Lack of Volatility in Results and Excess Capital Returned to Shareholders

UNIQUE ADVANTAGES AS DECENTRALIZED SPECIALIST UNDERWRITER • • • • • • Decentralized structure allows us to react quickly to changing market conditions Specialized knowledge is competitive advantage for independently-managed niche businesses Business profile and a constant concern for unforeseen risks limit earnings volatility Conservatively managed balance sheet limits volatility in shareholders' equity Meaningful employee ownership promotes long-term perspective Strategic cycle management and critical capital management enable well-timed growth Success in development of new businesses offers optimal value creation, notwithstanding cycles

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