ODYSSEY REINSURANCE GROUP

Size: px
Start display at page:

Download "ODYSSEY REINSURANCE GROUP"

Transcription

1 BEST'S FSR ICR ODYSSEY REINSURANCE GROUP Odyssey Reinsurance Company A a+ Hudson Insurance Company A a+ Hudson Specialty Ins Co A a+ Hudson Excess Insurance Co A a+ Newline Insurance Company Ltd A a A.M. Best Company, Oldwick, NJ Printed May 20, Page 1 of 18

2 Associated With: Fairfax Financial Holdings Limited ODYSSEY REINSURANCE GROUP 300 First Stamford Place, Stamford, CT Web: Tel: Fax: AMB#: Associated Ultimate Parent#: RATING RATIONALE Rating Rationale: The ratings reflect Odyssey Reinsurance Group s ( Odyssey Re ) excellent risk-adjusted capitalization, strong financial performance and a solid business position. The company also benefits from the flexibility derived from having reinsurance and insurance operations and the ability shift from one platform the other as the market changes. Odyssey Re is a global underwriter of reinsurance and specialty primary insurance products and ranks among the p 15 global reinsurance groups in terms of premium volume. Odyssey Re s competitive position benefits from its worldwide market presence with regard business mix and geographic reach. These positive attributes are further supported by Odyssey Re s diversified geographic client base, combined with its large line capacity, broad product capability and its opportunistic business strategy. Odyssey Re s investment management philosophy, which emphasizes a tal return strategy, has augmented the group s earnings. The ratings also recognize Odyssey Re s strong liquidity and the benefit derived from access its ultimate parent company, Fairfax Financial Holdings Limited, and Fairfax s access public markets. Somewhat offsetting these strengths are the challenging underwriting and investment environments and the group s hisrical reliance on realized and unrealized capital gains bolster its overall financial performance. A.M. Best views this source of earnings as more variable and less predictable than earnings sourced from underwriting. Odyssey Re maintains a manageable exposure natural catastrophes as measured by its 1-in-250-year probable maximum loss estimates relative statury surplus. In A.M. Best s opinion, Odyssey Re has developed an excellent and holistic enterprise risk management framework. The ratings apply Odyssey Reinsurance Company (Connecticut), Hudson Insurance Company (Delaware), Hudson Specialty Insurance Company (New York), Hudson Excess Insurance Company (Delaware) and Newline Insurance Company Limited (UK). Positive rating actions could occur if the group maintains consistently strong underwriting performance and long-term profitability. However, the ratings and outlooks may come under negative rating pressure if Odyssey Re were experience outsized catastrophe or investment losses relative its peer group. Outlook: Stable RATING UNIT MEMBERS Odyssey Reinsurance Group (AMB# ): AMB# COMPANY BEST S FSR ICR Odyssey Reinsurance Company A a Hudson Insurance Company A a Hudson Specialty Ins Co A a Hudson Excess Insurance Co A a Newline Insurance Company Ltd A a+ KEY FINANCIAL INDICATORS ($000) Statury Data Direct Premiums Written Premiums Written Pre-tax Operating Income Income Total Admitted Assets Policyholders Surplus ,793 1,724, , ,991 8,331,085 3,320, ,399 1,935, ,399-27,916 8,320,046 3,024, ,782 2,273, , ,836 8,720,893 3,154, ,857 2,255, , ,665 8,747,825 3,102, ,066 2,252, , ,102 9,117,231 3,248,664 Profitability Leverage Liquidity Comb. Ratio Inv. Yield (%) Pre-tax ROR (%) NA Inv Lev NPW Overall Liq. (%) Oper. Cash flow (%) Yr (*) Within several financial tables of this report, this company is compared against the Reinsurance Composite. (*) Data reflected within all tables of this report has been compiled through the A.M. Best Consolidation of statury filings. BUSINESS PROFILE For the purposes of this report, the financial information and discussion included for Odyssey Re reflects the consolidation of the statury financials of all U.S.-domiciled insurance and reinsurance companies owned by Odyssey Re Holdings Corp. ( ORH ). Odyssey Re includes the U.S. reinsurance and insurance operations of ORH as well as a Lloyd s syndicate ( Newline Syndicate 1218") and Newline Insurance Company Limited ( Newline") which is a UK-based insurance company. Reinsurance operations are led by Odyssey Reinsurance Company ( ORC ), which provides treaty casualty and property reinsurance as well as facultative reinsurance for small medium-sized regional companies and specialized departments of major insurance companies. Products are provided primarily through the broker market in the U.S. and through brokers and directly with insurers and reinsurers internationally. Specific lines of business 2015 A.M. Best Company, Oldwick, NJ Printed May 20, Page 2 of 18

3 include specialty casualty and general casualty; commercial and personal property; marine; aviation and space; accident and health; crop; and surety lines. Facultative casualty reinsurance is also provided for general liability; umbrella liability; direcrs and officers liability; professional liability and commercial aumobile. The U.S. insurance operations of Odyssey Re are conducted through Hudson Insurance Company ( Hudson ), Hudson Specialty Insurance Company ( Hudson Specialty ) and Hudson Excess Insurance Company ( Hudson Excess ). The insurance operations provide coverage on both an admitted and non-admitted basis through in-house underwriting facilities and program administrars. Lines of business include professional liability; multi-peril crop; direcrs and officers liability; marine and energy; personal umbrella; personal liability; personal and commercial au and surety. Where program administrar relationships are used, the group seeks organizations that have a long and successful track record in their particular areas of expertise. Odyssey Re s management has established strong control systems monir program administrars, including incentives produce profitable business. Specialty insurance is offered in London through Newline Syndicate 1218 and Newline. Business is written primarily in non-u.s. liability lines, including professional indemnity, direcrs and officers liability, medical professional liability, financial institutions, cargo and specie, space and liability. TOTAL PREMIUM COMPOSITION & GROWTH ANALYSIS Reinsurance Reinsurance DPW Prem Assumed Prem Ceded ($000) (% Chg) ($000) (% Chg) ($000) (% Chg) , ,400, , , ,524, , , ,836, , , ,667, , , ,519, , Yr CAGR NPW NPE ($000) (% Chg) ($000) (% Chg) ,724, ,748, ,935, ,869, ,273, ,174, ,255, ,247, ,252, ,226, BY-LINE BUSINESS ($000) Reinsurance Reinsurance DPW Prem Assumed Prem Ceded Product Line ($000) (%) ($000) (%) ($000) (%) Reins-Property 494, , Allied Lines 301, , , Oth Liab Occur 256, , , Reins-Casualty 242, , Homeowners 208, Fire 7, , , Com l MultiPeril 61, , , Oth Liab CM 112, , , Surety 51, , Inland Marine 6, , , Au Physical 39, , , Comm l Au Liab 42, , , Ocean Marine 42, , , Med Prof Liab CM 47, , , All Other 1, , , Total 970, ,519, , Business NPW Retention Product Line ($000) (%) (%) Reins-Property 482, Allied Lines 308, Oth Liab Occur 268, Reins-Casualty 221, Homeowners 208, Fire 175, Com l MultiPeril 110, Oth Liab CM 92, Surety 78, Inland Marine 47, Au Physical 37, Comm l Au Liab 35, Ocean Marine 34, Med Prof Liab CM 33, All Other 114, Total 2,252, Yr CAGR A.M. Best Company, Oldwick, NJ Printed May 20, Page 3 of 18

4 BY-LINE RESERVES ($000) Product Line Reins-Property 607, , , , ,955 Allied Lines 160, , ,086 50,769 50,944 Oth Liab Occur 500, , , , ,752 Reins-Casualty 1,477,414 1,630,789 1,628,189 1,621,737 1,600,985 Homeowners 100,844 81,914 81,428 28,992 19,565 Fire 242, , , , ,109 Com l MultiPeril 121, ,490 82,652 66,929 52,701 Oth Liab CM 243, , , , ,914 Surety 89,117 85,417 56,156 53,710 42,711 Inland Marine 75,226 78,311 80,984 73,002 63,080 Au Physical 9,148 12,004 12,086 9,218 11,959 Comm l Au Liab 62,817 57,598 59,366 57,557 71,705 Ocean Marine 8,392 5,058 3,300 2,802 1,379 Med Prof Liab CM 136, , , , ,684 All Other 193, , , , ,113 Total 4,029,239 4,149,092 4,162,110 4,094,901 3,666,558 GEOGRAPHIC BREAKDOWN BY DIRECT PREMIUM WRITINGS ($000) Aggregate Alien 423, , , , ,698 California 104,213 82,924 76,602 70,799 61,388 Texas 52,336 43,814 34,118 17,442 17,783 Tennessee 34,888 30,090 26,787 25,838 22,294 New York 29,234 18,659 18,297 17,522 16,249 Florida 28,027 18,037 12,591 10,305 11,332 Washingn 27,659 21,423 25,739 21,144 24,128 New Jersey 21,127 14,867 11,292 9,481 8,177 Illinois 18,831 16,096 12,827 19,193 16,690 Pennsylvania 14,478 11,855 10,826 9,213 7,947 All Other 216, , , , ,108 Total 970, , , , ,793 RISK MANAGEMENT Odyssey Re s enterprise risk management program incorporates the identification of major financial and operational risks, articulation of risk appetite through established provisional upside aims and downside risk lerances, formulation of risk governance at the Board level, a Chief Risk Officer, development of a schastic risk management model and the development of an enterprise risk control framework. Core principals of Odyssey Re s enterprise risk management program include long-term orientation, operating profitability value over market share, value oriented investing and a compensation structure that supports a long term focus. The group establishes acceptable exposures before risks are assumed. This is done through underwriting and investment guidelines, the establishment of limits and underwriting authority levels. Internal audit is responsible for regularly testing and validating key risk controls embedded in the business units. The risk management program includes a framework of several committees including an enterprise risk management committee, reinsurance security committee, investment committee, underwriting risk committees, a Fairfax global risk committee and a Board audit committee. Four full ERM reviews and meetings are conducted annually with Board briefings throughout the year. OPERATING PERFORMANCE Operating Results: Odyssey Re has generated favorable operating performance, as evidenced by its five-year average return on equity, which compares favorably with its peer industry composite. Driving this favorable result over this period are solid underwriting results and relatively strong investment returns earned on an expanding invested asset base. The investment portfolio is managed by Hamblin Watsa Investment Counsel Ltd. ( Hamblin Watsa ), which is the investment management subsidiary of Fairfax, the group s ultimate parent. A.M. Best expects Odyssey Re continue generate profitable tal return measures due solid underwriting results coupled with strong investment performance, which is somewhat offset by reduced underwriting margins reflective of competitive reinsurance pricing and the addition of new capacity in the market. PROFITABILITY ANALYSIS ($000) Company Pre-tax After-tax Operating Operating Total Income Income Income Return , , , , , ,207-27, , , , , , , , , , , , , ,192 5-Yr Total 1,557,954 1,421,828 1,181,679 1,078,976 Company Industry Composite Pre-tax Return Operating Pre-tax Return Operating ROR (%) on (%) Ratio (%) ROR (%) on (%) Ratio (%) Yr Avg Underwriting Results: Odyssey Re has produced underwriting results which have outperformed its peer group of U.S. statury reinsurance companies on average over the past five year period. The group s average five year statury combined ratio compares favorably with its peer group. The group s expense ratio has remained relatively static during the five-year period and is comparable industry averages. The group s business mix has shifted over the past ten years from a predominantly long-tail portfolio of assumed liability 2015 A.M. Best Company, Oldwick, NJ Printed May 20, Page 4 of 18

5 reinsurance a portfolio with a greater weighting of short-tail classes of business. Growth in the primary specialty insurance operations has led an increasing share of premiums from the insurance platform compared prior years. The company has the benefit of adjusting its business mix between primary and reinsurance platforms, which provides increased flexibility as the market changes. The group generated an underwriting profit in four out of the past five years, reflecting moderate severe catastrophe seasons and the benefits of otherwise strong underwriting results in non-catastrophe-exposed businesses. The underwriting loss in 2011 was due largely catastrophe losses, which were within the expected lerances established by the group. UNDERWRITING EXPERIENCE Undrw Income ($000) Loss Ratios Expense Ratios Ind Pure Loss LAE Loss LAE & Other Total Div. Comb. Comm. Exp. Exp. Pol. Ratio Comb. Ratio , , , , , Yr Total/Avg 711, BY-LINE LOSS RATIO Product Line Yr Avg Reins-Property Allied Lines Oth Liab Occur Reins-Casualty Homeowners Fire Com l MultiPeril Oth Liab CM Surety Inland Marine Au Physical Comm l Au Liab Ocean Marine Med Prof Liab CM All Other Total DIRECT LOSS RATIO BY STATE Yr Avg Aggregate Alien California Texas Tennessee New York Florida Washingn New Jersey Illinois Pennsylvania All Other Total Investment Results: The group s investment strategy, while opportunistic, remains highly disciplined and effective over the most recent five-year period, as demonstrated by Odyssey Re s excellent tal return measures. The group s tal invested assets of approximately $7.4 billion at year end 2014 are managed by Hamblin Watsa, which operates with an investment strategy that emphasizes a long-term, value-oriented approach. The overall return on invested assets, including realized and unrealized capital gains has been the cornersne of the group s strong tal overall earnings and has led consistent growth in shareholders equity despite operating in a challenging investment environment. At year end 2014, the group s fixed income, short term and cash holdings represent a large percentage of the overall investment portfolio and are currently allocated primarily high quality government securities, municipal and corporate debt. The average duration on the bond portfolio is approximately 8 years. INVESTMENT GAINS ($000) Company Realized Unrealized Inv Capital Capital Year Income Gains Gains , , , , , , , , , , ,507 72, ,540-5, ,090 5-Yr Total 910, , , A.M. Best Company, Oldwick, NJ Printed May 20, Page 5 of 18

6 Company Industry Composite Pre-tax Invest Inv Inc Inv Return on Total Inv Inc Inv Growth Yield Inv Assets Return Growth Yield Year (%) (%) (%) (%) (%) (%) Yr Avg BALANCE SHEET STRENGTH Capitalization: ORC s statury surplus, which can be considered the group s statury surplus due the group s organizational structure, has fluctuated over the past five year period, partially as the result of sizable dividend payments its parent, ORH. The company s capital position remains solid and is supportive of the group s premium writings and natural catastrophe losses during the most recent five year period. ORC maintains a strong overall risk-adjusted capital position, as measured by its Best s Capital Adequacy Ratio ( BCAR ) analysis. The benefits of surplus generation and moderating premium growth, as well as the divestiture of significant affiliated investments, have led improved and sustainable capitalization over the five-year period. Odyssey Re s tal return operating philosophy has generated considerable realized capital gains over a five-year period, which has supported surplus growth. The fixed income portfolio consists of conservative holdings with solid credit quality and liquidity that further support the group s capitalization. The group s credit risk from reinsurance recoverables is mitigated, due collateral held in the form of letters of credit and funds held. However, not all recoverables are backed by collateral. A significant risk relating the capitalization of the group is catastrophe exposure. Management addresses these risks by managing a 1-in-250-year probable maximum loss and attempts limit the net after-tax occurrence any geographic zone less than 25% of statury surplus. The significant financial resources of its ultimate parent company, Fairfax, further enhance Odyssey Re s financial flexibility. ORH maintains two private placement debt listings and its financial leverage is well within the established guidelines relative the company s current rating levels. Current BCAR: CAPITAL GENERATION ANALYSIS ($000) Source of Surplus Growth Pre-tax Realized Unrealized Operating Capital Income Capital Year Income Gains Taxes Gains , ,989 63, , , ,292-50, , , ,955 45, , , ,507-24,712 72, ,016-5, , ,090 5-Yr Total 1,557, , , ,703 Source of Surplus Growth Change % Chg Contrib. Other in in Year Capital Changes ,530 53, , ,221 46, , ,000-31, , ,000-56,040-52, ,000 75, , Yr Total -1,431,751 88, , QUALITY OF SURPLUS ($000) Surplus Other Contributed Unassigned Year Notes Debt Capital Surplus ,035,193 2,284, ,014,867 2,009, ,819 2,196, ,819 2,144, ,819 2,290,845 Year-End Conditional Adjusted Year Reserves ,320,141 15,942 3,336, ,024,810 18,335 3,043, ,154,791 24,956 3,179, ,102,549 23,573 3,126, ,248,664 18,257 3,266,921 Underwriting Leverage: Odyssey Re s underwriting leverage measures are conservative and have remained consistent over the recent five year period. The group s catastrophe writings had been increasing in recent years, although this trend has slowed, and its catastrophe loss exposure remains well below management s stated lerance of a net, after-tax loss 1-in-250-year peak zone occurrence not exceeding 25% of statury surplus. The group s net leverage is slightly elevated relative its peer sample group, primarily due the high percentage of longer-tail liability casualty reserves that account for the majority of carried loss reserves A.M. Best Company, Oldwick, NJ Printed May 20, Page 6 of 18

7 LEVERAGE ANALYSIS Company Industry Composite Res. Res. NPW Gross NPW Gross CEDED REINSURANCE ANALYSIS ($000) Company Industry Composite Ceded Reins. Total Bus. Ret. (%) Reins. Recov. (%) Ceded Reins. (%) Bus. Ret. (%) Reins. Recov. (%) Ceded Reins. (%) , , , , , REINSURANCE RECOVERABLES ($000) Paid & Unpaid Losses IBNR Unearned Premiums Other Recov* Total Reins Recov Foreign Affiliates... 4,846 11,114 12,715-19,382 9,293 US Insurers... 99, ,737 34,939-1, ,548 Pools/Associations... 20,631 2,989 5,100 28,720 Other Non-US... 38, ,511 26,756-2, ,851 Total (ex US Affils) , ,351 79,510-23, ,412 * Includes Commissions less Funds Withheld Loss Reserves: The group has experienced favorable loss reserve development in each of the past five years. Additionally, as a result of the transfer of Clearwater Insurance Company from ORH TIG Insurance Group, Inc. on January 1, 2011, the Odyssey group no longer has any material exposure A&E claims. Odyssey Re discounts reserves relating the indemnity portion of workers compensation reserves of ORC. LOSS & ALAE RESERVE DEVELOP.: CALENDAR YEAR ($000) Orig. Loss Reserves Developed Reserves Thru 14 Develop. Orig. (%) Develop. (%) Develop. NPE (%) Unpaid Unpaid Res. Develop. (%) Calendar Year ,544,666 3,280, ,037, ,681,935 3,364, ,319, ,105,202 3,659, ,688, ,158,268 3,783, ,197, ,143,248 3,977, ,922, ,021,355 4,021, ,021, LOSS & ALAE RESERVE DEVELOP.: ACCIDENT YEAR ($000) Accident Year Orig. Loss Reserves Developed Reserves Thru 14 Develop. Orig. (%) Unpaid Acc. Yr Loss Ratio Acc. Yr Comb. Ratio , , , ,032, , , ,316,787 1,131, , ,229,160 1,112, , ,145,089 1,144, , ,099,081 1,099,081 1,099, Liquidity: The group s liquidity position is solid and compares favorably with its reinsurance peer group. As of year-end 2014, tal invested assets were approximately $7.4 billion, with a sizeable amount allocated in fixed income maturities of solid credit quality. The average duration is approximately 8 years. Strong cash flows over the past several years are driven by favorable operating results on a considerably expanded invested asset base. Maintaining sound liquidity is significant given the group s exposure natural and man-made catastrophe losses. Odyssey Re also maintains significant cash and short-term investments. LIQUIDITY ANALYSIS Company Industry Composite Gross Gross Quick Current Overall Agents Bal. Quick Current Overall Agents Bal. Liq. (%) Liq. (%) Liq. (%) (%) Liq. (%) Liq. (%) Liq. (%) (%) CASH FLOW ANALYSIS ($000) Company Industry Composite Underw Oper Underw Oper Underw Oper Cash Cash Cash Cash Cash Cash Cash Year Flow Flow Flow Flow (%) Flow (%) Flow (%) Flow (%) , , , , ,795 1,096, , , , , , , , , , Yr Total 1,436,096 2,025,537 61, A.M. Best Company, Oldwick, NJ Printed May 20, Page 7 of 18

8 INVESTMENT LEVERAGE ANALYSIS (% OF ) Industry Company Composite Class 3-6 Bonds Real Estate/ Mtg. Other Invested Assets Common Scks Non-Affil. Inv. Affil. Inv. Class 3-6 Bonds Common Scks INVESTMENTS - SECURITIES Current Year Distribution of Bonds By Maturity Years Yrs-Avg Maturity Government Gov t Agencies & Muni Industrial & Misc Total Bonds (000) 3,480,416 3,561,870 3,490,390 3,150,796 3,769,213 US Government Foreign Government Foreign - All Other State/Special Revenue - US Industrial & Misc - US Private Issues Public Issues Bond Quality (%) Class Class Class Class Class Class INVESTMENTS - EQUITIES Scks (000) 2,051,815 1,645,672 1,976,832 1,418,100 1,785,025 Unaffiliated Common Affiliated Common Unaffiliated Preferred Affiliated Preferred INVESTMENTS - OTHER INVESTED ASSETS Other Inv Assets (000) 1,798,562 1,921,331 1,841,854 2,348,153 1,207,461 Cash Short-Term Schedule BA Assets All Other HISTORY Insurance subsidiaries of Odyssey Re Holdings Corp. currently include Odyssey Reinsurance Company, Hudson Insurance Company, Hudson Specialty Insurance Company, Hudson Excess Insurance Company, Clearwater Select Insurance Company, Newline Insurance Company Limited and Lloyd s Syndicate In February 2011, the name of Odyssey America Reinsurance Corporation ( Odyssey America ) was changed Odyssey Reinsurance Company. In the text that follows, information concerning the hisry of current and former subsidiaries of ORH will be presented. The name of Odyssey America will appear when applicable from a hisrical perspective. ORH was incorporated on March 21, 2001, serve as the holding company for the U.S.-based reinsurance subsidiaries of Fairfax. In connection with ORH s initial public offering in June 2001, two wholly-owned subsidiaries of Fairfax transferred 100% of the outstanding shares of Odyssey America ORH in exchange for common sck of ORH, cash and term notes. Immediately following the initial public offering, approximately 26% of ORH was owned by public shareholders and 74% was owned by Fairfax subsidiaries. In Ocber 2009, then-majority shareholder Fairfax, which at the time owned 72.5% of ORH s common shares, completed a tender offer pursuant which it acquired all of the outstanding shares of ORH common sck that it did not already own. Fairfax paid minority shareholders of ORH $65 per share, for a tal transaction value of approximately $1.1 billion. Upon completion of the tender offer, ORH de-listed its common sck from the New York Sck Exchange, where it had previously traded under the ticker symbol: ORH. Odyssey Reinsurance Corporation was renamed Clearwater Insurance Company effective December 4, The company is the former Skandia America Reinsurance Corporation, now a Delaware corporation, which was incorporated on May 15, 1974, under the laws of New York serve as the United States Branch of Skandia Insurance Company Ltd., Sckholm, Sweden. On May 31, 1996, Skandia America Reinsurance Corporation and its subsidiaries, including Hudson Insurance Company, were sold Fairfax for approximately $230 million. Effective January 1, 2011, Odyssey America distributed all of the issued and outstanding shares of common sck of Clearwater ORH, which in turn exchanged the shares with TIG Insurance Group, Inc., a Fairfax subsidiary, in return for the redemption by TIG of ORH common shares of equal value. Prior these transactions, Clearwater distributed (by means of a dividend) Odyssey America all of the issued and outstanding shares of common sck of 2015 A.M. Best Company, Oldwick, NJ Printed May 20, Page 8 of 18

9 Hudson (which owned all of the issued and outstanding shares of Hudson Specialty) and Clearwater Select. Hudson and Clearwater Select are now direct subsidiaries of Odyssey Reinsurance Company, and Hudson Specialty remains a direct subsidiary of Hudson. Hudson continues write business, principally primary property and casualty insurance. On December 29, 2010, prior the effectiveness of the transaction noted in the previous paragraph, Hudson issued 23,807 shares of newly created 5.5% Series A preferred sck (paying an annual dividend of 5.5% or $55 per share annually) and distributed these shares Clearwater as a dividend, and Clearwater Select issued 5,492 shares of newly created 5.5% Series A preferred sck (paying an annual dividend of 5.5% or $55 per share annually) and distributed these shares Clearwater as a dividend. Also in connection with these transactions, effective January 1, 2011, (a) the existing reinsurance agreement between Clearwater (as a reinsurer) and Clearwater Select (as reinsured) was novated Odyssey America (as reinsurer), (b) Clearwater entered in a Claims Administration Services Agreement with Odyssey America, (c) Clearwater entered in a Management Services Agreement with Riversne Resources LLC, a Fairfax subsidiary and (d) Clearwater entered in a Financial Support Agreement with Fairfax Inc., a Fairfax subsidiary. TIG Reinsurance Company ( TIG Re ) was incorporated in Nebraska on September 10, Effective January 2, 1992, the company was re-domesticated Connecticut. TIG Re was acquired by Fairfax in April of 1999, and subsequently became the parent company of Clearwater, as of Ocber 26, 1999, and adopted the name Odyssey America Reinsurance Corporation before being subsequently renamed Odyssey Reinsurance Company. As a result of this reorganization, Odyssey Reinsurance Company is now the flagship of the group and continues actively write reinsurance business. Odyssey Reinsurance Company, through its direct ownership of Newline UK Holdings Limited, operates its UK-based subsidiaries, including Newline Underwriting Management Limited, Lloyd s Syndicate 1218 and Newline Insurance Company Limited. On Ocber 28, 2003, Odyssey America purchased General Security Indemnity Company, a shell excess and surplus lines company, which was renamed Hudson Specialty Insurance Company. This company provides the group with the ability write property and casualty insurance on an excess and surplus lines basis. In December 2003, Odyssey America contributed all of the shares of Hudson Specialty Clearwater. In July 2010, Clearwater contributed all of the shares of common sck of Hudson Specialty Hudson. On November 15, 2004, ORH purchased Overseas Partners U.S. Reinsurance Company, a Delaware-domiciled reinsurance company that had been in run-off since 2002, from Overseas Partners Limited. The company was renamed Clearwater Select Insurance Company and was contributed Clearwater on November 30, In December 2010, Clearwater contributed all of the shares of common sck of Clearwater Select Odyssey America. As of July 1, 2013, Clearwater Select s principal activity is provide reinsurance Odyssey Re group companies. On May 11, 2012, Hudson Excess Insurance Company ( Hudson Excess ) was incorporated in the State of Delaware. Hudson Excess is a wholly owned subsidiary of Hudson Specialty Insurance Company and was created provide property, casualty and marine & transportation business on a non-admitted licensed excess and surplus lines basis in New York. On Ocber 2, 2012, authority write property and casualty insurance business was granted by the Delaware Insurance Department. MANAGEMENT Brian D. Young is the president and chief executive officer of ORH, effective April 1, Prior joining the group in 1996, he was a vice president of Transatlantic Reinsurance. Jan Christiansen is executive vice president and chief financial officer of ORH. Prior joining ORH in 2010, he served as group chief executive officer of Cunningham Lindsey Group Inc. Michael G. Wacek is executive vice president and chief risk officer of ORH. Prior joining the Group in 1998, he was managing direcr of St. Paul Reinsurance Company Ltd. in London. REINSURANCE The group s retrocessional program includes specific reinsurances covering portions of its business, including facultative business, property business and selected liability lines. CONSOLIDATED BALANCE SHEET (at December 31, 2014) ADMITTED ASSETS ($000) 12/31/14 12/31/13 14% 13% Bonds... 3,480,416 3,561, Preferred sck... 80, , Common sck , , Cash & short-term invest ,714 1,204, Derivatives , , Other non-affil inv asset , , Investments in affiliates... 1,330, , Total invested assets... 7,330,793 7,128, Premium balances , , Accrued interest... 42,083 48, All other assets... 1,052, , Total assets... 9,117,231 8,747, A.M. Best Company, Oldwick, NJ Printed May 20, Page 9 of 18

10 LIABILITIES & SURPLUS ($000) 12/31/14 12/31/13 14% 13% Loss & LAE reserves... 4,029,239 4,149, Unearned premiums , , Conditional reserve funds... 18,257 23, Derivatives... 53, , All other liabilities... 1,073, , Total liabilities... 5,868,566 5,645, Capital & assigned surplus , , Unassigned surplus... 2,290,845 2,144, Total policyholders surplus... 3,248,664 3,102, Total liabilities & surplus... 9,117,231 8,747, Ultimate Parent: Fairfax Financial Holdings Limited HUDSON INSURANCE COMPANY Wilmingn, DE 100 William St., 5th Floor, New York, NY Web: Tel: Fax: AMB#: NAIC#: Ultimate Parent#: FEIN#: BEST S CREDIT RATING Best s Financial Strength Rating: A Outlook: Stable Best s Issuer Credit Rating: a+ Outlook: Stable CONSOLIDATED SUMMARY OF 2014 OPERATIONS ($000) Best s Financial Size Category: XV Funds Provided from Statement of Income 12/31/14 Operations 12/31/14 RATING RATIONALE Premiums earned... 2,226,597 Premiums collected... 2,098,233 Benefit & loss-related pmts Losses incurred... 1,093, ,671 Rating Rationale: The ratings of Odyssey Reinsurance Company have been LAE incurred ,665 extended Hudson Insurance Company based on its role in the parent Undrw expenses incurred LAE & undrw expenses paid company s primary operations. This position is further supported by common 671, ,030 ownership, common management, explicit support and internal reinsurance. underwriting income 336,877 Undrw cash flow ,532 The following text is derived from A.M. Best s Credit Report on Odyssey investment income... 60,540 Investment income ,473 Reinsurance Group (AMB# ). Other income/expense ,401 Other income/expense... -1,843 Pre-tax cash operations The ratings reflect Odyssey Reinsurance Group s ( Odyssey Re ) excellent Pre-tax oper income , ,162 risk-adjusted capitalization, strong financial performance and a solid business Realized capital gains... -5,968 position. The company also benefits from the flexibility derived from having Income taxes incurred ,946 Income taxes pd (recov)... 70,722 reinsurance and insurance operations and the ability shift from one platform income ,102 oper cash flow ,440 the other as the market changes. Odyssey Re is a global underwriter of reinsurance and specialty primary insurance products and ranks among the p 15 global reinsurance groups in terms of premium volume. Odyssey Re s competitive position benefits from its worldwide market presence with regard business mix and geographic reach. These positive attributes are further supported by Odyssey Re s diversified geographic client base, combined with its large line capacity, broad product capability and its opportunistic business strategy. Odyssey Re s investment management philosophy, which emphasizes a tal return strategy, has augmented the group s earnings. The ratings also recognize Odyssey Re s strong liquidity and the benefit derived from access its ultimate parent company, Fairfax Financial Holdings Limited, and Fairfax s access public markets. Somewhat offsetting these strengths are the challenging underwriting and investment environments and the group s hisrical reliance on realized and unrealized capital gains bolster its overall financial performance. A.M. Best views this source of earnings as more variable and less predictable than earnings sourced from underwriting. Odyssey Re maintains a manageable exposure natural catastrophes as measured by its 1-in-250-year probable maximum loss estimates relative statury surplus. In A.M. Best s opinion, Odyssey Re has developed an excellent and holistic enterprise risk management framework A.M. Best Company, Oldwick, NJ Printed May 20, Page 10 of 18

11 The ratings apply Odyssey Reinsurance Company (Connecticut), Hudson Insurance Company (Delaware), Hudson Specialty Insurance Company (New York), Hudson Excess Insurance Company (Delaware) and Newline Insurance Company Limited (UK). Positive rating actions could occur if the group maintains consistently strong underwriting performance and long-term profitability. However, the ratings and outlooks may come under negative rating pressure if Odyssey Re were experience outsized catastrophe or investment losses relative its peer group. FIVE-YEAR RATING HISTORY Date BEST'S FSR ICR Date BEST'S FSR ICR 05/05/15 A a+ 04/04/12 A a 04/03/14 A a+ 02/09/11 A a 03/28/13 A a+ KEY FINANCIAL INDICATORS ($000) Statury Data Direct Premiums Written Premiums Written Pre-tax Operating Income Income Total Admitted Assets Policyholders Surplus ,495 73,951 5,177 15, , , , ,246 7,248 2, , , , ,414 12,702 14, , , , ,586 3,894 6, , , , ,582 4,352 9,647 1,042, ,175 Profitability Leverage Liquidity Comb. Ratio Inv. Yield (%) Pre-tax ROR (%) NA Inv Lev NPW Overall Liq. (%) Oper. Cash flow (%) Yr (*) Within several financial tables of this report, this company is compared against the Commercial Casualty Composite. (*) Data reflected within all tables of this report has been compiled from the company-filed statury statement. BUSINESS PROFILE The following text is derived from A.M. Best s Credit Report on Odyssey Reinsurance Group (AMB# ). For the purposes of this report, the financial information and discussion included for Odyssey Re reflects the consolidation of the statury financials of all U.S.-domiciled insurance and reinsurance companies owned by Odyssey Re Holdings Corp. ( ORH ). Odyssey Re includes the U.S. reinsurance and insurance operations of ORH as well as a Lloyd s syndicate ( Newline Syndicate 1218") and Newline Insurance Company Limited ( Newline") which is a UK-based insurance company. Reinsurance operations are led by Odyssey Reinsurance Company ( ORC ), which provides treaty casualty and property reinsurance as well as facultative reinsurance for small medium-sized regional companies and specialized departments of major insurance companies. Products are provided primarily through the broker market in the U.S. and through brokers and directly with insurers and reinsurers internationally. Specific lines of business include specialty casualty and general casualty; commercial and personal property; marine; aviation and space; accident and health; and surety lines. Facultative casualty reinsurance is also provided for general liability; umbrella liability; direcrs and officers liability; professional liability and commercial aumobile. The U.S. insurance operations of Odyssey Re are conducted through Hudson Insurance Company ( Hudson ), Hudson Specialty Insurance Company ( Hudson Specialty ) and Hudson Excess Insurance Company ( Hudson Excess ). The insurance operations provide coverage on both an admitted and non-admitted basis through in-house underwriting facilities and program administrars. Lines of business include professional liability; multi-peril crop; direcrs and officers liability; marine and energy; personal umbrella; personal liability; personal and commercial au and surety. Where program administrar relationships are used, the group seeks organizations that have a long and successful track record in their particular areas of expertise. Odyssey Re s management has established strong control systems monir program administrars, including incentives produce profitable business. Specialty insurance is offered in London through Newline Syndicate 1218 and Newline. Business is written primarily in non-u.s. liability lines, including professional indemnity, direcrs and officers liability, medical professional liability, financial institutions, cargo and specie, space and liability. TOTAL PREMIUM COMPOSITION & GROWTH ANALYSIS DPW Reinsurance Prem Assumed Reinsurance Prem Ceded ($000) (% Chg) ($000) (% Chg) ($000) (% Chg) , , , , , , , , , , , , , , , Yr CAGR A.M. Best Company, Oldwick, NJ Printed May 20, Page 11 of 18

12 NPW NPE ($000) (% Chg) ($000) (% Chg) , , , , , , , , , , Yr CAGR Terriry: The company is licensed in the District of Columbia, Puer Rico, U.S. Virgin Islands and all states BY-LINE BUSINESS ($000) Reinsurance Reinsurance DPW Prem Assumed Prem Ceded Product Line ($000) (%) ($000) (%) ($000) (%) Allied Lines 301, , Oth Liab Occur 170, , Oth Liab CM 80, , Surety 51, , , Au Physical 39, , Comm l Au Liab 41, , All Other 18, , , Total 703, , , Business NPW Retention Product Line ($000) (%) (%) Allied Lines 69, Oth Liab Occur 41, Oth Liab CM 15, Surety 15, Au Physical 10, Comm l Au Liab 9, All Other 4, Total 166, BY-LINE RESERVES ($000) Product Line Allied Lines 38,565 26,694 20,721 8,477 5,881 Oth Liab Occur 69,488 66,396 62,869 71,798 67,775 Oth Liab CM 34,441 34,077 33,927 30,324 33,706 Surety 6,818 6,321 4,973 2,080 1,906 Au Physical 1,588 2,181 2, ,160 Comm l Au Liab 14,764 11,334 11,074 10,757 12,557 All Other 4,581 5,541 6,353 6,514 6,162 Total 170, , , , ,148 GEOGRAPHIC BREAKDOWN BY DIRECT PREMIUM WRITINGS ($000) Aggregate Alien 383, , , , ,698 California 74,694 59,370 57,223 55,312 44,279 Tennessee 31,423 25,875 22,749 22,218 20,304 Washingn 20,456 13,487 20,540 16,350 19,101 Texas 17,932 16,120 16,181 13,685 14,002 New Jersey 14,695 9,918 7,512 7,447 5,648 Florida 13,539 6,439 4,980 5,108 5,480 New York 11,946 12,936 15,825 16,182 14,340 Illinois 11,924 9,827 7,461 9,267 7,715 Indiana 8,913 8,338 4,883 2,830 1,982 All Other 114, ,762 91,011 94,994 76,945 Total 703, , , , ,495 RISK MANAGEMENT The following text is derived from A.M. Best s Credit Report on Odyssey Reinsurance Group (AMB# ). Odyssey Re s enterprise risk management program incorporates the identification of major financial and operational risks, articulation of risk appetite through established provisional upside aims and downside risk lerances, formulation of risk governance at the Board level, a Chief Risk Officer, development of a schastic risk management model and the development of an enterprise risk control framework. Core principals of Odyssey Re s enterprise risk management program include long-term orientation, operating profitability value over market share, value oriented investing and a compensation structure that supports a long term focus. The group establishes acceptable exposures before risks are assumed. This is done through underwriting and investment guidelines, the establishment of limits and underwriting authority levels. Internal audit is responsible for regularly testing and validating key risk controls embedded in the business units. The risk management program includes a framework of several committees including an enterprise risk management committee, reinsurance security committee, investment committee, underwriting risk committees, a Fairfax global risk committee and a Board audit committee. Four full ERM reviews and meetings are conducted annually with Board briefings throughout the year A.M. Best Company, Oldwick, NJ Printed May 20, Page 12 of 18

13 OPERATING PERFORMANCE The following text is derived from A.M. Best s Credit Report on Odyssey Reinsurance Group (AMB# ). Operating Results: Odyssey Re has generated favorable operating performance, as evidenced by its five-year average return on equity, which compares favorably with its peer industry composite. Driving this favorable result over this period are solid underwriting results and relatively strong investment returns earned on an expanding invested asset base. The investment portfolio is managed by Hamblin Watsa Investment Counsel Ltd. ( Hamblin Watsa ), which is the investment management subsidiary of Fairfax, the group s ultimate parent. A.M. Best expects Odyssey Re continue generate profitable tal return measures due solid underwriting results coupled with strong investment performance, which is somewhat offset by reduced underwriting margins reflective of competitive reinsurance pricing and the addition of new capacity in the market. business. Growth in the primary specialty insurance operations has led an increasing share of premiums from the insurance platform compared prior years. The company has the benefit of adjusting its business mix between primary and reinsurance platforms, which provides increased flexibility as the market changes. The group generated an underwriting profit in four out of the past five years, reflecting moderate severe catastrophe seasons and the benefits of otherwise strong underwriting results in non-catastrophe-exposed businesses. The underwriting loss in 2011 was due largely catastrophe losses, which were within the expected lerances established by the group. UNDERWRITING EXPERIENCE Undrw Income ($000) Loss Ratios Expense Ratios Ind Pure Loss LAE Loss LAE & Other Total Div. Comb. Comm. Exp. Exp. Pol. Ratio Comb. Ratio , , , , , PROFITABILITY ANALYSIS ($000) 5-Yr Total/Avg -60, Company BY-LINE LOSS RATIO Pre-tax After-tax Product Line Yr Avg Operating Operating Total Allied Lines Income Income Income Return Oth Liab Occur ,177 6,606 15,480 24,298 Oth Liab CM ,248 7,244 2,705 11,655 Surety ,702 12,584 14,017 18,835 Au Physical ,894 3,840 6,004 18,923 Comm l Au Liab ,352 3,228 9,647 37,288 All Other Yr Total 33,373 33,501 47, ,000 Total Company Industry Composite DIRECT LOSS RATIO BY STATE Pre-tax Return Operating Pre-tax Return Operating Yr Avg ROR (%) on (%) Ratio (%) ROR (%) on (%) Ratio (%) Aggregate Alien California Tennessee Washingn Texas New Jersey Yr Avg Florida New York Underwriting Results: Odyssey Re has produced underwriting results which Illinois have outperformed its peer group of U.S. statury reinsurance companies on Indiana average over the past five year period. The group s average five year statury All Other combined ratio compares favorably with its peer group. The group s expense Total ratio has remained relatively static during the five-year period and is comparable industry averages. The group s business mix has shifted over the past ten years from a predominantly long-tail portfolio of assumed liability reinsurance a portfolio with a greater weighting of short-tail classes of 2015 A.M. Best Company, Oldwick, NJ Printed May 20, Page 13 of 18

14 Investment Results: The group s investment strategy, while opportunistic, remains highly disciplined and effective over the most recent five-year period, as demonstrated by Odyssey Re s excellent tal return measures. The group s tal invested assets of approximately $7.4 billion at year end 2014 are managed by Hamblin Watsa, which operates with an investment strategy that emphasizes a long-term, value-oriented approach. The overall return on invested assets, including realized and unrealized capital gains has been the cornersne of the group s strong tal overall earnings and has led consistent growth in shareholders equity despite operating in a challenging investment environment. At year end 2014, the group s fixed income, short term and cash holdings represent a large percentage of the overall investment portfolio and are currently allocated primarily high quality government securities, municipal and corporate debt. The average duration on the bond portfolio is approximately 8 years. INVESTMENT GAINS ($000) Company Realized Unrealized Inv Capital Capital Year Income Gains Gains ,682 8,874 8, ,309-4,539 8, ,168 1,433 4, ,242 2,164 12, ,909 6,419 27,641 5-Yr Total 105,309 14,351 63,148 Company Industry Composite Pre-tax Invest Inv Inc Inv Return on Total Inv Inc Inv Growth Yield Inv Assets Return Growth Yield Current BCAR: Year (%) (%) (%) (%) (%) (%) Yr Avg BALANCE SHEET STRENGTH The following text is derived from A.M. Best s Credit Report on Odyssey Reinsurance Group (AMB# ). Capitalization: ORC s statury surplus, which can be considered the group s statury surplus due the group s organizational structure, has fluctuated over the past five year period, partially as the result of sizable dividend payments its parent, ORH. The company s capital position remains solid and is supportive of the group s premium writings and natural catastrophe losses during the most recent five year period. ORC maintains a strong overall risk-adjusted capital position, as measured by its Best s Capital Adequacy Ratio ( BCAR ) analysis. The benefits of surplus generation and moderating premium growth, as well as the divestiture of significant affiliated investments, have led improved and sustainable capitalization over the five-year period. Odyssey Re s tal return operating philosophy has generated considerable realized capital gains over a five-year period, which has supported surplus growth. The fixed income portfolio consists of conservative holdings with solid credit quality and liquidity that further support the group s capitalization. The group s credit risk from reinsurance recoverables is mitigated, due collateral held in the form of letters of credit and funds held. However, not all recoverables are backed by collateral. A significant risk relating the capitalization of the group is catastrophe exposure. Management addresses these risks by managing a 1-in-250-year probable maximum loss and attempts limit the net after-tax occurrence any geographic zone less than 25% of statury surplus. The significant financial resources of its ultimate parent company, Fairfax, further enhance Odyssey Re s financial flexibility. ORH maintains two private placement debt listings and its financial leverage is well within the established guidelines relative the company s current rating levels. CAPITAL GENERATION ANALYSIS ($000) Source of Surplus Growth Pre-tax Realized Unrealized Operating Capital Income Capital Year Income Gains Taxes Gains ,177 8,874-1,429 8, ,248-4, , ,702 1, , ,894 2, , ,352 6,419 1,124 27,641 5-Yr Total 33,373 14, , A.M. Best Company, Oldwick, NJ Printed May 20, Page 14 of 18

15 Source of Surplus Growth Change % Chg Contrib. Other in in Year Capital Changes ,364-2, , ,070 17, ,309-7,272 10, ,309-2,566 15, ,363-5,699 26, Yr Total 113,400-11, , QUALITY OF SURPLUS ($000) Surplus Other Contributed Unassigned Year Notes Debt Capital Surplus , ,227 68, ,256 85, ,980 97, , , , ,195 Year-End Conditional Adjusted Year Reserves ,904 7, , ,647 7, , ,901 6, , ,949 6, , ,175 6, ,017 Underwriting Leverage: Odyssey Re s underwriting leverage measures are conservative and have remained consistent over the recent five year period. The group s catastrophe writings had been increasing in recent years, although this trend has slowed, and its catastrophe loss exposure remains well below management s stated lerance of a net, after-tax loss 1-in-250-year peak zone occurrence not exceeding 25% of statury surplus. The group s net leverage is slightly elevated relative its peer sample group, primarily due the high percentage of longer-tail liability casualty reserves that account for the majority of carried loss reserves. LEVERAGE ANALYSIS Company Industry Composite Res. Res. NPW Gross NPW Gross CEDED REINSURANCE ANALYSIS ($000) Company Bus. Reins. Ceded Ret. Recov. Reins. (%) (%) (%) Industry Composite Bus. Reins. Ceded Ret. Recov. Reins. (%) (%) (%) Ceded Reins. Total , , , , , REINSURANCE RECOVERABLES ($000) Paid & Unpaid Losses IBNR Unearned Premiums Other Recov* Total Reins Recov US Affiliates , ,702 94,761 7, ,893 Foreign Affiliates ,488 US Insurers... 55, ,580 23,119-1, ,508 Pools/Associations... 19,724 2,989 5,100 27,813 Other Non-US... 10,421 50,435 6,315-1,481 65,690 Total (ex US Affils)... 85, ,735 34,742-2, ,499 Grand Total , , ,503 4, ,392 * Includes Commissions less Funds Withheld Loss Reserves: The group has experienced favorable loss reserve development in each of the past five years. Additionally, as a result of the transfer of Clearwater Insurance Company from ORH TIG Insurance Group, Inc. on January 1, 2011, the Odyssey group no longer has any material exposure A&E claims. Odyssey Re discounts reserves relating the indemnity portion of workers compensation reserves of ORC. LOSS & ALAE RESERVE DEVELOP.: CALENDAR YEAR ($000) Orig. Developed Develop. Develop. Develop. Unpaid Unpaid Loss Reserves Reserves Res. Reserves Thru 14 Orig. (%) (%) NPE Develop. (%) Calendar Year , , , , , , , , , , , , , , , , , , LOSS & ALAE RESERVE DEVELOP.: ACCIDENT YEAR ($000) Accident Year Orig. Loss Reserves Developed Reserves Thru 14 Develop. Orig. (%) Unpaid Acc. Yr Loss Ratio Acc. Yr Comb. Ratio ,222 32, , ,099 28, , ,274 36, , ,897 55, , ,295 57, , ,812 85,812 85, A.M. Best Company, Oldwick, NJ Printed May 20, Page 15 of 18

16 The following text is derived from A.M. Best s Credit Report on Odyssey Reinsurance Group (AMB# ). Liquidity: The group s liquidity position is solid and compares favorably with its reinsurance peer group. As of year-end 2014, tal invested assets were approximately $7.4 billion, with a sizeable amount allocated in fixed income maturities of solid credit quality. The average duration is approximately 8 years. Strong cash flows over the past several years are driven by favorable operating results on a considerably expanded invested asset base. Maintaining sound liquidity is significant given the group s exposure natural and man-made catastrophe losses. Odyssey Re also maintains significant cash and short-term investments. LIQUIDITY ANALYSIS Company Industry Composite Gross Gross Quick Current Overall Agents Bal. Quick Current Overall Agents Bal. Liq. (%) Liq. (%) Liq. (%) (%) Liq. (%) Liq. (%) Liq. (%) (%) CASH FLOW ANALYSIS ($000) Company Industry Composite Underw Oper Underw Oper Underw Oper Cash Cash Cash Cash Cash Cash Cash Year Flow Flow Flow Flow (%) Flow (%) Flow (%) Flow (%) ,392-16, ,664 1,873 12, ,823 11,007 26, ,043-4,931 18, ,543 43,170-8, Yr Total -23,269 69,511 31,845 INVESTMENT LEVERAGE ANALYSIS (% OF ) Industry Company Composite Class 3-6 Bonds Real Estate/ Mtg. Other Invested Assets Common Scks Non-Affil. Inv. Affil. Inv. Class 3-6 Bonds Common Scks INVESTMENTS - SECURITIES Current Year Distribution of Bonds By Maturity Years Yrs-Avg Maturity Government Gov t Agencies & Muni Industrial & Misc Total Bonds (000) 308, , , , ,494 US Government Foreign - All Other State/Special Revenue - US Industrial & Misc - US Private Issues Public Issues Bond Quality (%) Class Class Class Class Class Class INVESTMENTS - EQUITIES Scks (000) 229, , , , ,630 Unaffiliated Common Affiliated Common Unaffiliated Preferred INVESTMENTS - OTHER INVESTED ASSETS Other Inv Assets (000) 51,256 59,829 42,159 15,194 3,182 Cash Short-Term All Other A.M. Best Company, Oldwick, NJ Printed May 20, Page 16 of 18

17 HISTORY This company was incorporated with the temporary title Hudson Insurance Company of Delaware under the laws of Delaware on May 1, 1978 act as the vehicle for the transfer of the corporate domicile of Hudson Insurance Company from New York, New York Wilmingn, Delaware, effective as of December 31, The predecessor company was originally incorporated on January 16, 1918, under the laws of New York and began business on December 14, The United States branch of Skandia Insurance Company Ltd., Sckholm, Sweden (the US branch ) acquired complete financial control of that predecessor company on August 25, The US branch, concurrent with its domestication in New York on July 1, 1974, passed direct sck ownership Skandia America Reinsurance Corporation (now known as Clearwater Insurance Company), New York, New York. From November 1977 until February 1996, Skandia America Reinsurance Corporation was a subsidiary of Skandia America Corporation, a wholly owned holding company of Skandia US Holding Corporation, which was a wholly owned holding company affiliate of Skandia Insurance Company Ltd. (named Skandia Insurance Group Company Ltd. from ). On February 21, 1996, Skandia America Corporation entered in an agreement sell the former Skandia America Reinsurance Corporation (now known as Clearwater Insurance Company) and its subsidiaries, including Hudson Insurance Company (Hudson), Fairfax Financial Holdings Limited, a Canadian financial services holding company. The acquisition became effective on May 31, Effective January 1, 2011, Clearwater dividended the shares of Hudson Odyssey America Reinsurance Corporations (a company that was subsequently renamed Odyssey Reinsurance Company in February 2011), and Hudson is now a direct, wholly owned subsidiary of Odyssey Reinsurance Company, which is wholly owned by Odyssey Re Holdings Corp. (ORH). Fairfax Financial Holdings Limited is the ultimate 100% shareholder of ORH. Primary insurance business was conducted until In 1935, the company became a professional reinsurer. In 1981, the company began underwrite excess and special risk business. From , the company ceased writing new and renewal business. In 1990, the company began writing specialty insurance business. Paid-up capital of $7.5 million consists of 25,000 common shares at $300 par value each. All authorized shares are outstanding. MANAGEMENT The Company s chairman is Brian D. Young, who is also the chairman of the board of Clearwater Select Insurance Company, Hudson Specialty Insurance Company, Hudson Excess Insurance Company and Odyssey Reinsurance Company. Management of the Company s affairs is directed by its president and chief operating officer, Chrispher L. Gallagher. Officers: Chairman of the Board and Chief Executive Officer, Brian D. Young; President and Chief Operating Officer, Chrispher L. Gallagher; Executive Vice President and Chief Underwriting Officer, Chrispher T. Suarez; Executive Vice President and Chief Actuary, Elizabeth A. Sander; Executive Vice Presidents, Alane R. Carey, Jan Christiansen, James J. Hooghuis; Senior Vice President and Chief Financial Officer, John F. Verbich; Senior Vice President and Chief Information Officer, Anthony Terracciano; Senior Vice President, Secretary and General Counsel, Dina G. Daskalakis; Senior Vice President and Controller, Anthony J. Slowski; Senior Vice Presidents, Gregory A. Bonnell, James J. Danbrowney, Matthew J. Deneen, Daniel J. Gasser, Michael P. Gleeson, Margaret M. C. Killeen, Peter H. Lovell, Jeffrey M. Rubin, James B. Salvesen, William F. Schmidt, Leslie D. Svoboda, Jean M. Willig. Direcrs: Jan Christiansen, Chrispher L. Gallagher, Michael G. Wacek, Brian D. Young (Chairman). REGULATORY An examination of the financial condition is being made as of December 31, 2014, by the insurance department of Delaware. The 2014 annual independent audit of the company was conducted by PricewaterhouseCoopers LLP. The annual statement of actuarial opinion is provided by Elizabeth A. Sander, Executive Vice President & Chief Actuary. REINSURANCE The company reinsures specific lines of its business using a combination of pro rata and excess of loss reinsurance arrangements with unaffiliated carriers. The company further cedes 70% of the resulting net account Odyssey Reinsurance Company on a quota share basis. The following text is derived from A.M. Best s Credit Report on Odyssey Reinsurance Group (AMB# ). The group s retrocessional program includes specific reinsurances covering portions of its business, including facultative business, property business and selected liability lines. BALANCE SHEET ADMITTED ASSETS ($000) 12/31/14 12/31/13 14% 13% Bonds , , Preferred sck... 11,569 20, Common sck... 7, Cash & short-term invest... 51,241 59, Other non-affil inv asset Investments in affiliates , , Total invested assets , , Premium balances... 21,150 25, Accrued interest... 5,264 5, All other assets , , Total assets... 1,042, , A.M. Best Company, Oldwick, NJ Printed May 20, Page 17 of 18

18 LIABILITIES & SURPLUS ($000) 12/31/14 12/31/13 14% 13% Loss & LAE reserves , , Unearned premiums... 39,757 25, Conditional reserve funds... 6,842 6, All other liabilities , , Total liabilities , , Capital & assigned surplus , , Unassigned surplus , , Total policyholders surplus , , Total liabilities & surplus... 1,042, , SUMMARY OF 2014 OPERATIONS ($000) Funds Provided from Statement of Income 12/31/14 Operations 12/31/14 Premiums earned ,768 Premiums collected ,306 Losses incurred... 94,915 Benefit & loss-related pmts 21,162 LAE incurred... 29,399 Undrw expenses incurred 39,466 LAE & undrw expenses paid 53,601 underwriting income -11,012 Undrw cash flow... 28,543 investment income... 21,909 Investment income... 20,875 Other income/expense... -6,545 Other income/expense... -6,913 Pre-tax cash operations Pre-tax oper income... 4,352 42,506 Realized capital gains... 6,419 Income taxes incurred... 1,124 Income taxes pd (recov) income... 9,647 oper cash flow... 43,170 Why is this Best s Rating Report important you? A Best s Rating Report from the A.M. Best Company showcases the opinion from the leading provider of insurer ratings of a company s financial strength and ability meet its obligations policyholders, as well as its relative credit risk. The A.M. Best Company is the oldest, most experienced rating agency in the world and has been reporting on the financial condition of the insurance companies since A Best s Financial Strength Rating is an independent opinion of an insurer s financial strength and ability meet its ongoing insurance policy and contract obligations. A Best s Issuer Credit Rating is an independent opinion of an issuer/entity s ability meet its ongoing senior f inancial obligations. The Financial Strength Rating opinion addresses the relative ability of an insurer meet its ongoing insurance policy and contract obligations. The rating is not assigned specific insurance policies or contracts and does not address any other risk, including, but not limited, an insurer s claims-payment policies or procedures; the ability of the insurer dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. The rating is not a recommendation purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. The Issuer Credit Rating opinion addresses the relative credit risk of an issuer/entity. Credit risk is the risk that an entity may not meet its contractual, financial obligations as they come due. This rating does not address any other risk, including, but not limited, liquidity risk, market value risk or price volatility of rated securities. The rating is not a recommendation buy, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor does it address the suitability of any particular financial obligation for a specific purpose or purchaser. In arriving at a rating decision, A.M. Best relies on third-party audited financial data and/or other information provided it. While this information is believed be reliable, A.M. Best does not independently verify the accuracy or reliability of the information. The company information appearing in this pamphlet is an extract from the complete company report prepared by the A.M. Best Company or A.M. Best Europe Rating Services Limited. For the latest Best s Financial Strength or Issuer Credit Ratings along with their definitions and A.M. Best s Terms of Use, visit the A.M. Best website at You may also obtain AMB Credit Reports by visiting our site or calling our Cusmer Service department at , ext To expedite your request, please provide the company s identification number (AMB#) A.M. Best Company, Oldwick, NJ Printed May 20, Page 18 of 18

PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY

PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY PHILADELPHIA INSURANCE COMPANIES PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY A++ A++ 2015 A.M. Best Company, Oldwick, NJ 08858 Printed July 13, 2015 www.ambest.com

More information

Back to Top PHILADELPHIA INSURANCE COMPANIES PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY

Back to Top PHILADELPHIA INSURANCE COMPANIES PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY PHILADELPHIA INSURANCE COMPANIES PHILADELPHIA INDEMNITY INSURANCE COMPANY TOKIO MARINE SPECIALTY INSURANCE COMPANY A++ A++ Back Top 2014 A.M. Best Company, Oldwick, NJ 08858 Printed May 27, 2014 www.ambest.com

More information

Holiday, Florida LION INSURANCE COMPANY. Ultimate Parent: Jamestown Holdings Corp.

Holiday, Florida LION INSURANCE COMPANY. Ultimate Parent: Jamestown Holdings Corp. Holiday, Florida Ultimate Parent: Jamestown Holdings Corp. LION INSURANCE COMPANY 2739 US Highway 19 North, Suite 601, Holiday, FL 34691 Web: lioninsurancecompany.com Tel: 727-682-0155 Fax: 727-937-1349

More information

SENECA INSURANCE COMPANY, INC.

SENECA INSURANCE COMPANY, INC. SENECA INSURANCE COMPANY, INC. New York, New York Ultimate Parent: Fairfax Financial Holdings Limited SENECA INSURANCE COMPANY, INC. 160 Water Street, New York, NY 10038-4922 Web: www.senecainsurance.com

More information

SENECA INSURANCE COMPANY, INC.

SENECA INSURANCE COMPANY, INC. SENECA INSURANCE COMPANY, INC. New York, New York Ultimate Parent: Fairfax Financial Holdings Limited SENECA INSURANCE COMPANY, INC. 160 Water Street, New York, NY 10038-4922 Web: www.senecainsurance.com

More information

FM GLOBAL GROUP Factory Mutual Insurance Co A+ Affiliated FM Insurance Co A+ Appalachian Insurance Co A+ FM Insurance Company Limited A+

FM GLOBAL GROUP Factory Mutual Insurance Co A+ Affiliated FM Insurance Co A+ Appalachian Insurance Co A+ FM Insurance Company Limited A+ FM GLOBAL GROUP Facry Mutual Insurance Co A+ Affiliated FM Insurance Co A+ Appalachian Insurance Co A+ FM Insurance Company Limited A+ 2015 A.M. Best Company, Oldwick, NJ 08858 Printed Ocber 27, 2015 www.ambest.com

More information

TEXAS MUTUAL INSURANCE COMPANY BEST'S RATING FIVE YEAR RATING HISTORY KEY FINANCIAL INDICATORS

TEXAS MUTUAL INSURANCE COMPANY BEST'S RATING FIVE YEAR RATING HISTORY KEY FINANCIAL INDICATORS Best's Insurance Reports - Property Casualty, US, 2007 Edition (2007 9-Month Supplement, Version 2007.3) Page 1 TEXAS MUTUAL INSURANCE COMPANY Tel: 512-224-3800 AMB#: 11453 FEIN#: 74-2615873 6210 East

More information

Associated With: Cincinnati Financial Corporation THE CINCINNATI INSURANCE COMPANIES

Associated With: Cincinnati Financial Corporation THE CINCINNATI INSURANCE COMPANIES THE CINCINNATI INSURANCE COMPANIES Cincinnati Insurance Company A+ Cincinnati Specialty Undrs Ins A+ Cincinnati Casualty Company A+ Cincinnati Indemnity Company A+ Associated With: Cincinnati Financial

More information

018667 - Philadelphia Insurance Companies

018667 - Philadelphia Insurance Companies Report Revision Date: 07/15/2013 Rating and Commentary 1 Best's Credit Rating: N/A Rating Rationale: N/A Report Commentary: 07/15/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated: 08/22/2013

More information

COREPOINTE INSURANCE COMPANY BEST'S FINANCIAL STRENGTH RATING RATING RATIONALE

COREPOINTE INSURANCE COMPANY BEST'S FINANCIAL STRENGTH RATING RATING RATIONALE Ultimate Parent: CG Investor, LLC COREPOINTE INSURANCE COMPANY 401 S. Old Woodward Avenue, Suite 300, Birmingham, Michigan, United States 48009 Tel: 734-456-5480 Fax: 248-220-5057 AMB#: 000237 NAIC#: 10499

More information

Back to Top MAIN STREET AMERICA GROUP MUTUAL HOLDINGS, INC. MAIN STREET AMERICA GROUP. Jacksonville, Florida

Back to Top MAIN STREET AMERICA GROUP MUTUAL HOLDINGS, INC. MAIN STREET AMERICA GROUP. Jacksonville, Florida MAIN STREET AMERICA GROUP MUTUAL HOLDINGS, INC. MAIN STREET AMERICA GROUP A Jacksonville, Florida Back to Top A 2011 A.M. Best Company, Oldwick, NJ 08858 Printed April 12, 2011 www.ambest.com Page 1 of

More information

Chubb Group of Insurance Companies

Chubb Group of Insurance Companies Report Revision Date: 07/12/2013 Rating and Commentary 1 Best's Credit Rating: N/A Rating Rationale: N/A Report Commentary: 07/12/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated: 08/31/2013

More information

Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY. Cincinnati, Ohio RATING RATIONALE

Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY. Cincinnati, Ohio RATING RATIONALE Cincinnati, Ohio A+ Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY 301 E. Fourth Street Cincinnati, OH 45202 Web: www.gaig.com Tel: 513-369-5000 Fax: 513-369-3600 AMB#:

More information

Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY

Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY Cincinnati, Ohio A+ Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY 301 E. Fourth Street Cincinnati, OH 45202 Web: www.gaig.com Tel: 513-369-5000 Fax: 513-369-3600 AMB#:

More information

Associated With: Berkshire Hathaway Inc. BERKSHIRE HATHAWAY GUARD INSURANCE COMPANIES

Associated With: Berkshire Hathaway Inc. BERKSHIRE HATHAWAY GUARD INSURANCE COMPANIES BERKSHIRE HATHAWAY GUARD INSURANCE COMPANIES NorGUARD Insurance Company A+ AmGUARD Insurance Company A+ EastGUARD Insurance Company A+ WestGUARD Insurance Company A+ Associated With: Berkshire Hathaway

More information

002314 Virginia Surety Company, Inc. As of September 8, 2010

002314 Virginia Surety Company, Inc. As of September 8, 2010 Company Information Address: 175 W. Jackson Blvd. 11th Floor Chicago, IL 664 Top Officer: David L. Cole Top Officer's Title: Chairman & CEO Secretary: Ronald D. Markovits Telephone: 312-356-3 Fax: 312-356-31

More information

HCC INSURANCE HOLDINGS, INC. HOUSTON CASUALTY GROUP

HCC INSURANCE HOLDINGS, INC. HOUSTON CASUALTY GROUP HCC INSURANCE HOLDINGS, INC. HOUSTON CASUALTY GROUP American Contractors Indem Co A+ Avemco Insurance Company A+ Houston Casualty Company A+ U.S. Specialty Insurance Co A+ United States Surety Company

More information

ProAssurance Casualty Company A+ ProAssurance Indemnity Co Inc. A+ ProAssurance Specialty Ins Co A+ PROASSURANCE GROUP

ProAssurance Casualty Company A+ ProAssurance Indemnity Co Inc. A+ ProAssurance Specialty Ins Co A+ PROASSURANCE GROUP PROASSURANCE GROUP ProAssurance Casualty Company A+ ProAssurance Indemnity Co Inc. A+ ProAssurance Specialty Ins Co A+ Associated With: ProAssurance Corporation PROASSURANCE GROUP Mailing: P.O. Box 590009,

More information

002477 - State Farm Fire and Casualty Company

002477 - State Farm Fire and Casualty Company Report Revision Date: 06/25/2013 Rating and Commentary 1 Best's Credit Rating: 05/30/2013 Rating Rationale: 05/30/2013 Report Commentary: 06/25/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated:

More information

000000 - Sample Insurance Company

000000 - Sample Insurance Company 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 - 2012 Last Updated:

More information

003840 - Germania Insurance Company

003840 - Germania Insurance Company Report Revision Date: 07/15/2013 Rating and Commentary 1 Best's Credit Rating: 12/18/2012 Rating Rationale: 12/18/2012 Report Commentary: 07/15/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated:

More information

Back to Top NAVIGATORS INSURANCE COMPANY NAVIGATORS SPECIALTY INSURANCE COMPANY. New York, New York

Back to Top NAVIGATORS INSURANCE COMPANY NAVIGATORS SPECIALTY INSURANCE COMPANY. New York, New York NAVIGATORS INSURANCE COMPANY NAVIGATORS SPECIALTY INSURANCE COMPANY A A New York, New York A Back Top 2012 A.M. Best Company, Oldwick, NJ 08858 Printed September 5, 2012 www.ambest.com Page 1 of 11 Back

More information

Best s Rating Report QBE REGIONAL INSURANCE GROUP

Best s Rating Report QBE REGIONAL INSURANCE GROUP QBE REGIONAL INSURANCE GROUP A NORTH POINTE INSURANCE COMPANY A- PRAETORIAN INSURANCE COMPANY A- QBE REINSURANCE CORPORATION QBE INSURANCE CORPORATION QBE SPECIALTY INSURANCE COMPANY Wilmingn, Delaware

More information

A+ EFFECTIVE: October 8, 2015

A+ EFFECTIVE: October 8, 2015 AFFILIATED FM INSURANCE COMPANY Johnsn, Rhode Island Ultimate Parent: Facry Mutual Insurance Company AFFILIATED FM INSURANCE COMPANY 270 Central Avenue, Johnsn, RI 02919-4949 Mailing Address: P.O. Box

More information

Associated With: Berkshire Hathaway Inc. BERKSHIRE HATHAWAY GUARD INSURANCE COMPANIES

Associated With: Berkshire Hathaway Inc. BERKSHIRE HATHAWAY GUARD INSURANCE COMPANIES BERKSHIRE HATHAWAY GUARD INSURANCE COMPANIES NorGUARD Insurance Company A+ AmGUARD Insurance Company A+ EastGUARD Insurance Company A+ WestGUARD Insurance Company A+ Associated With: Berkshire Hathaway

More information

018313 - CNA Insurance Companies

018313 - CNA Insurance Companies Report Revision Date: 07/08/2013 Rating and Commentary 1 Best's Credit Rating: N/A Rating Rationale: N/A Report Commentary: 07/08/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated: 08/20/2013

More information

002205 - Government Employees Insurance Company

002205 - Government Employees Insurance Company 002205 - Government Employees Insurance Company Report Revision Date: 07/15/2013 Rating and Commentary 1 Best's Credit Rating: 06/14/2013 Rating Rationale: 06/14/2013 Report Commentary: 07/15/2013 Financial

More information

2015 A.M. Best Company, Oldwick, NJ 08858 Printed June 22, 2015 www.ambest.com Page 1 of 6

2015 A.M. Best Company, Oldwick, NJ 08858 Printed June 22, 2015 www.ambest.com Page 1 of 6 AMTRUST GROUP Best s FSR FSC AmTrust International Ins Ltd A XIII Technology Insurance Co., Inc A XIII Rochdale Insurance Company A XIII AmTrust Europe Limited A XIII AmTrust Insurance Co of Kansas A XIII

More information

NATIONWIDE INSURANCE COMPANY OF AMERICA BEST'S RATING RATING RATIONALE

NATIONWIDE INSURANCE COMPANY OF AMERICA BEST'S RATING RATING RATIONALE Best's Insurance Reports - Property Casualty, US, 2007 Edition (2007 9-Month Supplement, Version 2007.3) Page 1 Group Affiliation: Nationwide Group NATIONWIDE INSURANCE COMPANY OF AMERICA Madison, Wisconsin,

More information

Associated With: White Mountains Insurance Group Ltd ONEBEACON INSURANCE GROUP

Associated With: White Mountains Insurance Group Ltd ONEBEACON INSURANCE GROUP ONEBECON INSURNCE GROUP tlantic Specialty Ins Co Employers Fire Insurance Co OneBeacon merica Insurance Co OneBeacon Insurance Company Homeland Ins Co of NY Homeland Insurance Company DE OBI National Insurance

More information

MIDDLESEX MUTUAL ASSURANCE COMPANY A+ HOLYOKE MUTUAL INSURANCE COMPANY IN SALEM A+

MIDDLESEX MUTUAL ASSURANCE COMPANY A+ HOLYOKE MUTUAL INSURANCE COMPANY IN SALEM A+ MIDDLESEX MUTUAL ASSURANCE COMPANY A+ HOLYOKE MUTUAL INSURANCE COMPANY IN SALEM A+ A+ Copyright 2016 A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. Printed April 14, 2016 www.ambest.com

More information

Ultimate Parent: Alaska National Corporation ALASKA NATIONAL INSURANCE COMPANY. Anchorage, Alaska

Ultimate Parent: Alaska National Corporation ALASKA NATIONAL INSURANCE COMPANY. Anchorage, Alaska Anchorage, Alaska A Ultimate Parent: Alaska National Corporation ALASKA NATIONAL INSURANCE COMPANY 7001 Jewel Lake Road Anchorage, AK 99502-2825 Web: www.alaskanational.com Tel: 907-248-2642 Fax: 907-266-9252

More information

AMERICAN NATIONAL PROPERTY AND CASUALTY GROUP BEST'S RATING RATING UNIT MEMBERS RATING RATIONALE

AMERICAN NATIONAL PROPERTY AND CASUALTY GROUP BEST'S RATING RATING UNIT MEMBERS RATING RATIONALE Best's Insurance Reports - Property Casualty, US, 2007 Edition (2007 9-Month Supplement, Version 2007.3) Page 1 Group Affiliation: American National P & C Group AMERICAN NATIONAL PROPERTY AND CASUALTY

More information

Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY OF NEW YORK. New York, New York

Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY OF NEW YORK. New York, New York New York, New York A- Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY OF NEW YORK Mail: 420 Fifth Avenue, 3rd Floor, New York, NY 10018 Web: www.hmig.com Tel: 800-328-5433 Fax: 717-260-7261

More information

LIBERTY MUTUAL INSURANCE COMPANY BEST'S RATING RATING RATIONALE

LIBERTY MUTUAL INSURANCE COMPANY BEST'S RATING RATING RATIONALE Best's Insurance Reports - Property Casualty, US, 2007 Edition (2007 9-Month Supplement, Version 2007.3) Page 1 Group Affiliation: Liberty Mutual Insurance Companies LIBERTY MUTUAL INSURANCE COMPANY 175

More information

002179 - Fireman's Fund Insurance Company

002179 - Fireman's Fund Insurance Company Report Revision Date: 07/16/2013 Rating and Commentary 1 Best's Credit Rating: 07/10/2013 Rating Rationale: 07/10/2013 Report Commentary: 07/10/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated:

More information

GEICO GENERAL INSURANCE COMPANY BEST'S RATING RATING RATIONALE

GEICO GENERAL INSURANCE COMPANY BEST'S RATING RATING RATIONALE Best's Insurance Reports - Property Casualty, US, 2008 Edition (2008 9-Month Supplement, Version 2008.3) Page 1 Ultimate Parent: Berkshire Hathaway Inc GEICO GENERAL INSURANCE COMPANY Chevy Chase, Maryland,

More information

TERRA BRASIS RESSEGUROS. Sao Paulo, SP 04543-000, Brazil B++

TERRA BRASIS RESSEGUROS. Sao Paulo, SP 04543-000, Brazil B++ TERRA BRASIS RESSEGUROS Sao Paulo, SP 04543-000, Brazil Operating Company Composite TERRA BRASIS RESSEGUROS Av. Juscelino Kubitcheck, 1700, 12 Andar, Itaim Bibi, Sao Paulo, SP 04543-000, Brazil Web: www.terrabrasis.com.br

More information

XL Insurance America, Inc.

XL Insurance America, Inc. Report Revision Date: 07/31/2013 Rating and Commentary 1 Best's Credit Rating: 10/04/2012 Rating Rationale: 10/04/2012 Report Commentary: 07/31/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated:

More information

Associated With: White Mountains Insurance Group Ltd ONEBEACON INSURANCE GROUP

Associated With: White Mountains Insurance Group Ltd ONEBEACON INSURANCE GROUP tlantic Specialty Ins Co Homeland Ins Co of NY Homeland Insurance Company DE OBI National Insurance Co ssociated With: White Mountains Insurance Group Ltd ONEBECON INSURNCE GROUP Exec/dmin: 601 Carlson

More information

Ultimate Parent: Cincinnati Financial Corporation THE CINCINNATI SPECIALTY UNDERWRITERS INSURANCE COMPANY. Wilmington, Delaware

Ultimate Parent: Cincinnati Financial Corporation THE CINCINNATI SPECIALTY UNDERWRITERS INSURANCE COMPANY. Wilmington, Delaware Wilmington, Delaware A+ Ultimate Parent: Cincinnati Financial Corporation THE CINCINNATI SPECIALTY UNDERWRITERS INSURANCE COMPANY Exec/Admin: 6200 S. Gilmore Road Fairfield, OH 45014-5141 Mailing: P.O.

More information

NATIONWIDE MUTUAL INSURANCE COMPANY

NATIONWIDE MUTUAL INSURANCE COMPANY NATIONWIDE MUTUAL INSURANCE COMPANY Columbus, Ohio A+ Ultimate Parent: Nationwide Mutual Insurance Company NATIONWIDE MUTUAL INSURANCE COMPANY One West Nationwide Blvd, Columbus, OH 43215-2220 Web: www.nationwide.com

More information

AMERICAN INTERNATIONAL GROUP BEST'S RATING RATING UNIT MEMBERS

AMERICAN INTERNATIONAL GROUP BEST'S RATING RATING UNIT MEMBERS Group Affiliation: American International Group Inc AMERICAN INTERNATIONAL GROUP 70 Pine Street, 18th Floor, New York, New York, United States 10270 Web: www.aig.com Tel: 212-770-8600 Fax: 212-349-4907

More information

Associated With: GuideOne Mutual Insurance Company GUIDEONE INSURANCE COMPANIES

Associated With: GuideOne Mutual Insurance Company GUIDEONE INSURANCE COMPANIES GUIDEONE INSURNCE COMPNIES GuideOne Mutual Insurance Co GuideOne Prop & Cas Ins Co GuideOne Specialty Mutual Ins GuideOne merica Insurance Co GuideOne Elite Insurance Co GuideOne Lloyds Insurance Co GuideOne

More information

Best s Rating: A- Report PROASSURANCE GROUP PROASSURANCE GROUP. Birmingham, Alabama

Best s Rating: A- Report PROASSURANCE GROUP PROASSURANCE GROUP. Birmingham, Alabama PROASSURANCE GROUP Birmingham, Alabama A- PROASSURANCE GROUP 100 Brookwood Place Birmingham, AL 35209 Web: www.proassurance.com Tel: 205-877-4400 Fax: 205-802-4799 AMB#: 18559 Publicly Traded Corporation:

More information

Report of Examination of. Harleysville Insurance Company of Ohio Columbus, Ohio. As of December 31, 2009

Report of Examination of. Harleysville Insurance Company of Ohio Columbus, Ohio. As of December 31, 2009 Report of Examination of Harleysville Insurance Company of Ohio Columbus, Ohio As of December 31, 2009 Table of Contents Subject Page Salutation... 1 Description of Company... 1 Scope of Examination...

More information

A- Effective: December 2, 2014

A- Effective: December 2, 2014 STANDARD SECURITY LIFE INSURANCE COMPANY OF NEW YORK New York, New York A- Effective: December 2, 2014 Ultimate Parent: Geneve Holdings, Inc. STANDARD SECURITY LIFE INSURANCE COMPANY OF NEW YORK 485 Madison

More information

REPORT OF EXAMINATION OF THE PACIFIC SELECT PROPERTY INSURANCE COMPANY AS OF DECEMBER 31, 2010

REPORT OF EXAMINATION OF THE PACIFIC SELECT PROPERTY INSURANCE COMPANY AS OF DECEMBER 31, 2010 REPORT OF EXAMINATION OF THE PACIFIC SELECT PROPERTY INSURANCE COMPANY AS OF DECEMBER 31, 2010 Filed March 28, 2012 TABLE OF CONTENTS PAGE SCOPE OF EXAMINATION... 1 SUBSEQUENT EVENTS... 2 COMPANY HISTORY...

More information

American International Group, Inc. Financial Supplement Fourth Quarter 2005

American International Group, Inc. Financial Supplement Fourth Quarter 2005 Financial Supplement Fourth Quarter 2005 This report should be read in conjunction with AIG's Annual Report on Form 10-K for the year ended December 31, 2005 filed with the Securities and Exchange Commission.

More information

MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED

MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED London EC3A 2EA, United Kingdom A Operating Company Non-Life Ultimate Parent: Markel Corporation MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED The Markel

More information

Life and A&H Industry at a Glance

Life and A&H Industry at a Glance Life and A&H Industry at a Glance 2010 Life and A&H, Fraternal and Health Insurance Industry Analysis Report Table 1 illustrates the life insurance industry s aggregate financial results for insurers filing

More information

NAIC Group Code 0008 NAIC Company Code 00086. Combined Statement Contact LYNN CIRRINCIONE, 847-402-3029 (Area Code) (Telephone Number)

NAIC Group Code 0008 NAIC Company Code 00086. Combined Statement Contact LYNN CIRRINCIONE, 847-402-3029 (Area Code) (Telephone Number) PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 00 OF THE CONDITION AND AFFAIRS OF THE ALLSTATE INSURANCE GROUP its affiliated property casualty

More information

SAGICOR GENERAL INSURANCE INC. BEST'S CREDIT RATINGS RATING RATIONALE

SAGICOR GENERAL INSURANCE INC. BEST'S CREDIT RATINGS RATING RATIONALE Operating Company Non-Life Ultimate Parent: Sagicor Financial Corporation SAGICOR GENERAL INSURANCE INC. Beckwith Place, Lower Broad Street, Bridgetown, Barbados Haggatt Hall, St. Michael, Barbados Web:

More information

VALIDUS ANNOUNCES 2015 FULL YEAR NET INCOME OF $374.9 MILLION 2015 NET OPERATING RETURN ON AVERAGE EQUITY OF 11.3%

VALIDUS ANNOUNCES 2015 FULL YEAR NET INCOME OF $374.9 MILLION 2015 NET OPERATING RETURN ON AVERAGE EQUITY OF 11.3% VALIDUS ANNOUNCES 2015 FULL YEAR NET INCOME OF $374.9 MILLION 2015 NET OPERATING RETURN ON AVERAGE EQUITY OF 11.3% BOOK VALUE PER DILUTED COMMON SHARE OF $42.33 AT DECEMBER 31, 2015 Pembroke, Bermuda,

More information

A M Best s Rating Report. United Insurance Company Limited Bridgetown, Barbados. Revision Date: August 23, 2013

A M Best s Rating Report. United Insurance Company Limited Bridgetown, Barbados. Revision Date: August 23, 2013 A M Best s Rating Report United Insurance Company Limited Bridgetown, Barbados Revision Date: August 23, 2013 United Insurance Co. Ltd. has a Rating of A- (Excellent) Operating Company Non-Life Ultimate

More information

COMPANION PROPERTY & CASUALTY INSURANCE COMPANY

COMPANION PROPERTY & CASUALTY INSURANCE COMPANY REPORT ON LIMITED SCOPE EXAMINATION OF COMPANION PROPERTY & CASUALTY INSURANCE COMPANY COLUMBIA, SOUTH CAROLINA OF THE Loss and Loss Expenses, Large Deductible Collateral Reserves and Reinsurance As of

More information

ODYSSEY RE HOLDINGS CORP. 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 5/6/2010 Filed Period 3/31/2010

ODYSSEY RE HOLDINGS CORP. 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 5/6/2010 Filed Period 3/31/2010 ODYSSEY RE HOLDINGS CORP 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 5/6/2010 Filed Period 3/31/2010 (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

More information

First Quarter Highlights

First Quarter Highlights The Hanover Reports First Quarter Net Income of $1.46 per Diluted Share; Operating Income 1 of $1.32 per Diluted Share; Combined Ratio of 96.1% Including Catastrophe Impact of 2.0 points WORCESTER, Mass.,

More information

State Auto Financial Corporation

State Auto Financial Corporation State Auto Financial Corporation June 2012 FINANCIAL STRENGTH REPUTATION RELATIONSHIPS RELIABILITY RESPONSIVENESS Safe Harbor Forward-Looking Statements This presentation may contain forward-looking statements

More information

New Home Warranty Insurance Company, A Risk Retention Group

New Home Warranty Insurance Company, A Risk Retention Group GOVERNMENT OF THE DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE, SECURITIES AND BANKING REPORT ON EXAMINATION New Home Warranty Insurance Company, A Risk Retention Group AS OF DECEMBER 31, 2014 NAIC NUMBER

More information

Ultimate Parent: National Retirement Fund AMALGAMATED LIFE INSURANCE COMPANY

Ultimate Parent: National Retirement Fund AMALGAMATED LIFE INSURANCE COMPANY AMALGAMATED LIFE INSURANCE COMPANY White Plains, New York Ultimate Parent: National Retirement Fund AMALGAMATED LIFE INSURANCE COMPANY 333 Westchester Avenue White Plains, NY 10604 Web: www.amalgamatedlife.com

More information

AMERISAFE INC FORM 8-K. (Current report filing) Filed 04/29/15 for the Period Ending 04/29/15

AMERISAFE INC FORM 8-K. (Current report filing) Filed 04/29/15 for the Period Ending 04/29/15 AMERISAFE INC FORM 8-K (Current report filing) Filed 04/29/15 for the Period Ending 04/29/15 Address 2301 HIGHWAY 190 WEST DERIDDER, LA 70634 Telephone 337-463-9052 CIK 0001018979 Symbol AMSF SIC Code

More information

Travelers Reports Record Quarterly Net and Operating Income per Diluted Share of $2.95, Up 27% and 28%, Respectively, from Prior Year Quarter

Travelers Reports Record Quarterly Net and Operating Income per Diluted Share of $2.95, Up 27% and 28%, Respectively, from Prior Year Quarter NYSE: TRV Travelers Reports Record Quarterly Net and Operating Income per Diluted Share of $2.95, Up 27% and 28%, Respectively, from Prior Year Quarter Return on Equity and Operating Return on Equity of

More information

NAIC Group Code 0212 NAIC Company Code 02127. Combined Statement Contact Colleen M Zitt, 847-413-5048 (Area Code) (Telephone Number)

NAIC Group Code 0212 NAIC Company Code 02127. Combined Statement Contact Colleen M Zitt, 847-413-5048 (Area Code) (Telephone Number) PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 0 OF THE CONDITION AND AFFAIRS OF THE Zurich American Insurance Company Affiliates its affiliated

More information

Medical Providers Mutual Insurance Company, A Risk Retention Group

Medical Providers Mutual Insurance Company, A Risk Retention Group GOVERNMENT OF THE DISTRICT OF COLUMBIA DEPARTMENT OF INSURANCE, SECURITIES AND BANKING REPORT ON EXAMINATION Medical Providers Mutual Insurance Company, A Risk Retention Group AS OF DECEMBER 31, 2011 NAIC

More information

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET ZURICH INSURANCE COMPANY LTD (SINGAPORE BRANCH) 34,844,737 Land and buildings

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET ZURICH INSURANCE COMPANY LTD (SINGAPORE BRANCH) 34,844,737 Land and buildings ANNUAL RETURN: FORM - FUND BALANCE SHEET I86G General: Singapore Insurance Fund Annex Row No. ASSETS Equity securities A Debt securities B,8,77 Land and buildings C Loans D Cash and deposits 5,6,76 Other

More information

NATIONAL GENERAL INSURANCE COMPANY (P.S.C.) BEST'S CREDIT RATINGS RATING RATIONALE

NATIONAL GENERAL INSURANCE COMPANY (P.S.C.) BEST'S CREDIT RATINGS RATING RATIONALE Page 1 of 8 Operating Company Composite NATIONAL GENERAL INSURANCE COMPANY (P.S.C.) Levels Ground, 3, 5, 6, UP House, Port Saeed Street, Deira, Dubai, United Arab Emirates PO Box 154, Dubai, United Arab

More information

REPORT ON EXAMINATION OF THE MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP AS OF

REPORT ON EXAMINATION OF THE MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP AS OF REPORT ON EXAMINATION OF THE MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP AS OF DECEMBER 31, 2011 TABLE OF CONTENTS SALUTATION... 1 SCOPE OF EXAMINATION... 1 SUMMARY OF SIGNIFICANT FINDINGS...

More information

REPORT ON EXAMINATION OF THE UNITED STATES BRANCH LEADING INSURANCE GROUP INSURANCE COMPANY, LTD. AS OF

REPORT ON EXAMINATION OF THE UNITED STATES BRANCH LEADING INSURANCE GROUP INSURANCE COMPANY, LTD. AS OF REPORT ON EXAMINATION OF THE UNITED STATES BRANCH OF LEADING INSURANCE GROUP INSURANCE COMPANY, LTD. AS OF DECEMBER 31, 2011 DATE OF REPORT SEPTEMBER 28, 2012 EXAMINER JOSEPH REVERS TABLE OF CONTENTS ITEM

More information

Back to Top A A- GREENLIGHT REINSURANCE, LTD. GREENLIGHT REINSURANCE IRELAND, LIMITED A-

Back to Top A A- GREENLIGHT REINSURANCE, LTD. GREENLIGHT REINSURANCE IRELAND, LIMITED A- GREENLIGHT REINSURANCE, LTD. A GREENLIGHT REINSURANCE IRELAND, LIMITED A- A A- 2013 A.M. Best Company, Oldwick, NJ 08858 Printed July 1, 2013 www.ambest.com Page 1 of 8 Operating Company Non-Life Ultimate

More information

ONEBEACON REPORTS $11.13 BOOK VALUE PER SHARE

ONEBEACON REPORTS $11.13 BOOK VALUE PER SHARE NEWS RELEASE For Immediate Release Investor Relations Media Contact: Paul McDonough Carmen Duarte Phone: 952.852.6020 781.332.7268 Email: ir@onebeacon.com cduarte@onebeacon.com Website: www.onebeacon.com

More information

REPORT ON EXAMINATION OF THE ATLANTA INTERNATIONAL INSURANCE COMPANY AS OF DECEMBER 31, 2011

REPORT ON EXAMINATION OF THE ATLANTA INTERNATIONAL INSURANCE COMPANY AS OF DECEMBER 31, 2011 REPORT ON EXAMINATION OF THE ATLANTA INTERNATIONAL INSURANCE COMPANY AS OF DECEMBER 31, 2011 DATE OF REPORT APRIL 5, 2013 EXAMINER ADEBOLA AWOFESO TABLE OF CONTENTS ITEM NO. PAGE NO. 1 Scope of examination

More information

News from The Chubb Corporation

News from The Chubb Corporation News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 Chubb Reports Fourth Quarter Net Income per Share of $2.35;

More information

Property and Liability Insurance Accounting (Passing grade for this exam is 60)

Property and Liability Insurance Accounting (Passing grade for this exam is 60) Supplemental Background Material NAIC Examiner Project Course AFE 4 Property and Liability Insurance Accounting (Passing grade for this exam is 60) Please note that this study guide is a tool for learning

More information

EVERY DAY MATTERS. BANNER. WILLIAM PENN.

EVERY DAY MATTERS. BANNER. WILLIAM PENN. EVERY DAY MATTERS. BANNER. WILLIAM PENN. Banner Home Office 3275 Bennett Creek Avenue Frederick, Maryland 21704 William Penn Home Office 100 Quentin Roosevelt Boulevard Garden City, New York 11530 A+ Ultimate

More information

State Auto Financial Corporation Investor Presentation

State Auto Financial Corporation Investor Presentation State Auto Financial Corporation Investor Presentation Participants Robert P. Restrepo Chairman, President & Chief Executive Officer Steven E. English Vice President, Chief Financial Officer Terrence L.

More information

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY "DRAFT VERSION FOR FIRST REVIEW ONLY" Submitted to: Minstry of Finance and Economy Head of Insurance Department Republic of Armenia Submitted by: BearingPoint

More information

Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY. Pittsburgh, Pennsylvania

Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY. Pittsburgh, Pennsylvania Pittsburgh, Pennsylvania A- Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY Mail: P.O. Box 535061, Pittsburgh, PA 15253-5061 Web: www.hmig.com Tel: 800-328-5433 Fax: 717-260-7261 AMB#: 009063

More information

MUNICH RE AMERICA CORPORATION

MUNICH RE AMERICA CORPORATION MUNICH RE AMERICA CORPORATION Annual Report For The Fiscal Year Ended December 31, 2013 (Pursuant to Section 4.04 of the Indenture between the Company and the holders of the Company s 7.45% Senior Notes*)

More information

Ultimate Parent: Legal & General Group plc WILLIAM PENN LIFE INSURANCE COMPANY OF NEW YORK

Ultimate Parent: Legal & General Group plc WILLIAM PENN LIFE INSURANCE COMPANY OF NEW YORK Ultimate Parent: Legal & General Group plc WILLIAM PENN LIFE INSURANCE COMPANY OF NEW YORK Exec/Admin: 3275 Bennett Creek Avenue Frederick, MD 21704 Web: www.lgamerica.com Tel: 516-794-3700 Fax: 301-279-4178

More information

2014 Statutory Combined Annual Statement Schedule P Disclosure

2014 Statutory Combined Annual Statement Schedule P Disclosure 2014 Statutory Combined Annual Statement Schedule P Disclosure This disclosure provides supplemental facts and methodologies intended to enhance understanding of Schedule P reserve data. It provides additional

More information

First Quarter Highlights

First Quarter Highlights The Hanover Reports First Quarter Net Income of $1.80 per Diluted Share; Record First Quarter Operating Income (1) of $1.64 per Diluted Share; Combined Ratio of 95.0%, including Catastrophe Impact of 2.7

More information

Report of Examination of. Central Mutual Insurance Company Van Wert, Ohio. As of December 31, 2011

Report of Examination of. Central Mutual Insurance Company Van Wert, Ohio. As of December 31, 2011 Report of Examination of Central Mutual Insurance Company Van Wert, Ohio As of December 31, 2011 Table of Contents Subject Page Salutation... 1 Description of Company... 1 Scope of Examination... 1 Management

More information

TOWER HILL PRIME INSURANCE COMPANY

TOWER HILL PRIME INSURANCE COMPANY REPORT ON EXAMINATION OF TOWER HILL PRIME INSURANCE COMPANY GAINESVILLE, FLORIDA AS OF DECEMBER 31, 2005 BY THE OFFICE OF INSURANCE REGULATION TABLE OF CONTENTS LETTER OF TRANSMITTAL... - SCOPE OF EXAMINATION...

More information

News from The Chubb Corporation

News from The Chubb Corporation News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 FOR IMMEDIATE RELEASE Chubb Reports 4th Quarter Net Income

More information

REPORT OF EXAMINATION OF THE RESPONSE INDEMNITY COMPANY OF CALIFORNIA AS OF DECEMBER 31, 2014

REPORT OF EXAMINATION OF THE RESPONSE INDEMNITY COMPANY OF CALIFORNIA AS OF DECEMBER 31, 2014 REPORT OF EXAMINATION OF THE RESPONSE INDEMNITY COMPANY OF CALIFORNIA AS OF DECEMBER 31, 2014 Filed on April 29, 2016 TABLE OF CONTENTS PAGE SCOPE OF EXAMINATION... 1 COMPANY HISTORY:... 2 Capitalization...

More information

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET. 3,906,146 Debt securities. 69,408,444 Land and buildings. 10,117,607 Other invested assets

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET. 3,906,146 Debt securities. 69,408,444 Land and buildings. 10,117,607 Other invested assets ANNUAL RETURN: FORM - FUND BALANCE SHEET 5 General: Singapore Insurance Fund Annex Row No. ASSETS Equity securities A,96,6 Debt securities B 69,8, Land and buildings C Loans D Cash and deposits 5,7,67

More information

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET ANNUAL RETURN: FORM - FUND BALANCE SHEET R98G General: Singapore Insurance Fund Annex Row No. ASSETS Equity securities A Debt securities B Land and buildings C Loans D Cash and deposits 5,96,57 Other invested

More information

Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2008

Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2008 NAIC Group Code 0008 NAIC Company Code 60186 Employer s ID Number 36-2554642 Allstate Life Insurance Group Combined Management Discussion and Analysis For the Year Ended December 31, 2008 The Allstate

More information

Back to Top MONUMENTAL LIFE INSURANCE COMPANY A+ STONEBRIDGE LIFE INSURANCE COMPANY A+ TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY A+

Back to Top MONUMENTAL LIFE INSURANCE COMPANY A+ STONEBRIDGE LIFE INSURANCE COMPANY A+ TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY A+ MONUMENTAL LIFE INSURANCE COMPANY A+ STONEBRIDGE LIFE INSURANCE COMPANY A+ TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY A+ TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY A+ OF NEW YORK TRANSAMERICA FINANCIAL

More information

FULL ANALYSIS. Medical Protective Co. RATING AAA/Stable/ (EXTREMELY STRONG)

FULL ANALYSIS. Medical Protective Co. RATING AAA/Stable/ (EXTREMELY STRONG) FULL ANALYSIS Medical Protective Co. Primary Credit Analysts: Jieqiu Fan New York (1) 212-438-1975 jieqiu_fan@ standardandpoors.com Secondary Credit Analysts: Damien Magarelli New York (1) 212-438-6975

More information

Starr Insurance & Reinsurance Limited and Subsidiaries

Starr Insurance & Reinsurance Limited and Subsidiaries Starr Insurance & Reinsurance Limited and Subsidiaries Consolidated Financial Statements December 31,2014 and 2013 Table of Contents December 31, 2014 and 2013 Page Independent Auditors' Report 1 Consolidated

More information

ASPEN INSURANCE HOLDINGS LIMITED REPORTS SECOND QUARTER 2006 EARNINGS. Net profit of $101.8 million for three months ended June 30, 2006

ASPEN INSURANCE HOLDINGS LIMITED REPORTS SECOND QUARTER 2006 EARNINGS. Net profit of $101.8 million for three months ended June 30, 2006 FOR IMMEDIATE RELEASE Investor Contact: Aspen Insurance Holdings Limited T 441-297-9382 Noah Fields, Head of Investor Relations Julian Cusack, Chief Financial Officer European Press Contact: The Maitland

More information

REPORT ON EXAMINATION OF THE ERIE INSURANCE COMPANY OF NEW YORK AS OF DECEMBER 31, 2010

REPORT ON EXAMINATION OF THE ERIE INSURANCE COMPANY OF NEW YORK AS OF DECEMBER 31, 2010 REPORT ON EXAMINATION OF THE ERIE INSURANCE COMPANY OF NEW YORK AS OF DECEMBER 31, 2010 DATE OF REPORT OCTOBER 27, 2011 EXAMINER SHEIK H. MOHAMED TABLE OF CONTENTS ITEM NO. PAGE NO. 1. Scope of examination

More information

MUNICH RE AMERICA CORPORATION

MUNICH RE AMERICA CORPORATION MUNICH RE AMERICA CORPORATION Annual Report For The Fiscal Year Ended December 31, 2014 (Pursuant to Section 4.04 of the Indenture between the Company and the holders of the Company s 7.45% Senior Notes*)

More information

Ultimate Parent: American Financial Group, Inc GREAT AMERICAN LIFE INSURANCE COMPANY. Cincinnati, Ohio

Ultimate Parent: American Financial Group, Inc GREAT AMERICAN LIFE INSURANCE COMPANY. Cincinnati, Ohio Cincinnati, Ohio A Ultimate Parent: American Financial Group, Inc GREAT AMERICAN LIFE INSURANCE COMPANY Mail: P.O. Box 5420, Cincinnati, OH 45201-5420 Web: www.gaig.com Tel: 513-357-3300 Fax: 513-412-1673

More information

Assurant Reports 2004 Net Income of $350.6 Million ($2.48 per Pro Forma Share), Net Operating Income of $345.0 Million ($2.44 per Pro Forma Share)

Assurant Reports 2004 Net Income of $350.6 Million ($2.48 per Pro Forma Share), Net Operating Income of $345.0 Million ($2.44 per Pro Forma Share) Press Contact: Investor Relations: Drew Guthrie Melissa Kivett Larry Cains Manager, Communications Vice President Senior Vice President and Media Relations Investor Relations Investor Relations Phone:

More information

Best Meridian Insurance Company

Best Meridian Insurance Company Report on Examination of Best Meridian Insurance Company Miami, Florida as of December 31, 2011 Kevin M. McCarty, Commissioner Florida Office of Insurance Regulation Tallahassee, Florida Dear Sir: In accordance

More information

GLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death.

GLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death. The glossary contains explanations of certain terms and definitions used in this prospectus in connection with us and our business. The terms and their meanings may not correspond to standard industry

More information

Ultimate Parent: AMERCO OXFORD LIFE INSURANCE COMPANY. Phoenix, Arizona

Ultimate Parent: AMERCO OXFORD LIFE INSURANCE COMPANY. Phoenix, Arizona Phoenix, Arizona A- Ultimate Parent: AMERCO OXFORD LIFE INSURANCE COMPANY 2721 North Central Avenue Phoenix, AZ 85004-1172 Web: www.oxfordlife.com Tel: 602-263-6666 Fax: 602-277-5901 AMB#: 007890 NAIC#:

More information