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JANUARY 16-19, 2018 HYATT REGENCY COCONUT POINT RESORT AND SPA, BONITA SPRINGS, FL

A Company A Manager’s Definition of Success (Ward Group EF 2016)

Capital Preservation and Policyholder Surplus Growth Gross (and Net) Underwriting Profits Investment Income Corporate Governance Premium Growth, M&A / Affiliation / Distribution Policyholder Retention and Satisfaction Brand Development Rating Agency Management Peer Comparisons Expense Management Talent Management

2018 Winter Executive Forum | Closing Remarks – January 18, 2018 | Berto Sciolla 2 Reinsurers Reporting to RAA – 1983

AGF Corp. of US Elkhorn Ins. Co. Hamburg International Re Parklane Co. Summit Fidelity & Surety Allendale Mutual NR Employers Mutual Casualty Co. Hanseco Ins. Co. Re A+ Transatlantic Re A American Agr. Ins. Co. Employers Re Hanseco Re Co. Presidio Insurance Co. Unione Italiana Re American Independence Re Ennia Re of America Home Insurance/Home Re Provident General Ins. United Americas American Medical Assurance Evanston Re INA Re Prudential Re Group United Fire & Casualty American Mutual Liability Ins. Excess and Treaty Re Corp. Insurance Corp. of Hannover Public Service Mutual United Re Corp. of NY American Mutual Re Excess Mutual Re Corp. Kemper Re Puritan Insurance Co. USF&G Group American Overseas Re Farm Bureau Mutual of Michigan Liberty National RLI Insurance Co. Unity Group AA- Munich America Re Farmers Alliance Mutual Lincoln National Re Ranger Insurance Co. Universal Re American Union Farmers Home Mutual Ins. Co. Mead Re Reinsurance Association of MN Victory Re of America Balltica-Skandinavia Re Federated Mutual Ins. Co. Mercantile & General Reinsurance Co of America Wausau Insurance Cos. Bausch & Lomb Ins. Federated Re Corp. Merchants & Bus Men's Mutual Reinsurance Corporation of NY "Winterthur" Swiss Bellefonte Re Ins. Fireman's Fund Metropolitan Re Reliance Ins. Co. Buffalo Re First American Ins. Co. Michigan Mutual Republic Western Ins. Co. Capital Assurance Co. First Excess and Re Corp. MONY Re Rochdale Ins. Co. Centaur Ins. Co. First Horizon Ins. Co. Group SAFECO Group Central National Ins. of Omaha First Security Ins. Co. National Re St. Paul Fire & Marine Christiania/Switzerland Group Folksamerica Re Co. Nationwide Mutual Insurance Re Re Fremont Re/Fremont Indemnity New England Re AA- SCOR Re Commercial Union Re Fuji Fire & Marine Ins. Co. New York Ins. Exchange Security Insurance Group Congregation Ins. Co. Galaxy Re Nordic Union Re Seibels, Bruce Group Constellation Re Gamma Re AA- North American/ Sentry Re Management, Inc. Constitution Re General of Trieste & Venice Northeaster of Hartford/First Re Shelby Mutual Insurance Co. 34 Years Later Constitution State Mgt. Co. AA+ General Re Group NWNL Re Co. Signet Re Co. Continental Cas./Reins. Dept. Gerling Global Ohio Re Simcoe & Erie General Re of America Great American Re Inc. Ormond Re A- Sirius Re Country Mutual Ins. Grinnell Mutual Pacific Re Corp. Skandia America Group Dominion Ins. Guilderland Mutual Re PMA Re/PA Manufacturers Southwest International Re Paladin Reinsurance Corp. Stella Re for Hansa Re and Zurich Re of NY Notes: 12/2016 Standard & Poors Rating Reinsurers reporting to RAA as of 12/2016

2018 Winter Executive Forum | Closing Remarks – January 18, 2018 | Berto Sciolla 3 IBNR

2018 Winter Executive Forum | Closing Remarks – January 18, 2018 | Berto Sciolla 4 A Timeless Thought…

“ Today’s results are from yesterday’s decisions, tomorrow’s results are from today’s decisions.”

Gen Re

2018 Winter Executive Forum | Closing Remarks – January 18, 2018 | Berto Sciolla 5 Thank you

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