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0000950123-09-060887.txt : 200911100000950123-09-060887.hdr.sgml : 2009111020091110172504ACCESSION NUMBER:0000950123-09-060887CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:39CONFORMED PERIOD OF REPORT:20091110ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20091110DATE AS OF CHANGE:20091110

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:ALLIED WORLD ASSURANCE CO HOLDINGS LTDCENTRAL INDEX KEY:0001163348STANDARD INDUSTRIAL CLASSIFICATION:FIRE, MARINE & CASUALTY INSURANCE [6331]IRS NUMBER:000000000

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-32938FILM NUMBER:091172978

BUSINESS ADDRESS:STREET 1:27 RICHMOND ROADCITY:PEMBROKESTATE:D0ZIP:HM 08BUSINESS PHONE:441-278-5400

MAIL ADDRESS:STREET 1:27 RICHMOND ROADCITY:PEMBROKESTATE:D0ZIP:HM 08

FORMER COMPANY:FORMER CONFORMED NAME:ALLIED WORLD ASSURANCE HOLDINGS LTDDATE OF NAME CHANGE:20011207

8-K1c92365e8vk.htmFORM 8-K

Form 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 10, 2009

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD
(Exact name of registrant as specified in its charter)

Bermuda 001-32938 98-0481737

(State or other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

27 Richmond Road
Pembroke, Bermuda
HM 08

(Address of Principal Executive Offices) (Zip Code)

Registrants telephone number, including area code: (441) 278-5400

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrantunder any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

1

Item7.01. RegulationFD Disclosure

Beginning onNovember11, 2009, representatives of Allied World Assurance Company Holdings, Ltd (the Company)will present to various investors the information about the Company described in the slidesattached to this report as Exhibit99.1. The slides set forth in Exhibit99.1 are incorporated by reference herein.

The information in Item7.01 of this report is being furnished, not filed, pursuant to RegulationFD.Accordingly, the information in Item7.01 of this report will not be incorporated by reference into any registrationstatement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein asbeing incorporated therein by reference. The furnishing of the information in this report is not intended to, and doesnot, constitute a determination or admission by the Company that the information in this report is material orcomplete, or that investors should consider this information before making an investment decision with respect to anysecurity of the Company.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in the presentation in Exhibit99.1 reflect our current views with respect tofuture events and financial performance and are made pursuant to the safe harbor provisions of the Private SecuritiesLitigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results todiffer materially from those set forth in these statements. For example, our forward-looking statements could beaffected by the ability to recognize the benefits of the Darwin Professional Underwriters, Inc. acquisition; pricingand policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency orseverity of unpredictable catastrophic events; investigations of market practices and related settlement terms;negative rating agency actions; the adequacy of our loss reserves; the Company or its subsidiaries becoming subject tosignificant income taxes in the United States or elsewhere; changes in regulations or tax laws; changes in theavailability, cost or quality of reinsurance or retrocessional coverage; adverse general economic conditionsand judicial, legislative, political and other governmentaldevelopments, as well as managements response to these factors, and other factors identified in our filings with theU.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-lookingstatements, which speak only as of the date on which they are made. We are under no obligation (and expressly disclaimany such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as aresult of new information, future developments or otherwise.

Item9.01. Financial Statements and Exhibits.

(d)Exhibits

Exhibit

Number Description

99.1

Slides from presentation by management.

- -2-

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly causedthis report to be signed on its behalf by the undersigned hereunto duly authorized.

ALLIED WORLD ASSURANCE COMPANYHOLDINGS, LTD

Dated: November10, 2009

By: /s/ Wesley D.Dupont
Name: Wesley D. Dupont
Title: Executive Vice President,General Counsel and Corporate Secretary

-3-

3

EXHIBIT INDEX

Exhibit

Number Description

99.1

Slides from presentation by management.

-4-

4

EX-99.12c92365exv99w1.htmEXHIBIT 99.1

Exhibit 99.1

Exhibit 99.1

INVESTOR PRESENTATION

3rd Quarter 2009

Forward Looking Statements & Safe Harbor

This presentation contains certain statements, estimates and forecasts with respect to future performance andevents. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will,""should," "expect," "plan," "intend," "estimate," "anticipate," "believe," "predict," "potential" or "continue" orthe negatives thereof or variations thereon or similar terminology. All statements other than statements ofhistorical fact included in this presentation are forward-looking statements and are based on various underlyingassumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions,may include projections of our future financial performance based on our growth strategies and anticipatedtrends in our business. These statements are only predictions based on our current expectations andprojections about future events. There are important factors that could cause our actual results, level ofactivity performance or achievements to differ materially from the results, level of activity, performance orachievements expressed or implied in the forward-looking statements. As a result, there can be no assurancethat the forward-looking statements included in this presentation will prove to be accurate or correct. In lightof these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this presentation might not occur. Accordingly, you should not rely upon forward-lookingstatements as a prediction of actual results and we do not assume any responsibility for the accuracy orcompleteness of any of these forward-looking statements that may be made from time to time. We are underno obligation (and expressly disclaim any such obligation) to update or revise any forward-looking statements,whether as a result of new information, future developments or otherwise.

Executive Summary

Direct Insurance

Reinsurance

Financial Results and Strength

Peer Comparison / Conclusion

Appendix

Agenda

Allied World's Franchise

Eight year old franchise with strong results since inception

Experienced executive management team

Diversified mix of business with operating platforms in the United States,Bermuda, Europe and Hong Kong

Strong risk management culture

Excellent capitalization; $3.6 billion at September 30, 2009

Significant investment income returns

Rated "A" (Excellent) by A.M. Best

Well-diversified Property and Casualty Insurer andReinsurer with Significant Geographic Reach

Customer focus

Moving closer to clients in certain lines andmarkets

Demonstrate expertise in markets in whichwe underwrite

Become "go to" market for targeted linesand classes of business (e.g., healthcare)

Diversified insurance and reinsuranceproducts offered across global platform

Insurance and casualty emphasis

Each targeted to be 70% - 75% of book

Strong risk management controls

Our Key Business Strategies

TTM September 2009 Combined GPW: $ 1,703mm

% Insurance / Reinsurance: 73% / 27%

% Property / Casualty: 22% / 78%

Product Diversity

A Leading Specialty Insurance Company with a Broad Range of ProductOfferings, Global Capabilities and Significant U.S. Focus

Pro-forma Including full year Darwin

* Includes healthcare-related program business General Casualty Prof. Liability Healthcare Prog. Other Casualty Rein. Property Rein. Property 0.15 0.22 0.17 0 0.05 0.19 0.08 0.14

Reinsurance International Insurance U.S. GWP 454 573 667

Operating Segments

Niche Specialty Writer with Primary andNew Product Capabilities

Major Product Lines

Healthcare: Offer significant industry expertise

in both primary and excess coverages;

General Casualty & Product Liability: Specialty

insurance products;

Professional Liability: D&O, employment

practices, fiduciary and E&O;

Property: Cat and non-cat exposed

Leading Bermuda Property &Middle Excess Casualty Playerwith Established EuropeanOperations

Major Product Lines

General & Product Liability:Specialty insurance products;

Professional Liability: D&O,employment practices, fiduciary andE&O;

Property: Physical property andbusiness interruption coverage forcommercial risks;

Healthcare: Strong presence withhealthcare facilities and managedcare organizations

Flexible ReinsuranceOperations with GlobalPresence

Major Product Lines

General Casualty

Professional Liability

Property per risk

Property Catastrophe

International

Accident and Health

Marine

Aviation

GPW TTM 09/09

Pro forma including Darwin

Allied World's insurance and reinsurancebusinesses have operating platforms in theUnited States, Bermuda, Europe and Hong Kong

International Insurance$573 million34%

U.S. Insurance$677 million39%

Reinsurance$453 million27%

Market Conditions

Market Dislocation

Distressed carriers are using government aided balance sheets to remain viable

Opportunities exist in casualty marketplace but are dampened by economic headwinds

Competitive Pricing Remains

Casualty rate increases small, slow to emerge and often offset by premium decreases fromexposure changes

Property rates were up nicely through September 2009 but have begun to tail off afterbenign catastrophe season

Strong book value growth and reserve positions will temper rate increases

Reinsurance Pricing

Reinsurance purchasing is increasing demand as cedents look to diversify carriers

Some tightening of terms

Inflationary Pressures

Slow economy has led to continued concern over lowering of interest rates; however U.S.government's significant deficit spending increases inflationary pressures

We believe inflation concerns may pressure key insurance loss drivers such as medical costinflation and building materials in the intermediate turn

Expanded direct U.S. insurance operating platform

Investments in U.S. operations deepened underwriting talent and expanded regional presence;now with 10 branch office locations throughout the U.S.

Expanded primary business capabilities - Darwin acquisition over year old and company is fullyintegrated. Business improves cycle management capabilities by increasing access toattractive, less price-sensitive, small account primary and healthcare business

Established U.S. reinsurance company

Increases access to U.S. regional business and "decision makers"

Statutory surplus in excess of $600 million

Senior staff in place

Expanded presence in Europe and Asia

Now have international offices in London, Dublin, Switzerland, and Hong Kong to betterposition company to meet developing opportunities and build out a global platform

Reduced writings in lines that did not meet our underwriting requirements

Scaled back certain financial institution professional liability and energy lines of business

Positioned to Succeed

Recent Actions Consistent with Strategies to Build SustainableFranchise that Performs Well in all Market Conditions

Allied World expanded thebreadth of its operationsand meaningfullyincreased its capitalposition in 2008 andthrough the third quarter2009 despite the financialcrisis and 2008catastrophe events

Superior Execution in a Challenging Marketplace

Record Capital Level

$3.6 billion total capital base at September 30, 2009

Consistently Strong Operating Performance

Operating Income - $406 million through September2009, a 20.8% annualized operating return on averageshareholders' equity

Consistent Performance - Combined ratio below 85%and operating ROE in excess of 20% for 2006 through2008 and through September 2009

Favorable Reserve Development - Each of last 6 years,$170 million year-to-date September 2009

Investment Returns Supplement Underwriting - $227million net investment income through September 2009;$309 million in full year 2008

Strong Operating Cash Flows - $567 million throughSeptember 2009; $657 million in full year 2008

Book Value Growth

Diluted book value per share increased 24% throughSeptember 2009 to $57.20; Increased 8% in 2008 despiteturbulent year

Executive Summary

Direct Insurance

Reinsurance

Financial Results and Strength

Peer Comparison / Conclusion

Appendix

Agenda

General Casualty Prof. Liability Healthcare Programs iBind Property East 0.17 0.28 0.33 0.08 0.03 0.11

Our U.S. Insurance Operating Segment

- A significant U.S.- based specialty franchise with diversified offerings

Direct property and casualty insurance forsmall and middle-market non-Fortune 1000companies

Darwin acquisition provided small accountprimary franchise

Offer significant healthcare and professionalliability expertise

Expanding presence in general casualty andprivate and non-profit D&O

Excess & surplus lines (E&S) and admittedcapabilities in all 50 states

Program business initiative

$80 million through September 2009

Total GPW = $677 MM

2008 Expansion Efforts and Business Realignment Increases Breadth of ProductOfferings and Distribution in the United States

Pro-forma including full year Darwin

* Includes healthcare-related program business

Expanding U.S. Operating Platform

Significant infrastructure investmentsmade throughout 2008 and 2009

Dedicated U.S. management team withsignificant industry experience

403 staff count, 64% of Allied Worldgroup

Enhancements implemented to ITplatform

Opened and expanded offices instrategically important locationsthroughout the U.S.

Allied World's Expanded Presence in U.S. has SignificantlyEnhanced the Market Profile of our Domestic Operations

National niche excess & surplus writer

Admitted capabilities in 50 states

One of few approved Defense-Based Act underwriters

San Francisco

Los Angeles

Costa Mesa

Dallas

Chicago

Atlanta

Boston

Farmington

New York

St. Petersburg

International Insurance Operating Segment Prof Liab. HC Proprty Energy Gen Cas. East 0.33 0.1 0.28 0.04 0.26

Bermuda

Primarily writes Fortune 1000 North Americandomiciled property and casualty risks

Strong diversity of industries covered includingmanufacturing, financial institutions, chemicals,transportation, real estate, consumer products,medical and healthcare products and construction

Europe

Focus predominantly on mid-sized to large non-NorthAmerican domiciled accounts

Diversification initiative to attract more middle-marketnon-North American domiciled accounts produced inEurope

Offers broad range of casualty & property insuranceproducts for multi-national corporations worldwide

Hong Kong

Offers variety of primary and excess professional linesand general casualty business

Established Singapore presence

Total GPW = $573 MM

Executive Summary

Direct Insurance

Reinsurance

Financial Results and Strength

Peer Comparison / Conclusion

Appendix

Agenda

Bermuda

Allied World has been writingreinsurance business since 2002

Location: Bermuda headquarters

Business Focus

Property Catastrophe - NorthAmerica and Internationalcatastrophe risks and selectILW opportunities

Property Treaty - Per risk andquota share treaties whichprotect insurers of residential,commercial and industrialaccounts on worldwide basis

Specialty - Excess of loss andquota share treaties foraccident and health andworkers' compensationcatastrophe

Facultative

United States

U.S. operation began writingbusiness in early 2008

Location: New York City

Business Focus

General Casualty - Proportionaland working, intermediate andhigher layer excess of lossstructures. Principally coveringgeneral liability, umbrella, excesscasualty, auto liability and workers'compensation

Professional Lines - Broad range oflines covered, including directorsand officers, errors and omissionsand medical malpractice

Property - Some property per risk,inland marine, ocean marine, crop& regional non-aggregating cat

Allied World reinsurance now has operating platforms in the United States, Bermudaand Europe

International

Swiss office offers reinsuranceproducts throughout Europe andglobally

Our Reinsurance Operating Platforms

- Flexibility to take advantage of opportunities in the marketplace

Location: Zug

Business Focus

Property Catastrophe

Property Per Risk

Commercial Auto

General Liability

Employers' Liability

Professional Lines

Miscellaneous Lines

Reinsurance Operating Segment

Casualty Presence Established in U.S.

Underwriting teams closer to "decision makers"which provides greater access to information

Accessing clients and lines that do not typicallyaccess the Bermuda marketplace, including U.S.regional company multi-line business, super regional,middle-market business and stand alone casualty-clash business

Broaden product selection when market conditionsimprove

Sustain Targeted Bermuda Business

Property catastrophe, property per risk, workers'compensation catastrophe, accident & health,specialty casualty and international

Expanded Global Presence

Swiss operation expands reach globally General Casualty Prof. Liability General Property Specialty Facultative International 0.33 0.19 0.22 0.05 0.04 0.17

Total GPW = $453 MM

Executive Summary

Direct Insurance

Reinsurance

Financial Results and Strength

Peer Comparison / Conclusion

Appendix

Agenda

Operating Results

Allied World Reported Strong Results in 2008 and First Nine Months of 2009Despite Financial Turbulence and Catastrophe Activity

Financial Highlights YTD Sept 2009 Full Year 2008 Operating Income $406 Million $455 Million Annualized Operating Return on Average Equity 20.8% 20.6% Combined Ratio 76.3% 84.2% Cash flow from Operations $567 Million $657 Million Operating Earnings Per Diluted Share $7.85 $8.90

Consistent Operating Performance Operating Income ($MM) Combined Ratio 2006 473 0.788 2007 476 0.813 2008 455 0.842

YTD Sept 2008 314 0.871 YTD Sept 2009 406 0.763

Operating ROE 25.8% 22.1% 20.6% 19.0%* 20.8%*

Strong operating income in excessof $450 million for 2006, 2007 &2008

Record operating income of $406million for first nine months of2009

Annual operating return onaverage equity consistently at orabove 20%

Annual combined ratioconsistently below 85%

* Percentage reflects annualized operating return on average equity

Strong Underwriting Results

Underwriting performance has been strong since our inception

*

* Pro-forma including Darwin development since inception

** Case incurred ratios by year are not directly comparable to our financial statements as reinsurance case incurred losses shown above are on a treaty year basis

**

2003 2004 2005 2006 2007 2008 Sept 09

Reserves 5.3% above mid-point of range atSeptember 30, 2009

Net favorable reserve development in eachof the last 6 years

77% of reserves are IBNR

U.S. Insurance International Insurance Reinsurance Low Estimate 672.4 1388.9 793.2 Carried 880.3 1819.5 1135.8 High Estimate 990.3 2075 1362.8

Net Loss & LAE Reserve Mix at September 30, 2009 3/31/2009 IBNR U.S. Insurance 0.18 IBNR International Insurance 0.37 OSLR U.S. Insurance 0.05 OSLR Reins 0.08 OSLR International Insurance 0.1 IBNR Reinsurance 0.22

Case U.S. Insurance

5%

IBNR InternationalInsurance

38%

Case InternationalInsurance 10%

IBNR

Reinsurance

22%

Case Reinsurance 7%

IBNR

U.S. Insurance

18%

Q3 2009 Total: $3.8bn

Net Prior Year Reserve Releases - (Non-Cat) ($MM)

Range of Net Reserves at September 30, 2009 ($MM)

Prudent Reserving Philosophy

Investment Returns Cumulative operating cash flows** Total investments end of period Combined Ratio (ex. Cats) Combined Ratio (with Cats)

2004 2.8 1.4 129 113 2005 3.6 1.3 179 192.3 2006 4.4 1.5 240 2007 5.2 1 265.6 2008 5.8 1.1 YTD Sept '09 6.4 1.2

Investment Income is Driven by Strong Operating

Cash Flows & Growth in Invested Assets

Portfolio

Yield 4.5% 4.9% 4.7% 4.3%

Paid Loss

Ratio 38.6% 34.3% 42.5% 32.8% Net Investment Income Net Investment Income / Net Premiums Earned 2004 129 0.097 2005 179 0.14 2006 244 0.195 2007 297.9 0.257 2008 308.8 0.276 YTD Sept '09 227.4 0.231

Increased Asset Base = Greater Investment Returns

Strong Cash Flows = Increased Asset Base

* Includes $243.8 mm proceeds from syndicated loan which was repaid on February 23, 2009

** Since the company's inception in 2001

98% of our fixed income portfolio consists of investment gradesecurities

The average credit quality is AA

Mortgage backed securities account for 27.1% of our totalportfolio

57.4% are backed by U.S. Agencies

Primarily comprised of AAA-rated pools of residential andcommercial mortgages

Corporate bonds now account for 31.9% of our total portfolio

Net of Temporary Liquidity Guarantee Program paper, financeexposure is 11.2% of portfolio

Largest single-issuer exposures are 1.1% or less of portfolio

Portfolio Summary as of 09/30/09

U.S. Govt. Agencies 0.181 Non-U.S. government securities 0.06 Corporate Bonds 0.319 Municipal 0.043 Agency MBS 0.155 Non-Agency RMBS 0.055 CMBS 0.061 ABS 0.059 Hedge Funds 0.021 Cash and Cash Equiv. 0.046

Total: $7.6B

Portfolio Yield: 4.3%

Duration: 3.2 years

Conservative, Diversified Investment Portfolio Dec '08 June '09 Sept '09 Financials 995 914 1157 Industrials 295 1060 1085 Utilities 72 155 169 Total 1368 2129 2411

Change in Corporate Bond Holdings($Millions)

Growth in Shareholders' Equity

Diluted book value per share doubled between December 2005 and September 2009

In 2005, returned $500 million (approximately $10 per share) to shareholders in form of special dividend 2004 2005 2006 2007 2008* Sept 09 Shareholders' Equity 2139 1420 2220 2240 2417 3079 Debt $- 500 499 499 499 499

Debt to Capital Ratio 0.0% 26.0% 18.4% 18.2% 17.1% 13.9% Fixed Charge Coverage - (9.3)x 14.7x 13.4x 5.5x 17.0x

* Excludes $243.8 million syndicated loan which was repaid on February 23, 2009

Executive Summary

Direct Insurance

Reinsurance

Financial Results and Strength

Peer Comparison / Conclusion

Appendix

Agenda

Allied World Navigators HCC Aspen Argo Arch Endurance RLI Axis Markel Berkly 0.375 0.225 0.224 0.192 0.136 0.115 0.085 0.068 0.051 0.02 0.003

Allied World's Value Proposition

AlliedWorld

HCC

Aspen

Arch

RLI

Berkley

Endurance

Axis

Growing Shareholder Value is Paramount

Markel

Navigators

Argo

Bermuda Peers U.S. Peers

Berkley 0.091 Argo 0.095 Navigators 0.112 Markel 0.125 HCC 0.132 Axis 0.148 RLI 0.156 Aspen 0.167 Arch 0.178 Endurance 0.202 Allied World 0.208

Peer Comparisons - Operating Income ROE

Annualized operating return on average shareholders' equity is calculated by dividing operating income (net income available to common shareholders' excluding net realizedinvestment gains or losses and net foreign exchange gains or losses) by average adjusted shareholders' common equity (shareholders' common equity excluding the average aftertax unrealized gains or losses on investments). Based on information available at November 9, 2009. 2006 - 2008 Average

Allied World 22.8% Berkley 21.5% Arch 20.6% Axis 19.5% Endurance 19.5% RLI 18.5% HCC 16.4% Markel 16.5% Aspen 15.9% Navigators 14.5% Argo 10.6%

Net Premium Leverage Net Reserve Leverage Debt & Preferred / Adjusted Capital Allied World * 0.43 1.25 0.139 Arch 0.64 1.37 0.186 Argo 0.89 0.96 0.195 Aspen 0.58 0.93 0.174 Axis 0.52 0.96 0.169 Berkley 1.05 2.27 0.271 Endurance 0.61 1.03 0.203 HCC 0.68 0.83 0.13 Markel 0.65 1.67 0.261 Navigators 0.86 1.22 0.123 RLI 0.59 0.99 0.108

Peer Comparisons - Leverage

Operating leverage calculated by adding net premium leverage (NPW / total shareholders' equity) and net reserve leverage (net loss reserves / total shareholders'equity).

* Leverage amounts are calculated on a pro-forma basis including full year Darwin.

Low leverage offers us more capacity for growth within existing capital structure

2.01

1.51

1.48

1.64

1.51

2.32

1.68

3.32

1.58

2.08

1.85

Conclusion

Allied World Expects to Generate a Mid-teen ROE,

Assuming Normalized Catastrophe Activity

Strong underwriting franchise diversified by product andgeography

Experienced executive management team in place

Excellent capitalization, strong balance sheet and financialflexibility

Significant infrastructure investments made during 2008

One year later, the Darwin acquisition is compete and hasstrengthened our U.S. specialty franchise

Well positioned to capitalize on market dislocation

Current valuation inconsistent with history of strong returns

Executive Summary

Direct Insurance

Reinsurance

Financial Results and Strength

Peer Comparison / Conclusion

Appendix

Agenda

Segment Results - YTD 09/30/09 & 09/30/08

Consolidated Balance Sheets

Historical Operating Results

Non-GAAP Financial Measures

In presenting the company's results, management has included and discussed in this press release certain non-GAAP financial measures within themeaning of Regulation G as promulgated by the U.S. Securities and Exchange Commission. Management believes that these non-GAAP measures,which may be defined differently by other companies, better explain the company's results of operations in a manner that allows for a more completeunderstanding of the underlying trends in the company's business. However, these measures should not be viewed as a substitute for thosedetermined in accordance with GAAP.

"Operating Income" is an internal performance measure used by the company in the management of its operations and represents after-taxoperational results excluding, as applicable, net realized investment gains or losses, net impairment charges recognized in earnings and foreignexchange gains or losses. The company excludes net realized investment gains or losses, net impairment charges recognized in earnings and netforeign exchange gains or losses from its calculation of operating income because the amount of these gains or losses is heavily influenced by, andfluctuates in part according to, the availability of market opportunities. The company believes these amounts are largely independent of its businessand underwriting process and including them distorts the analysis of trends in its operations. In addition to presenting net income determined inaccordance with GAAP, the company believes that showing operating income enables investors, analysts, rating agencies and other users of its financialinformation to more easily analyze the company's results of operations in a manner similar to how management analyzes the company's underlyingbusiness performance. Operating income should not be viewed as a substitute for GAAP net income.

The company has included "diluted book value per share" because it takes into account the effect of dilutive securities; therefore, the companybelieves it is a better measure of calculating shareholder returns than book value per share.

"Annualized Return on Shareholders' Average Equity" ("ROAE") is calculated using average equity, excluding the average after tax unrealized gains orlosses on investments. Unrealized gains (losses) on investments are primarily the result of interest rate movements and the resultant impact on fixedincome securities. Such gains (losses) are not related to management actions or operational performance, nor are they likely to be realized. Therefore,the company believes that excluding these unrealized gains (losses) provides a more consistent and useful measurement of operating performance,which supplements GAAP information. In calculating ROAE, the net income (loss) available to shareholders for the period is multiplied by the numberof such periods in a calendar year in order to arrive at annualized net income (loss) available to shareholders. The company presents ROAE as ameasure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

"Annualized operating return on average shareholders' equity" is calculated using operating income (as defined above and annualized in the mannerdescribed for net income (loss) available to shareholders under ROAE above), and average equity, excluding the average after tax unrealized gains(losses) on investments. Unrealized gains (losses) are excluded from equity for the reasons outlined in the annualized return on average equityexplanation above.

See slides 34 - 36 for a reconciliation of non-GAAP measures used in this presentation to their most directly comparable GAAP measures.

Non-GAAP Financial Measures - Reconciliations

Non-GAAP Financial Measures - Reconciliations

Non-GAAP Financial Measures - Reconciliations

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