1. IIFA Seminar Thursday 21 st October 2010 Dublin

2. Marine Insurance Dynamics and challenges in the (insurance) market –Trade & Insurance markets Trade Facilitate & Starr Marine partnership On line Trade Facilitate applications

3. Global Marine Insurance Market Total Reported: 22,9billion USD Total Estimated: 23,6billion USD Source: IUMI 2010

4. Dynamics of the insurance market 21st Century Technology and global trade Technology and Insurers –An acronym? –Opportunities Globalisation Trade Services –FOS – Freedom of Services –Lloyd’s Franchise board

5. Nature of the marine insurance market ‘To follow’ principle –Trade –Needs Inherent part of many trade transactions: –Contract of Sale Carriage/transport Credit (LC/structured/...) Insurance – INCOTERMS Innovation

6. Nature of the marine insurance market Sensitive –Trade shocks Seaborn trade contracted -4,5% in 2009 Container shipping -9,4% in 2009 –Freight rates Baltic Tanker freight index Dry cargo freight rate index Source UNCTAD

7. Challenges of the market Cargo: –Reduction in insured values –Upwards adjustments of 07/08 claims reserves –Profitability Hull –Loss for 14 consecutive years Off Shore Energy –Volatile

8. Challenges of the market Regulatory Compliance –Trade restrictions –Sanction regimes Solvency II Transparency Performance & efficiency

9. Solvency II Revised solvency regime for EU (re)insurers Implementation of solvency requirements –Improved reflection of the risk –Consistent supervisory system EU Requirements for –Capital adequacy & risk management –Reduction likelihood of failing (re)insurer

10. Trade Facilitate & Starr Marine partnership How to manage the challenges? Innovation –‘Must have’ Service Industry = facilitating role Insurance is never a client’s core business Define values/benefits & key differentiators –Time –Accuracy and efficiency –Cost saving –Performance –Growth

11. Trade Facilitate & Starr Marine partnership How? –Smart Use of technology Improved service Simple –Quick win –Strong partners Field Experience Standing reputation Thinking ahead –People Advise and assist –From constraints to opportunities

12. Insurance application Why Cargo insurance? –Capital at risk –Unforeseen element –Ultimate requirement Title/holder of the insurance certificate No liability constraints –Limitation of (carriers) liabilities Hague visby / Rotterdam Warshau –Short tail Financial burden for undamaged cargo: –GA contributions

13. Insurance application Accredited Members On line – A few clicks away Transactional or Structured –Personal designed program Easy acces to highest security –Lloyds A+ Instant delivery –Pdf secured and unique certificate –Electronic negotiable document On line claims notification Immediate acces to local surveyor

14. Conclusion Marine Insurance not always on the shopping list Differentiator Premium service Financial security Keep it simple

15. Company information

16. Starr Underwriting Agencies, LLC Starr Underwriting Agencies, LLC (SUAL) is a wholly owned subsidiary of CV Starr and the parent company of the Starr Underwriting Agencies The Starr Underwriting Agencies: –C.V. Starr & Co. (C.V. Starr) –Starr Aviation Agency, Inc. (Starr Aviation) –Starr Global Accident & Health Insurance Agency, LLC (Starr Global) –Starr Marine Agency, Inc. (Starr Marine) –Starr Specialty Lines Insurance Agency, LLC (Starr Specialty) –Starr Technical Risk Agency, Inc. (Starr Tech)

17. Starr Underwriting Agencies, LLC Internationally, the Starr Underwriting Agencies operate as divisions of: –Starr Underwriting Agents Limited –Starr Underwriting Agents (Asia) Limited The Starr Underwriting Agencies are projecting to produce approximately $2.1b in gross premiums in 2009 and expect to employ more than 700 people globally The Starr Underwriting Agencies have decades of experience in managing complex risks

18. The Starr Underwriting Agencies Distribution Network Locations

19. Starr Marine Formerly known as the American International Marine Agency. –Founded in 1945; –Worldwide underwriter of Ocean Marine business and exclusive Managing General Agent (MGA) for the AIG group of Companies for over 60 years. In 2006 our agreement with AIG ended and the entire underwriting, accounting, loss control and systems team at AIMA moved as one to what is now Starr Marine Agency Inc.. In July of 2006 we announced the formation of our new partnership with the Berkshire Hathaway Group of Companies as their MGA for Ocean marine business. In October of 2006 we opened our first office overseas and Syndicate 1919 began writing business at Lloyds.

20. Starr Marine (continued) In November of 2006 American International Marine Agency announced our name change to Starr Marine Agency, Inc.. In 2007 we opened an office in Hong Kong and further expanded into Beijing and Shanghai. In 2008 we opened offices in Belgium, The Netherlands, Italy and Germany and we have plans for further expansion in the near future. We continue to write, as we have throughout our history, a full compliment of Ocean Marine Coverage’s - Cargo, Hull / P&I and a variety of primary & excess liability covers. Agency services also include claims management, subrogation, loss control & accounting.