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ANNUAL REPORT 1 Letter from the President

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ANNUAL REPORT 1 Letter from the President 2013 ANNUAL REPORT 1 Letter from the President 2 Leadership 4 Financial Summary 6 About CSE 7 Meet the Parents 8 Business Activities 14 Giving Back 16 Financials 2 2013 was a successful year for the CSE Insurance Group, as we achieved our goals of profitable growth. The Gross Written Premium continued to increase by 3.4% to $157.8 million. The Company’s efforts to strengthen its underwriting results over the past three years resulted in a loss and loss adjustment expense ratio of 67.2% compared to 72.6% in 2012, and the underwriting expense ratio excluding acquisition costs continued to decrease to 18.7%. The result is a combined ratio of 102.8%, an improvement compared to 107.5% in 2012. The policyholder surplus increased to $112.2 million and AM Best again confirmed the strength of CSE with an A- excellent rating. While we are encouraged by these positive results, we are focusing on the future as we face an evolving market and adapting competition. Despite our overall favorable results, we were not satisfied with our new business production which saw a year-over-year decline of 2.6%. Coming from CSE’s parent company, Covéa, I assumed the role of President and CEO in November of 2013 and worked with my executive team to introduce a new strategic plan for the next three years. The strategy is centered around improving efficiency and focuses on several key goals: • Improve the efficiency of our processes, tools, and services to better address the needs of our customers • Improve productivity by simplifying internal processes • Keep “ease of doing business” as a top priority in our relationship with agents • Decrease our expenses to enhance our competitiveness • Decrease the combined ratio by line of business to be under 100% • Revitalize the brand of CSE in the market This report features achievements from the past year, but it also highlights our goals and action plans for the coming year as we look forward to the future. While it is an ambitious plan, I believe it will better position CSE as the best insurance company to serve its niche market, a company that strives to best “serve the people who serve the people.” Richard Rey President & CEO 1 Richard Rey President and CEO Mr. Rey brings more than 20 years of experience in the insurance field to CSE, having served in claims management, actuarial, and executive roles. He began his career in France at MAAF Assurances, a subsidiary of the Covéa Group. In 1991, he became the Director of their auto accident department before being promoted to Senior Vice President of Actuarial Statistics and Reinsurance of Covéa. Most recently, Mr. Rey was the President and CEO of Covéa Re and Covéa Lux Reinsurance subsidiaries of the Covéa Group. Mr. Rey holds a Masters degree from the University of Poitiers and is a graduate of the Institute of Actuarial Studies. He is a collector of French and Belgian comics and enjoys the outdoors. An avid runner, Mr. Rey has also participated in 20 marathons since 1989. 2 CSE Board of Directors Patrice Forget Sophie Beuvaden Richard Rey Frank Jeusette Thomas Kelly Chairman Treasurer President and CEO Director Director Luc Kranzen Olivier Le Borgne Bertrand Lefebvre Richard Miles Dominique Salvy Director Director Director Director Director Executive Committee Richard Rey President & CEO David Brinker EVP Products and Support Stefan Dobrus SVP and CFO Jim Williamson SVP Claims, SCLA, FCLA David Carmany VP Product and Pricing, CPCU, ARM Norman Ramos SVP Sales and Marketing David Schlocker VP Human Resources, SPHR GPHR Kelli Schulhofer SVP Field Operations, AINS 3 Profitable Growth This year was successful for CSE Insurance Group as we attained our goals of profitable 157.8 GROSS WRITTEN PREMIUM growth. In 2013, gross written premium was $157.8 million (a 3.4% increase over 2012) and growth was consistent with our five-year average top line growth of 3.2% per annum. 157,773 152,612 The 2013 net written premium increased by 5.9% to $137.8 million as we experienced a 147,518 10% reduction in reinsurance costs during the year. In addition to the strong revenue growth, the Company’s efforts to strengthen its underwriting results over the past three years resulted in a loss and loss adjustment expense ratio of 67.2% compared to 72.6% in 2012 and 75.1% in 2011. The improvement in the loss and loss adjustment expense along with the continued focus on expense 2013 2012 2011 controls resulted in the Company improving its year over year underwriting results by $5.9 million, posting a combined ratio of 102.8% compared to 107.5% in 2012 and 112.3% in 2011. The Risk Based Capital Authorized Control Level Ratio was 10.2. 137.8 UNDERWRITING EXPENSE RATIO NET WRITTEN PREMIUM 2013 35.7% 137,769 130,143 2012 34.9% 127,248 35.7 2011 37.2% 2013 2012 2011 PURE LOSS RATIO 2013 54.7% 2012 58.9% 54.7 2011 62.7% 102.8 COMBINED RATIO 112.3% 107.5% 102.8% LOSS & LOSS ADJUSTMENT EXPENSE RATIO 2013 67.2% 2012 72.6% 2011 75.1% 67.2 2013 2012 2011 4 Financial Results 5.1 Loss control continued to be a focus this year. In 2013, loss and loss adjustment expense INVESTMENT INCOME decreased by $1.3 million from 2012 as net written premium increased. The resulting pure 12,435 loss ratio improved to 54.7%, an improvement of 4.2% points on the prior year. 9,660 Overall, with the favorable operating results, the Company at year-end 2013 ended in 5,099 a stronger financial position than it began the year. Policyholder surplus, the ultimate measure of security and strength of an insurance company increased to $112.2 million after paying a $2.5 million dividend to our parent. Over the past five years, surplus has grown at an annualized rate of 3.3% after dividend payments. At $112.2 million our surplus is 10.2 2013 2012 2011 times greater than the authorized control level capital as established by risk based capital determination promulgated by the National Association of Insurance Commissioners. Our net written premium to surplus writing ratio is a very robust 1.2 to 1.0. With our positive underwriting position, strong agency network, and superior surplus strength, CSE is positioned for growth and provides assurance to all stakeholders that we 112.2 will continue to honor our commitments now and long into the future. CAPITAL & SURPLUS 112,201 111,624 107,375 INVESTED ASSETS 2013 2012 2011 CORPORATE BONDS 47.7% CASH & STIF 5.5% U.S. TREASURY & AGENCY SECURITIES 228.8 MBS & CMO’S NET INVESTED ASSETS 40.4% 232,426 5.2% 228,750 226,229 OTHER GOV’T SECURITIES 1.2% 2013 2012 2011 5 Looking Back This year, Richard Rey took the helm as our new CEO. Under the direction of Mr. Rey, the company was reorganized to allow for better communication and collaboration between departments, resulting in greater efficiency. We were also proud to again receive an AM Best Rating of A- (Excellent) this year. Looking Forward In 2014, CSE will focus on more analytics and data-driven decision making. We are committed to growth and profitability in our auto and commercial departments. The agent and customer experience is a priority at CSE, and we are actively working on both technological and organizational improvements to encourage a greater ease of doing business. Several new positions are also being added in 2014 including a Senior Vice President of Sales and Marketing, Chief Information Officer, and a Chief Actuary. Industry Recognition CSE Rated A- (Excellent) by A.M. Best A Financial Strength Rating from AM Best is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. Civil Service Employees Insurance Company and AM Best’s recognition of CSE’s financial strength is a vote of CSE Safeguard Insurance Company are rated A- 2011–2013 confidence for the company’s ability to deliver the promise of protection to all policyholders. 6 COVÉA: CSE: Meet the Quick Facts Parent Company CSE is a subsidiary of Covéa (SGAM) 110,616 based in Paris, France. POLICYHOLDERS/CUSTOMERS 2013 KEY FIGURES POLICYHOLDERS AND CUSTOMERS 21,832 More than VEHICLES INSURED 11 MILLION EMPLOYEES More than 50,356 26,500 across 6 COUNTRIES HOMES INSURED PREMIUMS 15.5 BILLION EUROS VEHICLES INSURED 158 More than EMPLOYEES 10 MILLION HOMES INSURED 7.4 MILLION 593 4 2012 KEY FIGURES NUMBER OF AGENTS in STATES NET INCOME* 628 MILLION EUROS 10.2 SOLVENCY RATIO* RBC-ACL TO SURPLUS RATIO 392% *From the Covéa 2012 Annual Report 7 Claims Achievements Claims implemented a well-coordinated audit exam strategy with our Quality Assurance Unit and counsel. The preliminary results from the recent 2013 California DOI Field Claims Examination indicate these efforts are paying off. Overall results are favorable with no adverse trends. The findings acknowledge improvement and resolution of issues from the previous examination. In addition, Claims initiated a “hold the line” strategy on indemnity payments, employing methods that utilized all available defenses and mitigating factors. This was also the case with respect to reducing 54.7% year end pure loss ratio and managing expenses, addressing leakage through proactive file- handling to reduce advance charges and increase net salvage return, was the best in four years. and the utilization of Xactimate. Similar to 2012, the Company achieved the annual goal of 100% or On the first-party property-side, CSE implemented an Independent Adjuster more, closed to open; realizing a 101.68% year end closed-to-open (IA) Agreement with a standardized fee schedule, handling guidelines and ratio.
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