Q Quarterly CatIQ CatWATCH. Nine Months With a View to Year-End. S&P Rating Roundup. Regulatory Compliance Management ( RCM )

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1 Q Nine Months With a View to Year-End Regulatory Compliance Management ( RCM ) OSFI Wants to Know Who s Running the Show - In Advance! Quarterly CatIQ CatWATCH S&P Rating Roundup Third Quarter Company Results Released January 2015

2 Where Finance, Risk & Actuarial Professionals Meet 2015 Wednesday, May 27 th, 2015 The Metro Toronto Convention Centre REGISTER NOW The challenges facing finance professionals in the industry continue to be daunting. Our mission is to provide you with the tools, knowledge and contacts to take these challenges on with confidence. Sessions and speakers include: Review of Industry Results and Outlook Joel Baker (MSA Research) Global Economic Outlook Derek Burleton (TD Bank Group) Transforming Canada s Capital Markets Jos Schmitt (Aequitas NEO Exchange Inc.) Emerging Privacy and Data Risk Management Challenges Jennifer Drost (Travelers Canada) Adam Kardash (Osler, Hoskin & Harcourt LLP) Capital Management and Strategy Leigh Chalmers (PwC) Walter Fransen (AIG Canada) Micah Woolstenhulme (Guy Carpenter) The Canadian Reinsurance Arena Stuart Carruthers (Stikeman Elliott) Joseph El-Sayegh (SCOR) Alain Perreault (JLT Re) Philipp Wassenberg (Munich Re of Canada) IFRS Version 30.x - Re - Reboot Doug Gray (Deloitte) Michel Dionne (Intact Financial Corp.) Carlos Gallardo (CNA Canada) Ratan Ralliaram (Deloitte) Actuaries, CPA s & Quants - Finance Talent of the Future Steve Lee (EY) Alister Campbell (The Guarantee) Helen Davies (TD Insurance) Elan Pratzer (Caldwell Partners) ORSA in the Wild - Real World ORSA Neil Parkinson (KPMG) Ed Berko (Economical Insurance Group) Bill Weiland (Eckler) Closing Financial Leaders Panel Graham Segger (2015 CIFF Emcee) Ed Berko (Economical Insurance Group) Walter Fransen (AIG Canada) Richard Gauthier (TD Insurance) CIFF is seeking accreditation from RIBO For more information visit: Platinum Sponsor Gold Sponsors

3 Introduction We are pleased to release the third quarter 2014 MSA Quarterly Outlook Report covering the Canadian P&C industry. Our mission of providing Canada s insurance professionals with unwavering, unbiased analysis of this dynamic industry remains steadfast. We welcome your comments and feedback regarding any aspect of these reports. You are invited to send your messages to msaquarterly@msaresearch.com, or contact the undersigned directly. In this issue, you will find: A Letter to the Editor: Looking For Reform in All the Wrong Places Nine Months 2014 With a View to Year-End Regulatory Compliance Management ( RCM ) OSFI Wants to Know Who s Running the Show In Advance! Quarterly CatIQ CatWATCH S&P Rating Roundup Third Quarter Company Results For detailed company results login to MSA s Online Researcher Software at MSA Research Inc. 1

4 The MSA Quarterly Outlook Report is produced by MSA Research Inc., Canada s leading provider of insurance analytics. Our Readers This report is subscribed to by approximately 1,400 industry professionals including most Canadian insurance/reinsurance executives, commercial brokers, retail brokers, adjusters, regulators, associations, auditors, analysts & TPA s. All TIC member brokers courtesy of Lloyd s. All RCCAQ member brokerages in Quebec courtesy of Aviva Canada Interested in sponsoring these reports to other broker associations or industry groups? If so, please contact us. Subscription information can be found on the outside back cover. Sincerely, Joel Baker, President and CEO, MSA Research Inc. and The National Insurance Conference of Canada joel.baker@msaresearch.com 2015 by MSA Research Inc. All rights reserved. No part of this report shall be reproduced or redistributed without prior written consent of the copyright holders. Information contained in this report is deemed to be trustworthy; however, MSA Research Inc. does not guarantee its accuracy. No representations or warranties are provided as to the completeness or accuracy of the information presented here. If you are aware of any errors or inaccuracies, you are encouraged to notify any of the contributors so that problems can be rectified. Printed in Canada ISSN MSA Research Inc.

5 MSA Quarterly Outlook Report Q Abstract

6 Because Cyber Risk Is Everyone s Business June 14-16, 2015 Hilton Montréal Bonaventure Register online at The International Cyber Risk Management Conference (ICRMC) brings together an unparalleled gathering of professionals, expertise and timely content in one event. Emceed by Ray Boisvert ISECIS and Former Assistant Director, Canadian Security Intelligence Service (CSIS) Build your cross-functional and global network at ICRMC to maximize your ability to tap into a larger pool of thought leadership and experience. Sessions and speakers include: Perspectives on Regulatory Issues Relating to a Global Threat Gaétan Houle (EY) Chantal Bernier (Dentons Canada LLP) Ken Taylor (ICSPA) The Threat Horizon - What It Is and What It Can Become Ray Boisvert (2015 ICRMC Emcee) José Fernandez (École Polytechnique de Montréal) Mark Fernandes (Deloitte) Gary Robertson (Public Safety Canada) Embedding Cyber into Enterprise Risk Salim Hasham (PwC) Adam Kardash (Osler, Hoskin & Harcourt LLP) John Schramm (Manulife) Cyber Risk Management Approaches for SME s Ken Taylor (ICSPA) Doug Blakey (Watsec Cyber Risk Management) Bobbie Goldie (ACE Canada) Eduard Goodman (IDT911) Greg Markell (HKMB HUB International) Gold Sponsors Risk Transfer Solutions - Dispelling the Myths, Bridging the Gaps and Creating Value Katie Andruchow (Aon Risk Solutions) Gregory Eskins (Marsh Canada) Tracie Grella (AIG) Phil Kibler (IBM) Gary Miller (CGI) Crossing the Rubicon - North American and European Legal Developments Tim Banks (Dentons Canada LLP) Russell Cohen (Orrick, Herrington & Sutcliffe LLP) Mike Wagner (Farris Vaughan, Wills & Murphy LLP) Cyber-Security: Engaging with the Board Gregory Eskins (Marsh Canada) Nick Galletto (Deloitte) Silver Sponsors

7 NICC Advisory Committee Members 2015 Joel Baker, MSA Research Inc. Save the Date September 30 - October Tim Bzowey Head, Home & Auto Insurance RBC Insurance Donald Callahan Guy Carpenter & Company Ltd. Tim Fisher SVP, Canadian Branch Director XL Reinsurance America, Canada Don Forgeron IBC Karen Gavan Economical Insurance Group Brian Gilbert, MIG Insurance Group Inc., representing IBAC Peter Hohman Insurance Institute of Canada Bob McLean Chairman & CEO, Aon Benfield Canada Sean Murphy President, Lloyd`s Canada Rob Seal Cunningham Lindsey Canada Ltd. Future NICC s Sept 28-30, 2016 The Westin Bayshore Vancouver, BC Sept 23-25, 2017 Hilton Québec Québec, QC Le Centre Sheraton Montréal, Montréal, QC For updates please visit: Sept 25-28, 2018 Hilton Lac-Leamy Gatineau, QC NICC 2015 M.C., Amanda Lang CBC News 2014 by the National Insurance Conference of Canada, a division of MSA Research Inc.

8 2015 Price List To order, please complete the form below and return it to: MSA Research Inc. via mail or courier. Alternatively you can fax it to: MSA Researcher P&C Software Each license includes: One copy of the MSA Report, One copy of the MSA Benchmark Report, and One copy of the MSA Market Share Report. First License $3799 Each Additional license $2449 Corporate Site License - Includes: Up to 25 users within corporate group Administrative web controls. Users and Super-Users* Open databases w/underlying data Ten copies of The MSA Report, Ten copies of the MSA Benchmark Report, Two copies of the MSA Market Share Report, Thirty subscriptions to the quarterly MSA Quarterly Outlook Reports Historical Site License w/ data going back to Includes: Up to 25 users within corporate group Administrative web controls. Users and Super-Users* Open MS-Access databases w/underlying data Ten copies of the MSA Report, Ten copies of the MSA Benchmark Report, Five copies of the MSA Market Share Report, Thirty subscriptions to the quarterly MSA Quarterly Outlook Reports Call Call MSA Report First Copy $549 Additional Copies $249 MSA Benchmark Report First Copy $349 Additional Copies $249 MSA Market Share Report First Copy $429 Additional Copies $249 Annual subscription to the MSA Quarterly Outlook Report, P&C Canadian insurers and groups with over $1billion in NPW Thirty Copies $1500 Canadian insurers and groups with $750 million-$1b in NPW Fifteen Copies $1000 Canadian insurers and groups with $500 million-$750m in NPW Five Copies $599 All others (1st copy) $299 Additional copies (same location) $150 ea. Need more than 30 copies? Call us for pricing. MSA Researcher Life/Health/Fraternal Software Ten years of data + quarterly updates Licenses (each) $2295 Corporate Site License Call Historical Site License Call w/ data going back to 1996 All prices in Canadian dollars. Prices subject to tax where applicable. Recognized educational institutions, deduct 25%. Ontario/NB/NFLD orders add 13% HST Prince Edward Island orders add 14% HST Nova Scotia orders add 15% HST Quebec orders add 9.975% QST British Columbia orders add 7% PST Outside Canada add S+H (CAD) $100 Items Quantity (CAD) SUBTOTAL All other Canadian orders add 5% GST TOTAL (CAD) (GST/HST Reg #R ) (QST#: ) (BC PST #: PST ) Name Company Address City Postal/Zip Code Payment Method (Check One) Title Phone Fax Prov/State Country Cheque or money order Cheques must be payable to MSA Research Inc. All non-canadian or non-us cheques must be drawn on a Canadian bank. Alternatively, payment should be made by credit-card or wire transfer. Visa Mastercard Amex Number: Expiration Date: Name on Card: Signature: Address of card holder: Bill me (subject to credit approval). 133 Richmond St. W., Suite 401, Toronto, ON, Canada M5H 2L3. T , F , info@msaresearch.com, web: msaresearch.com Definitive insurance information for intelligent business decisions.