Q Year in Review: Turning the Corner... to Where? S&P Rating Roundup. Fourth Quarter Company Results

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1 Q Year in Review: Turning the Corner... to Where? A Tale of Greed and Loading GST/HST Imposed on Reinsurance S&P Rating Roundup Fourth Quarter Company Results Ontario Auto - A Big Political Hot Potato Released April 2013

September 22 - September 24, 2013 - Hilton Lac-Leamy, Gatineau, Quebec Register Now! www.niccanada.

Together with our senior advisory committee of industry CE

2 September 22 - September 24, Hilton Lac-Leamy, Gatineau, Quebec Register Now! The NICC is Canada s pre-eminent insurance conference attended by senior executives of insurers, brokers, reinsurers, risk managers, regulators and industry associations. Together with our senior advisory committee of industry CEO s, we are once again making the NICC a can t miss industry leadership event. Amanda Lang Conference M.C. Sessions and speakers include: The View from OSFI Julie Dickson, Superintendent of Financial Institutions, OSFI Preparing for The Big One ; Perspectives on Earthquake in Canada Moderator: Mary-Lou O Reilly (IBC); Speakers: Petra Nemcova (Happy Hearts Fund); Gregor Robinson (IBC); Professor Peter Gordon (University of Southern California); Ross Stein (USGS/Global Earthquake Model) Gold Sponsors Keynote Luncheon Speaker: Preparing for an Earthquake - Leading Through Partnership Don Forgeron, President & CEO, IBC Global Reinsurance Panel Moderator: Bill Eyre (Towers Watson); Panelists: Ulrich Wallin (Hannover Re); Jacques Bonneau (ACE Tempest Re Group); Dominic J. Addesso (Everest Reinsurance Company); Toby Stubbs (Pembroke) Policy/Reinsurance Wordings - Pitfalls and Opportunities Mark Lichty (Blaney McMurtry); John F. Cairns (Chubb Canada); Stuart S. Carruthers (Stikeman Elliott) Prairie Storms: Thunderstorms, Tornadoes, and Blizzards. What the Hail is Going On? Moderator: Paul Kovacs (Insurance Institute for Catastrophic Loss Reduction); Panelists: Patrick McCarthy (Meteorological Service of Canada); Maxime Lafleur-Forcier (Aviva Canada); Tanya Brown (US Insurance Institute for Business & Home Safety) Global Economic Outlook Dr. Kurt Karl, Chief Economist, Head of Swiss Re Economic Research & Consulting, Swiss Re Silver Sponsors The Future of Auto Insurance Amid Tech Advancements Moderator: Jamie Rodgers (CGI); Panelists: Robyn Robertson (Traffic Injury Research Foundation - TIRF); Dr. Peter Burns (Transport Canada); Donald Light (Celent); Michel Laurin (Industrial Alliance Auto and Home Insurance Inc.) Getting a Handle on Supply Chain Risks Moderator: Kelly Marchese (Deloitte); Panelists: Matthew Yeshin (Marsh Canada); Linda Conrad (Zurich Financial Services) Is Time for Flood Insurance in Canada Nigh? - A Debate Moderator: Alain Thibault; On the No side: Guy Vézina (TD Insurance); On the Yes side: Kathy Bardswick (The Co-operators Group Limited) Where s the Action in Class Actions? A No Holds Barred Debate Moderator: Amanda Lang; Won Kim (Kim Orr Barristers) vs Robert W. Staley (Bennett Jones) Closing Keynote Luncheon Speaker: The New Economic Challenges Facing Quebec and Canada The Honourable Jean Charest, 29th Premier of Quebec & Former Deputy Prime Minister of Canada For more information visit or contact Laura Viau at laura.viau@msaresearch.com. NICC 2013 sessions are accredited by RIBO: 5 Hours Management, 4 Hours Technical Platinum Sponsors Media Sponsors

3 Introduction We are pleased to release the fourth quarter and year-end 2012 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: 2012 Year In Review: Turning the Corner to Where? Ontario Auto A Big Political Hot Potato Yet Again! A Tale of Greed and Loading GST/HST Imposed on Reinsurance with Related Non-Residents S&P Rating Roundup Fourth Quarter and Year-End Company Results For detailed year-end company results please see MSA s Online Researcher Software, the upcoming 2013 MSA Report, MSA Benchmark Report and MSA Market Share Report 2013 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 RSA 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 2013 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

2013 JW Marriott The Rosseau Muskoka Resort & Spa June

Principal The CCIS presents you with a unique

of Canada s leading commercial insurers, MGA s and yes,

Time to play, time to wine and dine, time to learn and

pleasant environment at the JW Marriott in beautiful

The Canadian Commercial Insurance Summit (CCIS) is a

involved in the commercial space in Canada.

to meet, hear expert speakers, network and have private

environment. Register Now at www.ccisummit.

Terrie Lynne Devonish, Suresh Krishnan, Josie Walcott,

Officer, Aon Canada Multinational Client Global

6 2013 JW Marriott The Rosseau Muskoka Resort & Spa June 23-25, 2013 Why You Should Attend If You Are A Broker Principal The CCIS presents you with a unique opportunity to spend three days with C-Suite executives of Canada s leading commercial insurers, MGA s and yes, fellow brokers. Time to play, time to wine and dine, time to learn and lots of time to do business, all in an extremely pleasant environment at the JW Marriott in beautiful Muskoka. The Canadian Commercial Insurance Summit (CCIS) is a geared strictly for brokers, MGA s and insurers that are involved in the commercial space in Canada. It is a place for executive level brokers and carriers to meet, hear expert speakers, network and have private breakout meetings in an extremely pleasant and conducive environment. Register Now at Speakers Include Platinum Sponsors Randy Schwantz, Gold Sponsors Andy Henke, Summit M.C. Josh Feinman, Global Chief Economist, Deutsche Bank Michael P. Firth, Partner, PwC Tax Services President, Wedge Group Terrie Lynne Devonish, Suresh Krishnan, Josie Walcott, Chief Counsel, General Counsel, Chief Underwriting Officer, Aon Canada Multinational Client Global Corporate Group, ACE Group Canada, Zurich Silver Sponsors General Sponsors Robert H. Benmosche, Global President and CEO, AIG Lynn Oldfield, President and CEO, AIG Canada Andrew Hollenberg, President, ACE Canada RIBO ACCREDITATION 5 Hours Management Patrick Lundy, President and CEO, Zurich Canada

7 2013 Price List 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 $3549 Each Additional license $2349 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 $499 Additional Copies $199 MSA Benchmark Report First Copy $299 Additional Copies $199 MSA Market Share Report First Copy $325 Additional Copies $199 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 $500 All others (1st copy) $250 Additional copies (same location) $125 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. To order, please complete the form below and return it to: MSA Research Inc. via mail or courier. Alternatively you can fax it to: 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 All other Canadian orders add 5% GST Quebec orders add 9.975% QST British Columbia orders add 7% PST Outside Canada add S+H (CAD) $100 Items Quantity (CAD) SUBTOTAL 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.

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