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REINSURANCE STATISTICAL AND UNDERWRITINGREINSURANCE STATISTICAL AND UNDERWRITINGREINSURANCE STATISTICAL AND UNDERWRITINGREINSURANCE STATISTICAL AND UNDERWRITINGREINSURANCE STATISTICAL AND UNDERWRITING

PUBLICATIONS FROM THE RAAPUBLICATIONS FROM THE RAAPUBLICATIONS FROM THE RAAPUBLICATIONS FROM THE RAAPUBLICATIONS FROM THE RAA

2009

RAA STATISTICAL AND UNDERWRITING PUBLICATIONS

I EXPECT MORE FROM REINSURANCE DATA ANALYSIS:

• Convenient, one-of-a-kind compilations

• Focused studies targeted to my reinsur- ance specific financial analysis needs

• Expert research from leaders in the field

• User-friendly presentations

• Logical organization and quick searches

• Proven industry track record

– AND THE RAA DELIVERS IT.

Take advantage of special discounts whenyou purchase two or more ReSources.

See the enclosed order form.

Trust the industry’s experts on reinsurance data for focused analysistargeted to meet your reinsurance-specific data needs.

Statistical and underwriting publications from the RAA save you time andmoney. Access essential reinsurance financial information quickly andeasily with an extensive, well-organized array of facts and figures.

REINSURANCE ASSOCIATION OF AMERICA

For samples of all RAAs data products go to www.reinsurance.org

and click on Publications or call (800) 570-1806.

2009 RESOURCES DATA PACKAGES

Successful financial forecasts and decisions require a full range of information.In 2009 the RAA is offering a number of packaged book sales and subscriptionsto give you a complete range of reinsurance industry data at a substantiallyreduced price. These complete, reliable and unique sources of informationassure smart business decisions and highly effective financial analysis foryour firm.

Loss Development

Complete Loss Development Package (Casualty and Catastrophe Studies).

Complete U.S. Underwriting Information

Reinsurance Underwriting Subscription - ythis early subscription includesQuarterly Reports and the annual Reinsurance Underwriting Review.

Look for the to take advantage of

the special Package savings in 2009.

Historical Loss Development Study

Catastrophe Loss Development Study

Reinsurance Underwriting Review

Offshore Reinsurance in the U.S. Market

Reinsurance Underwriting Report (Quarterly via e-mail)

ScheduleF.com, developed by the RAA in cooperationwith Specialty Insurance Research (a Dowling & PartnersCompany) is better than ever, with new features forevaluating NAIC Schedule F reinsurance data. Executivesapplaud the innovative easy-to-use interface andcomprehensive data reports. Trial subscriptions areavailable.For more information visit www.ScheduleF.com.

RAA STATISTICAL AND UNDERWRITING PUBLICATIONS

ScheduleF.com makes it easy to navigate otherwise cumbersome Sched-ule F data with:

• Clean and Consistent Data

• Group Names and S&P Ratings

• Schedule F Parts 1,3,5,7 in One Simple Online Interface

• “Reverse” Transactions”

• Multiple Years of Data

ScheduleF.com is an easy-to-use search engine and powerful analyticaltool providing instant access to reinsurance transactions between U.S.cedants and their reinsurers. Thedata comes from Schedule F of theNAIC Annual Statement asreported by U.S. insurers andreinsurers. This online databaseis a joint venture of theReinsurance Association ofAmerica (RAA) and SpecialtyInsurance Research (SIR), aDowling & Partners Company.

Get instant access to reinsurance transactions with theeasy-to-use search engine and powerful analysis ofScheduleF.com.

Clean & Consistent Data

Traditional Schedule F data products provide “raw” Schedule Freinsurance transaction data, which contain numerous inconsistenciesmade by the filing companies.

One of the more common filing inconsistencies occurs when individualfilers use different spellings for the same (re)insurer name. TakeGermany-based Hannover Re (FEIN code AA-1340125) which is filedas Hannover Reins., Hannover Reinsurance Co., HannoverRuckversicherung and over 100 additional unique spellings. Thanks toa sophisticated “matching” procedure, ScheduleF.com shows only oneHannover Re with all the needed information. This data consistency is acritical feature making ScheduleF.com both “user friendly” and powerful.

Group Names & S&P Ratings

ScheduleF.com provides group names and S&P ratings for both filingcompanies and transaction level (re)insurers (both domestic and foreign).

Each Schedule F Exhibit In One Simple Interface

Other Schedule F products typically require special training and thereforedata runs are often carried out by the resident “number cruncher.”ScheduleF.com was designed to be easy to use for everyone from thesophisticated reinsurance analyst to the busy executive. With our uniqueinterface (one view: “show me the reinsurers of a particular cedant”),each major exhibit (Parts 1, 3, 5 & 7) of Schedule F is availablesimultaneously to give users the complete picture instantaneously.

“Reverse Transactions”

Schedule F Part 1 & Part 3 are in essence “reverse” images of oneanother. ScheduleF.com allows users to search for the “reinsurers of aparticular cedant” and see both: (1) Part 3 (“ceded reinsurance”) as filedby the chosen cedant; and (2) Part 1 (“assumed reinsurance”)transactions related to the chosen filer but as filed by all U.S. reinsurers.“Reverse” data is particularly useful for foreign (re)insurers who do notfile U.S. statutory statements.

Multiple Years of Data are provided(without the need to find and changeto old CD’s!).

Reinsurance Underwriting Review– 2008 Data –

Published annually since 1980, the Reinsurance Underwriting Review

(RUR) reports and summarizes the underwriting and operating results ofthe nation’s major property/casualty reinsurers, providing timely andcomprehensive information on the U.S. reinsurance market. With additionaltables and analytics on reinsurance recoverables, reserve and leverage ratios,and invested assets that go beyond the traditional income statement review andinclude data from the balance sheet and Schedule F, this is a unique and trusteddata report.

Table A: Underwriting Results

Table B: Operating results

Table C: Ceded Reinsurance and Recoverables

Table D: Reserve Development and Leverage Ratios

Table E: Invested Assets

This edition of the RUR reflects the experience of over 40 organizations, includ-ing both individual companies and groups, whose data are reported in the ap-pendices. The contents are based on data assembled by the NAIC as well asdata received from the companies themselves, complementing the RAA’s Quar-terly Reinsurance Underwriting Report with additional information from a broadergroup of reinsurers. The booklet contains historical data on combined ratiosand net income and is a unique source of financial information for the U.S.reinsurance market.

Publication Schedule: Annually (2008 edition published May 2009) Cost: $250

Expanded Data and Analysis

Includes Data from the Balance Sheet and Schedule F

Allocation of Long Term Bonds

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Excerpts - Reinsurance Underwriting Review

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Quarterly Reinsurance Underwriting Report

The only reinsurance underwriting statistics collected and madepublicly available on a quarterly basis.

Compiled quarterly and delivered to subscribers via e-mail, thiscomprehensive report is comprised of a spreadsheet containingunderwriting information from major U.S. reinsurers. The reinsuranceunderwriting information includes: premiums written and earned;

policyholders’ surplus; loss, expense and combined ratios; andseveral other categories of statistical information.

Publication Schedule: Quarterly Cost: $195 for a one-year subscription

(back issues $25 each)

Quarterly statistics delivered via e-mail

Reinsurance UnderwritingSubscription

A Reinsurance Underwriting Subscription brings you theconvenience of the RAA’s Quarterly Reinsurance

Underwriting Reports via e-mail each quarter as well

as the comprehensive Reinsurance Underwriting

Review – 2008 Data for substantial savings. Receivethe quarterly statistics via e-mail and the yearly report withexpanded data reporting and analysis for the single payment

of $395.

Catastrophe Loss Development Study

Available only from the RAA, 2008 Catastrophe Loss Development Studyis a unique reinsurance excess of loss study. It provides an unparalleledlook at aggregated reinsurer loss development from extreme events, onboth a paid and incurred basis. Leading U.S. reinsurers contribute paid,reported, and IBNR data to this study, which analyzes losses by type ofreinsurance, including facultative, treaty pro rata, treaty risk excess, treatycatastrophe excess and finite/financial/aggregate stop loss.

The 2008 study updates the loss development experience for significantextreme events and catastrophes in the U.S. over a sixteen year period,from Hurricane Hugo and the Loma Prieta Earthquake in 1989 to HurricanesKatrina, Rita and Wilma in 2005. The World Trade Center event is includedand broken out by line of business, including property, aviation, liability,workers’ compensation, and incidental life (personal accident and accidentaldeath and dismemberment). New to the 2008 study is a comparison of theindividual 2004 and 2005 hurricanes to their composite pattern. An electronicfile containing the quarterly loss development factors for these events isprovided to study purchasers.

Publication Schedule: Biennially Cost: $895

Complete Loss DevelopmentPackage

Purchase the RAA Historical Loss Development Study

together with the Catastrophe Loss Development Study for

only $1695 – saving you nearly $600!

Above: Northridge Earthquake Exhibits

Left: WTC Property Exhibits

Graph Excerpts - Historical Loss Development Study

Casualty Loss Development Study– Historical Loss Development, 2009 Edition –

• Casualty Excess Reinsurance For Auto, General Liability,Workers Comp and Medical Malpractice

• Composite Loss Development Data of Major U.S. Reinsurers

• Data Provided By Attachment Point Range

• Indicates Range of Variation and Impact of Asbestos andOther Environmental Liability on Loss Development

Publication Schedule: Biennially Cost: $1395

(2009 Edition published September 2009)

Produced biennually since 1969, the study provides information on40 years of historical loss development patterns in companies writingcasualty excess reinsurance business and in primary companies writinghigh deductible or umbrella insurance. The historical loss developmentdata – compiled from leading U.S. reinsurance companies – contains:casualty excess data for four lines of reinsurance – auto, general liability,workers compensation and medical malpractice. To facilitate in-depthanalysis, the study also includes the historical loss development

triangles in Microsoft Excel format accessed via the internet.

“Historical LDS is the best resource for analyzing a book of oldclaims.” (Carl R. Pingel - Pingel, Maltby & Associates, Inc.)

38�

Range of Variation��in Historical Loss Development�

�General Liability Excl. Asbestos & Environmental�

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57

AccidentYear 1 2 3 4 5 6 7 8 9 10 11

---------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------1955195619571958195919601961196219631964196519661967196819691970197119721973 74,9601974 81,814 82,4041975 107,163 109,457 111,5271976 111,860 114,027 115,285 117,1761977 109,238 117,286 120,796 123,502 125,3301978 93,903 97,029 101,034 106,279 108,754 111,3991979 90,756 95,925 100,504 104,011 104,407 105,204 105,5441980 100,699 108,849 112,357 118,747 120,695 121,404 122,307 124,7771981 99,545 114,064 122,350 129,887 136,666 139,720 141,749 142,556 148,7531982 88,287 113,064 126,693 136,463 143,188 146,735 148,906 149,395 153,502 153,2761983 52,154 109,881 139,188 165,906 180,643 185,299 187,438 187,878 191,167 191,763 191,9991984 65,995 158,555 210,085 237,905 248,450 249,599 254,067 256,521 258,284 258,047 259,1321985 89,380 213,876 271,418 293,234 311,637 320,611 326,287 330,917 331,222 331,150 334,3521986 113,348 236,301 297,831 328,419 337,282 350,689 357,181 362,563 363,460 365,530 366,6371987 103,211 224,455 285,157 310,921 331,659 335,537 344,802 349,524 350,352 357,763 357,8581988 134,602 266,471 330,645 369,696 391,655 416,534 425,906 428,869 428,879 430,516 431,2311989 127,829 280,643 379,863 427,610 481,157 488,223 495,170 498,778 500,512 501,3201990 135,504 286,842 360,585 402,589 435,642 450,843 453,977 463,326 460,9361991 156,028 312,494 394,984 428,000 439,533 454,654 457,871 462,7771992 185,771 350,692 434,182 492,950 512,278 526,248 532,0311993 164,498 348,171 435,190 489,223 516,432 543,6951994 194,495 388,759 486,131 533,703 567,8901995 196,319 383,861 478,347 540,8591996 198,529 456,754 586,1361997 194,969 450,3831998 204,903

AUTOMOBILE LIABILITY

Combined Treaty and FacultativeIncurred Case Losses

(in Thousands)

Evaluations in Years

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Range 1��($536mm)��Range 2��($592mm)��Range 3��($1,087mm)��Range 4��($485mm)��Range 5��($431mm)�

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Excerpts - Offshore Reinsurance in the U.S. Market

Offshore Reinsurance in the U.S. Market

Offshore Reinsurance in the U.S. Market provides statistics and analysesof the National Association of Insurance Commissioners’ (NAIC) AnnualStatement’s 2007’s ceded reinsurance data. The study includes:

• Total U.S. premium ceded to offshore reinsurers

• Total ceded recoverables

• Offshore reinsurers’ share of U.S. unaffiliated reinsurance premium

• Market share of offshore reinsurers and U.S. subsidiaries of offshorecompanies

• Statistics from more than 4,700 reinsurers in 108 jurisdictions

• Affiliated and unaffiliated premium and recoverable data segregated bycountry of domicile

Publication Schedule: AnnuallyCost: $250

Shipping Method Cost

US Domestic Mail Free

US Express Mail - Overnight $ 40

US Express Mail - Second Day $ 25

International Express Mail $ 60

International Regular Mail $ 30

Shipping Information

Shipping and handling are free for domestic U.S. postal service. See table below forExpress Mail and International Shipping.

Take advantage of RAA ReSources’special discounts when you purchasetwo or more ReSources:

• Purchase any two products andtake 10% off your order.

• Purchase any three products andtake 15% off your order.

• Purchase six products and take20% off your order.

OFFSHORE REINSURANCE

IN THE U.S. MARKET

ORDER FORM

REINSURANCE ASSOCIATION OF AMERICA

1301 Pennsylvania Avenue, N.W. Suite 900Washington, D.C. 20004-1701800-570-1806 Fax: (202) 638-0936

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For credit card payments, either fax this form to 202-638-0936, or mail to the address below.

RAA ReSources1301 Pennsylvania Avenue, N.W. Suite 900Washington, D.C. 20004-1701

Qty. Product Name Cost Price

Historical Loss Development Study - 2009 Edition $ 1395

Catastrophe Loss Development Study - 2008 Edition $ 895

Complete Loss Development Package

- includes 2007 Historical & 2008 Catastrophe Loss Development Studies $ 1695

Reinsurance Underwriting Review $ 250

Reinsurance Underwriting Report (Quarterly via e-mail) $ 195

Reinsurance Underwriting Subscription $ 395

Offshore Reinsurance in the U.S. Market $ 250

Compendium of Reinsurance Laws and Regulations $ 1495

Online Digest of Reinsurance Caselaw $ 595

Reinsurance Contract Clauses — Case Law Annotations $ 1095

Manual for the Resolution of Reinsurance Disputes $ 395

U.S. Reinsurance Law and Regulation Reporter $ 395

Subtotal

DC Residents only add 5.75% Sales Tax

Shipping & Handling are Free for Domestic US Postal Service

See Table for Express Mail and International Rates

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