Marsh Market InformationManage Your Insurer Counterparty Risk

The Challenge: • Do you know the financial condition of your insurers?

• Do you need to track changes to your insurers’ financial condition or rating?

• Do you need to report insurer status changes to internal committees?

• Do you need to know the ratings of your insurers?

The Solution: Marsh Market InformationMarsh Market Information (MMI) is designed to make it easier for clients to find detailed

insurer and insurance industry market analysis and information. A timely and dynamic

one-stop tool, MMI provides easy access to detailed financial information, ratings, news,

and analyses clients need in order to evaluate the market security risks of their insurance

programs — saving valuable time and concern.

WHO IT’S FOR

• Risk managers, CFOs, and others with

the responsibility of managing their

firms’ insurance programs.

• Members of compliance and audit

committees charged with ensuring

the integrity of their firms’ risk

management programs.

• Companies that want to have the most

up-to-date, comprehensive insurer

financials available in a convenient,

easy-to-use online tool.

Tracking more than 3,500 insurers worldwide

Over 50 key financial measures

4 major credit rating agencies

1 • Marsh Market Information

Features

Comprehensive Financial Information

When making decisions about your insurance program, it’s

critical to be well-informed about the financial condition of the

insurance companies you are considering. MMI provides you

with a comprehensive view of various insurer security factors

and metrics, including:

• Tracking of thousands of insurers worldwide.

• Ratings and outlooks from all four major credit rating agencies —

A.M. Best, S&P, Moody’s, and Fitch.

• Integration of intercompany pools, affiliates, and

parent companies.

• Comprehensive financial data, including financial statements,

performance ratios, and historical trends.

• Interactive tools to help you analyze your insurance program’s

overall credit exposure.

Customized Online Tools

MMI features a suite of interactive tools that allow you to analyze

your insurance program’s overall credit exposure. You can create

and manage portfolios of insurers and generate reports based on

your needs. In addition, by establishing custom email alerts about

insurers of interest, you can be notified quickly of events such as:

• Insurer rating changes.

• New Marsh financial analyses.

• Breaking news.

Exclusive Marsh Analytics

MMI provides clients with exclusive analysis from Marsh’s Market

Information Group and allows you to create a variety of charts,

graphs, and spreadsheets, including:

• Insurer ratings exposure concentration by

premiums/limits/claims.

• Comparative analysis of insurer financials.

These analytics can help you make your decisions and also

to explain them, as well as your recommendations, to others

in your organization.

The Market Information Group

S & P Rating

Insurer Ratings by Premium

Zürich Versicherungs-Gesellschaft AGXL Insurance America IncNavigators Insurance CompanyNational Indemnity CompanyTokio Marine & Nichido Fire Insurance Company LimitedLloyd's of LondonTravelers Casualty and Surety Company of AmericaSCORAIG Property Casualty CompanyACE American Insurance Company

A A+ AA- AA AA+

A

A+

A++

© 2019 Marsh. All Rights Reserved.

Page 2 of 4Exposure Concentration Report - 2019_10_10_12_47_48

10/10/2019https://stg.marketinformation.marsh.com/

May 2

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ANALYST Ethan Kline

ethan.kline@mar

+1 212 345 3873

e Market Infor

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A+, S A2,

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as of May 28, 201dy's Fitch

S A, N

AL HIGHLIGHTS(USD millions

YE2018 YE2017

56,361.0 65,171.

(13.5%) (14.6%

YE2018 YE2017

38,254.0 38,627.

29,649.0 30,285.

77.5% 78.4%

1.8% 3.5%

4.1% 3.8%

(0.0%) (8.6%

64.3% 66.9%

80.1% 81.3%

4.5x 3.8

0.7x 0.5

8.3x 7.2

YE2018 YE2017

75.7% 83.2%

35.7% 34.1%

111.4% 117.3%

11.8% (36.0%

C:ich

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m

Chubb LimitedSwitzerland Operating company ratings as of 05-Mar-19

A.M. Best S&P Moody's FitchUSD (000's Omitted) A++, S AA, S Aa3, P AA, S

ASSETS 2018 % Change 2017 2016Fixed Income Securities 91,905,000 (1.5%) 93,274,000 90,759,000 ####Common & Preferred Stocks 770,000 (17.8%) 937,000 814,000 ####Cash & Short Term Investments 4,263,000 (0.6%) 4,289,000 3,987,000 ####Real Estate & Property 0 -- 0 0 0Loans & Mortgages 0 -- 0 0 0Other Investments 5,955,000 11.6% 5,334,000 5,851,000 ####

Subtotal Cash & Inv. Assets 102,893,000 (0.9%) 103,834,000 101,411,000 ####Funds Held by Ceding Companies 0 -- 0 0 0Insurance Premiums Receivable 10,075,000 7.9% 9,334,000 8,970,000 ####Reinsurance Recoverables 18,739,000 5.6% 17,747,000 16,207,000 ####Deferred Policy Acquisition Cost 5,217,000 3.3% 5,049,000 4,669,000 ####Intangible Assets 21,414,000 (2.9%) 22,054,000 22,095,000 ####Other Assets 9,433,000 4.8% 9,004,000 6,434,000 ####

Total Assets 167,771,000 0.4% 167,022,000 159,786,000 ####

LIABILITIES 2018 % Change 2017 2016Loss & LAE Reserve 62,960,000 (0.3%) 63,179,000 60,540,000 ####Life Funds 5,506,000 3.5% 5,321,000 5,036,000 0Unearned Premium Reserve 15,532,000 2.1% 15,216,000 14,779,000 ####Other Technical Reserves 0 -- 0 0 0

Gross Technical Reserves 83,998,000 0.3% 83,716,000 80,355,000 ####

Debt 12,904,000 0.2% 12,877,000 13,418,000 ####Other Liabilities 20,557,000 6.8% 19,257,000 17,738,000 ####

Total Liabilities 117,459,000 1.4% 115,850,000 111,511,000 ####

CAPITAL & SURPLUS 2018 % Change 2017 2016Paid-in Capital 23,678,000 (5.7%) 25,099,000 26,456,000 ####Retained Earnings 31,700,000 15.4% 27,474,000 23,613,000 ####Accumulated Other Comprehensive (2,448,000) (550.8%) 543,000 (314,000) ####Treasury Stock (2,618,000) (34.7%) (1,944,000) (1,480,000) ####Other Shareholders Funds 0 -- 0 0 0

Capital & Surplus (C&S) 50,312,000 (1.7%) 51,172,000 48,275,000 ####Minority / Noncontrolling Interest 0 -- 0 0 0

Total C&S 50,312,000 (1.7%) 51,172,000 48,275,000 ####

INCOME STATEMENT SUMMARY 0.00USD (000's Omitted)

INCOME STATEMENT 2018 % Change 2017 2016Gross Premiums Written (P/C & Life) 37,968,000 4.4% 36,376,000 34,983,000

Property / CasualtyGross Premiums Written 35,564,000 4.2% 34,115,000 32,741,000Ceded Premiums 7,255,000 3.5% 7,012,000 6,720,000Net Premiums Written 28,309,000 4.4% 27,103,000 26,021,000

Net Premiums Earned 27,846,000 3.4% 26,933,000 26,694,000Net Losses Incurred 17,301,000 (2.4%) 17,722,000 15,389,000Commission Expenses 5,355,000 2.0% 5,251,000 5,395,000Underwriting Expenses 2,576,000 1.8% 2,530,000 2,774,000Net U/W Result 2,614,000 82.8% 1,430,000 3,136,000

Net Investment Income 3,212,000 14.2% 2,812,000 2,582,000

P/C Pre-tax Operating Income 5,826,000 37.3% 4,242,000 5,718,000Life Pre-tax Operating Income 336,000 27.8% 263,000 271,000Capital Gains/(Losses) (783,000) (1032.1%) 84,000 (263,000)Interest Expense 674,000 11.0% 607,000 605,000Other Income/(Expenses) (1,000) 99.6% (260,000) (171,000)Pre-tax Income 4,704,000 26.4% 3,722,000 4,950,000Taxes 742,000 633.8% (139,000) 815,000Minority / Noncontrolling Interest 0 -- 0 0Net Income 3,962,000 2.6% 3,861,000 4,135,000

C&S ADJUSTMENTS 2018 % Change 2017 2016Net Income 3,962,000 2.6% 3,861,000 4,135,000Change in Pd Capital & Surplus (1,421,000) (4.7%) (1,357,000) 14,142,000Stockholder Dividends 1,337,000 2.2% 1,308,000 1,173,000Other C&S Changes (2,064,000) (221.3%) 1,701,000 2,036,000 Source of Data: Annual Report

1

05-Mar-19

BALANCE SHEET

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

2017 2018

Total Investments: USD 102.9 bn

Other

Loans

Real Estate

Cash & ShortTerm

Stocks

Fixed Income

Fixed Income: USD 91.9 bn

Gov't Bonds (17%)

Municipals (18%)

Corporate (45%)

ABS (20%)

Other (0%)

(2,000)

(1,000)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2016 2017 2018

Source of Earnings (USD mn)

Net U/W Result Net Invest Income

Capital Gains/(Losses) Other

Taxes Net Income

The Market Information Group

The Market Information Group

A.M. Best Rating

A: 24.6%

A+: 46.7%

A++:28.7%

S & P Rating

A: 15.0%

A+: 20…

AA-:46.7%

AA: 6.3%

AA+:12.0%

© 2019 Marsh. All Rights Reserved.

Page 3 of 4Exposure Concentration Report - 2019_10_10_12_47_48

10/10/2019https://stg.marketinformation.marsh.com/

Marsh • 2

Marsh is one of the Marsh & McLennan Companies, together with Guy Carpenter, Mercer, and Oliver Wyman.

This document and any recommendations, analysis, or advice provided by Marsh (collectively, the “Marsh Analysis”) are not intended to be taken as advice regarding any individual situation and should

not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update

the Marsh Analysis and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters

are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, tax, accounting, or legal advice, for which you should consult your own professional

advisors. Any modeling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors

are inaccurate or incomplete or should change. Marsh makes no representation or warranty concerning the application of policy wording or the financial condition or solvency of insurers or reinsurers.

Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Although Marsh may provide advice and recommendations, all decisions regarding the amount, type or terms of

coverage are the ultimate responsibility of the insurance purchaser, who must decide on the specific coverage that is appropriate to its particular circumstances and financial position.

Copyright © 2019 Marsh LLC. All rights reserved. MA19-15862 407654822

Frequently Asked QuestionsWhat is the Market Information Group?

Marsh’s Market Information Group (MIG)

follows and analyzes the financial condition

of the insurance companies with which

Marsh places business. MIG analysts are

available to speak to or correspond with

Marsh clients to provide additional detail,

insight, explanations and background

regarding the financial condition of any

insurance company.

To learn more about Marsh’s Market

Information Group, please see a detailed

overview found under the background

information section on the MMI portal.

What are the key benefits of the MMI website?

The website is a one-stop tool for global

insurer and industry credit analysis,

providing easy access to information that

will help you evaluate the market security

risks of your insurance program, potentially

saving you valuable time and concern. MMI

tracks more than 3,500 insurance

companies worldwide and:

• Provides ratings and outlooks from

all four major credit rating agencies:

A.M. Best, Standard and Poor’s,

Moody’s, and Fitch.

• Integrates pools, affiliates, and

parent companies to allow for deeper

“organizational” analysis.

• Offers interactive tools that let you

analyze your program’s overall

credit exposure.

• Provides breaking news for insurers

listed in your portfolio.

• Additionally, users have the ability to

generate customized reports and alerts

about the credit quality of current and

prospective insurers. For example, users

can set up email alerts that will let them

know when an insurer rating changes,

a new Marsh insurer financial analysis

becomes available, and/or when there

is breaking news.

• MMI users also have access to

objective insurer analyses from Marsh’s

Market Information Group, a team

of experienced financial analysts

focused on analyzing the financial

strength of insurers.

Who would I contact for questions related to a specific insurer?

Each insurer is assigned a financial analyst

whose name is listed on the insurer or

group page on the MMI website. Click

on the name to contact the analyst

directly via email.

Why can I no longer find a company record that was in my portfolio?

A company may have changed its name

and is now listed under a new legal name.

Alternatively, a company may have been

involved in some merger activity. In the

case of mergers, it may be necessary

to add the acquiring company to your

insurance portfolio. Please contact

your Marsh client executive, account

representative, or MIG for assistance.

How can I make the best use of MMl?

Marsh developed this website with

valuable input from our clients and

colleagues, allowing us to truly capture

the functionality that our clients want and

need. Marsh Market Information supports

multiple analytical methods, helping you

access the most relevant data available

to evaluate the credit quality of your

insurance programs. It also allows you to

create personalized portfolios that enable

quick access to data and analysis and to

generate customized alerts and reports

comparing the insurers you are using

or considering using.

Is there training and support available?

Absolutely. We will provide online

training modules, a user guide, and

other assistance to get you started

and to make sure you are getting

the most from MMI. You may also

contact marshmarketinfo@marsh.com

with any questions.

Do I have to be a Marsh client to access the MMI website?

Yes.

How do I access MMI?

The website is available through “My

Application” on www.marsh.com or

through marketinformation.marsh.com.

Ask your Marsh representative for

registration assistance.