Lack of Volatility in Results and Excess Capital Returned to Shareholders

STRATEGY FOR OPTIMIZING RISK-ADJUSTED RETURN AND LONG- TERM SHAREHOLDER VALUE CREATION OPERATE WHERE KNOWLEDGE IS A COMPETITIVE ADVANTAGE ☐ Primarily commercial lines including excess and surplus lines, admitted lines and specialty personal lines ☐ Niche player with specialized market knowledge and presence ☐ Emphasize industries and economies with strong margins Expand selectively in attractive global markets AVOID UNREWARDED VOLATILITY ☐ Focus on products with low individual policy limits ☐ Issue policies with defined aggregate limits ☐ Seek to avoid unfavorable (unpredictable) political or legal environments Long-term ROE target = 15%

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