Perspective from industry data – “Touchstone” database towerswatson.com 0 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For.

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Perspective from industry data – “Touchstone” database towerswatson.com 0 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.

towerswatson.com 1 We have compiled benchmark ranges for several financial ratios based on public entity pool data Net leverage Net premium to surplus Net liabilities to surplus Change in surplus Surplus to self-insured retention (SIR) or reinsurance attachment point Retained losses to net premium (calendar year loss ratio) 1-year reserve development Investment income to invested assets

© 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com 2 We analyzed industry data from over 30 public entity pools Data includes audited financial statements from 36 pools Each pool has multiple years of data Predominately mature pools Average annual net premium is approximately $20 million Accounting standards vary between GAAP and SAP Data was analyzed by pool composition Property and liability coverages only (P&L) Property/liability and workers compensation coverages (P&L + WC) — We have excluded results for pools that have a combined financial statement with a health trust component

© 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com 3 Leverage ratios for pools have improved over time 1.40 to to to to 1.65 * Based on A.M. Best 2010 Aggregates and Averages

© 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com 4 Similar to overall net leverage, reserve leverage for pools are below the levels of late 1990s 0.50 to to to to 2.00 * Based on A.M. Best 2010 Aggregates and Averages

© 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com 5 Premium leverage is substantially below the levels of late 1990s 0.60 to to to to 0.80 * Based on A.M. Best 2010 Aggregates and Averages