FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS

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1 CONSOLIDATED FINANCIAL STATEMENTS

2 INDEX Page INDEPENDENT AUDITORS' REPORT 1-2 CONSOLIDATED FINANCIAL STATEMENTS Statement 1 - Consolidated Balance Sheet 3 Statement 2 - Consolidated General Reserve and Accumulated Other Comprehensive Income 4 Statement 3 - Consolidated Income 5 Statement 4 - Consolidated Total Comprehensive Income 6 Statement 4 - Consolidated Cash Flows 7 Consolidated Operating Expenses - Schedule 1 8 Summary of Significant Accounting Policies and Explanatory Information 9-22

3 AC Stevenson & Partners PC Inc. 567 Coverdale Road Riverview, N.B., Canada E1B 3K Tel Fax INDEPENDENT AUDITORS' REPORT To the policyholders of Fundy Mutual Insurance Company: Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Fundy Mutual Insurance Company and its subsidiary, which comprise the consolidated balance sheet as at December 31, 2010 and the consolidated statements of income, general reserve and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 1

4 INDEPENDENT AUDITORS' REPORT (CONTINUED) Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Fundy Mutual Insurance Company and its subsidiaries as at December 31, 2010, and their financial performance and cash flows for the year then ended in accordance with Canadian generally accepted accounting principles. Riverview, NB March 21, 2011 Chartered Accountants 2

5 CONSOLIDATED BALANCE SHEET Statement 1 ASSETS Cash $ 370,029 $ 89,860 Investments (Note 1(c) and 2) 10,124,211 10,449,201 Accrued interest income 83,044 83,745 Due from agents, brokers and policyholders 595, ,646 Reinsurers share of (Note 5 and 10(b)) Unpaid claims and adjustment expenses 539, ,810 Unearned premiums 95,091 92,559 Receivable from other insurance companies - 3,684 Income taxes recoverable 146,341 - Investment in related party (Note 1(d) and 4) 2,841,408 2,709,486 Deferred premium acquisition costs (Note 1(e)) 318, ,017 Property and equipment (Notes 1(f) and 3) 498, ,097 Prepaid expenses 14,601 9,401 Future income taxes (Note 1(m) and 7) 22,327 18,869 $ 15,649,844 $ 15,005,375 LIABILITIES Unpaid claims and adjustment expenses (Note 1(h) and 5) $ 941,019 $ 540,433 Other liabilities 179, ,639 Income taxes payable - 157,585 Unearned premiums (Note 1(g)) 1,724,130 1,660,948 Contingency (Note 8) 2,844,222 2,524,605 GENERAL RESERVE General reserve - Statement 2 11,762,932 11,901,202 Accumulated other comprehensive income - Statement 2 1,042, ,568 12,805,622 12,480,770 $ 15,649,844 $ 15,005,375 APPROVED ON BEHALF OF THE BOARD: Director Director 3

6 CONSOLIDATED STATEMENT OF GENERAL RESERVE AND ACCUMULATED OTHER Statement 2 COMPREHENSIVE INCOME FOR THE YEAR ENDED General reserve, beginning of year $ 11,901,202 $ 12,258,562 Net loss for the year - Statement 3 (138,270) (357,360) General reserve, end of year - Statement 1 $ 11,762,932 $ 11,901,202 Accumulated other comprehensive income (loss): Balance, beginning of year $ 579,568 $ (688,245) Total other comprehensive income - Statement 4 463,122 1,267,813 Balance end of year - Statement 1 $ 1,042,690 $ 579,568 4

7 CONSOLIDATED STATEMENT OF INCOME Statement 3 FOR THE YEAR ENDED Premiums written $ 3,115,110 $ 2,997,361 Less: Insurance ceded (185,798) (180,173) Reinsurance premiums (762,555) (537,022) Decrease (increase) in unearned premiums (58,483) 17,377 Net premiums earned 2,108,274 2,297,543 Losses Claims and adjusting expenses incurred including depreciation of $1,984 ( $2,834) 1,132, ,450 Reinsurance (recoveries) charges (471,500) 45,137 Net claims incurred 661, ,587 Expenses 1,447,117 1,476,956 Premium acquisition expense - Schedule 1 730, ,696 Operating expenses - Schedule 1 1,083,688 1,132,389 1,814,462 1,804,085 Underwriting loss (367,345) (327,129) Investment and other items Interest from term deposits, bonds and debentures 233, ,014 Dividends received 149, ,076 Loss on disposal of investments (174,212) (271,446) Impairment of investments (Note 2) - (240,647) Investment management fees (62,484) (53,792) Amortization of premiums on investments (23,595) (25,130) Other income (Note 6) 10,338 7,068 Share of income of related party (Note 4) 24,941 6,417 Loss before income taxes (209,397) (530,569) Recovery of income taxes (Note 7) 71, ,209 Net loss for the year - Statement 2 $ (138,270) $ (357,360) 5

8 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Statement 4 FOR THE YEAR ENDED Net loss for the year - Statement 3 $ (138,270) $ (357,360) Other comprehensive income Net unrealized gains on available for sale financial instruments arising during the year, net of income tax expense of $89,116 ( $170,152) 399, ,979 Reclassification of net realized (gains) losses to income, net of income tax recovery of $10,201 ( expense of $49,621) (45,674) 271,560 Other than temporary impairment of available for sale financial instruments, net of income tax expense of $NIL ( $87,730) (Note 2) - 152,917 Change in net unrealized gains on available for sale financial instruments, net of income tax 353,330 1,079,456 Share of other comprehensive income of related party, net of income tax expense of $34,587 ( $51,186) (Note 4) 109, ,357 Other comprehensive income 463,122 1,267,813 Total comprehensive income $ 324,852 $ 910,453 6

9 CONSOLIDATED STATEMENT OF CASH FLOWS Statement 5 FOR THE YEAR ENDED Cash flows from operating activities: Net loss for the year - Statement 3 $ (138,270) $ (357,360) Items not requiring an outlay of cash: Depreciation 67,669 65,910 Loss on disposal of investments 174, ,446 Loss on disposal of property and equipment 1,266 12,837 Dividends received 149, ,076 Impairment of investments - 240,647 Future income taxes (Note 7) (3,457) 635 Amortization of premium on acquisition of voting shares of related party 2,811 2,811 Share of income of related party (24,941) (6,417) Amortization of discounts on investments 23,595 25, , ,715 Changes in non-cash working capital balances related to operations (Note 12) (326,459) 443,935 Cash flows from (used for) operating activities (74,232) 831,650 Cash flows from investing activities: Additions to equipment (55,684) (52,525) Proceeds on sale of investments 2,884,366 2,205,772 Purchase of investments (2,474,281) (3,074,402) Cash flows from (used for) investing activities 354,401 (921,155) Increase (decrease) in cash and cash equivalents 280,169 (89,505) Cash and cash equivalents, beginning of year 89, ,365 Cash and cash equivalents, end of year $ 370,029 $ 89,860 7

10 CONSOLIDATED SCHEDULE OF OPERATING EXPENSES Schedule 1 FOR THE YEAR ENDED Premium acquisition expenses Commissions expense $ 336,732 $ 275,640 Reinsurance commissions earned (63,133) (30,186) Net commissions 273, ,454 Advertising 17,177 17,223 Computer and maintenance contracts 16,701 16,027 Depreciation 3,714 4,120 Dues and education 1, Fire Marshall's tax 19,639 18,867 Miscellaneous 1,895 1,956 Premium tax 93,453 89,921 Printing, stationery and supplies 5,731 4,633 Rental income 7,973 (2,745) Salaries and benefits 266, ,713 Utilities 15,877 15,473 Water, sewerage and property taxes 6,820 6,487 $ 730,774 $ 671,696 Operating expenses Advertising and donations $ 103,988 $ 113,536 Bonding and insurance 13,692 12,447 Building and equipment maintenance 26,299 24,382 Computer and maintenance contracts 95,131 99,268 Depreciation 58,673 55,301 Directors fees and expenses 81,343 91,415 Dues, conventions and education 83,623 96,380 Executive and office expenses 933 1,901 Heat and lights 15,990 17,903 Interest and bank charges 8,516 10,557 Loss on sale of property and equipment 1,266 12,837 Manager's vehicle expense 15,815 34,236 Miscellaneous 22,976 21,386 Postage 16,851 20,541 Printing, stationery and supplies 16,874 15,088 Professional services 31,041 42,748 Safety survey expenses 11,442 9,044 Salaries and employee benefits 430, ,404 Telephone 26,940 28,563 Water, sewerage and property taxes 21,982 23,452 $ 1,083,688 $ 1,132,389 8

11 Description of major business activities Fundy Mutual Insurance Company (Fundy) is incorporated under the laws of the province of New Brunswick and is subject to regulation by the provincial Superintendent of Insurance. The company is an insurer for both property and liability risks. 1. Summary of significant accounting policies The accompanying consolidated financial statements have been prepared in accordance with the regulations of the Superintendent of Insurance and in accordance with Canadian generally accepted accounting principles (GAAP). The preparation of consolidated financial statements in accordance with GAAP requires that management make estimates. These estimates affect the reported amount of assets and liabilities as well as the reported revenue and expenses during the reporting period of these consolidated financial statements. The significant accounting policies adopted by the company include the following: (a) Future accounting changes International financial reporting standards (IFRS) The company will be required to adopt IFRS beginning on January 1, Management is currently in the process of developing an implementation plan for the reporting change of Canadian GAAP to IFRS. In this process management has noted some of the areas of greatest potential impact on the consolidated financial statements. The first area of impact is in IFRS 1. IFRS details the initial adoption of IFRS and gives the company initial optional and mandatory adoption adjustments. Under this section the company has a one time option to fair value property and equipment on initial adoption. This option is available to give the company a clear starting point on its property and equipment value. Continuing on from IFRS 1, IAS 16 gives the company the option of recording its property and equipment on a fair value basis or on a cost basis. This gives the company the option of adjusting its property and equipment to fair value on a yearly basis to give a picture of the company's actual value in its property and equipment, or to record on a cost basis which is similar to the current Canadian GAAP model. Also as required by IAS 16, the company will be required to componentize its property and equipment into its different parts and depreciate based on each components useful life. This will likely have the most impact on the company's building as there could be numerous component parts. Many of the requirements of IFRS for the company will require additional disclosure in the consolidated financial statements, but will require little change in current accounting policies. Management is in the process of assessing the above and other areas of IFRS to determine a quantitative impact on the consolidated financial statements. (b) Basis of consolidation These consolidated financial statements include the accounts of Fundy and its wholly owned subsidiary, Dairytown Insurance Ltd. All significant intercompany transactions have been eliminated. 9

12 1. Summary of significant accounting policies (continued) (c) Investments Equities, bonds and debentures are carried at fair value based on bid prices published in financial newspapers or bid quotations received from securities dealers. Any premiums or discount on bond acquisitions is amortized, and any specific investment provisions flow through net earnings. The change in fair values recorded on the available for sale investments flow through Other Comprehensive Income (OCI). Realized gains and losses are determined on a completed contract basis and those gains and losses and provisions for other than temporary declines in value related to available for sale investments are transferred from OCI to net earnings on the date of disposition or the date the decline is recognized as other than temporary. (d) Investment in related party The investment in the shares of the related party is accounted for on the equity basis whereby the carrying value of the investment is adjusted for Fundy's share of income (loss) and other comprehensive income (loss) of the related party. Investments are written down when a decline in the value below cost is determined to be other than temporary. The premium paid on acquisition of the voting shares in this company is being amortized to income over 20 years. (e) Deferred premium acquisition costs Deferred premium acquisition costs consist of agents' commissions and other policy acquisition costs which relate directly to the acquisition of premiums. These costs are deferred and amortized over the terms of the related policies to the extent that they are considered to be recoverable from unearned premiums, after considering the related anticipated claims and expenses. (f) Property and equipment Property and equipment is recorded at cost. Depreciation is provided annually on a declining balance basis at rates calculated to write-off the cost of the assets over their estimated useful lives as follows: Building Office furniture and equipment Paving Computer hardware Computer software Automobiles 10 % Declining balance 20 % Declining balance 8 % Declining balance 30 % Declining balance 50 % Straight-line 30 % Declining balance (g) Unearned premiums Unearned premiums are calculated on a daily pro rata basis over the terms of the insurance policies. 10

13 1. Summary of significant accounting policies (continued) (h) Unpaid claims and adjustment expenses Claims payable includes adjustment expenses which represent the estimated amounts required to settle all outstanding and unreported claims incurred to the end of the year. (i) (j) Insurance ceded Premiums, claims and premium taxes are recorded net of amounts ceded to and receivable from reinsurers. Unearned premiums and deferred policy acquisition costs are also reported net of business ceded to reinsurers. Estimates of amounts recoverable from reinsurers on unpaid claims and adjustment expenses are recorded separately from estimated amounts payable to policyholders. The recoverable amounts are estimated in a manner consistent with unpaid claim liability to the policyholder. Statement of cash flows For the purpose of the statement of cash flows, the company considers cash on hand to be balances with bank and stockbrokers, net of overdrafts, as cash or cash equivalents. Bank borrowings are considered to be financing activities. (k) Financial instruments All financial instruments are classified as either held-for-trading, available for sale, held-to-maturity, loans and receivables, or other liabilities. Held-for-trading and available for sale financial instruments are revalued to their fair value as of the balance sheet date. Held-to-maturity, loans and receivables, and other liabilities are measured at amortized cost. For information on the classification of each financial instrument of the company see Note 11. (l) Revenue recognition Premium revenue is recognized on a daily pro rata basis over the terms of the insurance policies. Investment interest is recorded on the accrual basis and dividends are recorded at the time they are received. (m) Income taxes The company uses the liability method of accounting for income taxes. Under this method, current income taxes are recognized for the estimated income tax payable for the current year. Future income tax assets and liabilities are recognized for taxable temporary differences between the tax and accounting bases of assets and liabilities as well as for the benefit of losses available to be carried forward to future years for tax purposes. The income tax rates used to measure income tax assets and liabilities are those rates enacted or substantively enacted at the balance sheet date and that are expected to apply when the temporary differences reverse. Future income tax assets are evaluated and, if realization is not considered more likely than not, a valuation allowance is provided. 11

14 2. Investments Investments are classified on an available for sale basis, and therefore are carried at their fair value. The fair value of investments is as follow: Fair Fair Value Value Available for sale Term deposit $ 501 $ 510,109 N.B.M.I.A. Guarantee Fund 48,584 48,584 Equity investments 5,691,852 5,339,109 5,740,937 5,897,802 Bonds and debentures maturing within one year: Provincial/Municipal Governments 376, ,117 Canadian Corporate/Financial Institutions 303, ,515 Bonds and debentures maturing one to five years: Government of Canada 270, ,275 Provincial/Municipal Governments 1,531,171 1,832,374 Canadian Corporate/Financial Institutions 1,902,594 1,372,118 4,383,274 4,551,399 $ 10,124,211 $ 10,449,201 The company's portfolio of bonds and debentures is invested in Federal and Provincially backed bonds and debentures, Canadian Municipalities, Canadian Financial Institutions or Canadian Corporations. The interest rate risk on bonds and debentures are as follows: Interest Effective Effective receivable rates rates basis (% range) (% range) Government of Canada semi-annual 5.25% 5.25% Provincial/Municipal Governments semi-annual 4.1% to 10.13% 4.1% to 10.13% Canadian Corporate/Financial Institutions semi-annual 3.75% to 5.8% 3.75% to 6.5% Included in the carrying value of equity investments are a number of investments with a fair value below cost. An impairment charge of $NIL ( $240,647) has been recognized in income for the year against those equity investments considered to be other than temporarily impaired. 12

15 3. Property and equipment Accumulated Cost Depreciation Net Net Land $ 103,800 $ - $ 103,800 $ 103,800 Building 749, , , ,878 Office furniture and equipment $ 126,525 $ 99,889 $ 26,636 $ 22,647 Paving 19,654 4,257 15,397 15,704 Computer hardware 125,187 63,048 62,139 61,798 Computer software 175, ,423 16,889 - Automobiles 45,500 37,611 7,889 11, Investment in related party $ 1,345,303 $ 846,457 $ 498,846 $ 512,097 The investment in related party, United General Insurance Corporation (United General), includes: Voting shares $ 79,440 $ 82,251 Participating shares 2,747,442 2,747,442 Undistributed share of post acquisition income 161, ,011 Undistributed share of other comprehensive income 122,573 12,782 Allowance for impairment of investments (270,000) (270,000) $ 2,841,408 $ 2,709,486 The unamortized premium on acquisition included in the investment in the voting shares of the related party is $5,622 ( $8,433). At December 31, 2010, the company held approximately 26% of the total equity of United General and had 25% of voting control. Subject to the terms of a shareholder agreement, the net income or loss of United General is allocated to each shareholder annually. Historically, for each dollar of income allocated to one of the shareholders, on share of United General's participating shares is issued by way of a stock dividend. For each dollar of loss attributable to one of the shareholders, they must surrender one of their participating shares for cancellation. There have been no stock dividends or shares surrendered since Under the terms of a shareholder agreement, should the company wish to withdraw from United General, it would receive proceeds equal to 80% of the book value of the company's equity in United General. If the company was required to withdraw from United General, it would receive proceeds equal to 120% of the book value of the company's equity in United General. 13

16 4. Investment in related party (Continued) The company's portion of United General's underwriting income is based on the auto business written by the company's agents for United General, net of the expenses relating to those premiums. The company's portion of United General's investment income and other comprehensive is based on the average net assets of United General contributed by the company. The following is a summary of the company's portion of United General's business: Gross premiums earned $ 805,250 $ 860,957 Reinsurance costs 354, ,599 Net premiums earned 450, ,358 Net claims incurred (235,720) (231,638) Commissions and other expenses (344,151) (304,931) Underwriting income (loss) (129,499) (72,211) Investment and other income 195,416 81,668 Income before income tax expense 65,917 9,457 Income tax expense 14,878 3,040 Company's portion of annual income below adjustment 51,039 6,417 Facility risk sharing pool adjustment (26,098) - Company's portion of annual income $ 24,941 $ 6,417 The four shareholders of United General Insurance Corporation are currently in discussions for updating the current shareholder agreement. The main changes in the shareholder agreement are expected to affect the method of allocating income in United General Insurance Corporation to the individual mutual insurance companies. The corporation expects to have a new shareholder agreement in place during the 2011 fiscal year. 5. Provision for unpaid claims and adjustment expenses The provision for unpaid claims and adjustment expenses and related reinsurer's share are estimates subject to variability and the variability could be material in the near term. The variability arises because all events affecting the ultimate settlement of claims may not have taken place and may not take place for some time. Variability can be caused by receipt of additional claim information, changes in judicial interpretation of contracts or significant changes in severity or frequency of claims from historical trends. The estimates are principally based on the company's historical experience. Methods of estimation have been used which the company believes produce reasonable results given current information. All changes in estimates are recorded as incurred claims in the current period. 14

17 5. Provision for unpaid claims and adjustment expenses (continued) Changes in claim liabilities recorded in the balance sheet for the years ended December 31, 2010 and 2009 and their impact on claims and adjustment expenses for the two years is as follows: Unpaid claim liabilities, beginning of year Gross $ 540,433 $ 621,968 Reinsurance recoverable (156,810) (247,670) 383, ,298 Decrease in estimated losses and expenses, for losses occurring in prior years (43,229) (54,560) Provision for losses and expenses on claims occurring in the current year 645, ,901 Paid claims occurring during: 601, ,341 Current year events (331,315) (519,832) Prior events (252,470) (237,184) Provision for unpaid claims and adjustment expenses, end of year: (583,785) (757,016) 401, ,623 Reinsurer's share 539, ,810 Gross provision for unpaid claims and adjustment expenses, end of year $ 941,019 $ 540,433 Estimate assumptions Uncertainty exists on reported claims in that all information may not be available at the balance sheet reporting date, therefore, the claim cost may rise or fall at some date in the future when the information is obtained. In addition, claims may not be reported to the company immediately, therefore, estimates are made as to the value of claims incurred but not yet reported, a value which may take some months to finally determine. In order to determine the liability, assumptions are developed considering the characteristics of the class of business, the historical pattern of loss payments, the amount of data available and other pertinent factors. Reinsurance ceded Reinsurance premiums ceded and reinsurance recoveries on losses incurred are recorded as reductions of the respective income and expense accounts. Unearned premiums on business ceded and estimates of amounts recoverable from the reinsurers on unpaid claims and adjustment expenses are recorded on the balance sheet. A contingent liability exists with respect to reinsurance ceded which could become a liability of the company in the event the reinsurer might be unable to meet its obligations under the reinsurance agreement. 15

18 6. Other income Interest revenue $ 13,149 $ 9,879 Amortization of premium on acquisition of related party (2,811) (2,811) 7. Income taxes The company's provision for income taxes is made up of the following items: $ 10,338 $ 7,068 Current income taxes recovery $ 57,469 $ 223,465 Reclassification from other comprehensive income 10,201 (49,621) Future income taxes (expense) recovery 3,457 (635) $ 71,127 $ 173,209 The company's provision for income taxes included in other comprehensive income is made up of the following items: Current income expense $ (78,915) $ (329,064) Future income tax recovery - 21,561 $ (78,915) $ (307,503) In computing the company's taxable income there are certain items that are restricted in their deduction or are not taxable: Tax at combined basic Canadian federal and provincial income tax rates $ 41,369 $ 176,851 Temporary differences (4,401) (6,903) Non-taxable dividends deductible (26,088) (18,006) Investment tax reserve 4,014 4,463 Share of income of related party (4,630) (1,324) Charitable donations carried forward used in year - (2,268) Non deductible and restricted deductible expenses 981 2,407 Current income tax $ 11,245 $ 155,220 Current income taxes in the consolidated financial statements are comprised of the following: Income tax expense in Other comprehensive income $ 78,915 $ 329,064 Income tax recovery in Statement of Income (67,670) (173,844) $ 11,245 $ 155,220 16

19 7. Income taxes (continued) The effects of temporary differences, which give rise to the net future income tax asset or liabilities reported, are as follows: Excess of undepreciated capital cost over net book value $ 22,605 $ 23,090 Investments (3,915) (7,585) Provision for unpaid claims and adjustment expenses 3,637 3, Contingencies and commitment $ 22,327 $ 18,869 (a) In common with the insurance industry in general, the company is subject to litigation arising in the normal course of conducting its insurance business which is taken into account in establishing the provision for unpaid claims and adjusting expenses. (b) The minimum lease payments under operating leases are as follows: 2011 $ 35, , ,078 The operating lease expense for the year ended December 31, 2010 was $14,969. (c) The company has committed to a 5 year charitable donation of $10,000 per year until Capital management The company s objectives with respect to capital management are to maintain a capital base that is structured to exceed regulatory requirements. Reinsurance is utilized to protect capital from catastrophic losses as the frequency and severity of these losses are inherently unpredictable (see Note 10(b)). For the purpose of capital management, the company has defined capital as its General Reserve, excluding accumulated other comprehensive income (loss). The Insurance Act of New Brunswick requires insurers to maintain a reserve requirement equal to the sum of $500 for every $100,000 of the first $1,000,000 of insurance in force, and $3,000 for each additional $1,000,000 or part thereof insurance in force. The company's general reserve as at December 31, 2010 was 2.55 ( ) times the requirement of the New Brunswick Insurance Act, which results in a total reserve requirement of $4,587,000 ( $4,394,000) Government regulators measure the financial strength of property and casualty insurers using a minimum capital test (MCT). The regulators generally expect property and casualty companies to comply with capital adequacy requirements. This test compares a company s capital against the risk profile of the organization. The risk-based capital adequacy framework assesses the risk of assets, policy liabilities and other exposures by applying various factors. The regulator indicates that the company should produce a minimum MCT of $1,207,000. The MCT for the company at December 31, 2010 was $9,861,000 (817% of required capital). 17

20 10. Risk management reinsurance and other risks (a) Risk management Consistent with other similar entities, Fundy Mutual Insurance Company's risk management policies are typically performed as part of the overall management of the company's operations. Management is aware of risks related to these objectives through direct personal involvement with employees and outside parties. Management's close involvement in operations identifies risks and variations from expectations leading to changes in risk management activities and requirements and actions. Management has not entered into hedging transactions or other derivatives to manage risk. As part of the overall management of the entity's operations, management avoids undue concentrations of risk to mitigate credit risk. The company purchases reinsurance to share all or part of the risks originally accepted by the company in writing the premiums. The reinsurance however does not relieve the company of its primary obligations to policyholders. The business risk of insurance resides in pricing the products, in management of investment funds, and in the estimation of claim costs. Ongoing management practices and policies of the company in underwriting, claims and investment activities control the risk exposure. There have been no significant changes from the previous period in the exposure to risk or policies procedures and methods used to measure risk. (b) Reinsurance The company follows the policy of underwriting and reinsuring contracts of insurance which limit the liability of the company to a maximum amount on any one claim as follows: Property claims First $100,000 plus 10% of any excess to $1,000,000 per loss, which limits the company's exposure in any one property claim to $190,000. In addition, the company has obtained reinsurance which limits the company's liability to $300,000 in a catastrophe. Stop loss reinsurance is also in effect which protects the company to limit the "Net Incurred Loss Ratio" to 80% of its fire insurance premiums. For losses exceeding 200% of gross premiums income, the deductible is not applicable. Liability claims The company pays 50% of the first $20,000 plus 5% of any excess to $1,000,000 per loss, which limits the company's exposure in any one liability claim to $59,000. Liability reinsurance is affected through a 50/50 quota share treaty. For losses exceeding 200% of gross premium income, the deductible is not applicable. 18

21 (c) Other risks Credit risks Credit risk arises from the potential that a counter party will fail to perform its obligations. The company conducts a thorough assessment of debtors prior to granting credit and actively monitors the financial health of its debtors on an on-going basis. The premiums receivable, net of applicable reserves, approximates fair value. The company s investment policy puts limits on the bond portfolio including portfolio composition limits, issuer type limits, bond quality limits, aggregate issuer limits, corporate sector limits and general guidelines for geographic exposure. The bond portfolio remains very high quality with all of the bonds rated BB or better. All fixed income portfolios are measured for performance on a quarterly basis and monitored by management on a monthly basis. Reinsurance is placed with FMRP, a Canadian registered reinsurer. Management monitors the creditworthiness of FMRP by reviewing their annual financial statements and through ongoing communications. Reinsurance treaties are reviewed annually by management prior to renewal of the reinsurance contract. Accounts receivables are short-term in nature and are not subject to material credit risk. The maximum exposure to credit risk and concentration of this risk is outlined in Note 11. There have been no significant changes from the previous period in the exposure to risk or policies procedures and methods used to measure the risk Liquidity Risks Liquidity risk is the risk that the company will not be able to meet all cash outflow obligations as they come due. The company mitigates this risk by monitoring cash activities and expected outflows. The company maintains high levels of liquid assets (cash, term deposits, equities and debt securities) to ensure that any reasonably unforeseen cash demand can be met readily. Current liabilities arise as claims are made. The company does not have material liabilities that can be called unexpectedly at the demand of a lender or client. The company has no material commitments for capital expenditures and there is no need for such expenditures in the normal course of business. Claim payments are funded by current operating cash flow including investment income. All financial liabilities have a maturity of less than one year. There have been no significant changes from the previous period in the exposure to risk or policies procedures and methods used to measure the risk. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of market factors. Market factors include three types of risk: currency risk, interest rate risk, and equity risk. The company s investment policy operates within the guidelines of the Insurance Act. An investment policy is in place and its application is monitored by the Investment Committee and the Board of Directors. Diversification techniques are utilized to minimize risk. 19

22 10. Risk management reinsurance and other risks (Continued) Market risk (Continued) Interest rate risks Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The company is exposed to this risk through its interest bearing investments. The company's invests in a diversified bond portfolio with 5 to 10 year maturity horizons to help mitigate the effect of interest rate fluctuations on interest income. Interest income is affected negatively in falling rate conditions but positively in rising interest rate conditions. At December 31, 2010, an increase or decrease of 1% in interest rates, with all other variables held constant, would affect the other comprehensive income by $117,000, net of tax. These estimates are based on broker information and could differ from actual amounts. There have been no significant changes from the previous year in the exposure to risk or policies, procedures and methods used to measure the risk. Currency risk The company's foreign exchange risk is related to its foreign stock holdings. Foreign currency changes are monitored by the investment committee. Foreign stocks included in the company's available for sale financial assets primarily relate to US dollar denominated equities totaling $602,468 Canadian. A 10% rise or fall in the value of the US dollar, with all other variables held constant, would affect other comprehensive income by $52,000, net of tax. The company has not entered into any derivative financial instruments to hedge this currency risk exposure. There have been no significant changes from the previous year in the exposure to risk or policy procedures and methods used to measure the risk. Equity risk Equity risk is the uncertainty associated with the valuation of assets arising from changes in equity markets. The company is exposed to this risk through its equity holdings within its investment portfolio. The company is not generally exposed to equity risk on its debt securities as these investments are typically held to their maturity. The company's investment policy includes guidelines on the equity portfolio related to portfolio composition, preferred share rating as well as general guidelines for group and industry exposure. The company's equity portfolio is monitored by management on a quarterly basis. To further minimize risk exposure, the company spreads its investments across four third party investment managers. The company s portfolio includes stocks and mutual funds with fair values that move with the changes in stock markets. A 10% movement in the stock markets with all other variables held constant would have an estimated affect on other comprehensive income by $467,000, net of tax. At the year end some of the fair values of available for sale financial instruments had declined below their cost. Those equities that had declined below cost and were considered other than temporary have been recognized in the statement of income in the year as an impairment of investments. 20

23 11. Fair value of financial instruments Financial instruments included in the statement of income of Fundy Mutual Insurance Company are broken down as follows: Loans and receivables Accrued interest income, receivables from other insurance companies, and unpaid claims and adjustment expenses recoverable from reinsurers Available-for-sale Cash, investments and investments in related party Other liabilities Unpaid claims and adjusting expenses, and other liabilities The above financial instruments are carried at their fair value. The maximum credit exposure to these financial instruments is their carrying amounts. Fair values were determined by management using the assumptions outlined below. Fair values are an estimate based on current market conditions and may not be reliable due to the use of assumption and are at a specific point in time and may not be reflective of future fair values. The fair values of accrued interest income, receivable from other insurance companies, due to other insurance companies, unpaid claims and adjusting expenses and unpaid claims and adjustment expenses recoverable from reinsurers and other liabilities are the same as their carrying amount due to their short-term nature. The fair value of investments was determined as outlined in Note 1(c). The Company employs a fair value hierarchy to categorize the inputs it uses in valuation techniques to measure the fair value. The extent of use of (Level 1) quoted prices in active markets for identical assets or liabilities, (Level 2) inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly, and (Level 3) inputs for the asset or liability that are not based on observable market data in the valuation of securities as at December 31, 2010 is as follows: Level 1 Level 2 Level 3 Total Fair Value Quoted Prices Observable Inputs Unobservable Inputs Assets Cash $ 370,029 $ 370,029 $ - $ - Accrued interest income 83, ,044 Reinsurance share of unpaid claims and adjustment expenses 539, ,273 Guarantee Fund 48,584-48,584 - Investment in related party 2,841, ,841,408 Equity investments 5,691,852 5,691, Bonds, Debentures and Term Deposits 4,383,775-4,383,775 - $ 13,957,965 $ 6,061,881 $ 4,432,359 $ 3,463,725 21

24 11. Fair value of financial instruments (Continued) Level 1 Level 2 Level 3 Total Fair Value Quoted Prices Observable Inputs Unobservable Inputs Liabilities Unpaid claims and adjustment expenses $ 941,019 $ - $ - $ 941,019 Other liabilities 179, , Supplementary cash flow information $ 1,120,092 $ - $ - $ 1,120,092 Change in non-cash working capital balances related to operations Accrued interest income $ 701 $ 4,840 Due from agents, brokers, and policyholders (23,315) (28,283) Receivable from other insurance companies 3,684 18,217 Reinsurers share of unpaid claims and adjustment expenses/unearned premiums (384,996) 94,139 Income taxes payable/recoverable (303,925) 766,678 Current income tax included in OCI (78,915) (329,064) Deferred premium acquisition costs (11,697) 3,476 Prepaid expenses (5,201) (3,634) Unpaid claims and adjustment expenses 400,586 (81,536) Other liabilities 13,437 (13,548) Unearned premiums 63,182 12,650 Other cash flow information: $ (326,459) $ 443,935 Interest paid $ - $ - Interest received $ 195,530 $ 219,172 Income taxes paid $ 315,172 $ - Income taxes received $ - $ 486, Comparative figures Certain comparative figures have been reclassified to conform with the current year's presentation. 22

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