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Evolving Criteria Bulletin New Company Process for Obtaining an A.M. Best Rating

August 2017


Evolving Criteria: August 2017 1

Initial Rating Process The first step in obtaining a rating is to contact the A.M. Best marketing department and enter into a Rating Services Agreement. A.M. Best is structured so the analysts assigned to rate the company are not involved with discussions or collections of fees. Initial fees typically range from USD100k to USD200k and may vary by size and complexity of the newco. In advance of scheduling the initial meeting with A.M. Best, companies should have finalized a clearly defined five year business plan, including support of all principals and evidence that management is well qualified to execute the plan.

A.M. Best will assign both an analyst and team leader to each account. Having two team members per company gives additional perspectives and also creates some continuity in case of turnover. The primary analyst is typically the main contact for the company and creates the models and prepares the information for the Peer Ratings Committee (PRC). The team leader reviews these materials and assists in developing their rating recommendation to the PRC.

The analyst will provide the new company with an agenda (See Appendix A for a sample newco agenda). Companies should strive to address these points in their presentation, but do not need to follow the order of the agenda. It is best to set up the presentation in a way that flows best for the presenters and to tell the story of each company. Typically, 3-7 people attend from the newco, including founders, senior management and possibly key investors. Management, board members, strategic investors, investment bankers, actuaries and other advisers must be available for discussion as needed throughout the process.

Companies seeking a rating generally create a 50-70 page PowerPoint document conveying the key information described in the next section. As a newco rating relies heavily on A.M. Best’s perspective of management, detailed biographies of key members are included. The initial rating meeting usually lasts 2 to 4 hours and the two analysts assigned to the account will attend.

Key information needs include:

Well-defined five-year business plan

Targeted classes of business

Return expectations vs. market realities

Defined risk management and underwriting policy statements

Investment strategies, both long term and short term

Projected financial results, including balance sheet, income statement, cash flows and capital obligations

Investors and source of capital; return expectations

Catastrophe exposure analysis / assumptions



After the meeting, the analyst prepares a committee packet including their Best Capital Adequacy Ratio (BCAR) estimates, Supplemental Rating Questionnaire (SRQ), projections and the company presentation. The analyst will then develop a basis for recommendation and must be able to explain in specific detail to the PRC their view on capitalization, operating performance, business profile and enterprise risk management (ERM). The analyst then presents to the PRC consisting of 6-9 members, AVP level and above. Representatives from other rating divisions may attend if there are related entities. All rating actions, including change in rating or outlook, and assignment of initial ratings are presented to PRC, which is held 2-3 times per week and does not always include the same participants. The PRC then votes by asking each person for their recommendation, going from the least senior to most senior person. The analyst and team leader each get a vote. After the PRC opines, the lead analyst then communicates the results within 24 hours. The PRC discussion of key topics and voting are documented.

A company may then accept, reject or appeal the rating. An acceptance will include a letter that the rating will be published upon receipt of the capital into the company within a specified time period (often 90 days). A rejection of a rating can be outright and the process ends. Sometimes companies will decide to keep but not publish the rating while they work to build credibility with A.M. Best in the hopes of an upgrade in the future. The appeals process is not intended for companies who are unhappy with the rating but rather when new information is obtained that may influence the initial PRC vote.

The process generally takes 8 to 12 weeks after the initial ratings meeting. Depending on the time of year and responsiveness of the company to requested follow-up items, the timing can possibly be shorter or longer.

Phase 1 •Contact A.M. Best marketing; provide summary business plan •Enter into Rating Services Agreement •Analyst assigned

Phase 2 •Analyst provides agenda; set meeting date •Hold rating meeting •Analyst evaluates meeting and prepares documents for Rating Committee • Infrastructure review

Phase 3 •Rating Committee opines •Analyst delivers initial rating outcome to company •Company decides to accept, reject or appeal rating



New Company Formation – Key Questions Below are some key questions that companies should be prepared to answer at their initial A.M. Best meeting:

What is the driving reason for becoming a risk bearing entity?

What forms of a risk bearing entities should be considered?

What is the timeframe for becoming a risk bearing entity?

Where will the risk bearing entity be domiciled and licensed?

Capitalization, ownership, structure and control

Business strategy, infrastructure, outsourcing

Return expectations, dividend requirements, exit strategy

Key hurdles for success (e.g. financial strength rating)

Key threats to survival

Downside risk vs. upside potential

Risk tolerance and risk management

Regulatory and legal considerations



Draft Criteria: Rating New Company Formations A.M. Best released a draft criteria paper in April 2017 on rating new company formations. The changes in the draft criteria focus on the application within the proposed Best’s Credit Rating Methodology (BCRM) framework. A.M. Best’s rating process is the same for all insurers (including new companies) but true start-ups will generally have limited upside in the notching process of assigning an issuer credit rating (ICR). A.M. Best does distinguish between true start-ups and companies that are being formed within an existing insurance group or with an established book of business. Those companies may have more potential for favorable assessments in the ratings process.

Below is the draft BCRM with the standard notching in black and modifications for new companies in red.

Source: A.M. Best’s draft “New Company Formations” – April 27, 2017

Balance Sheet Assessment: Companies are analyzed on the strength of the five year business plan, including stress scenarios. The balance sheet assessment will generally be limited to “Very Strong” meaning a starting ICR of ‘a’ or ‘a-‘ due to increased uncertainty about future the balance sheet position. A new company should demonstrate it can support the execution of its business plan and maintain capitalization at levels well above those expected from a more mature company through the period of operating plan at the assigned rating level.

Initial financing must be completed prior to or concurrent with the initial rating assignment and must conservatively support the assigned rating throughout the start-up phase of operation, which is deemed to be no less than five years. There may be possible limited exceptions to this for industries where the business model is uneven, like a life reinsurance newco. In these instances, A.M. Best may accept a situation where most capital is initially invested but some additional capital is committed and will be deployed as large blocks of business are acquired.

As part of their balance sheet assessment, A.M. Best will also consider:

Capital structure – equity and debt financing

Use of reinsurance, credit facilities and forms of contingent capital financing

Capital generation anticipated from core business activities

Asset management – investment strategies for reserves and capital, quality and diversity of assets, expertise and processes for managing assets

Balance Sheet

Strength Newco:

Generally Limited to

Very Strong

Operating Performance

Standard: (+2 / -3) Newco: (0 / -2)

Business Profile Standard: (+2 / - 2)

Newco: (0 / -2)

ERM Standard: (+1 / -4)

Newco: (0 / -4)

Com. Adj (+1 / -1)

Rating Enhancement

Issuer Credit Rating (ICR)



BCAR Model: The BCAR model is a key determinant of capital adequacy. Our understanding of the mechanics of the published and unpublished calculations within the models, combined with our database of risk factors, allows us to identify the drivers behind a company’s capital requirements. This understanding also allows us to review a new company’s business plan within the BCAR framework before you finalize it for A.M. Best. We work with companies to refine their plan, including adding more details needed for the BCAR model like investment classes, expected reinsurer ratings, lines of business being written, natural catastrophe or terrorism PMLs.

A.M. Best applies a mandatory 50 percent growth charge to the reserve and premium risk for all new P&C companies for the first years of operations. This significant charge means that start-up operations have to hold more capital than established companies to achieve a similar score in the BCAR model. After five years of operations, A.M. Best will apply a growth charge based on a company’s actual one or three year rate relative to an allowed threshold for the industry. Once the five years have passed, companies typically see an increase in their BCAR as the start-up growth charge is lifted.

P&C BCAR Component

BCAR Label Key Characteristics

Investment Risk B1, B2, B3 Applies capital charges to different asset classes based on the risk of default,

illiquidity and possible market value declines and concentrations

Credit Risk B4 Applies capital charges to different receivable balances to reflect third party default risk

Loss and LAE Reserve Risk B5

Applies capital charges, deficiency and discount factors by lines of business for the inherent risk that the booked loss reserves will develop adversely; subject to growth charge and diversification benefit NewCo growth charge = 50%

Premium Risk B6

Applies capital charges to individual lines of business for the possibility that the premium was priced inadequately; subject to growth charge and diversification benefit NewCo growth charge = 50%

Business Risk B7 Generally insignificant; includes off-balance sheet items like long-term leases

Catastrophe Risk

Surplus Adj (Current)

B8

(Stochastic)

Currently, the greater of 100yr Wind or 250 Quake after reinsurance and tax (Occurrence basis) Draft Stochastic Model: All Perils Occurrence at various return periods – 20 year (95% CI), 100 year (99% CI), 200 year (99.5% CI), 250 year (99.6% CI)

L&H BCAR Component

BCAR Label Key Characteristics

Investment Risk C1 Applies capital charges to different asset classes based on the risk of default,

illiquidity and possible market value declines and concentrations

Mortality / morbidity C2

These charges reflect the surplus needed for excess claims and pricing or reserve inaccuracies

Interest rate / VA market risk C3 Risk charges reflect changes in interest rates, including the potential impact of

asset/liability mismatches.

Business Risk C4 Other general business risks including charges assessed on life and annuity premiums, net of variable annuity premiums



In 2016, A.M. Best released draft criteria for the new stochastic-based BCAR models. The look and feel of the model will remain unchanged but will now provide results at five confidence levels. The 99.8 CI (500 year return period) will be calculated but unpublished and will be used in discussions regarding how companies manage tail risk as part of enterprise risk management evaluations.

Current model Stochastic-based model

Capital adequacy ratio

Target score varies by rating level Redundant capital if score > 0%

Confidence intervals --- 95 99 99.5 99.6 99.8

Catastrophe charge

250yr EQ or 100yr Wind 20yr 100yr 200yr 250yr 500yr

By Peril All Perils

Reduction to Adjusted Surplus Addition to Net Required Capital

After-tax net PML, VaR occurrence

Pre-tax net PML, VaR occurrence

New BCAR model scores are not comparable to the current model. Scores greater than 0 percent reflect supportive capital adequacy for the indicative confidence interval. The 99.6 confidence interval is the highest published return period and the basis for obtaining a BCAR assessment of ‘Very Strong’ or ‘Strongest’.

Under the current model, the generally accepted target BCAR threshold was 175 percent (stressed basis) for a company seeking an A- rating. This is not a published guideline, but rather an unofficial target developed after the class of 2005 start-ups. For the proposed draft criteria, A.M. Best is initially expecting the 25 percent score at the 99.6 CI to be the target for start-ups pursuing an A- rating.

Stress Tests: A.M. Best may apply several types of stress tests on the business plan, including the natural catastrophe stress test, terrorism stress and custom stresses on the financial projections of a new company. Stress tests are used for internal analyses and will not impact the published BCAR score.

The catastrophe stress test examines the BCAR on the day after the first event occurs. Under the current BCAR formula, this involves subtracting a second catastrophe event from surplus (100 year wind or earthquake peril) and adding 40 percent of the related reinsurance recoverables for credit risk and 40 percent of the catastrophe retention for loss reserve risk. Under the proposed draft criteria, the test will assume a 100 year all-perils occurrence event for all confidence intervals that will be deducted from surplus (in addition to the occurrence, all-peril B8 charge that will vary by confidence interval).

In addition, A.M. Best may apply a terrorism stress test which looks at a company’s highest modeled loss location from a five ton truck bomb assuming that no recoveries are available from the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA).

Companies will also have their business plan stressed by A.M. Best. Typically, this means adding 5-15 points to the combined ratio for all five years of the plan. Companies will need to meet the BCAR requirements on a stressed basis. A.M. Best determines the severity of the stress test based on their view of the optimism in the projected financial statements.



Hedge fund reinsurance newco’s will have their balance sheet stressed by applying higher investment charges. Fronting focused newco’s may have a stress test applied to their projected fee income.

Life and health stress tests may include:

Mortality event: using gross mortality risk instead of net

Loss of use of special-purpose captives: reserves ceded to affiliated captive brought back onto balance sheet

LTC pricing risk: necessary state-approved premium increases unachievable

Mark to market of fixed income instruments: adjust surplus to reflect fixed income securities’ market value

Instantaneous interest rate shock: increase of decrease of 100 to 300 basis points

Holding Company: A newly formed holding company will likely be limited to ‘neutral’ due to lack of history demonstrating financial flexibility. A.M. Best will ask for any holding company financial statements as part of the review process.

Operating Performance: As a true start-up will not have any operating performance to judge, it will be unlikely to receive higher than ‘adequate’ and may be negative based on the expected volatility of the business written. Management must demonstrate a successful track record of operating performance relevant to the new venture’s core business.

While assessing prospective operating performance, A.M. Best will consider:

Management Track Record

– Experience managing other operations through start-up and changing business conditions related to the proposed business plan

– Financial and operational risk tolerance

– Consistency of the business plan and Investment strategy with those of sponsors or investors

– Alignment of incentive compensation plans with the attainment of the company’s long term goals

– Ability of management to attract key personnel

– Succession plans, especially if the founding management is in place only to develop initial business plan

Business Plan and Strategy

– Targeted lines of business that are consistent with expertise and track record of management

– Pricing targets and financial plans that are compatible with expected returns

– Potential volatility of results

– Conservatism of financial plan assumptions

– Expected reserving levels

– Whether the new company is an appropriate business or as a means to reduce taxable obligations

– Investor expectations, including earnings and dividends

– Operational infrastructure must be in place



Business Profile: A clearly defined business plan is an essential part of the ratings assignment. Given the lack of brand awareness for a new company, it is unlikely that the overall business profile assessment would be higher than ‘neutral’.

Below is a chart of the sub-assessments of business profile and A.M. Best’s view on start-ups.

Sub Assessment

Notches Key Characteristics

Market Position Neutral to Negative

The company’s market share may be close to or equal to zero at the time of the rating assignment

As the company executes on its business plan, the market share may increase to meaningful levels for evaluation

Rapid increases in market share would likely be viewed as negative

Degree of Competition

Neutral to Negative

A true start-up would likely be viewed as “Negative” in this sub-category since new companies tend to underestimate the level of competition, unless it is a new market opportunity with very few established competitors

Distribution Channels

Neutral to Negative

Initially, the new company’s distribution channels will have a limited impact on the evaluation.

Concentration in distribution channels can have a negative impact on the assessment

Pricing Sophistication and Data Quality

Positive to Negative

New companies may receive a “Positive” sub assessment as they may have access to more sophisticated technology and be unburdened by legacy systems which are not as robust

“Negative” view could also be possible depending on the company’s data quality and whether it uses third party data for pricing

Management Quality

Positive to Negative

A strong demonstrated track record of success in both start-ups and the chosen line(s) of business may result in a “Positive” view in this sub-category

Product/ Geographic Concentration

Neutral to Negative

The evaluation will be based on the plan and scope of the new company’s operations

Similar to existing companies, single country/state or limited geographic/product focus would likely result in a “Negative” view in this sub-category

Product Risk Positive to Negative

The risk associated with each of the individual products offered by the new company can also have a strong impact on business profile

Regulatory, Event, Market and Country Risks

Neutral to Negative

The analyst will evaluate any unique regulatory, market or country risk hurdles that the new company may face



Enterprise Risk Management: Start-ups will likely receive an ERM assessment of ‘adequate’ or ‘weak’.

A.M. Best continues to increase the emphasis on ERM as highlighted in specific rating committee discussions on risk management and the ERM assessment that will be disclosed as part of the proposed BCRM criteria. Given this growing importance, Aon Benfield has recently developed an in-house Risk Profile Assessment which is meant to provide our clients with valuable insights on how A.M. Best measures the “riskiness” of a company’s profile by benchmarking 19 risk characteristics.

A.M. Best uses a Risk Impact Worksheet to assist in their evaluations of a company’s ERM. It is a detailed scorecard that analyzes a company’s framework evaluation, risk evaluation and overall ERM assessment.

Rating Lift/Drag: A.M. Best will consider any lift or drag notching for a start-up based on the quantitative and operational support provided by the rated established parent company. See appendix B for the characteristics A.M. Best reviews when deciding if a subsidiary should be eligible for full, partial or no rating enhancement.

Path to Achieving Initial A- Rating Under the Draft Criteria Under A.M. Best’s draft criteria, there are two likely paths to achieving an A- rating. The first would be to achieve an ‘a’ balance sheet assessment (the highest possible for a new company) with one negative notch in either operating performance or business profile. The second option is to begin with an ‘a-’ ICR and receive neutral assessments of operating performance and business profile.

Balance Sheet

Assessment Operating

Performance Business

Profile ERM Possible Scenario

a -1 0 0 -1 notch for operating performance based on concerns

over a specific line of business or geography

a 0 -1 0

-1 notch for business profile based on concerns over limited business profile (lines of business or

geography) or concerns over management team

a- 0 0 0

Qualitative concerns over balance sheet strength like use of debt/surplus notes, high reinsurance

dependency, etc.

Sponsors / Investors are Evaluated by Considering Various Factors A.M. Best will evaluate the type of sponsor or investor and if they providing strategic/operational support in addition to financial support. Management of the new company should be able to articulate investors’ return expectations (reasonableness, timeliness, and exit strategies) and level of expected management interaction (active or passive investor). A.M. Best will also want to understand if the investor is planning for additional financial support of future capital contribution or financial guarantees like capital maintenance or reinsurance agreements. The financial flexibility and strength of the sponsor or investor will be assessed.



How Aon Benfield can assist Aon Benfield has invested significant resources in developing an authoritative understanding of the rating process and the methodology and criteria used by each of the rating agencies. The Rating Agency Team includes members with diverse backgrounds and credentials including former rating agency analysts, CPAs, CFA Charterholders, underwriter and a former CFO. The collective team has extensive experience publishing industry research, participating in the rating committee process and speaking at industry seminars on the rating process and criteria. In addition, we have established long-standing relationships with the management teams at A.M. Best to understand the unpublished “rules” applied to companies seeking an initial rating, especially those with less than five years of experience.

We have worked with a number of new companies to help them obtain a rating from A.M. Best. We are proud to be able to say that we have a perfect record of helping companies achieve their initial desired rating. The chart below shows examples of companies we have advised. We also assist clients with developing a plan on when is the best time to seek an initial rating.

Primary LOB Territory 1st Yr. GWP Initial Capital Rating

Specialty International $30M $700M A-

Reinsurance International $400M $300M A-

Work Comp / GL US $185M $275M A-

Reinsurance International $800M $1B A-

Life US $125M $200M A-

Surplus Lines US $130M $145M A-

Reinsurance International

$1B A-

Specialty US $275M $1B A-

Reinsurance Mid-East *$500M $1B A-

Reinsurance International $150M $800M A-



Aon Benfield provides various services to support a new companies rating objective which include: Comprehensive review on the likelihood of the business plan achieving the desired initial rating from

A.M. Best, including:

– Detailed review and assessment of financial projections and related assumptions

– Estimate BCAR and stress BCAR capital requirements based upon projections

– Evaluate stress scenarios on financial projections and impact on BCAR

– Assess qualitative characteristics required to support rating objective

– Identify key financial and qualitative hurdles to achieve rating objective

Rating strategy and development of an effective presentation to A.M. Best

– Provide advice / strategy on key qualitative and quantitative areas in order to achieve a favorable rating from A.M. Best

– Develop custom agenda for meeting with A.M. Best to ensure all topics are adequately addressed

– Provide rating presentation template (if needed)

– Determine key areas of focus in rating presentation

– Review and provide suggestions on key qualitative factors (e.g., competitive strengths, risk management capabilities) to support the rating level

– Develop focus for key arguments that support the rating conclusion going to Best’s Rating Committee

– Conduct A.M. Best preparation session to cover anticipated questions and provide feedback on responses

A.M. Best meeting follow-up

– Revisit issues covered at the rating meeting and determine follow-up steps

– Develop and provide feedback on follow-up materials

– Coordinate strategy on communications with A.M. Best analyst team prior to going to rating committee

Our team continues to be in close discussions with A.M. Best on potential rating implications from the revised criteria and its implications on new company formations. Please contact your Aon Benfield broker or Aon Benfield Analytics professional to discuss the facts surrounding this important topic and the path to achieve an A.M. Best rating for a new company.



Appendix A: Sample Agenda 1. Organizational Structure

a. Overview of corporate structure b. Management & company profile

2. Corporate Governance a. Risk management framework (roles, responsibilities & oversight)

3. Capital Structure a. Holding company financials b. Financial leverage / debt tolerance,

4. Underwriting a. Product / geographic profile b. Risk selection c. Limits profile d. Pricing e. Cycle management

5. Marketing & Business production a. Distribution b. Growth strategies & targets

6. Claims and Loss Reserves a. Severity and frequency trends b. New potential claim emergence c. Carried versus indicated reserves

7. Reinsurance a. Current program b. Credit risk c. Net retention

8. Investments a. Strategy & guidelines, b. Composition, c. Credit risk, d. Capital markets risk

9. Regulatory, Legislative & Judicial 10. Financial Data

a. Actual and projected financials 11. Enterprise Risk Management

a. ERM framework, b. Risk correlation, c. Economic capital, d. Risk tolerance



Appendix B: Rating Modifiers A.M. Best will consider any lift or drag notching for a start-up based on the quantitative and operational support provided by the rated established parent company. Below are the characteristics A.M. Best considers when deciding if a subsidiary should be eligible for full, partial or no rating enhancement.

Full Partial None

Integral to group’s primary business

Parental support is considered certain

Sale or closure of subsidiary would equate to major change in business strategy

Historical and prospective operating performance

Necessary for rate flexibility or licensing

Important to the group’s business strategy

May operate on a more independent basis

Earnings not core to the group but a good source of diversification

Meaningful contributor to the group’s performance

Has benefited from explicit parental support

Receipt of future support is highly likely

Marginal status to the group’s overall strategy

Can be readily sold without material impact to the group’s ongoing operations

Separate operating platform

Independently managed with separate market identity

No meaningful diversification benefits

Not a significant contributor to earnings or capital

If a subsidiary achieves full rating enhancement, it will fall into one of the below modifiers. A.M. Best has indicated that the Group (g) modifier will be difficult to achieve for a new company within a rating unit as it is unlikely to meet the characteristics of being critical to the unit’s strategy or material contributor. Pooled (p) or Reinsured (r) modifiers are the more common ways for a new company to achieve the parent’s rating.

Pools (p) Reinsured (r) Group (g)

Premiums, losses & expenses allocated pro-rata

Joint & Several Liability

Coverage for prior-year loss reserve development

Run-off coverage

Greater than 50% ownership or control of the board

12-month notification period to remove pool member

Rating derived from substantial affiliated reinsurance

Stand-alone capitalization supports the rating

No loss caps or corridors

A 12-month notification period before termination

Run-off coverage

Coverage for any prior-year loss reserve development

Common ultimate ownership or board control

Implicit Factors:

– Critical to strategy

– Full integrated

– Material contributor

– Necessary for rate flexibility or licensing

– History of support

Explicit Factors:

– Reinsurance

– Guarantee / net worth maintenance agreement

– Capital infusion



Contact Information Rating Agency Team

Greg Heerde Head of Analytics, Americas Aon Benfield +1.312.381.5364 [email protected] Kathleen Armstrong Managing Director, US Rating Agency Advisory Aon Benfield +1.513.562.4508 [email protected] Sifang Zhang APAC Head of Rating Agency Advisory Aon Benfield +852.2861.6493 [email protected] Capital Markets Team Michael Pedraja Managing Director Aon Securities +1.312.381.5554 [email protected]

Patrick Matthews Global Head of Rating Agency Advisory Aon Benfield +1.215.751.1591 [email protected] Kelly Superczynski Head of EMEA Analytics Aon Benfield +1.312.381.5351 [email protected] Raymond Lui Canada & Caribbean Rating Agency Advisory Aon Benfield +1.416.598.7320 [email protected] Sean McCarty Managing Director Aon Securities +1.312.381.5368 [email protected]

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About Aon Benfield Aon Benfield, a division of Aon plc (NYSE: AON), is the world‘s leading reinsurance intermediary and full-service capital advisor. We empower our clients to better understand, manage and transfer risk through innovative solutions and personalized access to all forms of global reinsurance capital across treaty, facultative and capital markets. As a trusted advocate, we deliver local reach to the world‘s markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial and rating agency advisory. Through our professionals’ expertise and experience, we advise clients in making optimal capital choices that will empower results and improve operational effectiveness for their business. With more than 80 offices in 50 countries, our worldwide client base has access to the broadest portfolio of integrated capital solutions and services. To learn how Aon Benfield helps empower results, please visit aonbenfield.com.

About Aon Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

© Aon Benfield Inc. 2017. All rights reserved. This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. This analysis is based upon information from sources we consider to be reliable, however Aon Benfield Inc. does not warrant the accuracy of the data or calculations herein. The content of this document is made available on an “as is” basis, without warranty of any kind. Aon Benfield Inc. disclaims any legal liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Members of Aon Benfield Analytics will be pleased to consult on any specific situations and to provide further information regarding the matters.

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