($ IN MILLIONS)

STATUTORYJune YTD

2012 2011 2010 2009 2008 2007

GPW $776.7 $1,327.4 $890.2 $865.5 $1,025.8 $1,244.2

LOSS & LAE RATIO 70.0% 73.4% 73.0% 72.2% 80.8% 63.6%

EXPENSE RATIO 31.7% 32.7% 34.9% 37.5% 34.3% 30.0%

AY COMBINED RATIO 101.7% 106.1% 107.9% 109.7% 115.1% 93.6%

NET INCOME $30.0 $14.2 $107.8 $154.0 $484.0 $191.7

Crum & Forster Holdings

2001GPW: $827M

2006GPW: $1,353M

2011GPW: $1,327M

Gross Premium Written MixSpecialty vs. Standard

Specialty,75%

Specialty,44%

Specialty,18%

Standard,82%

Standard,25%

Standard,56%

Jun YTD 2012GPW: $776M

Standard,24%

Specialty,76%

Fairmont A&H25%

Primary GL21%

Fairmont Specialty P&C15%

Seneca x Bail/Surety10%

Umbrella/Excess7%

Seneca Property6%

MAPS5%

Security4%

Fairmont Hawaii3%

Marine & Energy2%

Other2%

Environmental1%

SPECIALTY GPW MIX (EST.2012)

Ted CampCoverXSpecialty

Department Products Customer Distribution Source 2011 GPW($ in millions)

Primary Casualty Primary GL (average premium of $24K)

Contractors, manufacturing, mercantile, hospitality, habitational, owners/landlords/tenants, pharmaceuticals, contract and research organizations

Produced through wholly-owned distribution platform (CoverX) and

third party wholesalers

$220.7M

Excess Casualty Excess & umbrella (average premium of $21K)

Contractors, security related, hospitality, habitational, owners/landlords/tenants, entertainment business, special events venues

$67.1M

Security Primary GL (average premium of $5K)

Security guards, alarm installation and monitoring, fire suppression contractors

Wholesalers, Retailers $44.3M

Binding Authority Monoline general liability, package policies (average premium of $2K)

Artisan contractors, various mercantile, restaurants, habitational, offices, vacant buildings

Wholesalers $16.6M

Crisis Management GL (average premium of $72K)

Consumable products, supplier & component parts (e.g., companies that supply, process, manufacturer, distribute, import/export bottle, etc.) local, regional and fast food restaurants

Wholesalers $16.6M

Overview

• We offer specialty commercial insurance products through 11 offices in the United States

• The E&S casualty operations of Crum & Forster, Seneca, First Mercury and Valiant have been integrated into a $380+ million GPW business unit, referred to as CoverXSpecialty

Primary Casualty, 57%

Excess Casualty, 17%

Security Primary, 11%

Crisis Management , 4%

Binding Authority, 4%

Programs, 2% Other, 5%Manufacturing,

8%

Hospitality, 7%

Habitational, 5%

Other, 13%

Contracting, 67%

2011 GPW: $386M

2011 GPW by Top 10 StatesTexas, 16%

California, 14%

New York, 13%

Florida, 7%Colorado, 5%Louisiana, 4%

New Jersey, 4%

Massachusetts, 3%

Arizona, 3%

Indiana, 2%

Other, 29%

1Top five classes in CA are security guards, roofing contractors, manufacturing, concrete/masonry/paving contractors and safety contractors

Gary DuboisSeneca

Standard lines• Commercial Package/BOP• General Liability• Umbrella

Custom Property• E & S Property• Inland Marine

Surety• Bail Bonds• Contract & Commercial

Existing Product Lines

Department Products Customer Distribution Source 2011 GPW($ in millions)

Commercial Package Policy/BOP Standard package policy

Average premium size is $12K

Commercial real estate Mercantile- Mixed Used Light Manufacturing- Vacancies, foreclosuresDistributorsWholesalers

Open Brokerage

General Liability Standard ISO forms

Average premium size is $5K

Commercial real estate Mercantile- Mixed Used Light Manufacturing- Vacancies, foreclosuresDistributorsWholesalers

Umbrella Written in support of the General liability or the commercial package limits to $5M

Commercial real estate Mercantile- Mixed Used Light Manufacturing- Vacancies, foreclosuresDistributorsWholesalers

Standard Lines$106.3M

Inland Marine Admitted and non admitted products. Average premium is $25K

Builder’s risk/InstallationMotor truck CargoWarehouseman’s legal liabilityContractor’s equipmentRigger’s liabilityFine Arts/dealersFixed and mobile medical equipment

Wholesalers $11.4M

Custom Property

Coverage is provided using ISO forms; In House capacity up to $25,000,000. Primary and excess layers are available.

Vacant properties, Association coverageReceiverships, Nursing HomesManufacturing, Student HousingMercantile, Hospitality, Residential, Bars, Night clubs, Restaurants, Warehouses

Wholesalers $36.1M

Surety Bail BondsContract & Commercial$5M Single$10M Bonded aggregate

General Construction, Paving/Milling, Mechanical, Electrical, Utilities, Excavation, Abatement, Service Contractor’s

Bail Bonds- Managing General Agent

Contract & Commercial - Open Brokerage

$4.7M

Steve FomchenkoCustom Property & Inland Marine

Inland Marine $11.4M

Product Lines

2011 GWP -$47.18 M

Department Products Class of Business Profit Centers

Custom Property Primary Limits - $25,000,000

Excess limits - $10,000,000

Vacant properties, Association Coverage, Receiverships, Nursing Homes, Manufacturing, Student Housing, Mercantile, Hospitality, Residential, Bars and Nightclubs, Restaurants, Office Buildings, and Warehouses

NortheastSoutheast

MidatlanticCentral

Western

Difference In Conditions

EarthquakeFlood

All classes All Regions except Western Region for California

Earthquake

Inland Marine Builder’s Risk/Installation New construction, renovations, rehabs Countrywide

Contractor’s Equipment Cranes, surface mining, oil and gas contractors, equipment dealers

Motor Truck CargoWarehouseman’s Legal Liability

No commodities exemptedDry and Cold Storage

Western Region - Ken McClellandKmcclelland@senecainsurance.com Central Region – David Hansen

Dhansen@senecainsurance.com

Northeast- Kathleen AlicksKalicks@senecainsurance.com

Midatlantic- Tom DiaczynskyTDiaczynskysenecainsurance.com

Southeast- Joe StantonJstanton@senecainsurance.com

Inland Marine -Countrywide Jack Moran - jmoran@senecainsurance.com

• Continue to offer participation on Primary/100% basis

• Expand product capabilities to participate excess of a primary

• Increase capacity on DIC Product to $10m

• Expansion into the Western Region

Growth Opportunities

Gary DuboisMAPS

Product Lines - MAPS Division

Large Accounts – Lori Marino, SVPManagement Liability

• D&O/EPL/FID• Lawyers Professional • Accountants Professional• Miscellaneous E&O• Cyber/Technology Professional• Crime & Fidelity

2011 GWP: $15.3M

Middle Market Accounts – Don Fischer, SVPManagement Liability

• D&O/EPL/FID• Lawyers Professional• Miscellaneous E&O• Programs

— Amerinst Accountants & Lawyers— Managed Insurance Services (MIS)— United Specialty Services (USS)

2011 GWP: $18.9M

2011 TOTAL GWP: $34.2M

• New head of Crime & Fidelity hired fall of 2012 to support growth potential

• Cyber Liability resources in place for anticipated demand through 2013

• Considering select opportunities within the A&E marketplace

• Evaluating possibilities of geographic expansion into and through 2013

Looking Forward - MAPS Division

Diana CossettiUmbrella/Excess

Internal Goals attained and ongoing:• One set of policy forms - E&S• One set of guidelines – all• Unified file documentation/pricing model – all• Field authority - all

Looking Ahead:

• Growth goals for both admitted and non-admitted• Expand our writings in our Targeted Segments area• Increase our physical presence in marketplace

Umbrella/Excess

Chris Pluchino Marine & Energy

Department Products Customer Distribution Source 2012 GPWQ1&2

($ in millions)

Ocean Marine Property, liability, cargo and hull (average premium of $12K)

Cargo, commercial vessels excluding blue water, ship repairers, terminals, marine contractors, vessels under construction

Regional brokers, National brokers,

Wholesalers and MGU

$9.3M

Exploration & Production

Property, control of well, liability and business interruption (average premium of $170K)

Companies engaged in the exploration and production of Oil & Gas with operations principally located offshore, offshore commercial construction

Wholesalers, National brokers, Regional

brokers

$7.7M

Onshore Energy (future segment)

Property focused including business interruption and construction

Product launch delayed due to overly competitive market conditions/prohibitive underwriting environment for a start up.

Wholesalers, National brokers, Regional

brokers

$0.0M

Underwriting strategy• Focus on differentiating risks via an engineering informed underwriting

process• Underwriting appetite reflects an expertise-based segment avoidance

strategy— For example, in ocean marine – blue water hull not written owing to

undervaluation of exposures/inadequate rates; in energy and production – drilling contractors avoided due to, among other things, high value of moveable assets (aggregation concerns)

• Superior on-staff expertise via market leading underwriters, qualified risk engineers and claims professionals trained in maritime law

• Typically focused on small to midsized clients, avoiding major corporations• Market entry for targeted classes via partnership strategy (MGU)• Look to maintain portfolio balance by keeping maximum policy limit offered

within annual premium volume

Overview

Catastrophe management strategy• Line setting guidance in place based on specific account criteria such as client

size, maximum loss potential and cat exposure• Maintain portfolio balance – per risk and portfolio / NAT CAT capacity• NAT CAT monitored by region / segment / occupancy, set against pre-

determined loss thresholds• Platforms scored based on probability of failure in major wind event• Aggregate exposures measured, deterministically as the sum of all limits and

coverages, captured using industry software; Exploration and Production: Open Xposure/Static Marine: Risk Browser/RMS

• PMLs, storm tracks, Lloyds Realistic Disaster Scenario run nightly and/or as needed in real time

Overview (cont.)

Second year of operation for C&F under the leadership of individuals with a combined 27 years marine and energy underwriting experience

Ocean Marine Exploration & Production

Package; 30%

Liability; 23%

Hull & Cargo; 47%

Owner/ Operator; 96%

Construction All Risk; 4%

2012 GPW: $9.3M(Q1&2)

2012 GPW: $7.7M(Q1&2)

Mark BrownEnvironmental Casualty

Products Customer Distribution Source

GPW($ in millions)

Environmental Package with up to four coverage parts (Pollution Legal Liability, Contractors Pollution Liability, Environmental E&O and Commercial General Liability) (average premium of $22K)

Environmental contractors or consultants, environmental facilities, environmental products such as containment equipment, innovative technologies such as waste recyclers

Wholesale(Closed Selected)

2011$12.1 M

YTD Sept.$20M

Pollution Legal Liability (average premium of $20K)

Waste management facilities, resource conservation facilities, treatment storage and disposal facilities, manufacturers, distributors, warehouses, above ground storage tanks, real estate portfolios

Contractors Pollution Liability (average premium of $13K)

Environmental remediation contractors, engineers, storage tank operations, emergency response contractors; non-environmental general/Artisan contractors, masonry, roofing, paving contractors

Environmental E&O (average premium of $22K)

Environmental professionals such as engineers and consultants

Environmental Follow Form Excess (average premium of $18K)

Coverage only written on supported basis in excess of the products mentioned above

Mark LeBlancCrisis Management

recallPROTECT+• Consumable Products (food, cosmetics)• Consumer Goods & Products (hard goods, appliances, etc.)• Supplier & Component Parts (tech and auto)

restaurantPROTECT+• Restaurants Chains (fast food, chains, franchises)

Coverage:• First and third party recall costs (consumable, component)• First Party Business Interruption• Customer Loss of Profit• Brand Rehabilitation• Replacement Costs• Consultant Costs

What do we do?

Restaurant Accounts: Solutions:• High per account premium Targeted Marketing• No diversity Spread the word

Consumables:• Competitive landscape Mind the gap: avoid pitfalls• Coverage Constantly evolving Flexible terms, know your competition• Mature market place There are good accounts, find them• Knowledgeable buyers There are good buyers, find them• Knowledgeable brokers Underwriter beware

Components:• Adverse Selection Determine the real need• Contract Requirements Is the coverage being used correctly?• Heavy severity, light frequency Know your exposure• Lonely landscape Know when to compete

Consumer• More frequency than severity Avoid chasing down attachments• Limited exposure Potential for balance• Limited need Manage Capacity

Growth Opportunities