2018 reinsurance market briefing - zurich · 2018-06-07 · agenda 2018 reinsurance market briefing...

2018 Reinsurance Market Briefing -Zurich

FIFA Museum AG

6 June 2018


2018 Reinsurance Market Briefing - Zurich 6 June 2018 2

Welcome

Nick Charteris-BlackManaging Director Market Development ndash EMEA

Agenda


1010 Global Reinsurance OutlookGreg Carter Managing Director Analytics ndash EMEA

1040 Keynote Presentation ILS and the Alternative Capital MarketsDirk Lohmann Chairman amp CEO ndashSecquaero Advisors Ltd

1120

1140 Methodology Update Presentation An update on Bests Credit Rating Methodology (BCRM) for (Re)Insurance Companies ndash Overview of outcomes for Global Reinsurance segment

Mathilde Jakobsen Director Analytics

1220 European Primary Insurance trends including Market Outlooks and impact on reinsurance sector

Catherine Thomas Senior Director Analytics

1300

Disclaimer


copy AM Best Company (AMB) andor its licensors and affiliates All rights reserved ALL INFORMATION CONTAINED HEREIN IS PROTECTED BYCOPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHERTRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCHPURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT AMBrsquos PRIORWRITTEN CONSENT All information contained herein is obtained by AMB from sources believed by it to be accurate and reliable Because of thepossibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of anykind Under no circumstances shall AMB have any liability to any person or entity for (a) any loss or damage in whole or in part caused by resulting fromor relating to any error (negligent or otherwise) or other circumstance or contingency within or outside the control of AMB or any of its directors officersemployees or agents in connection with the procurement collection compilation analysis interpretation communication publication or delivery of anysuch information or (b) any direct indirect special consequential compensatory or incidental damages whatsoever (including without limitation lostprofits) even if AMB is advised in advance of the possibility of such damages resulting from the use of or inability to use any such information The creditratings financial reporting analysis projections and other observations if any constituting part of the information contained herein are and must beconstrued solely as statements of opinion and not statements of fact or recommendations to purchase sell or hold any securities insurance policiescontracts or any other financial obligations nor does it address the suitability of any particular financial obligation for a specific purpose or purchaserCredit risk is the risk that an entity may not meet its contractual financial obligations as they come due Credit ratings do not address any other riskincluding but not limited to liquidity risk market value risk or price volatility of rated securities NO WARRANTY EXPRESS OR IMPLIED AS TO THEACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OROTHER OPINION OR INFORMATION IS GIVEN OR MADE BY AMB IN ANY FORM OR MANNER WHATSOEVER Each credit rating or other opinionmust be weighed solely as one factor in any investment or purchasing decision made by or on behalf of any user of the information contained herein andeach such user must accordingly make its own study and evaluation of each security or other financial obligation and of each issuer and guarantor of andeach provider of credit support for each security or other financial obligation that it may consider purchasing holding or selling

Disclaimer


US Securities Laws explicitly prohibit the issuance or maintenance of a credit rating where a person involved in thesales or marketing of a product or service of the CRA also participates in determining or monitoring the credit rating ordeveloping or approving procedures or methodologies used for determining the credit rating

No part of this presentation amounts to sales marketing activity and AM Bestrsquos Rating Division employeesare prohibited from participating in commercial discussions

Any queries of a commercial nature should be directed to AM Bestrsquos Market Development function



Global Reinsurance Outlook

Greg CarterManaging Director Analytics - EMEA

Reinsurance Market Dynamics


Outlook

Convergence Capital

Intense Competition

Earnings Strained

Excess Capital

Inflation Potential

Low Investment

Yields


Global Reinsurance Performance Results amp Trends

Total Economic and Insured Losses


2017 2016 Annual Change ()

10-Year Average

Economic LossesUSD

BillionsUSD

BillionsUSD

Billions

Nat Cat 300 178 69 178Man-made 6 10 -42 12

Total 306 188 63 190

Insured LossesNat Cat 131 56 133 51Man-made 5 8 -45 7

Total 136 65 110 58

Source Swiss Re Institute

Global Combined Ratio


Source AM Best data and research

559 562 560 605

761

610

319 336 343347

337

336

57 54 60 5842

54

0

5

10

15

20

25

30

35

40

45

50

0

20

40

60

80

100

120

2013 2014 2015 2016 2017 5yr Avg

Expense Ratio

Loss Ratio

Loss ReserveDevelopment

1098

898 952952

878946

Global Return on Equity



130

116

98

84

-01

-2

0

2

4

6

8

10

12

14

2013 2014 2015 2016 2017

Return on Equity Five-Year Average

Global Return on Equity ndash Five Year Average



85

47

0

1

2

3

4

5

6

7

8

9

Five -Year Average Return on Equity Five -Year Average Return on EquityExcluding Loss Reserve Development


Market Capacity

Top 10 Largest Reinsurance Groups


Reinsurance WP TotalLife amp Non-Life (USD m) ShareholdersrsquoGross Net Funds

Swiss Re 35622 33570 35716 Munich Re 33154 31891 33493 Hannover Ruck 17232 15192 10264 SCOR 14569 13238 7055 Berkshire Hathaway 12709 12709 286359 Lloyds 11576 8694 34101 RGA 10107 9249 7093 China Re 7857 7517 10384 Great West Lifeco 6195 6112 13857 Korean Re 5554 3903 1755

Source AM Best data and research Ranked by unaffiliated gross premium written in 2016

Estimate for Dedicated Reinsurance Capacity


320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017

Convergence Capacity

Traditional Capacity

ForecastSource AM Best and Guy Carpenter

(USD

Bill

ions

)


2018 Reinsurance Market Briefing - Zurich 6 June 2018 16Source Forecast by Guy Carpenter and AM Best data and research

4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90

2013 2014 2015 2016 2017EILW Collateralized Re Catastrophe Bonds

Source AM Best and Artemis

USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals

CAT Bonds Issued Number of Deals

CAT Bonds

USD

Bill

ions


Market Strategies amp Opportunities

Global Market Strategies


Client Agent amp Broker

Primary Insurance Company Reinsurance Broker

Reinsurance Company Convergence Capital

In AM Bestrsquos opinionhellip

The market will continue to become more efficient as all players strive to become closer to the client

Opportunities for the Reinsurance Sector


Cyber Insurance Flood Mortgage Terrorism InsurTech



HeadwindsIntense competition

Unabated interest from third-party capital

Excess capacity hinders improvement

Potential for increased inflation

Reserve release declines

Earnings under pressure

Although capitalisation remains strong and rate deterioration halted pressure on margins continues Over the intermediate term returns for some reinsurers will fall short on a risk-adjusted basis

Maintain negative outlook

TailwindsCession rates increasing

Cat losses temporarily stabilise rates

Favourable reserve development

Strong risk-adjusted capital

Increase in interest rates

MampA

ILS and Alternative MarketsZurich

AM Best 2018 Reinsurance Market Briefing

June 6 2018Dirk Lohmann ndash Secquaero Advisors Ltd

Insurance-Linked Securities from

Agenda

Source Secquaero Advisors Ltd

01 Introduction

02 History of ILS and Alternative Capital in the Reinsurance Market

03 2017 ndash What happened

04 2018 ndash Expectations and Reality

05 Outlook ndash Prospects for Growth

22

23

Personal IntroductionDirk Lohmann

ndash 38 years management underwriting experiencendash 17 Years with Hannover Rendash 4 Years with Zurich Financial Servicesndash 35 Years with Converiumndash CEO of Secquaero Advisors Ltd since 2007

ndash Extensive experience and innovation in the field of insurance securitizationndash KOVER (1994 Hannover Re)

ndash First securitization of non-life catastrophe risk into capital markets ndash K2 Portfolio Swap (1996 Hannover Re)

ndash First securitization to include aviation risk in addition to catastrophe risk First Portfolio based transaction to use an ISDA as documentation ndash Trinom (2001 Zurich Re)

ndash First multi-event multi-peril securitization (US Wind amp EQ Euro Nat Cat perils)ndash Helix 04 (2004 Converium)

ndash First second event only multi-peril 144A securitization (US Wind amp Quake Euro wind Japan Quake)ndash Award winning transaction SQ ReVita (2011 Secquaero)

ndash First Value in Force Life Securitization in note format with active transaction management transparent reporting and specific risk mitigantsndash SQ ReVita II (2016 Secquaero)

ndash Winner of Trading Risk Life ILS Transaction of the Year Award

ndash Founded in 2007ndash Launched first ILS fund in June 2008ndash Affiliated with Schroders since June 2013 Now a consolidated subsidiary of the Schroders Plc Groupndash Exclusive advisors to Schroders on insurance-linked investmentsndash Jointly manage with Schroders over $3 billion on ILS Assetsndash Active investor in all classes of insurance risk (not just catastrophe)ndash Total team of 22 investment professionals with in excess of 200 years industry experience

ndash What does the name Secquaero mean ndash Quaero I seek look for strive for endeavour seek to obtain (Latin)ndash Sec + Quaero = seeking solutions in securitization

Introduction to Secquaero

24


History of ILS and Alternative Capital in the Reinsurance Market

25

History of US PampC IndustryCapital inflows after major dislocations in the market

26

Source AM Best Insurance Information Institute

Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars

LegendPartner Re ndash Start-up backed by Venture Capital and still tradingCat Ltd- - Start-up that has since been acquired consolidatedAelous Re Side Cars ILS Managers ndash Alternative capital market vehicles

____

Why is ILS attractive to Investors

27

Source Schroders

The case for ILS

28

Attractive returns excellent diversification

Source Bloomberg Swiss Re Data from January 2002 to 29 December 2017 Cat Bonds Swiss Re Global Cat Bond Index Equities SampP500 Total Return Index IG bonds JP Morgan IG Corporate Total Return Index Commodities SampP Goldman Sachs Commodity Index Hedge Funds HFRX Equally Weighted Index High Yield Bonds Merrill Lynch Global HY Index Cat bonds positive if index negative refers to monthly performance of Swiss Re Global Cat Bond Index vs other indices Worst month figure refers to the Swiss Re Cat Bond Index which suffered the biggest draw-down over all cat bond indices in March 2011

Cat Bonds Equities IG Bonds Hedge Funds Commodities High Yield Bonds

Annual return (USD) 76 76 56 20 62 85

Volatility annual 32 140 61 45 226 100

Positive months 92 67 70 66 58 71

Cat bonds positive if index negative ndash 86 84 85 91 86

Worst month -65 -168 -149 -99 -278 -173

Date of worst month Sept lsquo17 Oct rsquo08 Oct rsquo08 Oct lsquo08 Oct lsquo08 Oct lsquo08

ILS ndash How it all began From a modest start to a major force in the insurance industry in 20 years

1992 ndashHurricane Andrew

1994 ndash KOVER1st Transfer of

Cat risk to Captial Markets

hannover reKover Ltd

$100000000Insurance Linked Notes

January 1994

1997 ndashGeorgetown Re

1st 144a Cat Bond

2005 ndash Katrina Rita amp Wilma

Most expensive Cat year in history

2014 ndashILS $60 to $75

bn 20 of Cat Market

Source Wikipedia Secquaero Advisors Ltd AON Benfield

ILS Market

30

Alternative capacity in the global property catastrophe reinsurance (on limit)

ILS continues to take share record issuance of cat bonds in 2017

Source Chart left Aon Benfield Analytics July 2017 chart right Artemiscom March 2018

Annual issuance volume of cat bonds (1997ndash2018 YTD)

17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

alternative capital traditional capital

800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding

2017 ndash What happened

31

ndash Very active event year in 2017 3rd most expensive year in terms of insured losses after 2011 and 2005

ndash 3 major land fall hurricanes 2 strong Mexico earthquakes and California wildfires for total insured losses which could exceed USD 125 billion

ndash Results were in line with expectations based on modelled losses of events

ndash Frequency was more of an issue than the severity of individual events As a consequence collateralized re covers and cat bonds with aggregate triggers were more exposed than per occurrence triggered instruments

2017 in reviewEventful year

32

Source Schroders AON Benfield Anaylitics January 2018

Insured losses by year by type

Hurricane IrmaA near miss for the industry

33

Source Bloomberg Swiss Re Lane Financial LLC Left hand chart Swiss Re Global Cat Bond TR index BofA Merrill Lynch Global High Yield Index BofA Merrill Lynch Global Broad Market Corporate Index as of September 29 2017 Right hand chart Lane Financial LLC All Cat ILS market spreads BofA Merrill Lynch Global High Yield OAS BofA Merrill Lynch Global Broad Market Corporate OAS as of September 29 2017 Past performance is no guarantee of future results Investors cannot invest directly in any index

bps

Total return (Jan 2002 = 100 August and September 2017)

Wed 692017Modelled insured loss gt USD120 bn

Fri 892017Modelled insured loss gt USD 20-80 bn

Sun 1092017Modelled insured loss gt USD 20-40 bn

180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17

Swiss Re Global Cat Bond

(Re-)Insurer View on rates Source

Hiscox GroupReinsurance

Submitted revised business plan to Lloyds increasing stamp capacity by pound450mn (+40) The increase in capacity is driven by an anticipated improvement in market conditions and a desire to have sufficient capacity available to participate in a widespread market turn

Hiscox 2018 Syndicate 33 Business Forecast

Published 11102017

Hannover ReReinsurance

+40 to 50 on loss impacted layers Seeking +5 across the entire portfolio on all lines

Ulrich Wallin CEO Hannover Re Investor Day Frankfurt 191017

Munich ReReinsurance

ldquoUnsustainablerdquo rates of the past five years will not continue We expect to see positive pricing changes certainly in the property classes on a worldwide basis

Herman Pohlchristoph CFOBaden-Baden 231017 as reported in wwwreinsurancemagazinecom

Swiss ReReinsurance

ldquoHow would I describe the market In one word ndash unsustainablerdquo ldquoI also believe this yearrsquos losses could be sufficiently significant to make the case for a change in market dynamics in Europerdquo

Jean-Jacques Henchoz CEO EMEAInsurance Insider Baden-Baden Reporter Day 1October 23 2017

Partner ReReinsurance

ldquoexpectations are for a pronounced correction in the US and a trajectory back to technically adequate levels in other parts of the worldrdquo ldquoInternational diversified capital will have been hit hard this year and we expect the global cat market to reactrdquo

Emmanuel Clarke CEOInsurance Insider Baden-Baden Reporter Day 2October 23 2017

ChubbPrimary Insurance

I believe we are at the beginning of a firming price environment driven by years of soft pricing that has resulted in inadequate rates in many classes The magnitude of this years CAT losses which on a worldwide aggregate basis was between a one-in-five and one-in-10 year industry event simply adds to the pressure to return to pricing that produces an adequate risk-adjusted returnrdquo

Evan Greenberg CEOChubb Ltd Earnings press release October 26 2017

HDI GlobalPrimary Insurance

Seeking 5 to 25 increases on accounts with loss ratios gt50 Interview Christian Hinsch CEO HDI Global Herbert Frommes Versicherungsmonitor 271017

Munich Re Syndicate LtdMarine

Has entered into the Marine XL Market ldquoThis is a dislocated market right now ndash wersquove been in the market buying replacement cover and we know its not easy therersquos not a lot of capacity right nowrdquo

Domink Hoare CUOInsurance Insider Baden-Baden Reporter Day 2October 23 2017

Outlook for Renewal Pricing 2018 in October 2017Expectations that market turn will not be limited to US reinsurance

34

Source Various see corresponding columns and Schroders October 2017

Broker View on rates Source

Arthur J GallagherPrimary Insurance

ldquohellipto see something on the order of five to 15 to 20 [rate increases] wouldnrsquot be unreasonablerdquo

AJ Gallagher 3rd Quarter earnings call as reported in Bestrsquos News Service via BestwireOctober 27 2017

Guy CarpenterReinsurance

ldquoEach customer should be treated differently ndash there shouldnrsquot be a broad brush approachrdquo

ldquoWe are in a business of relationships We hope that reinsurers will behave rational at the renewalrdquo

James Nash President InternationalGuy Carpenter Baden-Baden ReinsuranceSymposium as reported in Insurance Insider Baden-Baden Reporter Day 2October 23 2017 and in wwwreinsurancemagazinecom October 23 2017

Willis ReReinsurance

ldquoWe would anticipate that reinsurers would want to spread the burden of rate adjustments at 1 January as far as possible but expect that the impact on rates will be focused on loss affected regions and accountsrdquo

Dirk Spenner Managing Director Head of EMEA NorthEast Willis Re as reported in Insurance Insider Baden-Baden Reporter Day 1October 22 2017

JLT ReReinsurance

As things currently stand any rate increase is more likely to resemble201112 than 200506 or 200102 As a result pricing increases should take place in loss-affected regions whilst loss-free property-catastrophe programmes in areas outside of hurricane-ravaged regions can expect to see more moderate price rises The retrocession market is likely to be hit hard as elevated losses and increased demand for cover coalesce to drive rates up

JLT Re Viewpoint ndash Winds of Change ReportOctober 2017 ndash wwwjltrecom

Outlook for Renewal Pricing 2018 in October 2017Brokers no longer arguing whether rates will increase but rather by how much

35


Why should rates increaseIndustry fundamentals were weakening already before the 3rd Qtr events

36

Source Special report ndash Global Reinsurance Segment Review ndash September 2017 and sources therein AM Best

Industry ROE has been steadily eroding

Reported ROE supported by prior yearrsquos reserve releases and below average catastrophe losses

Accident Year results for Global Reinsurers (excluding prior year releases) generated an underwriting loss in 2016 with an accident year combined ratio of 1010 (AM Best Global Reinsurance Segment Review ndashSeptember 2017)

Standard amp Poorrsquos cohort of global reinsurers generated an average return on capital for the 1st Half Year 2017 of 82 versus an estimated cost of capital of 72

Why should rates increasePast market corrections were driven by a combination of large events and reserve adjustments

37

Source Schroders and JLT Re Viewpoint ndash The Winds of Change Report and references therein October 2017

Sharp correction in Natural Catastrophe rates between 2001 ndash 2004 was driven more by reserve deficiencies in the reinsurance sectorrsquos balance sheet than by large events

The large losses of 2011 did not result in a sharp correction for two reasonsbull Losses were not in the USbull Industry had significant reserve redundancies

that helped absorb the 2011 event losses

In 2017 18 the situation is somewhat different bull Reserve redundancies are not as abundant

as they have been used in the last 5 years to support earnings

bull While the market may have had excess capital before the events much has been eliminated through the losses

Investor reactionndash Impact on Cat Bond market was relatively limited This surprised most investors who expected a higher drawdown after such large storms

What many did not initially appreciate was that most bonds only covered named perils of which flood was not one Also territorial scope of most bonds (with the exception of Atlas and Kilimanjaro) excluded US territories and possessions

ndash Most investors were conditioned to expect the need for a top up post event and many did so in anticipation of higher rates at the upcoming renewal

ndash Many new investors who had been sitting on the sidelines came into the market in anticipation of a market hardening

Manager reaction ndash Initially a large concern that much 2017 collateral would be trapped and not available for renewal at January 1 2018ndash Some higher demand for protection was anticipatedndash Clear expectation that rates would be increasing after prolonged softening of pricing particularly in the retrocessional marketndash Significant fund raising efforts aimed a ldquore-loadingrdquo existing capacity to cover eroded or trapped collateralndash Some aggressive fund raising targeting strategies with higher octane returns

How did ILS Investors and Managers React

38


2018 Renewals - Expectations and Reality

39

ndash Despite what turned out to be among the most expensive catastrophe years in the reinsurance industry (after 2005 and 2011) with insured market loss in excess of USD 125 billion the renewal was largely orderly with no distressed buyers in the market

ndash The renewal season was very late with many contracts not being firm ordered until the week before Christmas There were a couple of reasons for this

1 Uncertainty over loss estimates for Harvey Irma and Maria Harvey seems to have remained flat Irma surprisingly came down and Maria is a potential source for surprises due to the very slow recovery of local infrastructure and associated business interruption claims

2 Retrocessional programs were only completed relatively late in the renewal season As a consequence many reinsurers held back on quoting the primary reinsurance programs

3 Significant uncertainty as to how much collateral would be trapped and how much new money would be raised by the ILS managers This was only finalized in mid-to late November

ndash There was a strong reliance on modeled outputs which we found disappointing seeing as events like the California wildfires are not even captured by some models (RMS does not cover this peril AIRrsquos model resulted in loss estimates that were well below the actual incurred figures for northern California)

ndash Inflows into the cat bond market (following its relatively strong performance through Harvey Irma and Maria) resulted in Cat Bond pricing for new issuance coming in with risk-adjusted rate increases at the lower end of what was initially anticipated

January 1 RenewalsGeneral Observations

40

Source Swiss Re httpwwwsigma-explorercomindexhtml Schroders January 2018

Our projections end of October 2017

January 1 RenewalsIncreased rates but below expectations

41

Source Schroders

Type of Business Projected Increase

Loss impacted Retro +35 - 50

Loss free Retro +10 - 20

Florida take-out companies (Loss impacted layers)

+35 - 50

Florida take-out companies (Loss free layers)

+30 - 35

US Loss impacted ex Florida +30 - 50

US Loss free ex Florida +10 ndash 20

European Loss Free + 5 - 10

Australia New Zealand + 10 - 25

Type of Business Achieved Increase




NA - June 1 Renewal


NA - June 1 Renewal


US Loss free ex Florida +5 - 10



Our observations end of December 2017

Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3

Positives for price dynamics Negatives for price dynamics

January 1 RenewalWhat influenced the market

42

Source Schroders January 2018

ndash Uncertainty on level of capacity available particularly in the retrocessional market led to higher prices being paid for renewals that secured capacity first In particular for the first part of the renewal

ndash California Wildfire losses added pressure on aggregate covers

ndash Cedents were essentially primed to anticipate rate increases

ndash Generally less competition on more remote attachment points carrying lower coupons rate on line (ie those below 10)

ndash European and international business (ex USA) saw a stop in erosion of pricing

ndash New RMS version 18 model release ndash resulted in lower modeled expected losses for certain US perils offsetting upwards price pressure

ndash Harvey and Irma loss estimates for many companies declined during the renewal season This resulted in less trapped collateral than originally anticipated with reduced squeeze on retrocessional pricing

ndash Strong demand chasing yields on the ldquohigher yieldingrdquo transactions (coupons rates on line in the 12 to 15+ area)

ndash Regional aggregate tornado hail protection renewals disappointed Technical pricing offered was weaker than we had expected despite the reinsurance market having been hit relatively hard

ndash Capital base of the market has remained solid ILS market able to ldquore-loadrdquo

ndash Strong bond market in late 1st quarter signaled capacity overhang Spreads on new issuance largely came inside of initial guidance despite some losses emerging in the bond market (Caelus Residential Re Citrus)

ndash Set the stage for challenging renewal of June 1 Florida coversndash For many Florida writers 2017 was the first time that their

programs experienced a significant loss For ldquoolderrdquo Florida companies first major loss since 2005 Cedents and brokers successfully used the ldquobankrdquo argument to avoid material repricing ignoring the capital relief provided by reinsurance market over the last 10 years Some reinsurance panels were changed

ndash Terms generally set early and cover bound before latest news on loss development emerged

ndash Loss Adjustment Expenses and Closed File reopening leading to further adverse development has been largely discounted in the renewal negotiations

June 1 Renewal (Florida Market)Essentially Flat despite some surprises

43

Source Secquaero Advisors Ltd Chart JLT Re httpswwwjltrecommedia-centrepress-releases2018june1-june-2018-renewals

JLT Re Risk-Adjusted Florida Property-Catastrophe ROL Index ndash 1992 to 2018

- JLT Re Florida Index +12 in 2018 versus 2017

ndash Spreads have recently improved but careful risk selection and portfolio construction is still required to offer investors fairly priced risks

ndash Price increase range has been function of region and peril anywhere between 0-35

ndash Peak risks (US wind and earthquake) still offer attractive margins

ndash Only 20ndash30 of the times are hard markets ndash peaks last even shorter ndash steady state is a soft market

ILS MarketILS still fairly priced Attractiveness depends upon peril and region

44

Source Guy Carpenter (2018) Schroders (2018) Preliminary Rate-on-Line is the re-insurance premium paid in percentage of insurance coverage amount

0

50

100

150

200

250

300

350

400

450

Period over which cat bond market data is available

Guy Carpenter Property Catastrophe Rate-on-Line Indices

ndash 2017 was more of an ldquoearningsrdquo event than a ldquocapitalrdquo event for the global reinsurance market Also true for a good portion of ILS market although there are a few outliers Lloyds clearly challenged by the 2017 results

ndash Alternative capital market is clearly a factor but not the sole culprit responsible for current market conditions ndash Frequency rather than severity was the problem for 2017 Had Irma moved along the earlier forecast track then the impact ndash on traditional

as well as collateralized alternative reinsurance markets ndash would have been more profound particularly with respect towards trapped collateral

ndash Ultimate cost of 2017 events ndash particularly with respect to Irma and Maria ndash will only be known later this year Loss creep or adverse development is beginning to show up in the results of certain ILS managers and could also be a factor for the 2nd quarter results for reinsurers with significant Florida books

ndash Investors may not be as accommodating with regards towards ldquoreloadingrdquo should 2018 hurricane experience prove to be a repeat of 2017 Investors were conditioned to expect to reload but also bought into the concept of ldquopaybackrdquo post event Actual pricing experience could lead to some skepticism about whether the market can actually deliver on this

ndash Swings in the price cycle are not simply a function of a large loss 2017 losses (with the exception perhaps of the northern California wildfires) were all within modeled expectations Overall health of the industryrsquos balance sheet at the time of the event and the degree to which the trigger event catches the industry off guard are important components to a shift in the marketrsquos psychology

Has ILS and Alternative Capital killed the ldquoCyclerdquoJury is still out on this question

45


Outlook ndash Prospects for Growth

46

ndash The Alternative Capital market is often cited as the potential ldquosolutionrdquo to capacity constrained marketsndash Our view Risks entertained by capital market investors must have the following characteristics

ndash The risk entertained should not correlate with financial markets for other assets (ie it must remain a diversifying asset)ndash There must be a clear description of the risk being entertained What are we insuring against ndash There must be sufficient data (exposure information claims information) available to properly price the riskndash Whether a covered event has occurred and the quantum of loss recoverable for an insured event must be quantifiable within a

reasonably short time frame ndash One must remember that Alternative Capital Specialist ILS managers generally do not have permanent capital Our capital can usually

redeem within specified time frames which constrains our ability to assume certain risksndash Collateralized nature of the coverage provided also is a constraint

Can Alternative Capital provide solutions to new emerging risks

47


Risk Non-correlating to Market risk and valuation of other financial assets

Clarity on what is covered

Sufficient data to assess and price the risk

Is the occurrence of an event and its amount quantifiable within a reasonable time frame

Terror No Maybe No Yes for property damage No for other lines of insurance

Political Risk Depends Not always Not for all exposures No

Cyber No No No No

Supply Chain Depends probably low correlation to individual names but not broad market risk

Not always Question of product design and willingness of insured to assume basis risk

Limited for all risk indemnity Possible for parametric coverage against catastrophe events

Indemnity trigger ndash noParametric trigger - yes

Weather Yes Possible Yes in most cases Yes

Bank Operational Risk No Not entirely No No

Mortgage Indemnity No Yes Yes for US market Depends upon the structure

Some emerging risksDo they meet the criteria for Alternative Capital

48


Where do we see additional growth opportunities

49


Alternative capital will continue to gain market share but probably not at the same rate as in recent years

In developed markets aggregate demand for catastrophe coverage continues to grow by 3ndash5 pa

Growth drivers arebull Solvency II requirements and rating agency model changes further increase demand for capital optimizationbull Closing gap between insured and uninsured losses Currently estimated by Swiss Re at $153bn ndash largest contributors being US Japan and Chinabull Government and multinational disaster relief efforts ndash parametric re-insurancebull Economic and population growth in risk-prone areas

Potential growth segmentsbull Life insurance bull Marine amp Energybull Motorbull Balance sheet driven protections

(Exposure is not to a single occurrence of (natural) catastrophes but more aligned to an (unlikely) ldquoextreme shiftrdquo of an expected result of a subject portfolio over a certain time horizon typically one yearrdquo eg Casualty risk or Reserve risk)



Methodology Update Presentation An update on Bests Credit Rating Methodology

(BCRM) for (Re)Insurance Companies ndash Overview of outcomes for Global Reinsurance segment

Mathilde JakobsenDirector Analytics

Agenda

2018 Reinsurance Market Briefing - Zurich 51

bull Update on Bests Credit Rating Methodology

bull Focus on reinsurers

6 June 2018

Building Block Approach

Balance Sheet Strength

Baseline

Operating Performance

BusinessProfile

Enterprise Risk Management

Comprehensive Adjustment1

RatingLiftDrag2

Issuer Credit Rating

Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4

Notes1 A comprehensive adjustment can be applied of + 1 or - 1 for creditworthiness not captured elsewhere2 Applies to assessment of non-lead rating units in relation to the broader organisation leading to liftdrag +4 to -4

2018 Reinsurance Market Briefing - Zurich 526 June 2018

AM Bestrsquos Rating Translation Table

bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR

ICR = Issuer Credit RatingFSR = Financial Strength Rating

The rating symbols A++ A+ A A- B++ B+ are registered certification marks of AM Best Rating Services Inc

Note Scales E to NR not shown

B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc




Risk-Adjusted Capitalisation as measured by Bestrsquos Capital Adequacy Ratio (BCAR)

bull level trend volatility slope

Holding Company

bull Consolidated risk-adjusted capitalisation financial flexibility leverage amp coverage etc

Qualitative and Quantitative Analytical Factorsbull Stress test quality and fungibility

of capital ALM quality of assets reserving quality dependence and appropriateness of reinsurance

Country Risk

Balance Sheet

Strength Rating Drivers

Application of BCAR ModelBestrsquos Capital Adequacy Ratio (BCAR)

ndash Comprehensive quantitative tool that evaluates many of the risks to the balance sheet simultaneously

ndash BCAR model calculates four scores corresponding to a 95 99 995 and 996 confidence level

ndash Generates an overall estimate of the required level of capital to support those risks and compares it with available capital


BCAR Scores - Example


Reinsurer ABC is a fictional company The graph shows its BCAR scores on a standard and catstressed basis (after a large loss)

6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996

Reinsurer ABCs BCAR scores

Standard Cat stressed

Applying BCAR scores

bull BCAR is the starting point in the assessment of balance sheet strength

VaR Confidence Level () BCAR BCAR Assessment

996 gt 25 at 996 Strongest996 gt 10 at 996 amp le 25 at 996 Very Strong995 gt 0 at 995 amp le 10 at 996 Strong99 gt 0 at 99 amp le 0 at 995 Adequate95 gt 0 at 95 amp le 0 at 99 Weak95 le 0 at 95 Very Weak

Companies with lt 20 million USD in capital amp surplus cannot score in strongest category






Holding Company




Country Risk

Balance Sheet






Overall Balance Sheet Strength Assessment

Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)

Country Risk TierCRT-1 CRT-2 CRT-3 CRT-4 CRT-5

Strongest a+a a+a aa- a-bbb+ bbb+bbb

Very Strong aaaa- a-bbb+ bbb+bbb bbbbbb-

Strong a-bbb+ a-bbb+ bbb+bbbbbb- bbbbbb-bb+ bbb-bb+bb

Adequate bbb+bbbbbb- bbb+bbbbbb- bbb-bb+bb bb+bbbbbb-b+b

Weak bb+bbbbbb+bbbbbb-b+b b+bbbb-ccc+

Very Weak b+ and below b+ and below b- and below ccc+ and below ccc and below

6 June 2018



667

292

42

AM Best-rated Global Reinsurers ndashBalance Sheet Strength Distribution

Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100

aa aa- a+ a a-Strongest Very Strong Strong

Global Reinsurers ndashBalance Sheet Strength by Long-Term Issuer

Credit Rating

Source AM Best Special Report ldquoGlobal Reinsurers ndash Building Block Approach Confirms the Strength of the Market Despite Challenging Conditionsrdquo

Balance Sheet Strength - Example


Strongest BCARbull Standard and Cat stressed

Ability to raise equity and access debt markets

Moderate Dependence on Retrocessionbull Quality of assets ALM

reserving raise no concerns

Country Risk

bull CRT-1

Balance Sheet


Reinsurer ABC is a fictional company with a balance sheet strength assessment of very strong and a baseline starting point of ICR lsquoarsquo

Operating Performance Assessment


Profitable insurance operations are essential for a rating unit to operate as a going concern AM Best analysis focuses on

In general more diversity in earnings streams leads to greater stability in operating performanceAnalysis reflects a variety of quantitative and qualitative measures to evaluate operating performance

Stability Diversity SustainabilityThe interplay between earnings

and liabilities retained by the rating unit



Operating performance assessed against appropriate benchmarks

Total Operating Earnings

Underwriting Performance Operating Performance

Rating Drivers

OtherConsiderations

Financial Performance

Investment Performance

EarningsVolatility


6 June 20182018 Reinsurance Market Briefing - Zurich 65

Assessment Notches Key Characteristics

Very Strong +2 Historical operating performance is exceptionally strong and consistent Trends are positive and prospective operating performance is expected to be exceptionally strong Volatility of key metrics is low

Strong +1 Historical operating performance is strong and consistent Trends are neutralslightly positive and prospective operating performance is expected to be strong Volatility of key metrics is low to moderate

Adequate 0 Historical operating performance and trends are neutral Prospective operating performance is expected to be neutral Volatility of key metrics is moderate

Marginal -1 Historical operating trends have been inconsistent Trends are neutralslightly negative with some uncertainty in prospective operating performance Volatility of key metrics is moderate to high

Weak -2 Historical operating performance is poor Trends are slightly negative and prospective operating performance is expected to be poor Volatility of key metrics is high

Very Weak -3 Historical operating performance is very poor Trends are negative and prospective operating performance is expected to be very poor Volatility of key metrics is very high

6 June 2018



417

500

83

Global Reinsurers -Operating Performance Notch

Distribution

Strong (+1) Adequate (0) Marginal (-1)

100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-

Global Reinsurers -Operating Performance Notch by Long-Term Issuer

Credit Rating



Operating Performance - Example


Reinsurer ABC is a fictional company with an operating performance assessment of adequate (0)

Five-Year Average Return on Equity= 10

Five-Year Average Combined Ratio= 95


Rating Drivers

Performance Forecast to Deteriorate

Five-Year Investment Return=2

Earnings Volatility due to Catastrophe Exposure

Business Profile Assessment


Business profile is a qualitative component that directly affects the quantitative measures

ProductGeographic Concentration

Market Position

Business Profile Rating Drivers

Pricing Sophistication and

Data Quality

Product Risk

Degree of Competition

ManagementQuality

Regulatory Event andMarket Risks

DistributionChannels



Assessment Adjustment (Notches)

Key Business Profile Characteristics

Very Favorable +2 The companys market leadership position is unquestionable demonstrated and defensible with high brand recognition Distribution is seen as a competitive advantage business lines are non-correlated and generally lower risk Its management capabilities and data management are very strong

Favorable +1 The company is a market leader with strong business trends and good control over distribution It has diversified operations in key markets that have high to moderate barriers to entry with low competition It has a strong management team that is able to meet projections and utilize data effectively

Neutral 0 The company is not a market leader but is viewed as competitive in chosen markets It has some concentration andor limited control of distribution It has moderate product risk but limited severity and frequency of loss Its use of technology is evolving and its business spread of risk is adequate

Limited -1 The company has a lack of diversification in geographic andor product lines its control over distribution is limited and undifferentiated It faces highincreasing competition with low barriers to entry and elevated product risk Management is unable to utilize data effectively or consistently in business decisions

Very Limited -2 The company faces high competition and low barriers to entry It has high concentration in commodity or higher-risk products with very limited geographic diversity It has weak data management Country risk may factor into its elevated business profile risks

The key characteristics described for each assessment category are ideal scenarios and are not intended to be prescriptive

6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-

Global Reinsurers ndashBusiness Profile Notch by Long-Term Issuer Credit

Rating

Very Favorable (+2) Favorable (+1) Neutral (0)

6 June 2018

292

208

500

Global Reinsurers -Business Profile Notch Distribution



Business Profile Assessment - Example


Reinsurer ABC is a fictional company with a business profile assessment of neutral (0)

Concentration to US Catastrophe Property (50 of portfolio)

Top 10 in Selected MarketsOutside Top 50 Global Reinsurers


Good Underwriting and Data Expertise

High Product Risk (property catastrophe and casualty reinsurance)

HighCompetition

ExperiencedManagement

Stable RegulatoryRegime

BrokerDistribution

Enterprise Risk Management (ERM) Assessment


bull Holistic assessment of the risk management framework and evaluation of risks relative to capabilities

Evaluate ERM through an ORSA-type lens

bull Part I Framework Evaluationbull Part II Risk Evaluationbull Part III Overall ERM Assessment

Risk Impact Worksheet (RIW)

6 June 2018

ERM AssessmentERM assessment considers risk management framework risk management capabilities in light of risk profile and overall ERM


Framework Assessment Components

Risk Identification and Reporting

Risk Appetite and Tolerances

Stress Testing

Risk Management and Controls

Governance and Risk Culture

Assessment of Capabilities Relative to Profile

Product and Underwriting Risk

Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk

LegislativeRegulatoryJudicialEconomic Risk

Operational Risk

Liquidity and Capital Management Risk

6 June 2018

ERM Assessment



Very Strong +1 The insurerrsquos ERM framework is sophisticated timestress-tested and embedded across the enterprise Risk management capabilities are superior and are suitable for the risk profile of the company

Appropriate 0 The insurerrsquos ERM framework is well-developed andor adequate given the size and complexity of its operations Risk management capabilities are very good and are well aligned with the risk profile of the company

Marginal -1 The insurerrsquos ERM framework is developing however certain key elements of the framework are not yet in place or have proven inadequate given the complexity of its operations Some risk management capabilities are not aligned with the risk profile of the company

Weak -2 The insurerrsquos ERM framework is emerging and management is exploring the development of formal risk protocols Risk management capabilities are insufficient given the risk profile of the company

Very Weak -34 There is limited evidence of a formal ERM framework in place Severe deficiencies in risk management capabilities relative to the risk profile of the company are evident

6 June 2018

ERM Assessment


250

708

42

Very Strong +1 Appropriate 0 Marginal -1

Global Reinsurers ndash Enterprise Risk Management Notch Distribution


6 June 2018

ERM - Example

Reinsurer ABC is a fictional company with an ERM assessment of appropriate (0)



Framework is developed and is appropriate for the size and complexity of

the organisation


Risk capabilities are aligned with the organisationrsquos moderate risk profile across all

categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4



Building Blocks - Example


bull Strongest BCAR

bull Moderate reinsurance dependence

bull Developed framework

bull Risk capabilities aligned with risk profile

bull Mid-sized reinsurer

bull Some concentration

bull High product risk

bull High competition

bull 5-yr avg ROE of 10 combined ratio of 95 but not sustainable

ABC is a fictional reinsurer rated a

6 June 2018



bull Strongest BCAR

bull Low reinsurance dependence

bull Strong financial flexibility

bull Embedded framework


bull Global reinsurer

bull Diversified geographically and by product


bull 5-yr avg ROE of 10 combined ratio of 96

bull Results are sustainable

DEF group is a fictional reinsurance group rated aa

6 June 2018



Catherine ThomasSenior Director Analytics

European Primary Insurance trends including Market Outlooks and impact on

reinsurance sector

Market Segment Outlooks


Examine the current trends in particular segments of the insurance industry over the next 12 months

Typical factors considered include current and forecast economic conditions the regulatory environment and potential changes emerging product developments and competitive issues that could impact the success of the companies operating in the segment

A Bestrsquos Market Segment Outlook like a Bestrsquos Credit Rating Outlook for a company can be positive negative or stable

Many segments covered internationally

European Overview


Operating environment challenging with limited growth prospects and low investment returns

Strong balance sheets maintained supported by resilient operating performance and appropriate enterprise risk management (ERM)

Persisting headwindshellip Regulatory risks Political risks Low interest rates

hellip but encouraging signs Improving economic outlook Indications of modest interest rate rises

A Context of Economic Recovery


e = estimate p = projectionSource International Monetary Fund

Period of economic recovery expected to moderate

-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p

GDP Growth 2010 - 2019 Italy

Spain

France

Germany

UK

Eurozone

Challenging Interest Rate Environment


Low interest rate environment persists

-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)

NoteData from January 2010 to April 2018Source European Central Bank

Italy

Spain

France

Germany

UK

European Union - Yields of Government Bonds With Maturities Close to 10 Years (2010-18)


European Segment Outlooks



Stable Outlook

France ndash Non-Life

Stable Outlook

Spain ndash Non-Life

Negative Outlook

UK ndash Non-Life

Stable Outlook

Italy ndash Non-Life

Stable Outlook

Germany ndash Non-Life

France Non-Life Outlook


AM Best Has A Stable Outlook

Resilient performance driven by generally good diversification of business profiles in the face of intense competition and challenging market conditions

Headwinds

Ongoing intense competition

Weak technical equilibrium

Inflationary claims trends in motor

Tailwinds

Favourable pricing indicators

Business mix generally well balanced

Source FFA Les Echos

99 98

9092949698

100102104106

2012 2013 2014 2015 2016

Non-Life Combined Ratio

Non-life market

Property -Individual

Property -Commercial

Motor

Germany Non-Life Outlook



Sector has very strong balance sheets and solid technical profitability underpinned by good underwriting discipline and sustainable rate adjustments

Headwinds

Increasingly competitive market conditions

Protectionist tendencies could adversely impact Germanyrsquos export driven economy

TailwindsSolid technical profitability with good underwriting discipline

Solid economic fundamentals

Sustainable rate increasesSource Bestrsquos Statement File ndash Global AM Best data and research GDV

9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR

Italy Non-Life Outlook



The stable outlook reflects the sectorrsquos ability to maintain strong technical profitability in spite of competitive pressures and political uncertainty

Headwinds

Strong competition putting pressure on rates for motor (50 of non-life market)

Political instability

Economic fundamentals

Tailwinds

Strong technical profitability

Underwriting discipline supported by increased use of telematics

Source AM Best calculations on ANIA data ANIA GDV FFA DGSFP

9694

9092949698

100102104

2012 2013 2014 2015 2016

Selected Countries ndashNon-Life Combined Ratio

France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016

Motor Gross Written Premium (eurom) and Combined Ratio

Motor GWP Motor Combined Ratio

Spain Non-Life Outlook



Insurers demonstrate solid technical fundamentals with good performance and strong balance sheets although sustained political instability could test the sector

Headwinds

Political instability following Catalonia independence referendum

Adapting to regulatory reforms (including Baremo)

TailwindsSustained strong technical performance

Economic recovery to support premium growth

Strengthened ERMSource El Mundo FFA GDV AM Best calculations on ANIA data ANIA DGSFP

9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook


AM Best Has A Negative Outlook

Competitive conditions legislative uncertainty and the potential impact of Brexit on the UK economy weigh on the segment

HeadwindsEconomic uncertainty

Intense competition weak technical margins

Volatility in prior year reserve development

Legislative uncertainty

Tailwinds

Implementation of Civil Liability Bill with potential whiplash and personal injury claims reform

Note Accident Year Combined RatiosSource Bestrsquos Statement File ndash Global AM Best Data and Research Insurance Times

10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016

Accident Year Combined Ratio (Selected Lines)

Property Motor Liability


Looking Forward

Key things to watchhellip


Competition continues to put technical margins under pressure

Ongoing focus on cost management as insurers aim to preserve profitability in a highly competitive market and low investment return environment

Economic environment to present some opportunities for insurers although dramatic growth not expected



Increasing focus on and investment in innovation and customer experience



Political Uncertainty

GDPR

IFRS17Legislative Reforms

Distribution Directive

External challenges persist

Brexit


FIFA Museum AG

6 June 2018

Slide Number 1

2018 Reinsurance Market Briefing - Zurich

Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25

History of US PampC Industry


The case for ILS

ILS ndash How it all began

ILS Market

Slide Number 31

2017 in review

Hurricane Irma

Outlook for Renewal Pricing 2018 in October 2017


Why should rates increase



Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal

June 1 Renewal (Florida Market)

ILS Market

Has ILS and Alternative Capital killed the ldquoCyclerdquo

Slide Number 46





Agenda




Application of BCAR Model















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96

Type of Business Projected Increase Type of Business Achieved Increase

Loss impacted Retro +35 ndash 50 Loss impacted Retro +15 - 30

Loss free Retro +10 - 20 Loss free Retro +5 - 15

Florida take-out companies (Loss impacted layers) +35 - 50 Florida take-out companies (Loss impacted layers) NA - June 1 Renewal

Florida take-out companies (Loss free layers) +30 - 35 Florida take-out companies (Loss free layers) NA - June 1 Renewal

US Loss impacted ex Florida +30 - 50 US Loss impacted ex Florida +15 - 35

US Loss free ex Florida +10 ndash 20 US Loss free ex Florida +5 - 10

European Loss Free + 5 - 10 European Loss Free + 0 - 10

Australia New Zealand + 10 - 25 Australia New Zealand + 25 - 20

Type of Business Projected Increase Type of Business Acheived Increase

Loss impacted Retro +35 - 50 Loss impacted Retro +15 ndash 30





US Loss free ex Florida +10 ndash 20 US Loss free ex Florida +5 ndash 10





Welcome

Nick Charteris-BlackManaging Director Market Development ndash EMEA

Agenda




1120





1300

Disclaimer



Disclaimer











Outlook

Convergence Capital

Intense Competition

Earnings Strained

Excess Capital

Inflation Potential

Low Investment

Yields






10-Year Average

Economic LossesUSD

BillionsUSD

BillionsUSD

Billions

Nat Cat 300 178 69 178Man-made 6 10 -42 12

Total 306 188 63 190


Total 136 65 110 58





559 562 560 605

761

610

319 336 343347

337

336

57 54 60 5842

54

0

5

10

15

20

25

30

35

40

45

50

0

20

40

60

80

100

120

2013 2014 2015 2016 2017 5yr Avg

Expense Ratio

Loss Ratio


1098

898 952952

878946




130

116

98

84

-01

-2

0

2

4

6

8

10

12

14

2013 2014 2015 2016 2017





85

47

0

1

2

3

4

5

6

7

8

9



Market Capacity








320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017




(USD

Bill

ions

)



4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



















Agenda




1120





1300

Disclaimer



Disclaimer











Outlook

Convergence Capital

Intense Competition

Earnings Strained

Excess Capital

Inflation Potential

Low Investment

Yields






10-Year Average

Economic LossesUSD

BillionsUSD

BillionsUSD

Billions

Nat Cat 300 178 69 178Man-made 6 10 -42 12

Total 306 188 63 190


Total 136 65 110 58





559 562 560 605

761

610

319 336 343347

337

336

57 54 60 5842

54

0

5

10

15

20

25

30

35

40

45

50

0

20

40

60

80

100

120

2013 2014 2015 2016 2017 5yr Avg

Expense Ratio

Loss Ratio


1098

898 952952

878946




130

116

98

84

-01

-2

0

2

4

6

8

10

12

14

2013 2014 2015 2016 2017





85

47

0

1

2

3

4

5

6

7

8

9



Market Capacity








320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017




(USD

Bill

ions

)



4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



















Disclaimer



Disclaimer











Outlook

Convergence Capital

Intense Competition

Earnings Strained

Excess Capital

Inflation Potential

Low Investment

Yields






10-Year Average

Economic LossesUSD

BillionsUSD

BillionsUSD

Billions

Nat Cat 300 178 69 178Man-made 6 10 -42 12

Total 306 188 63 190


Total 136 65 110 58





559 562 560 605

761

610

319 336 343347

337

336

57 54 60 5842

54

0

5

10

15

20

25

30

35

40

45

50

0

20

40

60

80

100

120

2013 2014 2015 2016 2017 5yr Avg

Expense Ratio

Loss Ratio


1098

898 952952

878946




130

116

98

84

-01

-2

0

2

4

6

8

10

12

14

2013 2014 2015 2016 2017





85

47

0

1

2

3

4

5

6

7

8

9



Market Capacity








320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017




(USD

Bill

ions

)



4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



















Disclaimer











Outlook

Convergence Capital

Intense Competition

Earnings Strained

Excess Capital

Inflation Potential

Low Investment

Yields






10-Year Average

Economic LossesUSD

BillionsUSD

BillionsUSD

Billions

Nat Cat 300 178 69 178Man-made 6 10 -42 12

Total 306 188 63 190


Total 136 65 110 58





559 562 560 605

761

610

319 336 343347

337

336

57 54 60 5842

54

0

5

10

15

20

25

30

35

40

45

50

0

20

40

60

80

100

120

2013 2014 2015 2016 2017 5yr Avg

Expense Ratio

Loss Ratio


1098

898 952952

878946




130

116

98

84

-01

-2

0

2

4

6

8

10

12

14

2013 2014 2015 2016 2017





85

47

0

1

2

3

4

5

6

7

8

9



Market Capacity








320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017




(USD

Bill

ions

)



4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96

























Outlook

Convergence Capital

Intense Competition

Earnings Strained

Excess Capital

Inflation Potential

Low Investment

Yields






10-Year Average

Economic LossesUSD

BillionsUSD

BillionsUSD

Billions

Nat Cat 300 178 69 178Man-made 6 10 -42 12

Total 306 188 63 190


Total 136 65 110 58





559 562 560 605

761

610

319 336 343347

337

336

57 54 60 5842

54

0

5

10

15

20

25

30

35

40

45

50

0

20

40

60

80

100

120

2013 2014 2015 2016 2017 5yr Avg

Expense Ratio

Loss Ratio


1098

898 952952

878946




130

116

98

84

-01

-2

0

2

4

6

8

10

12

14

2013 2014 2015 2016 2017





85

47

0

1

2

3

4

5

6

7

8

9



Market Capacity








320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017




(USD

Bill

ions

)



4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96
























10-Year Average

Economic LossesUSD

BillionsUSD

BillionsUSD

Billions

Nat Cat 300 178 69 178Man-made 6 10 -42 12

Total 306 188 63 190


Total 136 65 110 58





559 562 560 605

761

610

319 336 343347

337

336

57 54 60 5842

54

0

5

10

15

20

25

30

35

40

45

50

0

20

40

60

80

100

120

2013 2014 2015 2016 2017 5yr Avg

Expense Ratio

Loss Ratio


1098

898 952952

878946




130

116

98

84

-01

-2

0

2

4

6

8

10

12

14

2013 2014 2015 2016 2017





85

47

0

1

2

3

4

5

6

7

8

9



Market Capacity








320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017




(USD

Bill

ions

)



4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96






















559 562 560 605

761

610

319 336 343347

337

336

57 54 60 5842

54

0

5

10

15

20

25

30

35

40

45

50

0

20

40

60

80

100

120

2013 2014 2015 2016 2017 5yr Avg

Expense Ratio

Loss Ratio


1098

898 952952

878946




130

116

98

84

-01

-2

0

2

4

6

8

10

12

14

2013 2014 2015 2016 2017





85

47

0

1

2

3

4

5

6

7

8

9



Market Capacity








320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017




(USD

Bill

ions

)



4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96






















130

116

98

84

-01

-2

0

2

4

6

8

10

12

14

2013 2014 2015 2016 2017





85

47

0

1

2

3

4

5

6

7

8

9



Market Capacity








320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017




(USD

Bill

ions

)



4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96






















85

47

0

1

2

3

4

5

6

7

8

9



Market Capacity








320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017




(USD

Bill

ions

)



4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96




















Market Capacity








320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017




(USD

Bill

ions

)



4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96


























320 340 332 345 345

48 60 68

75 82

0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 2017




(USD

Bill

ions

)



4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





















4 3 4 5 5

2534

4149 52

19

23

23

2225

0

10

20

30

40

50

60

70

80

90



USD

Bill

ions


0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

1997 2002 2007 2012 2017

Num

ber of Deals


CAT Bonds

USD

Bill

ions




























MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96














































MampA





Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96























Agenda


01 Introduction





22

23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



















23













24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96






















24



25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96




















25


26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96




















26


Cas

ualty

Cris

is

Hur

rican

e An

drew

911

and

Res

erve

Stre

ngth

enin

g

Katri

na R

ita amp

Wilm

a

Class of 1985

ACE

XL

Class of 1993

Cat Ltd

Global Capital Re

IPC Re

La Salle Re

Mid Ocean Re

Partner Re

Renaissance Re

Tempest Re

Class of 2001

Arch

Aspen

Axis

AWAC

Da Vinci Re

Endurance

Goshawk Re

Montpelier Re

Olympus Re

Class of 2005

Aeolous Re

Ariel Re

Flagstone

Harbor Point

Lancashire

New Castle Re

Validus

Amlin Bermuda

Hiscox Bermuda

amp

Sidecars

Hard Market

Catastrophe Event

US

Torn

ados

Jap

an amp

NZ

EQ

Class of 2011

ILS Managers

amp

Sidecars


____


27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96




















27

Source Schroders

The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



















The case for ILS

28








Worst month -65 -168 -149 -99 -278 -173








January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96

























January 1994


1st 144a Cat Bond




bn 20 of Cat Market


ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



















ILS Market

30





17 22 19 22 24

2844 50 64 72 81

86

368 388321

378447 428

461490

511 493514 519

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


800 150

01

800

280

03

000

400

05

000

500

06

500 9

000

160

0014

500

140

0014

000

145

00 170

0021

000

252

0025

960

268

20 302

40 330

25

0m

5000m

10000m

15000m

20000m

25000m

30000m

35000m

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Issued Outstanding


31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96




















31






32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96
























32




33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96




















33


bps





180

200

220

240

260

280

300

320

340

360

380

040

820

17

060

820

17

080

820

17

100

820

17

120

820

17

140

820

17

160

820

17

180

820

17

200

820

17

220

820

17

240

820

17

260

820

17

280

820

17

300

820

17

010

920

17

030

920

17

050

920

17

070

920

17

090

920

17

110

920

17

130

920

17

150

920

17

170

920

17

190

920

17

210

920

17

230

920

17

250

920

17

270

920

17

290

920

17






Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96























Published 11102017







Swiss ReReinsurance















34













JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96






























JLT ReReinsurance




35



36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96




















36







37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96




















37














38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96

























38



39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96




















39









40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



























40




41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





















41

Source Schroders





+35 - 50


+30 - 35









NA - June 1 Renewal


NA - June 1 Renewal






Sheet1

Sheet2

Sheet3

Sheet1

Sheet2

Sheet3



42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





















42


















43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96







43









44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96






44


0

50

100

150

200

250

300

350

400

450










45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96








45



46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96


46






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96






47








Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96







Cyber No No No No









48



49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96


49












Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96






Agenda




6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4




bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96


bbb-

A++aaaaa+

A+aaaa-

Aa+a

A-a-

B++bbb+bbb

B+

FSRICR




B-

C++

C+

C

C-

D

FSRICR

B

bb-

b-

c

bb+bb

b+b

ccc+cccccc-cc






Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





Holding Company




Country Risk

Balance Sheet










6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96









6 June 2018

0

10

20

30

40

50

60

70

80

VAR 950 VAR 990 VAR 995 VAR 996













Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96











Holding Company




Country Risk

Balance Sheet







Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96






Com

bine

d Ba

lanc

e Sh

eet A

sses

smen

t (R

atin

g U

nit

Hol

ding

Com

pany

)








6 June 2018



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



667

292

42


Strongest

Very Strong

Strong

6 June 2018

2514 2040

75100

86 8060

0

25

50

75

100



Credit Rating








Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96







Country Risk

bull CRT-1

Balance Sheet














Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96












Rating Drivers

OtherConsiderations



EarningsVolatility










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96










6 June 2018



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



417

500

83


Distribution


100

4360

20

5740

80

50

50

0

25

50

75

100

aa aa- a+ a a-


Credit Rating









Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96







Rating Drivers








Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





Market Position



Data Quality

Product Risk


ManagementQuality













6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96











6 June 2018

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96

Business Profile


100

4320

43

40

1440

100 100

0

25

50

75

100

aa aa- a+ a a-


Rating


6 June 2018

292

208

500












HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96









HighCompetition



BrokerDistribution







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96







6 June 2018






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96






Stress Testing





Reserving Risk

Concentration Risk

Reinsurance Risk

Investment Risk


Operational Risk


6 June 2018

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96

ERM Assessment








6 June 2018

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96

ERM Assessment


250

708

42




6 June 2018

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96

ERM - Example





the organisation



categories

6 June 2018



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



Baseline


BusinessProfile



RatingLiftDrag2


Country Risk

+2

+1 +1 +1

-1

-2

-3

-1

-2

-3

-1

-2

+2

Maximum +2

-4





bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



bull Strongest BCAR










6 June 2018



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96



bull Strongest BCAR











6 June 2018





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





reinsurance sector







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96







European Overview










-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





-3

-2

-1

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016e 2017e 2018p 2019p


Spain

France

Germany

UK

Eurozone




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96




-1

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018

Inte

rest

Rat

e (

)


Italy

Spain

France

Germany

UK






Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





Stable Outlook


Stable Outlook


Negative Outlook

UK ndash Non-Life

Stable Outlook


Stable Outlook






Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





Headwinds




Tailwinds




99 98

9092949698

100102104106

2012 2013 2014 2015 2016


Non-life market



Motor





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





Headwinds






9795

90

95

100

105

110

115

120

2012 2013 2014 2015 2016


Non-lifemarket

Property

Motor

Liablity

286

287

2016

2015

SCR





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





Headwinds




Tailwinds




9694

9092949698

100102104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

20224 18676 17598 16674 16160

8587899193959799

-

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016







Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96





Headwinds






9493

90

92

94

96

98

100

102

104

2012 2013 2014 2015 2016


France

Spain

Italy

Germany

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96

UK Non-Life Outlook








Tailwinds



10298

110112

113

104

95

105

115

125

135

2012 2013 2014 2015 2016




Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96


Looking Forward












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96












GDPR




Brexit


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96


FIFA Museum AG

6 June 2018

Slide Number 1


Agenda

Disclaimer

Disclaimer



Slide Number 8





Slide Number 13




Slide Number 17




Slide Number 21

Agenda



Slide Number 25



The case for ILS


ILS Market

Slide Number 31

2017 in review

Hurricane Irma






Slide Number 39

January 1 Renewals

January 1 Renewals

January 1 Renewal


ILS Market


Slide Number 46





Agenda



















Business Profile



ERM Assessment

ERM Assessment

ERM Assessment

ERM - Example






European Overview



Slide Number 85






UK Non-Life Outlook

Slide Number 92




Slide Number 96

Type of Business	Projected Increase	Type of Business	Achieved Increase

Loss impacted Retro	+35 ndash 50	Loss impacted Retro	+15 - 30

Loss free Retro	+10 - 20	Loss free Retro	+5 - 15

Florida take-out companies (Loss impacted layers)	+35 - 50	Florida take-out companies (Loss impacted layers)	NA - June 1 Renewal

Florida take-out companies (Loss free layers)	+30 - 35	Florida take-out companies (Loss free layers)	NA - June 1 Renewal

US Loss impacted ex Florida	+30 - 50	US Loss impacted ex Florida	+15 - 35

US Loss free ex Florida	+10 ndash 20	US Loss free ex Florida	+5 - 10

European Loss Free	+ 5 - 10	European Loss Free	+ 0 - 10

Australia New Zealand	+ 10 - 25	Australia New Zealand	+ 25 - 20

2018 reinsurance market briefing - zurich · 2018-06-07 · agenda 2018 reinsurance market briefing...

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