample reported significant adverse development in accident years 1998 through 2001, largely related to deterioration in commercial automobile and workers' compensation lines of business, accident years 2002 and subsequent years have developed favorably to date, reflective of pricing discipline and the group's increasing use of technology, particularly its price monitoring initiatives. Sample's workers' compensation reserves represented nearly 50% of the group's total reserves at year-end Sample does not discount reserves other than tabular discounting on the long-term indemnity portion of workers' compensation claims and specific asbestos structured settlements. For statutory basis accounting, the tabular discounting on workers' compensation claims is based upon Unit Statistical Plan tables as approved by the respective states. Sample's potential asbestos and environmental (A&E) liability primarily stems from its pre-1986 commercial liability policies, historically written on a primary level with some low levels of excess. After significant reserve charges occurring Page 18 of 27 Print Date: May 03, 2013

19 Loss Reserves (Continued...) annually during the 2001 through 2005 period, Sample's three-year survival ratio has improved. The measure improves further when adjusted for buyouts, structured settlements and commutations in place, however, still trails the A.M. Best benchmark composite. In recent years, aggressive litigation and resolution strategies, combined with its role as a primary carrier, have played a major role in contributing to Sample's higher than average paid loss activity. In 2009, Sample completed a biennial account level study of its asbestos exposure which indicated a required reserve increase of $383 million. In 2011, a ground up study indicated a required asbestos reserve increase of $292 million, primarily related to mesothelioma claims. Since 1993, Sample has centralized all environmental staff into a dedicated department comprised of environmental specialists including claims, legal, systems, reinsurance and consulting to handle A&E claims and litigation. Calendar Year Loss and ALAE Reserve Development: Calendar Year ($000) Original Loss Reserves Developed Reserves Thru 2012 Development to Original Development to PHS Development to NPE Unpaid 12/2012 Unpaid Reserves to Development ,314,596 17,314, ,314, ,210,816 16,659, ,088, ,834,712 16,549, ,492, ,932,687 16,340, ,710, ,709,761 16,173, ,373, ,063,117 15,266, ,257, Accident Year Loss and ALAE Reserve Development: Accident Year ($000) Original Loss Reserves Developed Reserves Thru 2012 Development to Original Unpaid 12/2012 Accident Year Loss Ratio Accident Year Comb. Ratio ,226,320 4,226, ,226, ,597,566 3,717, ,596, ,539,701 3,759, ,781, ,624,105 3,680, ,337, ,188,614 4,128, ,116, ,802,757 3,535, , Year Net A&E Reserves ($000) Asbestos And Environmental Reserves Analysis Reserve Retention Company Net Incurred But Not Reported (IBNR) Mix Survival Ratio (3 Yr) Comb. Ratio Impact (1 Yr) Comb. Ratio Impact (3 Yr) Survival Ratio (3 Yr) Industry Composite Comb. Ratio Impact (1 Yr) Comb. Ratio Impact (3 Yr) , , , , , Page 19 of 27 Print Date: May 03, 2013

20 Liquidity The following text is derived from A.M. Best's Credit Report on Sample Insurance Companies (AMB# ). Liquidity: Sample maintains a sound liquidity position as invested assets exceed current liabilities by a comfortable margin; however the group's liquidity measures have trended downward in recent years given the drop in invested assets associated with the volatility in market valuations and trail the commercial casualty composite. Given extraordinary long-term receivables associated with its large commercial accounts business, Sample's liquidity appears modest. However, most of the insurance contracts related to these receivables are retrospectively rated and are collateralized by letters of credit or other securities which enhances overall liquidity. While underwriting and operating cash flows have historically enhanced overall liquidity, both measures have declined in recent years, reflective of the reduction in premium and weaker earnings. Year Quick Liquidity Current Liquidity Company Overall Liquidity Liquidity Analysis Gross Agents Balances to PHS Quick Liquidity Industry Composite Current Liquidity Overall Liquidity Gross Agents Balances to PHS Quick Liquidity vs Industry Current Liquidity vs Industry Company Quick Liquidity - Industry Composite Quick Liquidity - Company Current Liquidity - Industry Composite Current Liquidity * Industry Composite - Commercial Casualty Composite * Industry Composite - Commercial Casualty Composite Page 20 of 27 Print Date: May 03, 2013

21 Liquidity (Continued...) Year Underwriting Cash Flow Operating Cash Flow Cash Flow Analysis ($000) Company Net Cash Flow Underwriting Cash Flow Operating Cash Flow Industry Composite Underwriting Cash Flow Operating Cash Flow ,271 1,603, , , ,212-98, ,056 2,825,322-29, , , , ,006 1,113, , Yr Total -3,324,659 4,999,627 75, Investments The following text is derived from A.M. Best's Credit Report on Sample Insurance Companies (AMB# ). Investments: Sample maintains a prudent investment portfolio with approximately 68% of invested assets in fixed income securities. The group's common stock leverage has trended lower in recent years to 7.6% at year-end 2011, although net purchases on common stock occurred in 2010 and In 2008, the group's statutory surplus was impacted by the volatility in the financial markets, as evidenced by substantial unrealized investment losses and other than temporary impairment (OTTI) charges recorded in its fixed income and equity portfolios. The group has a moderate amount of affiliated stacking, primarily relating to its diversification into international markets, life and other financial services companies, as well as other businesses complementing its domestic property/casualty operations. As a result, affiliated investment leverage has increased in recent years reflective of the investment associated with establishing a presence in global markets which the group has identified for expansion. Year Class 3-6 Bonds Investment Leverage Analysis (% of PHS) Real Estate / Mortgages Other Invested Assets Company Common Stock Non - Affiliated Investment Leverage Affiliated Investments Industry Composite Class 3-6 Bonds Common Stock Page 21 of 27 Print Date: May 03, 2013

22 Investments - Bond Portfolio 2012 Distribution By Maturity Years Years Average Maturity Government Government Agencies & Muni Industrial & Misc Total Bond Distribution By Issuer Type Bonds 12,582,124 12,704,944 13,198,563 11,425,767 11,057,670 US Government Foreign Government Foreign-All Other State/Special Revenue-US Industrial and Misc-US Bond Distribution By Issuer Type 9.3% 28.3% 12.5% 8.8% US Government Foreign Government Foreign-All Other State/Special Revenue-US Industrial and Misc-US 41.1% Bond Percent Private Vs Public Private Issues Public Issues Page 22 of 27 Print Date: May 03, 2013

23 Investments - Bond Portfolio (Continued...) Bond Quality Percent Class Class Class Class Class Class Investments - Equity Portfolio Total Stocks(000) 8,104,854 8,216,138 8,410,330 9,918,529 8,327,791 Unaffiliated Common Affiliated Common Unaffiliated Preferred Affiliated Preferred Investments - Mortgage Loans And Real Estate Mortgage Loans and Real Estate (000) 759, , , , ,120 Mortgage Loans Property Occupied by Company Property Held for Income Investments - Other Invested Assets Other Invested Assets(000) 11,146,562 9,341,645 7,851,683 6,607,548 6,483,508 Cash Short-Term Schedule BA Assets All Other Page 23 of 27 Print Date: May 03, 2013

24 History Sample Insurance Company was incorporated under the laws of Massachusetts January 1, 1912 and began business July 1, The sponsors were leading manufacturers desiring to provide workers' compensation insurance at cost. The company was especially incorporated as a part of the Workmen's Compensation Act of Massachusetts, under the name of the Massachusetts Employees Insurance Association. The present title was adopted August 15, At a Special Meeting on November 9, 2001, policyholders voted in favor of a plan to reorganize Sample Insurance Company into a mutual holding company structure. The Massachusetts Insurance Commissioner approved the plan on November 27, 2001, and on November 28, 2001, Sample Insurance Company reorganized to a stock insurance company, indirectly owned by its newly formed parent Sample Holding Company Inc. This was the first step in a series of transactions designed to bring two of Sample Insurance Company's affiliates, namely, Sample Fire Insurance Company and Employers Insurance Company of Wausau, under a single mutual holding company structure. These transactions were completed in the first quarter of Management Sample Insurance Company is guided by experienced insurance executives, the majority of whom have spent the greater portion of their business careers with the Sample Group. Advisory boards, maintained to represent the interests of local commercial markets policyholders in various parts of the country, are located in 30 principal cities of the 10 territorial divisions into which the field operations are divided. An overseas affiliate, Sample Insurance Company (U.K.) Limited, London, England, was formed in late 1972 by Sample Insruance Company and the Sample Fire Insurance Company, which own 98.5% and 1.5%, respectively, of the outstanding capital stock. The British insurer was organized to write all property and casualty lines of insurance and reinsurance in the European market, representing a continuation and extension of the reinsurance activities previously conducted directly by Sample. More recently established affiliates include: Sample (Bermuda) Ltd. and Sample Management (Bermuda) Ltd., incorporated in 1981; Sample Insurance Corporation and Sample Insurance Corporation, incorporated in 1983; Sample Limited (Bermuda), formed in 1986; Sample Insurance Corporation and The Sample Insurance Corporation, incorporated in 1989; Sample Insurance Company of America formed in 1995; Sample Surplus Insurance Corporation formed in 1997; and Sample Insurance Corporation and Sample Insurance Company formed in Officers And Directors Officers Chairman of the Board, President and Chief Executive Officer: John Smith Executive Vice President and Chief Investment Officer: Jane Smith Executive Vice Presidents: James Smith Senior Vice President and Chief Financial Officer: Janet Smith Senior Vice President and Chief Information Officer: James Smith A. Smith Dennis Smith Dexter Smith David Smith Directors Senior Vice President and Treasurer: Jaclyn Smith Senior Vice President and General Counsel: Joe Smith Senior Vice Presidents, Paul G. Alexander: Melanie M. Smith Vice President and Secretary: Dexter Smith Vice President and Actuary: Eric Smith (Corporate) Vice President and Comptroller: John Smith Christopher Smith Christopher Smith Timothy Smith Page 24 of 27 Print Date: May 03, 2013

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