REINSURANCE NEWS TRENDS

1. Reinsurance Trends And News, Second Half of 2010 A Presentation by Claude Penland, Associate of the Casualty Actuarial Society www.ReinsuranceTrends.com

2. Mergers & Acquisitions • Atlantic Re Sold to Investor Group by Eastern Insurance http://bit.ly/hWgH60 • Gerova Merges, Changes Name to Seymour Pierce & Company http://bit.ly/hMbRdv • Renaissance Re Sells US Insurance Operations to QBE http://bit.ly/aMtTH0 • Berkshire Hathaway now owns more than 10% of Munich Re http://bit.ly/aUuAdX

3. M&A, Two • ReSource Intermediaries sold to Integro http://bit.ly/ceHvs5 • Glacier Re sells International Renewal Rights to Endurance http://bit.ly/cMnKNY • Expect Reinsurance Mergers and Acquisitions, says Montpelier Re CEO http://bit.ly/cSCcja • Apollo seeks Co-investors or Reinsurers to help with Brit Insurance bid http://bit.ly/brknFM

4. M&A, Three • Apollo sought Co-investors or Reinsurers to help with Brit Insurance bid http://bit.ly/brknFM • Private Equity investors just not all that into Reinsurance. It’s not you, it’s them. http://bit.ly/i9U7as • Transamerica Re: private equity firms considering acquiring reinsurer http://bit.ly/96jEww • Channel Re sold to MBIA http://bit.ly/aR7U6G

5. Growing / New / Reorg Companies • Barbican Managing Agency Ltd. to operate a Lloyd’s syndicate http://bit.ly/h72Cdt • Kortis Capital to issue longevity-linked insurance linked securities http://bit.ly/etLhFG • Aon Benfield has a New Life Reinsurance Hub in Asia Pacific http://bit.ly/e2AYfp • Willis Re Reorganizes, Creates Specialty Casualty Practice Group http://bit.ly/cAo7RH

6. Growing / New / Reorg Cos., Two • Catco Investment Management Formed as a Cat Reinsurance Fund http://bit.ly/aq5mbH • Steve Roder to launch Reinsurance Company in Hong Kong http://bit.ly/a7TzTR • African Takaful Reinsurance Company launched in Egypt http://bit.ly/9FEHdb • Greenlight Capital Re enters Dublin, Ireland http://bit.ly/8X8V9j

7. Growing / New / Reorg Cos., Three • Munich Re now writes more gross premium than Swiss Re http://bit.ly/9YqHu5 • Alterra Capital Reorganizes Bermuda Unit http://bit.ly/dBsj3e • TigerRisk reinsurance brokerage might enter London http://bit.ly/a7m4GP • GEROVA has redomesticated to Bermuda, from the Cayman Islands http://bit.ly/fIE9LD

8. Growing / New / Reorg Cos., Four • Novae Re enters credit and surety reinsurance businesses http://bit.ly/gxvko9 • Munich Re launches Tokyo branch http://bit.ly/gu9EJe • China Reinsurance to IPO http://bit.ly/98Qtu9 • Glacier Re put into runoff http://bit.ly/ayI3KV

9. Growing / New / Reorg. Cos., Five • Atropos has a new European ILS Fund http://bit.ly/fnY5cc • Secquaero Advisors, ILS inv mgr, enters Australia http://bit.ly/9dh535

10. Analysis • Reinsurance Association of America Catastrophe Loss Development Study Released http://bit.ly/hVZxK2 • Should the National Flood Insurance Program be Privatized? http://bit.ly/eWt707 • ReinsuranceSalarySurvey.com C-Level Compensation Survey http://bit.ly/gkb9i6 • When You’re Issuing Insurance-Linked Securities, What Should Be Considered? http://bit.ly/9xpJva

11. Analysis, Two • Aon Benfield Partners With Institute of Cat Risk Mgmt and Nanyang Tech in Singapore http://bit.ly/aiUxrF • Latin American Flood Models Released by Willis Re http://bit.ly/92PpLU • Aston Business School looks at the convergence in approaches by Bermuda & Lloyd’s firms http://bit.ly/d2iuJ8 • Reinsurers Have Too Much Capital http://bit.ly/bZszPR

12. Analysis, Three • New Risks and Regulations are changing the Reinsurance Industry http://bit.ly/9g2qeg • Things are tough all over for Life Reinsurers http://bit.ly/hb9sP7 • Three Types of Reinsurance Created by US Federal Health Changes http://bit.ly/9Me45P • China needs a catastrophe pool. Might catastrophe bonds be a good idea? http://bit.ly/bWMpdF

13. Analysis, Four • Large Asbestos judgement for Travelers http://bit.ly/asA5IZ • “US government will mess up the catastrophe bond market” ? http://bit.ly/9wi8Tr

14. Future Considerations • Reinsurance Pool in Hong Kong Might be Created for High Risk Health Insurance http://bit.ly/bQcP2x • The Asian Reinsurance Market: Regulation. Consolidation. Catastrophes. http://bit.ly/akbbDr • Insurance-Linked Securities Growth Could Be Coming to Canada http://bit.ly/aN5ikA • US, Bermuda and European Reinsurers divided on Business Strategies http://bit.ly/dd0BL1

15. Future Considerations, Two • Reinsurance Pricing may weaken quicker than Insurance-Linked Securities http://bit.ly/dcSxNr • Top Reinsurer Domicile: Who Will Win, Europe or Bermuda? http://bit.ly/bCwmt8 • Hannover Re says to Solvency II: Bring It On. http://bit.ly/9Zcm1H • Reinsurance Jobs trend graph, last 5 years http://bit.ly/cZP5hv

16. Future Considerations, Three • The Death of Credit Raters due to Solvency II has been exaggerated. http://bit.ly/9pLFBl • Variable Annuity Reinsurance Market trends http://bit.ly/9kqba7 • NTU’s Institute of Catastrophe Risk Management looking to raise $50 million http://bit.ly/9Xs1SM

17. Wrap Up • Florida Lowers Reinsurance Collateral Requirements http://bit.ly/akiNnf • Guy Carpenter’s CasCat wins Re/Insurance Initiative of the Year http://bit.ly/aJCBhq • World Crop Reinsurance book published http://bit.ly/aY1zAF • Video about Investing in Reinsurance and Weather Risk http://bit.ly/9i8R2U

18. Wrap Up, Two • Alex Krutov’s recent Insurance-Linked Securities book, a review http://bit.ly/bCIfbP • RAA Catastrophe Modeling Conference, February, 2011: So who is going? http://bit.ly/bC2t40 • See www.ReinsuranceTrends.com and www.ClaudePenland.com for the latest in Reinsurance news and trends • Thank you!