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Aon BenfieldAnalytics | Market Analysis

Risk. Reinsurance. Human Resources.

The Aon Benfield AggregateResults for the six months ended June 30, 2015

Table of Contents

Global Reinsurer Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

ABA Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Capital Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Capital Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Premium Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Underwriting Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Investment Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Return on Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

ABA Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Financial Strength Ratings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Appendix 1: ABA Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Aon Benfield Analytics | Market Analysis 3

Global Reinsurer Capital Aon Benfield estimates that global reinsurer capital totaled USD565 billion at June 30,

2015, a reduction of 2% since the end of 2014. This calculation is a broad measure of

capital available for insurers to trade risk with and includes both traditional and

alternative forms of reinsurer capital.

Exhibit 1: Global Reinsurer Capital

Source: Company reports, Aon Benfield Analytics

Traditional capital fell by 3% to USD497 billion in the first half of 2015, driven by strengthening of the US Dollar and the impact of rising interest rates on bond valuations. The operating performance of major insurers and reinsurers remained solid, aided by below average insured catastrophe losses, economic recovery in the United States and exposure growth in emerging markets.

Alternative capital has continued to increase, albeit at a slower pace than before, the total rising by 6% to USD68 billion at June 30, 2015. This is reflected in near record levels of catastrophe bond issuance, further expansion of fully collateralized placements and growing utilization of ‘sidecar’ vehicles.

Evolution of the ABA Aon Benfield Aggregate (ABA) reports are produced on a half-yearly basis, with the aim of highlighting current trends in the Property and Casualty (P&C) reinsurance marketplace.

Recent merger and acquisition (M&A) activity has resulted in a degree of consolidation among ABA constituents. Platinum, Catlin and Montpelier were absorbed into RenaissanceRe, XL and Endurance effective March 2, 2015, May 1, 2015 and July 31, 2015, respectively. The results of these three companies remain in the ABA up until the end of 2014, but are only included in this report from the date of acquisition. The lack of data in this transitional phase means that some business has not been captured (around USD3 billion of premium).

The ABA now comprises 26 publicly-listed holding companies (‘the listed ABA’) and two US-domiciled subsidiaries of Berkshire Hathaway, namely National Indemnity Company (NICO) and General Reinsurance Corporation (Gen Re). As standalone operating companies, the results of NICO and Gen Re tend to be impacted by intra-group transactions. To provide a more meaningful picture of the sector’s underlying performance, many of the charts and ratios used in this report focus on the listed ABA.

17 22 19 22 24 28 44 50 64 68

368 388 321

378 447 428

461 490 511 497

6% -17% 18% 18%

-3% 11% 7%

6% -2%

385 410 340

400 470 455

505 540

575 565

0

100

200

300

400

500

600

700

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 1H 2015

USD

(b

illio

ns)

Traditional CapitalAlternative CapitalGlobal Reinsurer Capital

4 The Aon Benfield Aggregate – Results for the six months ended June 30, 2015

Executive Summary Recent strengthening of the US Dollar has had a significant impact on the data underlying this report.

Four large ABA constituents report in Euros (Hannover Re, Mapfre, Munich Re and SCOR). Income statements are translated to US Dollars at average exchange rates, while balance sheets are translated at period-end exchange rates.

Based on average daily rates, the US Dollar strengthened by 19% against the Euro in the first half of 2015, relative to the prior year comparative period. The increase over the six months to June 30 was 8%.

Traditional reinsurance capital has declined in US Dollar terms, while alternative capital continues to grow.

Aon Benfield estimates that global reinsurer capital fell by 2% to USD565 billion in the first half of 2015, despite a 6% increase in alternative capital to USD68 billion.

The shareholders' funds of the 28 ABA constituents fell by 4% to USD332 billion at June 30, 2015, but the total was up slightly at constant exchange rates, driven by solid earnings.

Special dividends were paid by Amlin, Beazley, Hannover Re, Hiscox, Lancashire and Swiss Re, suggesting management teams remain comfortable with their capital positions.

Premium growth is being achieved, despite difficult market conditions.

In original reporting currencies, two-thirds of the ABA constituents achieved growth in property and casualty (P&C) premiums in the first half of 2015.

Acquisition effects were significant and much of this growth occurred in primary insurance. Few companies reported organic expansion of their reinsurance business.

Alternative capital has driven catastrophe risk transfer costs down.

Reinsurers continue to incorporate material alternative capital (through ILS, sidecars and asset management mandates) to lower their cost of underwriting capital.

The availability of more favourable terms resulted in most ABA constituents reporting increased reinsurance cession ratios in the first half of 2015.

Underwriting performance remains strong, given low global catastrophe losses.

The combined ratio of the listed ABA rose by 0.8 percentage points to 91.1% in the first half of 2015. P&C underwriting profit fell by 13% to USD6.8 billion, half of which related to favourable prior year reserve development.

The benefit of lower catastrophe losses was out-weighed by the impact of weakening pricing and changes in business mix on the attritional loss and expense ratios.

Investment yields continue to decline, with little prospect of relief in the near term.

Across the listed ABA, the ordinary investment yield has declined steadily from 4.4% in 2007 to 2.8% in the first half of 2015, despite higher levels of asset risk being assumed.

Headline return on equity has eroded modestly but remains resilient.

Across the listed ABA, net income attributable to common shareholders fell by 12% to USD12.3 billion in the first half of 2015. This represented a return on equity of 10.7%.

Sector consolidation is underway as companies look to achieve the advantages of scale and diversification.

Platinum, Catlin and Montpelier no longer appear in the ABA, having been absorbed into RenaissanceRe, XL and Endurance effective March 2, 2015, May 1, 2015 and July 31, 2015 respectively.

Major transactions involving ACE, PartnerRe and White Mountains are expected to impact the ABA going forward and further corporate activity is considered likely.


ABA Capital The reported shareholders’ funds of the ABA companies stood at USD332 billion at

June 30, 2015. The total for the listed ABA was USD231 billion. At constant exchange

rates, these figures were broadly unchanged relative to the end of 2014.

Exhibit 2: ABA Shareholders’ Funds (SHF)

Source: Company reports, Aon Benfield Market Analysis

Capital Development The US Dollar strengthened by 8% against the Euro over the six months to June 30, 2015. The simple mechanics of translating the shareholders’ funds of Hannover Re, Mapfre, Munich Re and SCOR to US Dollars at the revised rate resulted in a ‘reduction’ in ABA capital of USD10.1 billion.

Applying constant exchange rates, listed ABA capital rose by 1% to USD242 billion. Net income stood at USD12.4 billion and new equity of USD3.5 billion was issued in support of M&A activity. These positive factors offset unrealized investment losses of USD4.7 billion, dividends of USD7.3 billion and share buybacks of USD2.5 billion.

Exhibit 3: Evolution of Listed ABA Shareholders’ Funds


152 180

151 184 192 203 227 229 240 231

44 45

37

48 78 79

90 109 106 101

15% -17% 24%

16% 5%

12%

6% 2% -4%

196 226

188

233 269 282

317 337 345 332

0

100

200

300

400


USD

(b

illio

ns)

NICO & Gen Re Listed ABA Total ABA

239.8 3.5

12.4 -10.9

-4.7 -2.5 -7.3

0.2 230.5

200

210

220

230

240

250

260

FY 2014SHF

Additionalcapital

Netincome

Foreignexchange

Investmentlosses

Sharebuybacks

Dividends Other 1H 2015SHF

USD

(b

illio

ns)


Between them, NICO and Gen Re reported USD101 billion of shareholders’ funds at June 30, 2015, representing 31% of the ABA total. On a combined basis, Munich Re, Swiss Re and ACE contributed USD97 billion or 29%. More than half of the ABA constituents reported shareholders’ funds in excess of USD5 billion, while three remained below USD2 billion.

Exhibit 4: Shareholders’ Funds at June 30, 2015


RenaissanceRe, XL and Fairfax reported capital growth of 25%, 22% and 5%, respectively, in the first half of 2015, driven by new equity issued in support of M&A activity (USD0.8 billion, USD1.9 billion and USD0.8 billion, respectively).

Eleven ABA constituents reported reductions in capital, driven by a combination of adverse foreign exchange movements, unrealized investment losses and continued active capital management. The most significant declines were at Swiss Re (7%), Amlin (6%) and NICO (5%).

Exhibit 5: Growth in Shareholders’ Funds (Original Reporting Currencies)


0102030405060708090

100

0

10

20

30

40

USD

(b

illio

ns)

-10%

-5%

0%

5%

10%

15%

20%

25%

30%


Capital Management Capital returned to investors by the listed ABA totalled USD9.8 billion in the first half of 2015, split USD7.3 billion to dividend payments and USD2.5 billion to share buybacks. These figures were down on the prior year, as companies involved in M&A activity placed their capital management plans on hold. Special dividends were paid by Amlin, Beazley, Hannover Re, Hiscox, Lancashire and Swiss Re.

Exhibit 6: Dividends & Share Buybacks as a Percentage of Opening Capital


0%

2%

4%

6%

8%

10%

12%

14%DividendsShare buybacks


Premium Income Total premiums written by the ABA stood at USD150 billion in the first half of 2015, of

which USD112 billion related to property & casualty (P&C) business. The reductions

relative to the prior year are heavily influenced by movements in exchange rates.

Exhibit 7: ABA Total Premiums Written


Gross P&C premiums written by the listed ABA totaled USD103 billion in the first half of 2015, of which USD55 billion was direct insurance and USD48 billion was assumed reinsurance. Comparisons with the prior year are impacted by the depreciation of the Euro against the US Dollar and the absence of approximately USD3 billion of premium relating to Catlin, Montpelier and Platinum.

Exhibit 8: ABA P&C Gross Premiums Written


In original reporting currencies, two-thirds of the ABA constituents achieved growth in P&C premiums in the first half of 2015. The significant swing in exchange rates was positive for the US Dollar denominated business of companies reporting in other currencies and negative for the international business of those reporting in US Dollars.

97 103 109 128

112

40 41 43

43

38

137 144 151

171

150

0

25

50

75

100

125

150

175

200

1H 2011 1H 2012 1H 2013 1H 2014 1H 2015

USD

(b

illio

ns)

Other GPWP&C GPWTotal GPW

56 53 48

49 56 55

93 99

4 5 4

19

10 97 103 109

128 112

0

20

40

60

80

100

120

140

160

1H 2011 1H 2012 1H 2013 1H 2014 1H 2015

USD

(b

illio

ns)

NICO & Gen Re Insurance Reinsurance Total


On a constant currency basis, Hannover Re, SCOR and Mapfre reported growth of 10%, 6% and 8%, respectively, while Munich Re posted a decline of 8%. Acquisitions bolstered the figures at XL (Catlin from May 1, 2015), Validus (Western World from October 2, 2014), RenaissanceRe (Platinum from March 2, 2015) and Fairfax (Brit from June 5, 2015).

Gross premiums written at NICO fell by 51% to USD9.0 billion, around half of which related to a 50% intra-group quota share with GEICO. The prior year was impacted by large loss portfolio transactions with GEICO and Liberty Mutual. Lancashire reported a 33% decline, or 11% excluding the effect of multi-year contracts written in the prior period.

Exhibit 9: Growth in P&C Gross Premiums Written (Original Reporting Currencies)

Source: Company reports, Aon Benfield Market Analysis *P&C reinsurance segment only (as disclosed)

Exhibit 10 shows the split of P&C premiums between primary insurance and assumed reinsurance across all of the ABA constituents in the first half of 2015, based on our best interpretation of sometimes inconsistent/incomplete company disclosure.

Exhibit 10: 1H 2015 P&C Segmental Splits

Source: Company reports, Aon Benfield Market Analysis * P&C insurance relates to Risk Solutions (ERGO excluded)

-60%-50%-40%-30%-20%-10%

0%10%20%30%

0

2

4

6

8

10

12

USD

(b

illio

ns)

P&C InsuranceP&C Reinsurance


Exhibit 11 captures the growth/contraction in the primary insurance and assumed reinsurance segments of the ABA constituents in the first half of 2015, based on our best interpretation of sometimes inconsistent/incomplete company disclosure.

Two-thirds reported growth of their primary insurance operations. Of the few reporting organic reinsurance business expansion, the most notable were Hannover Re, SCOR, Mapfre and Amlin.

Exhibit 11: 1H 2015 P&C Segmental Growth (Original Reporting Currencies)

Source: Company reports, Aon Benfield Market Analysis * P&C insurance relates to Risk Solutions (ERGO excluded)

Total P&C premiums ceded to third parties by the listed ABA stood at USD18.1 billion in the first half of 2015. This represented a cession ratio of 17.6%, up from 15.8% in the prior year period. Net premiums written totalled USD84.6 billion.

Reinsurance utilisation rose most significantly at Endurance, Lancashire and QBE. The biggest reductions were at RenaissanceRe and Hiscox.

Exhibit 12: Reinsurance Cession Ratios


-55%

-45%

-35%

-25%

-15%

-5%

5%

15%

25% Reinsurance GPWInsurance GPW

0%

5%

10%

15%

20%

25%

30%

35%

40%1H 2015 1H 2014


Total P&C net premiums earned by the ABA stood at USD84.8 billion in the first half of 2015. The contribution from the listed ABA was USD76.4 billion.

Exhibit 13: 1H 2015 P&C Net Premiums Earned


Almost two-thirds of the listed ABA companies reported growth in P&C net premiums earned in the first half of 2015. Significant expansion at RenaissanceRe, Validus and XL was fuelled by acquisitions, while the outcomes at SCOR and Hannover Re were influenced by foreign exchange movements.

Additional reinsurance purchases were a feature at most of the companies reporting lower net premiums earned. At constant exchange rates, the reduction at QBE was 2%.

Exhibit 14: Growth in P&C Net Premiums Earned (Original Reporting Currencies)


0

1

2

3

4

5

6

7

8

9

10

USD

(b

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ns)

-20%

-10%

0%

10%

20%

30%


Earnings Overall profitability remains relatively stable, but earnings are becoming increasingly

reliant on benign catastrophe experience and material reserve releases. Growing price

competition and low interest rates continue to pressure underlying returns on equity.

Exhibit 15: Listed ABA Pre-Tax Profit


The listed ABA reported pre-tax profit of USD15.1 billion in the first half of 2015. The reduction of USD2.6 billion relative to the prior year was mainly influenced by strengthening of the US Dollar. P&C underwriting profit fell by 13% to USD6.8 billion, including USD3.4 billion of favourable prior year reserve development (49% of the total). Ordinary investment income fell by 10% to USD12.1 billion, while capital gains fell by 47% to USD2.9 billion.

Exhibit 16 shows the distribution of reported pre-tax profits. On a combined basis, NICO, Swiss Re, Munich Re and ACE contributed USD12.4 billion, or 61% of the total. Fairfax was the only company to report a loss, driven by USD0.5 billion of unrealized losses on fixed-income securities.

Exhibit 16: 1H 2015 Pre-Tax Results


0.5

15.4 15.0 17.7

15.1

-20

-10

0

10

20

30

40

1H 2011 1H 2012 1H 2013 1H 2014 1H 2015

USD

(b

illio

ns)

Other Pure life technical result P&C underwriting resultInvestment income Capital gains/losses Pre-tax profit

-1

0

1

2

3

4

5

6

USD

(b

illio

ns)


Underwriting Performance The combined ratio of the listed ABA deteriorated by 0.8 percentage points to 91.1% in the first half of 2015, despite a further reduction in reported catastrophe losses and increased support from the favourable development of prior year reserves. These positive factors were out-weighed by the effects of weakening pricing and business mix changes on attritional loss and expense ratios.

On an accident year basis (excluding prior year reserve adjustments), the combined ratio of the listed ABA deteriorated by 1.7 percentage points to 95.5%.

Exhibit 17: Listed ABA Combined Ratio Composition


Exhibit 18 shows the distribution of reported combined ratios across the listed ABA constituents in the first half of 2015. All were profitable on a calendar year basis, although half reported weaker results relative to the prior year. The median outcome was 89.4%, up from 88.5% in the first half of 2014.

Exhibit 18: 1H 2015 Combined Ratios


**Excluding funds withheld

-4.2% -2.9% -3.8% -3.5% -4.4%

30.2% 30.7% 30.7% 31.4% 32.4%

59.1% 59.6% 57.6% 58.8% 60.4%

29.1% 3.7% 5.4% 3.7% 2.7%

114.1%

91.1% 89.9% 90.3% 91.1%

1H 2011 1H 2012 1H 2013 1H 2014 1H 2015

Prior year reserve adjustment Expense ratio Attritional loss ratio Total catastrophe losses

0%

20%

40%

60%

80%

100%

120%Loss ratio Expense ratio Listed ABA combined ratio


Exhibit 19 shows the P&C underwriting results reported by the listed ABA constituents. On a combined basis, Swiss Re, ACE and Munich Re contributed USD2.5 billion, or 37% of the total.

Exhibit 19: 1H 2015 P&C Underwriting Results


*P&C reinsurance segment only (as disclosed) **Excluding funds withheld

Exhibit 20 shows prior year reserve development as a percentage of P&C net premiums earned by the listed ABA constituents. Just over half of the companies reported higher releases in the first half of 2015, relative to the prior year comparative period. None reported net additions to reserves.

Exhibit 20: Prior Year Loss Reserve Adjustments


** No disclosure

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

USD

(b

illio

ns)

-5%

0%

5%

10%

15%

20%

25%1H 2015 1H 2014


Exhibit 21 shows the reported accident year combined ratios (excluding prior year reserve movements) of the listed ABA constituents. Four companies reported underwriting losses on this basis.

Exhibit 21: 1H 2015 Accident Year Combined Ratios


**Excluding funds withheld

Investment Results The listed ABA reported cash and investments of USD860 billion at June 30, 2015, split fixed-income securities 66%, cash/short-term 8%, loans 7%, deposits with cedants 6%, equities 5% and other 7%.

The underlying and total investment yields reported through income statements since 2006 are captured in Exhibit 22. The former has fallen by more than a third since 2007, reflecting the impact of the low interest rate environment.

Exhibit 22: Listed ABA Investment Yield (Annualized)

Source: Company reports, Aon Benfield Market Analysis *Reported through income statements, excluding unit-linked and with-profit business

0%

20%

40%

60%

80%

100%

120%Listed ABA

4.9% 4.8%

1.9%

4.0% 4.4%

3.8% 3.9%

3.4% 3.7%

3.4% 4.0%

4.4% 3.9% 3.8%

3.5% 3.5% 3.1% 2.9% 2.9% 2.8%

1%

2%

3%

4%

5%

6%


Total investment yield (incl. capital gains/losses)*Ordinary investment yield*


Exhibit 23 shows the underlying and total investment yields reported by the ABA constituents through their income statements in the first half of 2015. Investment classification varies and direct comparison of results can therefore be misleading. Fairfax and PartnerRe are notable for recognizing all unrealized gains and losses through their income statements.

Exhibit 23: 1H 2015 Investment Yields (Annualized)

Source: Company reports, Aon Benfield Market Analysis *Reported through income statements, excluding unit-linked and with-profit business

Net Income The ABA reported net income attributable to common shareholders of USD17.3 billion in the first half of 2015, a reduction of 6% relative to the prior year. Net income across the listed ABA fell by 12% to USD12.3 billion.

Exhibit 24: ABA Net Income Attributable to Common Shareholders


Exhibit 25 shows the distribution of net income by ABA constituent. The combined results of NICO, Munich Re, Swiss Re and ACE totalled USD10.7 billion, representing 62% of the total.

-1%

0%

1%

2%

3%

4%

5%

6%Ordinary investment yield* Total investment yield*

0.3

12.2 12.4 14.0

12.3

2.2

2.9 3.6

4.4 4.9

2.5

15.1 16.0

18.4 17.3

0

5

10

15

20

1H 2011 1H 2012 1H 2013 1H 2014 1H 2015

USD

(b

illio

ns)

NICO & Gen Re Listed ABA


Exhibit 25: 1H 2015 Net Income Attributable to Common Shareholders


Return on Equity Exhibit 26 shows the development of net income attributable to common shareholders relative to average common shareholders’ funds across the listed ABA since 2006. Return on equity over this period (encompassing both the financial crisis and the record year for insured catastrophe losses) averaged 11.9%.

Exhibit 26: Listed ABA Common Net Income ROE (Annualized)


Exhibit 27 shows return on equity by listed ABA constituent, based on reported net income in the first half of 2015. Only nine companies reported improved performance on this measure, relative to the prior year period (see data in Appendix 1).

Exhibit 27: 1H 2015 Common Net Income ROE (Annualized)


0

1

2

3

4

5

USD

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0

1

2

USD

(b

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ns)

21.6%

16.8%

3.7%

14.5%

11.3%

4.6%

11.4% 11.1% 11.1% 10.7%

0%

5%

10%

15%

20%

25%


0%

5%

10%

15%

20%Listed ABA


ABA Valuation As at September 1, 2015, the overall market capitalization of the ABA companies had fallen by 1% since the

beginning of the year. The trailing price-to-book ratio was unchanged at 1.06x.

Exhibit 28: ABA Market Capitalization

Source: Bloomberg Note: As of September 1, 2015, excluding Berkshire Hathaway

Exhibit 29 shows the share price development of individual ABA companies since the beginning of 2015.

Exhibit 29: Share Price Development Since Jan 1, 2015

Source: Bloomberg Note: As of September 1, 2015

Exhibit 30: ABA Trailing Price-to-Book Ratio

Source: Bloomberg Note: As of September 1, 2015, excluding Berkshire Hathaway

Exhibit 31 shows the evolution of the trailing price-to-book values of individual ABA companies since the beginning of 2015.

Exhibit 31: Trailing Price-to-Book Ratios

Source: Bloomberg

40

60

80

100

120

140

Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

-15% -5% 5% 15% 25%

ACEMapfre

Munich ReAlleghany

FairfaxEverest Re

AspenAllied World

EnduranceRenaissanceRe

Swiss ReValidus

XLAxis

ArgoAmlin

White MountainsArchQBE

HiscoxHannover Re

BeazleyMarkel

PartnerReSCOR

Lancashire

0.7

0.8

0.9

1.0

1.1

1.2

1.3

Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

0.0 0.5 1.0 1.5 2.0 2.5

Munich ReXL

MapfreArgoAxis

Swiss ReSCOR

AlleghanyAspen

Allied WorldEnduranceEverest Re

ValidusRenaissanceRe

PartnerReWhite Mountains

ACEQBE

FairfaxHannover Re

ArchMarkel

LancashireAmlin

HiscoxBeazley

September 1, 2015

January 1, 2015


Financial Strength Ratings Exhibit 32: Financial Strength Ratings

Main Operating Company A.M. Best Standard & Poor’s

ACE Tempest Reinsurance Ltd A++ Review Negative AA Negative

Allied World Assurance Co Ltd A Stable A Stable

Amlin AG A Stable A Stable

Arch Reinsurance Ltd A+ Stable A+ Stable

Argo Re Ltd A Stable - -

Aspen Bermuda Ltd A Stable A Stable

Axis Specialty Ltd A+ Stable A+ Stable

Beazley Insurance Company, Inc A Stable - -

Catlin Insurance Company Ltd A Stable A Stable

Endurance Specialty Insurance Ltd A Stable A Stable

Everest Reinsurance (Bermuda) Ltd A+ Stable A+ Stable

General Reinsurance Corporation A++ Stable AA+ Watch Negative

Hannover Rück SE A+ Stable AA- Stable

Hiscox Insurance Company (Bermuda) Ltd A Stable - -

Lancashire Insurance Company Ltd A Stable A- Stable

MAPFRE Re, Compania de Reaseguros SA A Stable A Stable

Markel Bermuda Ltd A Stable A Stable

Munich Reinsurance Co A+ Stable AA- Stable

National Indemnity Company A++ Stable AA+ Watch Negative

Odyssey Reinsurance Company A Stable A- Stable

Partner Reinsurance Co Ltd A Review Negative A+ Negative

QBE Re (Europe) Ltd A Stable A+ Stable

Renaissance Reinsurance Ltd A+ Negative AA- Stable

SCOR Global P&C SE A Stable A+ Positive

Sirius International Insurance Corp A Review Negative A- Negative

Swiss Reinsurance Co A+ Stable AA- Stable

Transatlantic Reinsurance Co A Positive A+ Stable

Validus Reinsurance Ltd A Stable A Stable

XL Re Ltd A Stable A+ Stable

Source: A.M. Best, Standard & Poor’s Ratings as at August 2015

Upgrade / outlook raised since September 2014

Downgrade / outlook lowered since September 2014


Appendix 1: ABA Data Exhibit 33: Results for the six months ended June 30, 2015

Company

Reporting Currency (millions)

P&C Gross Premiums

Written 1H 2014

P&C Gross Premiums

Written 1H 2015 Change

P&C Net Premiums

Earned 1H 2014

P&C Net Premiums

Earned 1H 2015 Change

Listed Groups

ACE USD 10,332 10,775 4% 7,328 7,326 0%

Alleghany USD 2,693 2,568 -5% 2,153 2,092 -3%

Allied World USD 1,662 1,707 3% 1,068 1,215 14%

Amlin GBP 1,891 2,008 6% 1,118 1,037 -7%

Arch USD 2,567 2,541 -1% 1,767 1,854 5%

Argo USD 983 1,035 5% 662 681 3%

Aspen USD 1,635 1,642 0% 1,183 1,203 2%

Axis USD 3,053 2,867 -6% 1,946 1,845 -5%

Beazley USD 1,078 1,100 2% 805 858 7%

Catlin USD 3,660 - - 2,038 - -

Endurance USD 1,847 2,163 17% 878 848 -3%

Everest Re USD 2,683 2,672 0% 2,417 2,639 9%

Fairfax USD 3,837 4,117 7% 2,917 3,142 8%

Hannover Re EUR 4,078 4,972 22% 3,370 3,894 16%

Hiscox GBP 979 1,096 12% 643 710 10%

Lancashire USD 635 424 -33% 361 298 -18%

Mapfre EUR 8,623 9,639 12% 6,416 7,046 10%

Markel USD 2,703 2,518 -7% 1,915 1,901 -1%

Montpelier USD 513 - - 319 - -

Munich Re1 EUR 8,478 9,002 6% 8,028 8,455 5%

PartnerRe USD 2,719 2,522 -7% 2,034 1,948 -4%

Platinum USD 261 - - 251 - -

QBE USD 8,491 8,692 2% 6,947 6,229 -10%

RenaissanceRe USD 1,217 1,306 7% 547 677 24%

SCOR EUR 2,400 2,859 19% 2,059 2,450 19%

Swiss Re USD 11,809 11,093 -6% 9,044 8,995 -1%

Validus USD 1,668 1,846 11% 949 1,151 21%

White Mountains USD 1,373 1,395 2% 997 1,032 3%

XL USD 4,540 5,482 21% 2,851 3,383 19%

ABA (Listed Sector) USD 109,075 102,759 -6% 81,562 76,375 -6%

Gen Re USD 578 548 -5% 279 300 8%

NICO USD 18,217 8,977 -51% 14,753 8,160 -45%

ABA (Total) USD 127,871 112,285 -12% 96,594 84,835 -12% Source: Company reports, Aon Benfield Market Analysis Figures in reporting currencies, but converted to USD (millions) for ABA lines

1P&C reinsurance segment only (as disclosed)


Exhibit 33: Results for the six months ended June 30, 2015 (cont’d)

Calendar Year

Company Loss Ratio

1H 2014 Loss Ratio

1H 2015

Expense Ratio

1H 2014

Expense Ratio

1H 2015

Combined Ratio

1H 2014

Combined Ratio

1H 2015 Change

Listed Groups

ACE 58.0% 58.0% 30.2% 30.0% 88.2% 88.0% -0.2pp

Alleghany 57.6% 54.6% 31.8% 33.8% 89.4% 88.4% -0.9pp

Allied World 55.3% 62.3% 29.8% 31.7% 85.1% 94.0% 8.8pp

Amlin 53.7% 54.6% 33.3% 36.0% 87.0% 90.6% 3.5pp

Arch 52.2% 54.7% 33.5% 34.4% 85.7% 89.1% 3.4pp

Argo 55.5% 55.0% 40.1% 39.5% 95.7% 94.5% -1.1pp

Aspen 52.9% 55.4% 36.0% 35.8% 88.8% 91.2% 2.4pp

Axis 57.0% 59.2% 34.3% 36.1% 91.3% 95.3% 4.0pp

Beazley 51.1% 48.7% 39.0% 37.0% 90.1% 85.7% -4.5pp

Catlin 50.6% - 34.4% - 85.0% - -

Endurance 49.7% 48.5% 35.4% 35.6% 85.0% 84.1% -1.0pp

Everest Re 56.1% 57.3% 26.4% 26.8% 82.5% 84.1% 1.6pp

Fairfax 60.5% 59.0% 32.3% 32.6% 92.8% 91.6% -1.2pp

Hannover Re1 69.2% 69.9% 26.1% 25.7% 95.3% 95.6% 0.3pp

Hiscox3 38.5% 35.7% 43.5% 46.8% 82.0% 82.5% 0.5pp

Lancashire 34.5% 32.0% 36.1% 43.1% 70.6% 75.1% 4.4pp

Mapfre 67.9% 70.8% 27.8% 28.3% 95.7% 99.1% 3.4pp

Markel 60.2% 51.7% 37.7% 37.9% 97.9% 89.6% -8.3pp

Montpelier 29.4% - 34.4% - 63.8% - -

Munich Re2 63.5% 61.8% 30.7% 31.1% 94.2% 92.8% -1.4pp

PartnerRe 57.3% 55.8% 30.5% 30.9% 87.8% 86.7% -1.1pp

Platinum 30.8% - 32.7% - 63.5% - -

QBE 63.1% 59.8% 33.4% 35.5% 96.5% 95.3% -1.2pp

RenaissanceRe 25.7% 36.4% 28.5% 30.4% 54.1% 66.7% 12.6pp

SCOR 60.4% 59.3% 30.5% 31.6% 90.9% 90.9% 0.0pp

Swiss Re 56.4% 54.4% 31.2% 35.0% 87.6% 89.4% 1.8pp

Validus 33.9% 44.0% 34.6% 33.8% 68.5% 77.9% 9.4pp

White Mountains 51.4% 53.7% 35.8% 35.2% 87.2% 88.9% 1.7pp

XL 58.2% 56.8% 30.8% 32.7% 89.0% 89.5% 0.5pp

ABA (Listed Sector) 59.0% 58.7% 31.4% 32.4% 90.3% 91.1% 0.7pp

Gen Re3 38.2% 62.5% 41.7% 33.7% 79.9% 96.1% 16.2pp

NICO3 84.0% 76.0% 13.1% 17.7% 97.1% 93.8% -3.4pp

ABA (Total) 62.7% 60.4% 28.6% 31.0% 91.4% 91.3% 0.0pp Source: Company reports, Aon Benfield Market Analysis

1Excluding funds withheld 2P&C reinsurance segment only (as disclosed)

3As calculated by Aon Benfield Market Analysis



Accident Year

Company

Prior Year Reserve

Adjustment 1H 2014

Prior Year Reserve

Adjustment 1H 2015

Prior Year Reserve

Adjustment as % of NPE 1H 2014

Prior Year Reserve

Adjustment as % of NPE 1H 2015

Accident Year Combined

Ratio 1H 2014

Accident Year Combined

Ratio 1H 2015 Change

Listed Groups

ACE -188 -236 2.6% 3.2% 90.8% 91.3% 0.5pp

Alleghany -102 -96 4.7% 4.6% 94.1% 93.0% -1.1pp

Allied World -94 -86 8.8% 7.0% 93.9% 101.0% 7.1pp

Amlin -40 -48 3.6% 4.7% 90.6% 95.2% 4.6pp

Arch -176 -147 9.9% 7.9% 95.6% 97.0% 1.4pp

Argo -23 -9 3.5% 1.3% 99.2% 95.8% -3.4pp

Aspen -60 -59 5.1% 4.9% 93.9% 96.1% 2.2pp

Axis -129 -121 6.6% 6.5% 98.0% 101.9% 3.9pp

Beazley -73 -75 9.1% 8.7% 99.2% 94.3% -4.9pp

Catlin -49 - 2.4% - 87.4% - -

Endurance -105 -116 11.9% 13.7% 96.9% 97.7% 0.8pp

Everest Re -3 -1 0.1% 0.0% 82.6% 84.1% 1.5pp

Fairfax -131 -152 4.5% 4.8% 97.3% 96.5% -0.9pp

Hannover Re1 33 -100 -1.0% 2.6% 94.3% 98.2% 3.9pp

Hiscox -90 -123 14.0% 17.3% 96.0% 99.8% 3.8pp

Lancashire 2 -61 -0.5% 20.6% 70.1% 95.6% 25.5pp

Mapfre n.d. n.d. - - - - -

Markel -167 -296 8.7% 15.6% 106.6% 105.2% -1.4pp

Montpelier -73 - 22.8% - 86.6% - -

Munich Re2 -320 -300 4.0% 3.5% 98.2% 96.4% -1.8pp

PartnerRe -325 -398 16.0% 20.4% 103.7% 107.1% 3.4pp

Platinum -76 - 30.1% - 93.6% - -

QBE 131 -69 -1.9% 1.1% 94.6% 96.4% 1.8pp

RenaissanceRe -34 -55 6.2% 8.2% 60.3% 74.9% 14.6pp

SCOR n.d. n.d. - - - - -

Swiss Re -302 -360 3.3% 4.0% 90.9% 93.4% 2.4pp

Validus -112 -154 11.8% 13.4% 80.3% 91.3% 11.0pp

White Mountains -7 -13 0.7% 1.3% 87.9% 90.1% 2.3pp

XL -123 -157 4.3% 4.7% 93.4% 94.1% 0.8pp

ABA (Listed Sector) -2,829 -3,366 3.5% 4.4% 93.8% 95.5% 1.7pp

Gen Re -60 -45 21.5% 15.0% 101.5% 111.1% 9.7pp

NICO -314 -833 2.1% 10.2% 99.3% 104.0% 4.7pp

ABA (Total) -3,202 -4,244 3.3% 5.0% 94.7% 96.4% 1.7pp Source: Company reports, Aon Benfield Market Analysis Figures in reporting currencies, but converted to USD (millions) for ABA lines n.d. = not disclosed

1Excluding funds withheld 2P&C reinsurance segment only (as disclosed)



Company

Net

Investment Income

1H 2014

Net Investment

Income 1H 2015

Capital Gains / Losses

1H 2014

Capital Gains / Losses

1H 2015

Total Investment

Return 1H 2014

Total Investment

Return 1H 2015 Change

Listed Groups

ACE 1,109 1,113 -177 37 932 1,150 23%

Alleghany 225 216 132 70 357 286 -20%

Allied World 84 87 139 25 224 112 -50%

Amlin 21 27 51 57 72 84 17%

Arch 152 188 56 46 208 234 12%

Argo 44 43 30 21 74 64 -13%

Aspen 96 94 45 28 141 122 -13%

Axis 198 181 57 -54 254 126 -50%

Beazley 27 28 20 15 47 44 -7%

Catlin 63 - 79 - 142 - -

Endurance 80 74 6 26 86 100 16%

Everest Re 254 248 80 -35 335 213 -36%

Fairfax 254 409 1,656 -512 1,910 -103 n.m.

Hannover Re 619 748 88 50 708 799 13%

Hiscox 20 20 9 7 29 27 -8%

Lancashire 16 20 -4 0 12 21 68%

Mapfre 964 964 107 136 1,071 1,100 3%

Markel 179 183 25 12 203 195 -4%

Montpelier 25 - 43 - 68 - -

Munich Re1 3,370 3,613 1,189 1,567 4,559 5,180 14%

PartnerRe 247 225 308 -140 555 85 -85%

Platinum 35 - -1 - 34 - -

QBE 339 291 89 282 428 573 34%

RenaissanceRe 85 90 42 -1 127 89 -30%

SCOR 240 264 48 110 288 374 30%

Swiss Re1 2,119 1,788 509 823 2,628 2,611 -1%

Validus 51 68 113 61 163 129 -21%

White Mountains 54 47 178 42 232 89 -61%

XL 498 401 100 9 598 410 -31%

ABA (Listed Sector) 13,422 12,109 5,586 2,933 19,009 15,042 -21%

Gen Re 445 193 -35 53 410 246 -40%

NICO 2,996 3,298 1,653 1,393 4,649 4,691 1%

ABA (Total) 16,864 15,599 7,204 4,379 24,068 19,979 -17% Source: Company reports, Aon Benfield Market Analysis Figures in reporting currencies, but converted to USD (millions) for ABA lines n.m. = not meaningful

1Reported through income statements, excluding unit-linked and with-profit business



Company

Pre-Tax Result

1H 2014

Pre-Tax Result

1H 2015 Change

Pre-Tax Return on Equity*

1H 2014

Pre-Tax Return on Equity*

1H 2015 Change

Listed Groups

ACE 1,739 1,886 8% 11.8% 12.8% 1.0pp

Alleghany 471 411 -13% 13.1% 10.9% -2.3pp

Allied World 352 141 -60% 19.5% 7.6% -11.9pp

Amlin 147 143 -3% 17.5% 16.5% -1.0pp

Arch 402 454 13% 12.7% 12.7% 0.1pp

Argo 87 97 11% 10.9% 11.7% 0.8pp

Aspen 261 184 -29% 15.2% 10.9% -4.4pp

Axis 364 240 -34% 12.3% 8.1% -4.1pp

Beazley 133 155 16% 20.4% 23.0% 2.5pp

Catlin 318 - - 16.4% - -

Endurance 188 198 5% 12.5% 12.2% -0.3pp

Everest Re 717 652 -9% 19.4% 15.9% -3.5pp

Fairfax 1,643 -42 n.m. 36.6% -0.8% -37.4pp

Hannover Re 635 741 17% 18.7% 17.9% -0.8pp

Hiscox 125 135 8% 18.2% 18.8% 0.7pp

Lancashire 99 89 -10% 13.3% 13.2% -0.2pp

Mapfre 942 815 -13% 18.3% 14.5% -3.7pp

Markel 170 340 99% 4.9% 8.8% 3.9pp

Montpelier 147 - - 15.4% - -

Munich Re 2,010 2,267 13% 14.9% 14.9% -0.1pp

PartnerRe 716 221 -69% 20.9% 6.2% -14.7pp

Platinum 106 - - 12.0% - -

QBE 487 679 39% 9.0% 12.3% 3.3pp

RenaissanceRe 362 254 -30% 14.7% 9.4% -5.3pp

SCOR 336 455 35% 13.3% 15.5% 2.2pp

Swiss Re 2,486 2,850 15% 14.9% 16.4% 1.5pp

Validus 443 347 -22% 20.4% 16.7% -3.6pp

White Mountains 222 81 -64% 9.9% 3.6% -6.3pp

XL -29 678 n.m. -0.5% 10.6% 11.1pp

ABA (Listed Sector) 17,715 15,114 -15% 14.6% 12.3% -2.3pp

Gen Re 468 264 -44% 7.9% 4.5% -3.5pp

NICO 4,633 5,165 11% 9.4% 11.3% 1.8pp

ABA (Total) 22,815 20,542 -10% 12.9% 11.8% -1.2pp Source: Company reports, Aon Benfield Market Analysis Figures in reporting currencies, but converted to USD (millions) for ABA lines n.m. = not meaningful

*Calculated by excluding the impact of net realized and unrealized investment gains/losses reported through income statements (annualized)



Company

Common Net Income

1H 2014

Common Net Income

1H 2015 Change

Return on Equity*

1H 2014

Return on Equity*

1H 2015 Change

Listed Groups

ACE 1,513 1,623 7% 10.2% 11.0% 0.7pp

Alleghany 354 308 -13% 9.9% 8.1% -1.7pp

Allied World 329 134 -59% 18.3% 7.2% -11.0pp

Amlin 136 133 -2% 16.3% 15.4% -0.9pp

Arch 380 388 2% 13.5% 13.4% -0.2pp

Argo 79 87 10% 9.9% 10.5% 0.6pp

Aspen 232 158 -32% 16.2% 11.1% -5.1pp

Axis 328 219 -33% 12.5% 8.3% -4.1pp

Beazley 114 133 17% 17.5% 19.8% 2.2pp

Catlin 273 - - 16.7% - -

Endurance 171 176 3% 13.3% 12.5% -0.8pp

Everest Re 584 532 -9% 16.3% 14.0% -2.3pp

Fairfax 1,119 14 -99% 29.1% 0.3% -28.8pp

Hannover Re 444 532 20% 14.5% 14.0% -0.5pp

Hiscox 120 129 8% 17.5% 18.0% 0.6pp

Lancashire 105 93 -12% 14.2% 13.8% -0.4pp

Mapfre 458 316 -31% 11.2% 7.1% -4.1pp

Markel 128 282 121% 3.7% 7.4% 3.7pp

Montpelier 127 - - 16.9% - -

Munich Re 1,694 1,860 10% 12.7% 12.3% -0.4pp

PartnerRe 553 129 -77% 18.6% 4.1% -14.4pp

Platinum 100 - - 11.3% - -

QBE 392 488 24% 7.3% 8.9% 1.6pp

RenaissanceRe 272 241 -11% 15.7% 12.2% -3.5pp

SCOR 256 327 28% 10.2% 11.2% 1.0pp

Swiss Re 2,028 2,260 11% 12.2% 13.1% 0.9pp

Validus 316 237 -25% 16.9% 13.1% -3.8pp

White Mountains 191 89 -54% 9.5% 4.4% -5.1pp

XL -24 951 n.m. -0.5% 17.1% 17.5pp

ABA (Listed Sector) 14,001 12,330 -11.9% 12.2% 10.7% -1.5pp

Gen Re 355 189 -47% 6.0% 3.2% -2.8pp

NICO 4,060 4,748 17% 8.2% 10.3% 2.1pp

ABA (Total) 18,416 17,267 -6% 10.9% 10.3% -0.5pp Source: Company reports, Aon Benfield Market Analysis Figures in reporting currencies, but converted to USD (millions) for ABA lines n.m. = not meaningful

*Common net income as a percentage of average common equity (annualized)



Company

Cash and Investments

FY 2014

Cash and Investments

1H 2015 Change

Shareholders’ Funds

FY 2014

Shareholders’ Funds

1H 2015 Change

Listed Groups

ACE 64,063 64,693 1% 29,587 29,555 0%

Alleghany 19,441 19,699 1% 7,473 7,642 2%

Allied World 8,539 8,913 4% 3,778 3,625 -4%

Amlin 4,564 4,261 -7% 1,783 1,680 -6%

Arch 15,741 15,441 -2% 6,130 6,138 0%

Argo 4,179 4,189 0% 1,647 1,669 1%

Aspen 8,654 8,557 -1% 3,419 3,363 -2%

Axis 14,980 14,808 -1% 5,821 5,949 2%

Beazley 4,451 4,360 -2% 1,343 1,347 0%

Catlin 9,276 - - 3,992 - -

Endurance 6,720 6,617 -2% 3,185 3,303 4%

Everest Re 17,664 18,236 3% 7,451 7,727 4%

Fairfax 25,803 28,543 11% 9,526 9,967 5%

Hannover Re 52,080 55,271 6% 7,551 7,673 2%

Hiscox 3,490 3,391 -3% 1,453 1,414 -3%

Lancashire 2,343 2,299 -2% 1,357 1,333 -2%

Mapfre 48,244 45,959 -5% 9,153 8,721 -5%

Markel 18,638 18,459 -1% 7,595 7,742 2%

Montpelier 3,190 - - 1,648 - -

Munich Re1 219,965 222,934 1% 30,018 30,424 1%

PartnerRe 17,988 17,492 -3% 7,049 7,080 0%

Platinum 3,398 - - 1,738 - -

QBE 28,597 27,916 -2% 11,030 10,949 -1%

RenaissanceRe 7,269 9,678 33% 3,866 4,837 25%

SCOR 25,894 27,655 7% 5,694 5,993 5%

Swiss Re1 137,355 130,445 -5% 35,930 33,303 -7%

Validus 8,409 8,639 3% 3,588 3,657 2%

White Mountains 7,802 7,712 -1% 3,996 3,975 -1%

XL 30,466 37,852 24% 10,034 12,247 22%

ABA (Listed Sector) 897,320 860,336 -4% 239,785 230,956 -4%

Gen Re 15,672 15,809 1% 11,707 11,846 1%

NICO 162,422 156,581 -4% 93,998 89,526 -5%

ABA (Total) 1,075,414 1,032,725 -4% 345,489 332,328 -4% Source: Company reports, Aon Benfield Market Analysis Figures in reporting currencies, but converted to USD (millions) for ABA lines

1Excluding unit-linked and with-profit business

ContactsMike Van SlootenHead of Market Analysis—InternationalAon Benfield Analytics+44 .207 .7522 .8106mike .vanslooten@aonbenfield .com

Mike McClaneHead of Market Analysis—AmericasAon Benfield Analytics+1 .215 .751 .1596michael .mcclane@aonbenfield .com

Marie TeissierSenior AnalystMarket Analysis—InternationalAon Benfield Analytics+44 .207 .7522 .3951marie .teissier@aonbenfield .com

Eleanore ObstAnalystMarket Analysis—InternationalAon Benfield Analytics+44 .207 .7522 .3823eleanore .obst@aonbenfield .com

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